If you have been juggling with a bad credit score, there are chances that the banks and lenders will deny your loan application in times of emergency. The reason behind the same is that they will not consider you appropriate enough for the loan by analyzing your credit score. Well, in such difficult times, e-transfer loans in Canada can act as a rescue plan. But do you wonder what bad credit is and how to improve the same? Let us look at the same.

What Is a Bad Credit Score?

You must have heard the saying that bad credit makes it difficult to qualify for a loan. If your credit score is low, this aspect will automatically increase the chances of getting your loan application denied. Furthermore, even if the lender happens to approve your loan application, there are chances that you will be charged a high-interest rate on the same. One needs to understand that different lenders use different credit scores or in-house guidelines to measure or determine what, in their opinion, a bad credit score is. However, here in this blog, we will give you an idea about how good or bad your credit score is based on the credit score range of FICO.

What Is a Bad Credit Score by FICO?

A score of 8 by FICO is one of the most widely used versions of the scoring model, and it usually ranges from 300-850. The borrowers who have a lower credit score represent a higher risk to the lenders.

According to the model of FICO, a score of 669 or below is not considered a good credit score. Scores that fall under the scale of 580-669 are considered fair, and the scores that are less than 580 are considered poor or very bad. Now, if you have a bad credit score and are facing monetary issues, then the most appropriate thing that you can consider doing is applying for an e-transfer loan in Canada. Now you must wonder what fast e-transfer loans are in Canada let us look at the same.

What Are E-Transfer Loans?

When you need instant funds, opting for a traditional loan might not be the right thing. The reason behind the same is that if you have a bad credit score, there are chances that the bank will discard your loan application.

Second, the process of the loan with traditional methods is hectic, and one has to wait in long lines, submit a list of documents, and then wait for the approval of the loan for several days. On the other hand, e-transfer loans are not the same.

E-transfer loans are one of the most convenient methods of securing funds and helping you to cover your emergency expenses. These loans are provided by online lenders with the motive of helping the borrower with instant money to meet emergencies. The best part about these loans is that the lender will not check your credit score to approve the loan. No matter what your credit score is, you will easily be able to get a loan. In addition, unlike traditional loans, you will not have to wait in long lines to apply for the loan. All that you will have to do is visit the lenders’ website and apply for the loan online, plus get approved for the loan within a span of minutes! Now let us look at the steps that you can follow to get the loan.

Steps to Apply for E-Transfer Loans in Canada

The steps to apply for this loan are simple if compared to the traditional methods of applying for the loan.

Step 1- Look for a trustworthy source.

There are several lenders available out there willing to lend you money. Ensure that you choose a lender with a good track record and good service history. Look at the terms and conditions of the one you opt for because they are different for each lender. Ensure that you finalize the one that best fits your needs.

Step 2- Fill out the online application available on the website

After finalizing a lender for your e-transfer loans in Canada, the second step would be filling out the loan application form available on the website of the lender. Visit the website of the lender and fill out the loan application with appropriate details. Ensure that you fill out the loan application correctly because your loan application will help determine the lender if the application has to be approved or denied. Then submit the list of documents asked by the lender. The list of documents is not huge. You will have to provide proof of the following-

Have a stable job and be earning more than $1800 net per month.

Have a bank account with a history of at least 90 days.

Don’t have an excessive number of short-term loans.

Not have more than 3 non-successful transactions due to a shortage of funds in the last 90 days.

Step 3- Get approved for the loan

After applying for the loan and submitting the list of documents, you will get approved for the loan within an hour. The lenders of e-transfer loans in Canada will examine the application as soon as they receive it.

These are the steps that you can follow to get e-transfer loans in Canada.

Now that you know that you can get a loan even if you have a bad credit score does not mean that you should not consider working on improving your credit score. There are simple yet effective things that you can do to fix your credit score with ease. Let us look at the same.

Top-Notch Ways to Improve Your Credit Scores

Ensure that you make all your payments on time.

Ensure that you do not open too many accounts at once.

Ensure that you pay your bills in full.

These are a few things that you can do to improve your credit score. With a good credit score, you will be able to apply for any loan at any moment, and also, getting approved for the loan will not be an issue anymore.

If you have been struggling with a bad credit score and are looking for ways to get instant funds, then e-transfer loans in Canada from PrestoCash can help you in the best ways.

If you are a single parent, don’t worry because you are not all alone in this. Several people are out there raising their children independently. It can seem quite an overwhelming task at times. Not to overlook the ideology that single parents are not presented with an operating manual or guarantee that the going gets easier as you move through the process. However, even though the prospect might be scary now, the day might come when you will realize that having the responsibility and the freedom to raise your child worked out in the best ways all alone better than you ever expected.

Furthermore, the aspect of a single parent can be stressful, affect health, and can sour your mood even on the best of occasions. Though some of the stress is unavoidable, you can take several steps to eliminate the stress factor!! So, let us dive into the steps you can take to ensure that your parenting efforts are correct.

Top-Notch Ways to Address Common Single Parenting Challenges

1. Ensure to learn how to budget and stick to it

Knowing a realistic budget is crucial, and sticking with it is an important life skill. It is of utmost importance, especially when you are a single parent. A budget will help you in the best possible ways to plan your income so that you are easily able to meet all of your expenses with ease. Yet again, if need be, you can use e-transfer loans with no credit check.

However, the best part about a budget is that you will better differentiate needs from wants and invest accordingly. More than helping you manage your money efficiently, a budget will help you build your funds for emergencies, i.e., for unexpected expenses. For example, God forbid if your child falls ill without warning and you need monetary help to pay the hospital bills, even with the health insurance. You can also consider no credit check instant loans; yet again, ensure that you keep this option in an utter emergency and when you are left with nothing other than this. Else, ensure that you focus on the aspect of maintaining the budgeting and commit to it completely as it will help you in handling the cost of raising a child, plus you will be able to meet the investing and saving goals with ease.

2. Learn how to save money on a routine basis as a single mom

Saving money can be daunting, especially when you run a family on a single income; yet again, you can still find ways to stretch your funds to fit your budget. You can get started by eliminating any purchases you don’t require to make and saving money you did not spend. Then ensure that you compare your income to what you spend each month to plan a budget accordingly.

Most of the time, creating a schedule for your savings is recommended- you will have the opportunity to set up automatic payments into your savings accounts on a specific day of the month. Another best thing you can consider is looking for coupons to cut down on how much you spend at the grocery store and other items.

Then ensure that you get rid of the unwanted purchases or the subscriptions that you have. By limiting the number of impulse purchases, you will be able to save a lot instead. For instance, look for the subscription to Netflix, check how often you use the platform, and if you happen to use it once or twice a month, cancel the subscription. Finally, ensure that you only spend on the items that you need.

Another way you can save on your expenses as a single mom is always making a list for shopping before you go shopping. While at home, ensure that you write down a list on paper or on your phone. Look around your home and check what you need so that you can add it to your list before you leave. Once at the store, ensure you do not buy impulsively and get the things you need. Then cross things off your list once you buy them so that you do not accidentally buy them again.

Then it would help if you did not overlook the insurance rates; ensure that you check your insurance rates; with it, you will be surprised to know how much money you can save.

3. Do not be scared to ask for help.

When everything gets overwhelming, and you do not find a way out of the situation, consider taking a break and seeking help. Getting help when it comes down to finances can help you to get rid of the tension and stress in a go! You can seek help from your friends and family, and if not, then you always have the option of exploring e-transfer loans. As a single mother, it can be stressful at times to look after the family and your kids; e-transfer loans are considered ideal when it comes to getting instant funds; furthermore, the application of the loan is simple and quick, unlike the traditional loans. All you will have to do is fill out the online application form at the lender’s website, provide the required documents, and get approved for the loan within a few minutes. With the help of this loan, you will have instant funds to meet your needs and requirements in the best possible ways.

With the help of the right mindset and intelligent decision-making, you will be able to pull through the aspect of managing the expenses as a single mom parent in Canada. Yet again, if you need help with instant funding, then e-transfer loans are your one-stop solution. Now, if you are skeptical about the factor of credit score, then you need not worry as the loan will not require any credit check. You will be able to get instant funding immediately after you submit your application for the loan on the lender’s website. If you wish to apply for e-transfer loans, Presto Cash can help you in the best ways.

Celebrating a birthday plays a crucial role in one’s life; they are important because they express gratitude to God for being born and alive. If you have been looking forward to throwing a birthday bash this year, but are running short on cash, then e-transfer loans are all you need. Not only will you have funds for your best day, but also you will be able to celebrate the day without the stress of money with your loved ones. Now, if you have been wondering what e-transfer loans are, let us dive deep into the same and look at them.

What Are E-Transfer Loans?

 E-transfer loans are a form of short-term borrowing. These loans can be used for several purposes, such as unexpected expenses or to bridge the gap until your next payday. These loans are convenient; the reason behind the same is that you can apply online and then receive your money within a few minutes. In addition, you will not require a great credit score to get the loan.

How Do E-Transfer Loans Work?

 If you have been wondering how the aspect of e-transfer loans works, then read on.

 Let us not overlook that one of the most difficult, frustrating, and common issues in the workforce is dealing with the aspect of the period between the paychecks. Furthermore, even when we look at a well-crafted budget with emergency funds, it is not considered uncommon to face financial hardships before your next payday. Most of the time, the needs result from unforeseen expenses, for instance, car repairs, dental issues, etc.

These emergencies cause the workers to make almost impossible decisions between their primary and secondary needs. It is one of the foremost reasons fast e-transfer loans in Canada have gained much popularity. If you look forward to celebrating your birthday in the best ways and do not wish to run out of the budget, then e-transfer loans are your one-stop solution. Now you must wonder about the requirements and qualifications for e-transfer loans. Let us have a look at the same.

Qualifications for E-Transfer Loans

Unlike traditional loans, which require heaps of documents before you get the loan approval, e-transfer loans require a couple of documents you possibly already have. Here is a list of certain qualifications that you must meet when it comes down to the factor of e-transfer loans.

• The applicator of the loan should be 18 years old

You must present or provide any government-issued identification card proving your legal age. For instance, a passport, citizenship card, birth certificate, driver’s license, or health card would do.

• You need to have a steady source of income

 To apply and get approved for the e-transfer loan, you must provide a steady source of income which should be atleast $1800. Ensure that you have a steady job and provide the lender with proof of your income statement for at least three months.

• You must be a citizen of Canada

 To get approved for the loan, you will have to provide proof of citizenship; for that, you will be required to submit your citizenship certificate as proof. Other than this, the certificates that you can submit are birth certificates and citizenship cards. Yet again, not all the lending companies will require these documents, but it will be best if you acquire them handy. Another important aspect that you will have to cover is to have a bank account in a Canadian bank.

• You should not have excessive short-term loans

It is one of the aspects that you should look into before applying for an e-transfer payday loan. Having an excessive number of short-term loans can probably discard your loan application.

 These are the major qualifications that are required for e-transfer loans. Now let us look at the application process for payday loans. 

What Is the Application Process for E-Transfer Loans?

1. Look for a trustworthy source

Several online lenders and financial institutions are willing to lend you money. Ensure you look for a lender with a great track record and good service history. Another important factor you need to consider is that every lender has different terms and conditions; ensure that you opt for the one that can meet your needs, i.e., the one that best fits your needs. This way, you will not stress about anything and can celebrate your birthday in the best way with your loved ones

2. Fill out the online application on the website to get your loan

The second thing you will have to do is visit the lender’s website and look for the online application option. The aspect of online application is far better than the traditional means of application, where the person has to visit the lender in person, submit heaps of documents, and then get approved for the loan. Unlike the traditional times, online application is far better. All that you will have to do is fill out the form and submit the required documents.

3. Get approved for the loan

 One of the most significant benefits of e-transfer loans is that the lender will start examining the loan application as soon as they receive the loan application. If you apply to a reputable lender, your application for the loan will be evaluated within a few minutes. Plus, if your application is eligible for the loan, the lender will instantly transfer the funds to your bank account. Yet again, ensure that you adhere to the terms and conditions of the lender.

It is the application process for e-transfer loans. If you want immediate funds for your birthday, then opting, i.e., applying for the e-transfer loans from PrestoCash, will be ideal for you.

 E-transfer loan is one of the most significant loans you can apply for when looking forward to immediate cash. In addition, several lenders allow you to compare their loans with that of other lenders. Therefore, these loans will make borrowing money easy and convenient. Plus, these loans are ideal when it comes down to handling emergencies.

Do you need urgent funds to cover your debts, pay your bills, or buy a new car? Every person needs financial help at one point or another, and taking out instant online loans is the best way to secure funds.

Online loans are the most convenient way to borrow funds. These funds can be used to cover any financial expense. However, unlike other loans, these loans will help you benefit in the long run. Also, they are completely digital, which means you can secure the funds while sitting at your home or office.

But before you apply for a loan in Canada, first see if you really need a loan? If yes, why do you need a loan for, and how much money do you need? Considering these points is essential to get a loan at the right interest rates and repayment options. As well, these loans are helpful because you can secure them for any purpose, whether going on a trip with friends, for home renovation, or for any other personal reason. The lender has no interest in knowing why you are securing funds for.

How are online loans beneficial?

Online loans are beneficial because they are easy to secure and you get the funds directly sent into your bank account. Also, one of the best things about these loans is that they are completely unsecured, which means you don’t have to put up any assets as collateral to secure them. Instead, you get the whole amount of funds in your bank account that you can use for almost any purpose. Furthermore, after using the funds, you can pay back the loan amount in small monthly installments over a tenure of 6-12 months.

To apply for these loans, you just need a reliable online lender with good customer history and reviews. If you choose a good online lender, then you’ll get the funds within a few hours or the same day of your application. Also, you’ll get benefits like low-interest rates, quicker services, flexible repayment options, etc. But if you select a non-reliable lender, then you’ll have to wait for a day or two to get funds. So, always choose them based on their credibility and customer feedback.

3 Step-procedure to apply for online loans

To apply for loan loans in Canada, follow the below three steps:

• Application form: The very first and the foremost step to apply for loans is filling out an application form. For that, you need to go to the lender’s website you choose, read the necessary details, and fill out the loan application form. Online lenders will check your repayment capability based on your application form. They may need additional information such as residential details, income source, or other document checks. You just need to complete the form correctly to get the funds within a few hours.
• Wait for the lender’s approval: The lender will take some time to review your form. The good thing about these loans is that the lender will start reviewing your form as soon they receive it. After reviewing your form, they’ll call you for further details and approval.
• Get the funds: If the lender finds you eligible and approves your application form, they’ll transfer the funds directly into your account. It’s as simple as that.

 These are the basic three-step to secure online loans within a couple of hours. It does not involve any long procedures, meetings with managers, and running to people for signatures, unlike other types of traditional loans. 

Conditions before applying for online loans

• You must be of legal age as per your province (18+)
• You must have a Canadian Citizenship
• Your income should be more than $1800.
• You must have accurate contact information

 These are basic conditions for applying for an online loan; if you meet these conditions, then you can easily get a loan from a reliable lender in Canada. 

Advantages of securing online loans from a reliable lender  

• Time-saving:

 One of the best advantages of applying for an online loan is that the whole application process is simple and time-saving. The only amount of time required to complete an application form is 5-10 minutes. You will receive a call back from them for further details within a few hours of submission. 

• Low interest rates:

 Online lenders provide loans with low-interest rates and flexible repayment options. For example, the interest rates of the most reliable lenders range between 20% to 25%, much lower than payday and other forms of loans.

• Convenience:

 Another advantage of applying for online loans is the convenience of securing funds while sitting at your home. As the whole process is digital, you don’t even need to step out to apply for them, collect funds, or submit documents. Instead, you whole procedure will be done online, and the money will be sent electronically to your bank account after the process. 

• No credit check:

 Many people face difficulties applying for loans because of their bad credit scores. Online lenders offer loans without any credit check or document approval. Instead, they check your income source and spending habits to judge your payback ability. So, whether you have low credit or no credit at all, you can still apply for online loans in Canada.

• Security:

 Online lenders have now introduced the IBV (Instant Bank Verification) section, which helps lenders to confirm your bank account and identity.

With this section, you do not need to visit the banks and collect the details or other documents to send the physical copies to the lenders. Instead, they’ll directly check all the details through IBV, reducing the chance of theft and misplacement of the documents.

• Flexible repayment options:

 Online lender provides flexible repayment options for a long period of time ranging from 6 months to one year. In addition, you can choose to make small monthly or weekly installments based on your requirements.

This is all you need to know to fast e-transfer Loans in Canada. For further information, contact us now.

Have you heard people say credit makes the world move? It is a common saying which is similar to the tip of the iceberg. However, there is a lot more to it than just the tip you are seeing. Canada’s national debt reached $1.1 trillion this year, and its growing at a tremendous rate.

The Canadians, in total, own a debt of $2.15 trillion, which is more than the value of Canada’s entire economy. Each year, more people take loans, mortgages, and credit to buy items. Although, it is good for the economy when people start taking more credit.

However, when the same people fail to pay back their debts and more over the value of their underlying assets goes down, it can create a situation of a credit crunch. In this article, we’ll discuss everything bout credit and credit crunch in detail and how it can affect you.

What is a credit crunch?

A credit crunch is a situation in an economy when the money supply suddenly falls short. This often happens when people fail to pay back their loan and the asset they keep as collateral reduces in value.

Although the bank or financial institutions often anticipate these situations, a loss in money can affect their lending status. It can affect the number of loans they will offer to other people.

Credit crunch and recession

As we already discussed, a credit crunch happens when money flow is reduced in the economy. It is somewhat similar to the recession but has a different basis. A recession is when economic activity declines in an economy. For example, when people buy and purchase, taking a long-term or same-day e-transfer loan in Canada creates a lack of money flow within the country and leads to recession.

In both credit crunch and recession, the flow of money decreases. However, the reason for this reduction in both cases is different. And the best part here is that to tackle both credit crunch and recession, the best solution is to reduce the prices and interest rates of goods and services to attract people to take loans, engage in more economic activity, and circulate more money.

By reducing the interest rate, taxes, and prices of goods and services and bringing it to a more genuine and appropriate rate, you can get more people to buy and engage in economic activity.

Effect of the credit crunch and recession on lending

The credit crunch is not a good phase for financial institutions and banks because it cuts their profits, and they must be extremely cautious while providing loans to new borrowers. It is equally difficult for borrowers because a lack of money with credit institutions will become a problematic situation.

So, if you apply for a loan with a bank during a credit crunch, your loan may or may not get approved. So, only if you have a good credit score along with good past credit records will creditors give you a loan. But institutions like PrestoCash do not have the criteria to check credit scores so that you can get an immediate e-transfer loan in Canada from us.

However, the situation is different when it’s a recession. The root difference between credit crunch and recession is why they appear. A credit crunch appears when money flow decreases because of the loss of value of the underlying asset. In contrast, a recession occurs when the interest rates and cost of good increases while a person’s income remains the same.

In this situation, the person will spend more to buy basic items. And when people are occupied with fulfilling their basic needs, they won’t have enough money to spend on other things, which significantly reduces the money flow in the economy.

In a recession, the money is present in the economy only economic activity has reduced, which causes lower demand for goods and services in the market. Whereas in a credit crunch, money loses its original value.

A credit crunch is when credits are low, and a recession is when economic activities are low.

These two situations are different, but if we look from the consumer’s viewpoint. They are a great time to take loans and credits.

How credit crunch and recession will benefit you?

Both of these situations are bad for the economy and its development. But it opens new doors of opportunity for people. So here are the benefits of recession for the consumer.

Decline in prices

• The major and most profound benefit is that the goods and services become cheaper. When a situation like recession or credit crunch strikes, the government tries to boost economic activity by cutting the cost of items.
• And when the cost of goods and services gets lower, it increases the purchasing power of a dollar and gives more freedom to people to buy various things. So taking this time to buy things you love or put money into that investment you have always wanted is the best way to take advantage of a recession or credit crunch.

Lower interest rate

• Another important thing during this time is that the interest rate is reduced. So no matter what type of loan you want, be it a home loan, short-term loan, or a same-day loan in Canada, taking a loan at this time will help you get it at a lower rate.
• However, things can be a little tricky when you are applying for a loan during a credit crunch. But you can still get a loan at a decent interest rate during a crunch.

Balances everyday cost

• Life is all about balance. Isn’t it? As a basic principle of the economy, when demand for anything goes higher, prices increase, and when demand goes down, prices decrease.
• During these times, recession helps balance the over climbing of prices and brings them back to their normal stage. This helps balance out everyday costs and make everything smooth and normal.

Whether you are a business or a consumer, learning about the credit crunch and recession is essential for your finances. However, you do not have to wait for a credit crunch or recession if you need a loan. Lenders are happy to provide you with a loan at a great interest rate when you have a good credit score. But if you don’t, PrestoCash is here to provide you with a same-day e-transfer loan in Canada.