September 2025: What You Need to Know About Loans, Defaults, and Smart Budgeting

Welcome to the September roundup from Saxon Financial Insights. In the last month we tackled three hot topics that affect anyone handling money – whether you’re hunting for a personal loan in Canada, worried about student loan debt, or trying to split your income wisely. Below is a quick guide to each article, plus practical takeaways you can use right now.

Bank vs. Online Lender for Canadian Personal Loans

Our first deep dive asked the question every borrower faces: should you go to a traditional bank or an online lender for a personal loan in 2025? We compared fees, interest rates, approval speed, and the odds of getting approved based on credit score. Banks still win on trust and sometimes lower rates for high‑score borrowers, but the paperwork can take weeks. Online lenders are faster, often approving in a day or two, and they cater to people with modest credit histories. The bottom line? If you need cash fast and can handle a slightly higher rate, an online lender may be the better choice. If you have a strong credit profile and can wait, the bank might save you a few pounds on interest.

What Happens If You Never Pay Off Student Loans?

The second article pulled back the curtain on the real consequences of ignoring student loan payments in the US and Canada. We laid out the timeline: missed payments trigger collection notices, then wage garnishment, tax‑refund offsets, and a hit to your credit score that can linger for years. In Canada, the Canada Revenue Agency can even freeze your tax refund until the debt is cleared. We also offered a short list of fixes – income‑driven repayment plans, deferment options, and loan forgiveness programs that many borrowers overlook. The key takeaway is simple: staying in touch with your loan servicer and exploring assistance programs can stop the debt spiral before it gets out of hand.

Understanding the 70‑20‑10 Rule for Budgeting, Learning, and Innovation

Our final piece introduced the 70‑20‑10 rule, a flexible framework that splits resources into three buckets: 70 % for core expenses, 20 % for personal development, and 10 % for innovation or savings. We walked through a step‑by‑step budgeting example – imagine you earn £3,000 a month, you’d allocate £2,100 to rent, bills, and groceries, £600 to courses, books, or skills training, and £300 to an emergency fund or a side‑hustle experiment. The rule works for both individuals and small businesses looking to grow without over‑extending. Common pitfalls include neglecting the 20 % slice or using the 10 % for discretionary spend instead of future‑focused projects. A quick checklist at the end of the article helps you set up the split and track it each month.

That’s the September snapshot: a fast‑track guide to choosing the right loan source, a reality check on student‑loan delinquency, and a practical budgeting model you can start using today. Keep scrolling for full articles, detailed tables, and downloadable worksheets that make each topic actionable. Got a question? Drop a comment, and we’ll dig deeper in the next post.