Three Best Payday Loan Alternative in Canada

Three Best Payday Loan Alternative in Canada

Payday loans seem a lucrative option when you are cash-strapped. All you need to do is just call a lender, fill out a form, and the cash is transferred to your account. On the payday, you will repay the loan. It seems like a white and fluffy process, but surveys have shown that payday loans are predatory in nature. The average payday loan charges an APR of nearly 400%. Not just the insane interest rates, rollovers are more dangerous with high processing fees, often ending up the borrower in a debt trap.

But, you do not at all have to fall into that debt trap. There are numerous payday loan alternatives (PALs) that at max charge your 32% APR and offer you instant short-term loans.

We have shortlisted the five best payday loan alternatives; out of them, we offer one, a short-term personal loan, that too without credit check at 30% APR. You can learn about that from our PrestoCash team.

Here are the three best payday loan attentive in Canada:

1. Credit Union

Borrowing from the credit union is considered the best PAL. The very reason federal credit unions came into existence is to help the people who need funds for the short term to meet working capital needs. Nowadays, many community-based credit unions have also come into existence.

If you are a member of your credit union, you can get a loan from your credit union at lucrative annual interest rates of 24% to 28%. You can repay the debt in monthly installments. It is just you have to meet certain conditions to become a member of a credit union and borrow money.

2. Short Term Personal Loan

The second-best option is short-term personal loans from independent lenders. Here, we are not talking about the personal loans from banks and traditional financial institutions that take a very long to process, require credit checks and have a long fixed repayment schedule. We are referring to the independent lenders that offer flexible short-term loans with no credit check to meet your working capital needs that you can repay in an easy monthly installment schedule.

If you are earning a steady monthly income, you get approval for the loan on the same day of application, and funds are transferred directly into your account within a few hours after approval. You can apply for a short-term loan at a maximum of 32% APR with us.

3. Cash Advance

A cash advance on a credit card is a fairly good option. Not all will agree to it, considering bank overdrafts are there, but the convenience and ease of approval make cash advance a better option than a bank overdraft. Also, not everyone is eligible for a bank overdraft facility in which your bank allows you to withdraw money to a certain limit for a short term. On the other hand, anyone with a credit card can get a cash advance. It’s just you should repay the borrowed money as soon as you could to avert the high-interest charges.

What option do you find the most practical considering the ease of approval, bad credit score, interest rates and repayment schedule?

How safe are online personal loans?

How safe are online personal loans?

In the digital age, banking and personal loans have gone through a renaissance, and the industry has evolved beautifully. Many reasons exist for getting a personal loan, whether it is for an emergency or being able to purchase a house and settle debts, and doing it online is becoming the norm. And therefore, it becomes important to ask, are online personal loans safe?

Let’s Discuss If Online Personal Loans Are Safe:

Internet is a diverse tool, and although there are millions of people who use it for financial purposes like an online bank account, online booking, online shopping, online payment, etc., the Internet is also used for illegal activities. So, it’s always in your best interest, and it’s a good security practice to understand the many intricacies related to internet banking and ensure your online financial security.

Online Personal Loans—Security:

Today online personal loans are safe and done through the filter of scrutiny from an online lending bank or a lending company. Boasting wealthy banking regulations, every path an applicant takes is analyzed and regularly audited by regulators to keep the online system secure and in the best interest of the borrower. The lending company themselves have to follow a set of strict procedures and regulations to ensure that they provide their customers with an unblemished service. The chances of fraud being pulled are minimal, and the customer can be sure of a hassle-free repayment of the loan that is disbursed on the same day of the application online.

3 Ways Online Personal Loans Can save Your Day:

Established lenders like PrestoCash offer a seamless service by keeping their customers in the loop of every action. Since online personal loans are safe, the lenders make the repayment process safe and secure by providing their customers with timely reminders to pay the loan back. In addition to that, lenders also make their efforts to offer customers prepayment discounts to reduce the amount of loan the customers have to pay back.

Enlisted are three main top benefits that online personal loans can offer:

1. No Credit Checks:

Often an obstruction to loans or other money owing schemes, a credit check can be time-consuming as well as costly. But online personal loans do not deal with credit checks, and therefore, they can be easily availed.

2. Quick Approvals:

Unlike the banks, where the timeline to get approval is long, getting a personal loan from a lending company like PrestoCash is faster. 5-minutes of paperless loan application is all that is needed to get approval.

3. 24/7 Customer Support:

No question is left unanswered as PrestoCash has a team of trained professionals to help and guide you with your loan needs. Personalized service is the prominent feature of PrestoCash, the world’s easiest way to get money in 5 minutes.

Conclusion:

The online loans industry is thriving, and people have a great time looking to the industry to get a loan without having to leave the digital playground that is the Internet. The digitalization tool allows people to get the loan of their choice without needing to go to a bank branch or a loan office. Online personal loans are safe, and when you need a loan, no matter if you are buying a car, paying medical bills, or need cash to settle unforeseen issues, online loans are becoming the go-to source for borrowers to get their loans fast. But as a concerned citizen, it is imperative for you to understand how to verify if a lender is legitimate before you apply for a loan online. You should do your research properly by going to the regulator for your state, and know that if the lender doesn’t have a license, avoid them at all cost.

Getting a personal loan with zero credit – 5 tips to keep in mind

Getting a personal loan with zero credit – 5 tips to keep in mind

Life often comes with unexpected events and situations. It is not guaranteed that you will never hit a bump in the road due to unexpected expenses, medical costs, or income cut down. You need to cover these expenses immediately, but without a stable source of income, you are likely to be stuck with a lot of financial problems.

Some people use their savings as a way to solve these problems, but if you do not have savings, then you will end up in a situation where you will have to borrow money from your close friends or family. However, why go so far when you can easily get a personal loan from established lenders like PrestoCash without any credit checks involved. However, being informed on every question you have regarding loans is crucial. So, let’s find out some of the most important questions that you need to ask yourself before deciding on getting a personal loan.

1. Online Personal Loans or Payday Loans:

Professional recommend online loads over payday loans for the simple reason that people who opt for payday loans are asking for more trouble than they actually need. There are two major disadvantages that come with payday loans. First of all, these loans are often issued by local lenders who often never have any valid business licenses. Secondly, these loans are infamous for their high interest rates, which often reach 400% and above. It is not a surprise that most people who get such loans end up in a situation where they cannot pay them off on time. Such loans often result in legal problems in the future, which is why it is recommended that you stay away from this kind of loan. In fact, there are many online lenders who offer much better online personal loans without any credit checks.

Online loans from established lenders like PrestoCash are much more customer-oriented, tailored to match their customers’ immediate needs, and are often much better than cash advances offered by financial institutions and banks. Offering flexible repayment options, no hidden charges, 0% processing fee and pre-approved loans, online lenders are a better option when compared to payday loans, which are often very strict and demanding.

2. Reads the Terms Properly & Understand Your Need:

If you are someone who has been looking for a personal loan but wants to gain a better understanding of the terms and conditions of the loans, you need to go through the terms of the loan first. Personal loans are not just some random loan that you get without knowing what it entails. It is a loan that is issued to an individual or a business from a bank, financial institution or a lending company for the purpose of personal needs. Such a loan will be issued on an unsecured basis but will be backed up by various bank statements, income documents and business documents. The bank or lending company will come to know the reason for which you are requesting a personal loan, which is why you need to clarify that this loan is needed.

Make sure that the online lender offers a variety of personal loans that are suited for your personal needs. Online unsecured personal loans will be offered for the purpose of debt consolidation, wedding loans, home renovation loans, educational loans, traveling loans and many more, depending on your needs.

3. Loan Repayment Details:

Understanding the flexible repayment options and associated interest rates should of utmost importance for all borrowers. This will give you a fair idea of how much money you need to pay each month to your lender.

Personal loans from online lenders come with a repayment term that can extend from a few weeks to months and can be as long as a year. Before applying for a personal loan, you will have to enter your basic information and upload all the required documentation that is needed to process your application.

4. You May Also Consider Peer to Peer Loan (P2P):

Yet another form of loan is a peer-to-peer loan. This option is somewhat similar to established personal loans from online lenders, but it is also different in many ways. In these loans, a peer network of lenders will lend money to a specific user who is in need of money.

Unlike traditional loans, peer-to-peer loans focus on the requirement of each of the participants in the loan network and match them with each other on the basis of needs and availability. This will not only be cheaper when compared to conventional loans but will also offer some sort of a social message where every user in the network can lend money to another person without judgment.

5. Make Sure Your Lender is Legitimate:

In order to avoid paying additional interest or being in debt for more than you could, you need to make sure that your lender is legitimate. One of the biggest reasons why people end up paying more interest than required is due to a lack of knowledge about what lenders are scams and legitimate. You need to take your time and read the lender reviews online. PrestoCash offers transparent rates, offers an easy application process and even does not require any credit check or personal details.

Conclusion:

Life comes with unexpected expenses or situations. However, being ill-prepared to face these situations will only damage your financial health, which is why you should be prepared for such situations.

Such situations and expenses need to be dealt with quickly so that you can focus on other things. In order to deal with such situations, you can get a personal loan for the purpose. Online lenders such as PrestoCash offers a hassle-free experience with no credit check and approval in one go. By applying for online personal loans without a credit check, you will not have to worry about whether or not you have bad credit, will get more approvals than usual and other factors.