Loan Info.

We provide services to the Filipino community in Calgary because we understand money is need to help family and loved ones in the Philippines as well as additional emergency costs and expenses when they occur.

Our interest rates are lower than other privately owned financial services companies in Calgary.  Interest rates are determined by individual risk and credit rating; also, we calculate interest rates on an amortization schedule.  GSC Financial Services inc. is a fantastic alternative compared to other privately owned financial service companies in Calgary and credit card companies.

How GSC interest rate works
We calculate interest rates on an amortization schedule.  This means your pay for what you use monthly.  If you borrow a $1,000 loan for 5 months, we only charge interest on the $200 used for that month.  Your total interest charge will be approximately  $135 for a $1,000 loan for 5 months (approx. $27 a month).  Your total interest for a 6 month loan will be approximately be $159 for a $1,000 loan (approx. $26.50 a month).  For additional information, please contact us.  This way your loan payment is a lot less than some of the other privately owned financial service companies in Calgary.

We provide friendly service to our customers by sending reminders of repayment of loan so you do not incur late fees or NSF’s.  We are also helping by keeping more money in your pockets compared to credit card companies and other privately owned short-term loan companies.

Other Privately Owned Financial Service Companies Interest rates
Other companies charge you interest on the entire loan amount every month.  For example, if you borrow $1,000 for 5 months from another company, they would charge you $50 of interest for the entire 5 months adding up to $250 (A total of $1,250).  If you borrow $1,000 for 6 months from the same company, they will still charge you $50 for the entire 6 months adding up to $300.  You will have to pay back a total of $1,300.

A chart to show you the difference between GSC and another company for a $1,000 loan:

GSC Financial Services Inc. Other Company
Interest/Month Total Interest Total Interest/Month Total Interest Total
5 Month $27 $135 $1,135 $50 $250 $1,250
6 Month $26.50 $159 $1,159 $50 $300 $1,300

As you can see from the table, GSC Financial rates and amortization schedule is better for the you.

Credit Card Companies
We are less than credit cards because of “compound interest”.  Compound interest means that any interest charges are added to the principal (which is the amount you originally borrowed) so that your debt grows exponentially.

The average credit card interest rate is 14.3%.  If you borrow $1,000 and you accur 14.3% interest every month, then the first month you will be charged $143 (1,000 X 0.143).  With compound interest, that $143 dollars is adding to your original debt, so now you owe $1,143.  The second month you are again charged 14.3% interest, which this time comes out to $163.45 (1,143 X 0.143), so now you owe $1,306.45.  Now continue to the 6th month, you will then be owing a total of $2,229.86.

Comparison between GSC Financial Services, credit card company, and another financial service company in Calgary:

Monthly Payment by Company
Initial Loan 1 month 2 month 3 month 4 month 5 month 6 month Total
GSC Financial $1,000.00 $193.26 $193.26 $193.26 $193.26 $193.26 $193.26 $1,159.50
Credit Card $1,000.00 $1,143.00 $1,306.45 $1,493.27 $1,706.81 $1,1950.88 $2,229.86 $2,229.86
Other Company $1,000.00 $216.67 $216.67 $216.67 $216.67 $216.67 $216.67 $1,300.00

With GSC Financial Services, you’re paying down your loan.  With a credit card company, you’re paying more because of compound interest.  With GSC Financial Services, you’re paying less interest on your loan compared to another company because of how we calculate our interest rate.
Advantage (How we calculate interest)

We send reminders of repayment of loan so you do not incur late fees or NSF’s
We provide friendly service to our customers
We calculate interest on loan used for the month, not the entire sum.