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Rates And Flexibility

Thank you for wanting to learn more about the revolutionary Blue Copper Club program and how it differentiates from a standard payday loan. In our first blog we’d like to look at the costs and flexibility that a club loan offers a club member

We have all heard or have firsthand knowledge that payday loans are expensive. In most provinces a Payday Loan is $15 per $100 borrowed. If you borrow $500 your payback is $575. The posted interest rate varies depending on the duration of the loan but the payback amount will not change. Payday loans serve a purpose and are great for people that find themselves in need of a quick solution 2 or 3 times a year. If you are using payday loans more than that you should look than www.bluecopperclub.com is likely a better solution. The program that combines funds, facts and fun into a cost saving alternative to payday loan borrowing. In comparison to a standard $500 fourteen day payday that would see a borrower traditionally pay back $575 a Blue Copper Club Member would only pay back $510.50 for that same loan. A Blue Copper Club member saves $64.50 in this scenario.

From a flexibility point of view a Blue Copper Club loan is often the answer. Although there is no limit on the number of Payday loans someone is allowed in total you cannot have more than one payday loan from the same company at the same time. This is harmful to some borrowers as they take more than they need and pay more interest than needed because they don’t want to get caught short over the term of their loan. Over years of doing payday loans we have seen how this well intentioned rule penalizes people trying to manage their money in the best way. Additionally they may have multiple loans with multiple lenders wasting time and complicating their lives. A Blue Copper Club loan gives you the flexibility to add to your loan (up to your assigned limit) at any time through the loan cycle and only pay for the time that you actually have the money out for.

Borrowers and lenders are frustrated by the rule that a payday loan is to be either paid in full or the prescribed payment made on or before your next payday. It is only possible to take a new payday loan when your loan is paid in full. Another rule with the best of intentions but filled with unintended consequences. In our experiences this rules sees people making multiple trips to the bank to withdraw and then redeposit cash. For people who feel unsafe carrying large amounts of cash this is a huge drawback. A Blue Copper Club loan ends these concerns through manageable payments and a lower cost of borrowing that saves a borrower time, money and aggravation. The Blue Copper Club is borrowing made better by seeing what doesn’t work with traditional payday loans and fixing it.

Club loans can allow borrowers higher limits than traditional payday loans. Payday loans are generally limited by regulation to $1,500.00 or 50% of your net pay. On a Payday loan this is a good thing as amounts larger than that would make the fees cost prohibitive. The Blue Copper Club Member can receive a limit up to $2,500 depending on their income and other determining factors. Due to the fees being some much less than a payday loan people can pay off $2,500 Club loan in a fraction of the time it would take them to work down a $1,500 payday loan.

We have worked on the Club model to benefit all parties. If you regularly take payday loans take a look at the Club and see what great borrowing can look like.

Written by Dave Chen

Founded Blue Copper Capital in the spring of 2008 after spending the previous 10 years working in the transport industry in many capacities. Spending considerable time with apprentices and tradespeople showed a market for good people, starting out or restarting, that needed loans who the banking industry overlooked. The first loan written was done on the tailgate of a pick up truck in an Olive Garden parking lot. More than 10 years and thousands of loans later the idea of loans for a better life is still the backbone of Dave’s and BCC’s vision.

More Articles by Dave Chen

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