Couples and Finances
While money certainly isn’t everything, it is still as critical to thriving and surviving now as it has always been. It can also be a major cause of tension and anxiety in romantic relationships. This can be especially the case if both parties in the relationship have differing or incompatible views on spending, saving and reducing debt.
It can’t be denied that money woes can have an adverse impact on a relationship and may, if problems aren’t addressed properly and decisively, contribute to serious marital discord. In fact, the Institute for Divorce Financial Analysis recently mentioned money issues as one of the top three primary reasons that couples file for divorce (22%). According to the Divorce Fact Sheet 2016 by the Feldstein Family Law Group, meanwhile, 33% of first marriages in Canada end in divorce, and 16% of people divorce more than once. Among the reasons for divorce are financial issues such as high debt loads.
Another troubling issue when it comes to couples and financial issues is that couples are often not as honest or as upfront about their finances with their significant others as they ought to be. A 2018 Manulife survey commissioned by Ipsos, for instance, finds that two out of every 10 couples in Canada acknowledge that they haven’t informed their partners about how much debt they have accumulated. As well, in excess of one in nine people acknowledge that they have hidden the cost of a big purchase from someone they love. And one-third of people admit that finances caused a lot of problems in their relationships. But while most of the couples that took part in the survey say they discuss finances with their spouses regularly, approximately 50% of them add that these talks often increase rather than decrease their stress levels.
How To Handle Money As A Couple
It goes without saying that being in a relationship does not nullify autonomy, so both people in the relationship should a certain level of freedom in regards to purchases. However, that doesn’t mean that they can be secretive and dishonest. In fact, couples should engage in honest and constructive two-way discussions about finances, loans, and debt. For example, couples might decide who should be chiefly responsible for handling family finances, based on personal skill sets. While one party might be responsible for handling the money, this person should keep the other party in the loop and up to date on the finances. In other words, it should be a partnership.
With this in mind, the following recommendations can help couples to work together to build a strong financial future.
Joint and Separate
- Couples should have three accounts – individual ones for one another and a third account that they own jointly.
- It’s also important that couples have their own credit cards, which will allow them to build their own credit ratings. This will ensure that both members of the couple are not penalized if one of them has financial problems.
Keep on Top of Things
- Online banking is a must because it can help both parties in a couple to keep on top of what’s going into the account, what’s coming out of the account and more. If there are loans that need to be paid off, it’s important to be able to track payments made. If there are investments that need to be made, it’s a smart idea to monitor those as well.
Budget as a Team & Work as a Team
- It’s important to work out a realistic budget as a couple. There are useful online resources that can help with the ins and outs of preparing a budget.
- Work out financial goals and objectives as a couple, and ensure that decisions that are made reflect what both parties want rather than what only one party wants.
- Don’t be a silent partner. Both parties have a stake in the family’s finances, so it’s counterintuitive for one member to adopt a hands-off approach to finances.
- Keep one another accountable by staying on top of what each other spends individually as well as what the couple spends jointly. If there are problems that can’t be resolved through discussions, seek professional guidance.
- Discuss major purchases before making them, and determine what constitutes a major purchase.
Tackle Problems – Not One Another
- When it comes to tackling financial problems, avoid resorting to ad hominem attacks that unfairly target individuals rather than the problems to be resolved. If professional help is needed, so be it.
- Don’t unnecessarily discuss financial issues with anyone other than the other party in the couple – unless both parties agree to discuss the matter with a professional.
Plan for the Future
- During discussions on finances, couples in Canada should make time to talk about what steps to take if either party gets a sizeable inheritance or if the family comes by a large chunk of money through some other means. It’s important that these matters be decided mutually so that both parties have a say in how the money is invested, saved and spent.
- To whatever extent it is appropriate, involve children in the money discussions. Kids obviously don’t need to be involved to the same extent as their parents, but financial literacy can be taught by letting children take part in things like budgeting and saving.
A lot of the problems that impact couples, whether it relates to debt or loans or other financial issues, come down to a lack of proper communication. It’s important that couples deal with one another openly and honestly so that both parties are on the same page. Many a relationship has been ruined by money problems, but this doesn’t have to be the case. The aforementioned tips will, if adhered to, help couples in Canada to develop a healthy respect not only for one another, but also for their finances. This will help to build strong relationships and strong finances.
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Easy Installment Loans
Installment Loans Across Canada
We know it's tough to find good loans in Canada when you're stuck with a bad credit score. A payday loan is often not the right choice. That's why 514Loans is committed to offering short-term loans in Canada to anyone who needs one.
Our loans don't require a credit check, so even applicants with a bad credit score can be accepted. And same-day responses from our loan agents mean that you get your money when you need it.
Are you caught in a Payday Loan cycle? Are you using a big part of your paycheck to cover your Payday Loans? Consolidating your Payday Loans with an installment loan allows you have 1 smaller payment instead of seeing most of your paycheck disappear as soon as you receive it.
Your Privacy is Important
Your loan is no one else's business but your own. That's why we take your privacy very seriously. Any and all personal documents that you provide to us are handled with the utmost care and with your safety in mind. We use SSL encryption for improved network security, and we ensure that our site is accessed over HTTPS, for all users, 100% of the time.
We do this because when it comes to finding safe online loans, Canada deserves the best options in cybersecurity.
Convenient, Modern Alternative to Traditional Payday Loans
Applying has never been easier!
Your journey begins with our three-step online application:
- Select your loan amount and complete our online application
- Upload the two required documents
- Complete your IBV (Internet Banking Verification)
Our fully-automated loan management software allows us to process your request faster than most payday loan providers in Canada. Loans are then able to be granted faster, meaning you get your money when you need it.
Approval in Minutes
We are all about user experience, and that means not having to wait days to find out the results of your application.
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!
Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.
Once you're approved, all you have to do is kick back and relax. We will automatically deposit the funds into your bank account.
Please note that although most loans can be funded on the same day, it can take up to 24 hours in some cases.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
Installment Loans versus Payday Loans
Downside of Payday Loans
- Installment loans in Canada are 50% to 60% cheaper than payday loans and are available with longer repayment terms, making them significantly safer for your credit score.
- As the borrower, you benefit from a straightforward reimbursement process and avoid the risks associated with costly and dangerous loan cycles.
- When you take out installment loans in Canada, you also benefit from an automated stress-free payment plan that enables you to budget more efficiently for your future financial obligations.
- Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully reimburse.
Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.
What are you waiting for? Apply Now!
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Short-Term Loan Requirements
Offering users a great customer experience is our number one priority. In order to achieve this, we start by making the application process as simple as we can.
Once you've filled out the application, all we need from you are two documents in order to expedite the process. Make sure you can provide the following:
- Photo ID (ie. a driver’s license or a passport)
- Proof of Address (ie. a phone, electric, cable or gas bill, or any most-recent document from your financial institution where your name and address are displayed)
Your application can be submitted online in five short minutes by hitting the "Apply Now" button.
When it comes to installment loans, Canada has the best service available: 514Loans, offering great payment plans and reasonable interest rates. We look forward to assisting you in finding the best financial solution for your needs.
Better than Payday Loans
514Loans, together with Greenriver Finance, has created the underlying technology and infrastructure for providing everyone in Canada fast access to better short-term financial solutions.
Installment loans in Canada are more flexible and cost substantially less than payday loans. The difference in cost and term length results in the elimination of predatory loan cycles which keep people trapped in debt. This helps the borrower to establish a budget that better suits their future financial obligations.
514Loans is proud to offer:
- Faster processing due to our underlying platform
- Less expensive ABR (Annualized Borrowing Rate)
- Longer loan terms than payday loans
- Preferred customer privileges with even cheaper rates and longer terms (for returning customers)
- A better overall user experience
Frequently Asked Questions
What is a cash advance?
A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.
A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”
Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.
What are the requirements to get a cash advance?
We like to keep things simple.
- You must be over 18 years of age
- You must be a Canadian citizen
- You must be employed full-time
- You must have an active bank account
- You must not be engaged in a consumer proposal
- You must complete an IBV (Instant Bank Verification)
I am Self Employed. Can I apply for a cash advance?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much money am I allowed to borrow?
Our loans range from $300 to $3000.
However, ou lender's credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.
When can I expect the funds to arrive?
Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.
What do I need to email or fax in?
You may fax or upload your documents during your application process.
The required documents are:
- A copy of your driver's license
- A proof of residence (any most recent utility bill with your name and address indicated on it)
Consolidate Your Debts and Get out of Dangerous Loan Cycles
Are you caught in a loan cycle?
514Loans is here to help! We work with a non-profit corporation to help Canadians get out of loan cycles. We can help you get your paycheck back!
If you are struggling with multiple loans, unable to keep up with high interest rates, or are facing a potential bankruptcy, give us a call now and let us help you consolidate your debts into one small monthly payment.
If you are unfamiliar with how the credit reporting system works or if you would like guidance in understanding and improving your credit standing, please contact a non-profit credit counsellor at Consolidated Credit by calling 1 (844)-871-1426.
Call today for a free, no-obligation consultation or complete a form: click here for a free consultation.
Credit counsellors can help to assess your situation, clarify errors on your report and outline the best options to rehabilitate your credit through repayment of debts at lowered interest rates. Doing this will enable you to qualify for new credit in the near future.
Debt Consolidation Programs
We work with a non-profit credit counseling company.
We frequently recommend to our clients to explore all of their financial options through a professional counselor at Consolidated Credit Counseling Services of Canada. This approach allows our clients to decide for themselves which option is best for them and their financial well being.
If you are struggling with too many loans, please click on the free consultation button on this page, and see if you qualify for the debt relief you deserve.
Benefits of a Debt Management Program (DMP) w/ Consolidated Credit
- Lowered monthly payments to creditors
- Lower interest rates than credit cards, Payday Loans or Installment loans
- Get a clear understanding of how to budget to avoid loan cycles in the future
- Have more money left on your paycheck to begin saving again.
Disadvantages of a Debt Management Program w/ Consolidated Credit
- Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
- RBC and Canadian Tire Mastercard are “full-budget creditors” meaning they will review the prepared budget and credit file to ensure all unsecured creditors have been included on the DMP before they agree to be included and that no budgeted expenses are unrealistic for a hardship circumstance.
- Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.
Offering Installment Loans in Canada, Even with Bad Credit
When Canadians find themselves in need of short-term loans, bad credit shouldn't stand in the way. And the repayment process for those loans should be as simple as paying rent or mortgage, phone plans, electricity and other monthly bills.
Installment loans offer the bridge you’re looking for when you’ve landed in a spot of financial trouble. The small and steady payments allow you to easily plan your budget accordingly. Most importantly you can usually obtain prompt approval for these loans without a credit check.
Here are some of the most frequent situations that may call for an installment loan:
It doesn’t matter who you are, you need a roof over your head. But an unexpected expense can cause anyone to be short on their rent, often a day or two before it is due.
Thankfully, an installment loan can help you in a few ways. First and foremost, you’ll have the cash to cover this month’s rent. And if you budget accordingly, the flexibility of an installment loan will also help you avoid falling behind financially in the future.
Falling behind on a car payment can be hazardous to your credit. An installment loan is a great solution that helps you make the necessary payments while allowing you to stay on course with your budget.
An installment loan can also help you phase out and replace a payday loan, which typically reduces additional financial concerns in the future.
Are you caught in a payday loan cycle? Are you using a big part of your paycheck to cover your payday loans? Consolidating that debt with an installment loan allows you to have a single small payment, instead of seeing most of your paycheck disappear as soon as you receive it.
If you have Bad Credit
Even people with bad credit are usually able to take out our installment loans. The benefits of that can be huge; you get somewhere to turn to when you need money, and you don't have to do so at a further cost to your credit score.
According to credit.com, installment loans won’t negatively impact your credit. Individual installment loans don’t account for enough money to play a huge role in your credit score. In fact, the same blog explains that paying off an installment loan for a lengthier term has a positive influence over credit scoring models.
Avoid NSF Charges
Unpaid NSF fees are damaging to your credit. If they remain unpaid for 30 days, your account will be considered delinquent and reported to the credit bureau. Delinquent accounts do harm your credit score and can further complicate your situation. 514Loans can help you avoid unnecessary NSF charges.
When January 24th rolls around, most people are nervously anticipating their credit card bill from the holidays. Sometimes you have to financially overextend yourself during the holidays so you’re able to purchase gifts for your friends. Other times it’s a big family trip you couldn’t back out of, even though you were a little light on funds.
Regardless, an installment loan can help you recover from the financial stress of the holidays.
No Credit Check LoansBenefit From Our Policy
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.
What is a short term loan good for?
It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.
Short Term Loans
We understand that there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don't worry, we've got your back when it comes to installment loans in Canada.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.
Terms of Repayment
Our installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Call them whatever you want
We specialize in
Payday Loans are:
- Old news
- Extremely expensive
- Have a short payback of 14 days
- Being replaced by installment loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Our process is entirely done online.
- Apply today
- Get approved within an hour
- Receive your money in your bank account.
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
Proudly serving Canadians with installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
Where are you from?
Vancouver, Surrey, Coquitlam, Burnaby
Edmonton, Calgary, Medicine Hat, Wood Buffalo, Red Deer, Lethbridge, Airdrie, Fort McMurray, St. Albert
Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon
Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun
Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls
Halifax, Cape Breton, Dartmouth, Truro, Sydney
Moncton, Saint John, Fredericton
Prince Edward Island