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.