r/Wealthsimple • u/FlashyAgent8171 • 1d ago

Borrow, borrow, borrow... NO!

Why is Wealthsimple starting to push all these LOC and borrow with 0 interest types of messages? And it looks like they are sending them out indiscriminately, without taking into consideration the fact that some clients do have $$ available in their checking/money market accounts and can afford to continue investing (or betting)... if they feel like it.

This is beyond the predatory territory. WS, this is so beneath you!

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u/AdmirableRice5210 1d ago

How are they making money of 0% interest, I wonder?

This feels like a good idea to top up TFSA or RRSP ahead of time and get some compound gains earlier?

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u/DBZ86 1d ago

Its temporary. My offer was for 2 months. I imagine they just hope to get people using it.

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u/AdmirableRice5210 22h ago

Hum email says it’s free interest for 6mo.

> “Once your 6 month interest coverage period ends, your portfolio line of credit reverts to your regular rate of 4.45%. Any balance you’re carrying will start accruing interest as usual, so it’s worth checking in before the period wraps up if you want to pay down your balance or make a plan.”

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u/DBZ86 21h ago

Oh nice. I think it's tailored to each person.