Federal officials unveiled new restrictions on payday lenders Thursday that aim to help low-income borrowers avoid the debt traps" of readily available, high-interest loans that critics say prey on minority communities. If you do miss your repayment date interest and charges may also be applied. In this instance lenders will always try to contact you via telephone or letter in order to recover the funds or to arrange an alternative repayment solution.4 CIBC Wealth Builder Mortgage is only available on the 5-year CIBC Variable Flex Mortgage and fixed rate closed mortgages of 3-year terms or greater for mortgages of $75,000 or more. You must maintain both a CIBC savings and CIBC chequing account to receive cash back up front and during the mortgage term. Cash back amounts that were paid up front are repayable if mortgage is discharged, transferred or renewed before maturity date. Assumptions, conversions, early renewals and ports of existing CIBC mortgages don't qualify. Other conditions apply; ask for details. CIBC may change or cancel this offer at any time without notice.
The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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