Online E-transfer Loans: Best Way to Cover Business Expenses

Online E-transfer Loans: Best Way to Cover Business Expenses

Are you planning to open up a new branch of your business in Canada? However, opening up a new branch isn’t an easy task. Purchasing new assets, hiring new employees, infrastructure, rent – everything costs a huge amount of funds that everyone cannot afford right away.

You may need additional funds to cover such expenses. The best option to cover such expenses is to apply for loans. But in the middle of all the ongoing business work, you cannot make regular visits to banks and wait for days or even weeks to secure funds. As it will delay your whole work.

Also, traditional loans require a proper credit check and document approval to approve loans, and if you don’t have a decent credit score, they’ll reject your loan application form or offer you high-interest rates.

So, what’s the point of taking high-interest loans when you have the best option left: online e-transfer loans.

What is online e-transfer loans?

Online e-transfer loans are short-term loans offered by several lenders in Canada. These loans will help you get funds within a few hours or the same day of application without any credit score or lengthy process. The best aspect about online loans is they are fully digital, which means you can secure the loan directly from the comfort of your home or office.

These loans are the best option to cover your business expenses as they are easy to obtain and offer low-interest rates and flexible repayment options. Also, they are the most unsecured loans, which you don’t have to submit any assets or paper to apply for a loan. Instead, they assess your repayment capability based on your income source, residential proof, and other documents.

You can use online e-transfer loans to cover any business and personal expenses. So whether you use it for your wedding expenses, buying new business assets, or giving salaries to employees, you can easily secure them without mentioning the exact reason.

The most common reasons to apply for online e-transfer loans:

  • Debt Consolidation
  • Home Renovations
  • Medical Emergencies
  • University Fees
  • Car Repairs

Why apply for an online e-transfer loan?

Online loans offer easy repayment options, where you can pay back the loan amount in small monthly installments over a period of six months to one year. In addition, these loans’ interest rates and EMIs are also convenient, allowing you to repay the entire amount with your monthly income. So, instead of paying the whole amount in one shot to cover your business expenses, you can take these loans and manage all your business expenses.

How to get online e-transfer loans?

To quickly get online e-transfer loans in Canada, you have to follow the below steps to secure funds soon:

  • Know your options:

There are many online lenders in Canada that offer you the best e-transfer loans. But it all depends upon the best terms and conditions. So, always choose a lender that offers simple terms and easy repayment options. Also, see their customer reviews and feedback to assess their credibility. Finally, take the time to match the terms with other lenders and see which suits you the best. Then, if you’re confident enough that the lender you choose is genuine, start reading about their services.

  • Figure Out Your Loan Type:

After selecting the lender, read to terms to figure out which short-term loans suits you the best to cover your business expenses. Online lenders offer many loans such as no credit check, bad credit, personal, short-term loans, etc. So, select your loan and go to the further process.

  • Gather the Necessary Documents:

Online lenders need basic documents such as identity proof or income proof, or residential information to assess your repayment capability. The good thing is that all these documents are submitted digitally, so before applying for a loan, collect all these documents and save their photos on your pcs or smartphones so that you can fill out the process easily. If you do not have these documents on your Pcs, it can delay the whole process. You can submit a document using IBV (instant banking verification).

  • Fill out the loan application:

Since you have all the documents, you need to apply for an online loan and start filling out the loan application form. The whole loan application process needs 5-10 minutes to complete as it considers the basic queries and questions. However, fill out the application correctly, as errors can cause a delay in your whole application process, making it difficult for you to secure funds within the same day.

  • Wait for the funds:

After submitting the form, wait for the lenders to review it. The good thing about these loans is that the lender starts reviewing your application as soon as they get it. So if they approve your application instantly, you’ll secure the funds within a few hours of applying.

What do you need to apply for online e-transfer loans?

  • Age:

You must be 18 yrs old or above to apply for online e-transfer loans. Your application will be rejected if you do not meet the lender’s age requirements.

  • Income:

You must fulfill the lender’s minimal income requirement to secure an online loan. Your income determines whether you will be able to repay the loan amount or not.

  • Debt details:

If you are already paying instalments on any other loan, your monthly payments should not exceed 50% of your net monthly income.

  • Canadian Citizenship:

To get approved, you must be a citizen of the nation from where you are applying. For example, if you’re applying on Canada’s website, you must be a Canadian citizen. It’s because online lenders don’t want to risk their funds by lending to someone in another country.

These are some of the requirements which you need to apply for Fast e-transfer loans in Canada. These loans are the best approach to help you cover most of your business expenses and help you open up a new branch in Canada.

Online E-Transfer Loans: An Easy Way to Secure Funds in 2022

Online E-Transfer Loans: An Easy Way to Secure Funds in 2022

Life is full of uncertainties, and you never know what will happen next. Most of the time, uncertainties can demand a lot of money. And when you have a lot going on in your life, and then a problem arises that requires funds to solve, it might be aggravating.

In such situations, many people apply for loans to cover these expenses. If you apply for traditional loans, however, you might have to wait for days and follow up on many procedures to get funds. Also, you need a proper credit score and documents to get approved. If you don’t have a decent credit score and you cannot wait for days to get funds, then consider applying for online fast e-transfer loans in Canada.

These loans are the best option to cover sudden expenses because they are easy to secure and need no credit check to get approved. Also, the best part is that they offer quick service where you can secure the funds within a few hours or the same day of application. You just find a reputable credit firm in Canada and apply for the best online e-transfer loans.

What are fast e-transfer loans?

Fast e-transfer loans are online loans offered by many financial institutions or online lenders in Canada. Each lender, however, has different terms and conditions. You have to choose the best one that offers low-interest rates and flexible repayment options.

Unlike traditional loans, online loans do not have long procedures to apply for a loan. Their loan procedure takes just 10-15 minutes to complete as you just have to fill out a basic online application form. Also, their whole process is digital, which means you can secure the funds right from the comfort of your home or office. As a result, they are gradually gaining attention from people in Canada.

How do online loans work?

Online loans are secured for any personal reason, whether for a friend’s marriage or to cover sudden expenses, buying a new phone, etc. These loans can be secured within a few hours and can be repaid over some time.

The repayment period can go up from six months to one year, depending upon the lender you choose. Some online lenders offer secured instalment loans where they demand some assets, such as a car, or documents, to put up as collateral.

While some lenders offer unsecured loans where you don’t have to submit any collateral to get funds. Instead, the lenders evaluate your repayment capability based on your income source details and job stability. After securing the loans, you can pay back the loan amount in small monthly instalments of six months to one year.

Reasons to choose online fast e-transfer loans

  • Easy application form:

If we talk about offline loans, they are difficult to secure. To apply at a traditional bank, you must physically visit the bank, follow up on numerous procedures and wait for days to get approved. However, you can avoid this long procedure by contacting an online lender. These loans offer a simple application process that can be completed in a few minutes. You just have to visit their website and fill out the application while sitting at your home. If the lender approves your application, you’ll get the funds soon.

  • Fast Service:

What is the point of applying for online loans when you don’t get the funds within a few hours or the same day of the application? It entirely depends upon the lender you choose. So, always select one that offers quick service, and you don’t have to wait for days to get the funds.

A reliable online lender for fast-transfer loans will stand out with its lightning-fast services. Some lenders will approve the application in minutes and then issue funds within 2 to 4 hours. This ensures that you receive the funds you require fast and without waiting long. You just have to research a little and find a lender that offers fast service.

  • Less documentation:

The documentation process for traditional loans could take a long time. Most lenders will demand a proper document check in order to accept your application. You’ll need to provide your identity proof, address, and income, as well as a number of other documents. However, the best online loans will require significantly less documentation.

You won’t have to deal with any paperwork because the whole application process is completed online. You’ll just need to show verification of your name, address, and income, as well as a variety of additional documents. You can easily provide this information from your smartphones or PCs and complete your application process in 10-15 minutes.

  • Customer-friendly tenure:

When looking for the best lender for online e-transfer loans, the loan amounts and terms are the most important aspects to consider. There are several online lenders that offer the best fast e-transfer loans. You can secure these loans for any financial purpose. The lender has no interest in knowing where you’re spending the money you borrow.

The best part about these loans is that most of these applications have repayment terms ranging from 6 months to one year, making payments simple and painless. This way, you can easily pay off your debts with small monthly installments.

 

Who can apply for online loans in Canada?

Anyone who is 18yrs old or above can apply for fast e-transfer loans in Canada. These loans provide instant funds without any lengthy process or document approval. All you have to do is find a reliable lender, read the terms, and apply for the loan application form. However, you must meet the following requirements to apply for online loans in Canada.

 

  • You must have Canadian citizenship.
  • You must be a salaried employee with a constant source of funds in your bank account.
  • You must have been in your current organization for at least three months.
  • Your previous debt to income ratio must not be more than 50/50.
  • You must be between the ages of 18 and 58 years old.
How to Fix an error in Credit Report with Transunion?

How to Fix an error in Credit Report with Transunion?

Transunion is one of the top credit bureaus in Canada that maintains the credit history of every person. These credit bureaus are responsible for building your credit score. And sometimes, it is possible that the reports they create may be faulty sometimes.

It is a normal issue that can occur. After all, there are people working behind a big brand, and it is common to understand that people can make mistakes. So, what about when your credit report has flaws or mistakes? This article will tell you about it.

A mistake in a credit report can occur due to numerous reasons, some can be on behalf of credit bureaus, and some can be due to faulty reporting institutions providing instant online loans in Canada. But if a fault shows up in your credit report, it can affect your credit score. So, that’s why it is important to have a good credit score. 

Why check for faults in a credit report?

Affect your credit score

  • An error in a credit report can lead to a lower credit score. And if not rectified on time, it can become a hurdle in your financial life as many lenders providing Fast e-transfer Loans in Canada check credit scores before they offer a loan. 
  • Moreover, a credit score also helps a lender determine the interest rate to offer a person. And the credit score is a critical factor in determining an appropriate rate. For example, a person who has a good credit score will not be charged a higher interest rate because a good credit score indicates that the person can pay back their loan on time.
  • Whereas, if you are applying for a loan with a bad credit score, you have a high chance of getting a higher interest rate. Because a poor credit score makes you unreliable, the lender is taking a high risk of offering you a loan. So, they give you a loan at a higher interest rate.
  • So, checking your credit reports once in a while can help you identify these errors and report these errors to the credit bureaus. 

Spot identity theft

  • Another important reason to check your credit score is to identify identity theft. A classic example of identity theft nowadays is that you will find other credit lines opened in your name.
  • This can be done by stealing your identity and using it to get a loan or any other credit line. If you notice unauthorized credit lines in your credit report, immediately contact TransUnion and report the error. 

What is in a credit report?

A credit report will be the same with every credit bureau, there could be some minute differences, but the main information will remain the same. Here is the list of items included in a credit report.

  • Personal information

Every credit report will include personal details in their credit report, which will include your name, address, employer information, and Social Insurance Number (SIN).

  • Credit history

All the credit transactions you have made will be included in your credit report, including fast e-transfer loans in Canada offered by online lenders. The longer your credit history, the better your credit score. Here, you can check your credit lines as well, and if you find any discrepancies in your credit history, you can immediately file a report with TransUnion. 

  • Public records

Public records are publicly available information on you. For example, if you have filed for bankruptcy, it can stay on your file for 8 to 10 years. Other things that can affect your credit score are lawsuit judgments or tax liens.

  • Credit inquiry

Credit inquiries are of two types: hard inquiries and soft inquiries. The inquiry initiated by you to check your credit score is recorded as a “soft inquiry” and doesn’t affect your credit score. On the other hand, if a lender or creditor checks your credit score, it is recorded as a “hard inquiry” and reduces your credit score. However, it can be fixed when you will make timely payments. 

How to fix the errors with Transunion?

If you find an error in the credit report, immediately report the same to the Transunion. They will quickly resolve the problem based on the degree of omission needed. If the problems are grieving, then it may take some more time. 

Transunion will contact the creditor who provided the information and tally that information with the one you provided. And you may need to provide relevant proof to support your dispute if requested by the credit bureau.

Here are the things TransUnion will ask the company reporting the information:

  • Review the information regarding which the dispute has been initiated for.
  • Compare and validate the information TransUnion has with themselves.
  • Once mistakes are identified, they will do the necessary modification and rectify the mistakes.
  • Finally, they will update you regarding the necessary situation of the dispute.

What to remember before filing a dispute?

  • Ensure you have proof of what you are claiming. 
  • Check with the credit lender and find discrepancies. 
  • Have a written consumer statement explaining the problem and the details.

Where to file a complaint?

Online

You can file an online complaint by visiting TransUnion’s online portal and filing a complaint with them. You’ll need to provide your basic contact and personal details with them while filling the dispute.

Call

The other way to resolve the dispute is to directly contact the TransUnion via telephone by calling on:

English speakers: 1-800-663-9980

French speakers: 1-877-713-3393

The timings are 8 am to 8 pm EST from Monday to Friday. But if you are in Quebec, the hours of operation are Monday to Friday from 8:30 am to 5:00 pm EST. And here also you need to provide your personal details to the agent.

Mail

You can also mail them on:

English speakers-

TransUnion Consumer Relations Department

3115 Harvester Road, Ste. 201 

Burlington, ON 

L7N 3N8

French Speakers-

Centre de relations au consommateur TransUnion

3115 Chemin Harvester, Ste. 201 

Burlington, ON 

L7N 3N8

And same as other processes, you need to provide them with your personal details.

A good credit score is an indicator of good financial life. So, frequently check your credit history to keep bad things away from your credit report. And keep on taking fast e-transfer loans in Canada and building your financial life.

How is Credit Score Calculated in Canada?

How is Credit Score Calculated in Canada?

Have you ever wondered how a credit score is calculated? And why does a credit score matter so much when applying for new credit? You may or may have thought about it. But no matter the reason, the credit score does play an important role while applying for a new line of credit.

Canada has one of the highest financially literate people in the whole world. With over 61% financially literate people. But just by being financially literate doesn’t guarantee that you won’t make a bad financial decision. It is natural and happens to many people.

Sometimes, a bad financial decision can severely affect the credit score and results in a lower credit score. For example, even though you had a genuine reason, your creditors are concerned, leading to a poor credit score. Moreover, it can take up to 18 months or more to improve your credit score.

In the meantime, if you encounter a difficult time, getting a loan can be difficult. Even if you find a lender ready to provide you with a loan, they’ll charge a higher interest rate on the amount. So, bad credit can lead to a lot of problems.

But, of course, you can apply with an online loan lender with an online loan application in Canada. In this article, we’ll have a deeper look at credit score and how it is calculated in Canada.

What is a credit score?

A credit score or FICO score is a three-digit number that is assigned to individuals who have an active credit history. These numbers range from 300 to 750 or 800. The higher your score is, the better your chances of getting a good loan.

The credit scoring system is a unified system that impartially assigns a credit score to people. This system was created to make a unified way to check the creditworthiness of a person. However, it showed many flaws and problems over time, but it is still used worldwide to assess a borrower’s credibility.

How is credit score calculated?

There are three major credit bureaus in Canada – Equifax, Transunion and Experian- that records every person’s credit and manage their credit history. Majorly they see the following five factors while giving a credit score to a person.

  1. Payment history
  • Payment history is the most important of all. It makes up 35% of your total credit score. This accounts for all the late payments, timely payments and defaults. So, if you make timely payments, you will have a good credit score. It is as simple as that.
  • But what will happen if you have a bad payment history? The opposite! If you fail to make the payment on time, you will have 30 days time period to pay that amount.
  • If you couldn’t pay in that time, your creditor will inform the credit bureau, which will be recorded in your credit history, which will affect your credit score and cause it to fall.
  • In the case of default, you will straight away lose 250 points. And that will be a significant drop in your credit score.
  • So, to keep your credit score in good shape, ensure you pay on time, don’t delay any repayments and obviously do not default on payments.
  1. Credit usage
  • The second most important part of your credit score is credit usage, which accounts for 30% of your overall credit score.
  • This includes the number of accounts you have, how much credit you have used and how much you owe.
  • If you have a higher credit usage in multiple accounts, your score will lose points, whereas only spending small parts of credit will improve your credit score over time.
  • Similarly, if you have applied for new credit, it may temporarily lower your credit score, but if you continuously pay on time and reach the end of your credit duration, it will increase because you will have created a good payment history for that loan.
  1. Credit history
  • After the payment history and credit usage, the third most important factor is credit history. The longer you have a credit history of timely payments, the better your credit score. This is why it is advised to keep your credit line open.
  • If a lender opens your credit file and has no credit history to check, it would greatly affect your credit score. If you are beginning to build your credit history, it will take nearly 18 months to build a decent credit history.
  • So ensure you are making timely payments, build a good credit history, and avoid any defaults on payments. Moreover, a default can take up to 6 years to disappear from your credit history. So, you should try avoiding getting one.
  1. Types of credit

  • The next is the type of credit line you own. Having multiple credit lines will help you build a great credit history and, over time, will result in a great credit score.
  • Different credit lines include credit cards, home loans, car loans, personal loans or any other type of loan. These loans have different loan applications in Canada, which you can apply through a bank or other financial institution.
  • Once you get a new credit line, ensure you make timely payments and use them effectively to keep them active and continuously build credit history.
  1. Hard and soft inquiries
  • Finally, hard and soft inquiries account for 10% of your credit score. These entries are done to check your credit score and credit history.
  • Soft inquiries are all those inquiries that you make. These entries are not recorded in your credit history. Soft inquiries are inquiries made by you. For example, checking your credit score.
  • On the other hand, a hard inquiry is recorded on your credit history. A hard inquiry can often lead to a slight drop in your credit score, which is fixed over time with timely payments.
  • A hard inquiry occurs when you apply for a new credit line, such as a home loan or credit card. The institution you are applying with makes a hard entry to check your credit history and analyze your credibility.

A credit score can be a detrimental factor in getting a loan. However, sometimes, with a bad credit score, you can get a loan but at a higher interest rate. So, you can also apply with online loan lenders, such as PrestoCash, to apply for an online loan. In addition, our online loan application in Canada helps you receive loans while you are on your way to improving your credit history.

A Guide to Using Credit Cards with the Right Way

A Guide to Using Credit Cards with the Right Way

Have you ever heard people say, don’t get a credit card, you will pile a mountain of debt on your head? Well, the irony of this situation is those people who are telling you not to get a credit card, don’t own or have never ever used a credit card. They are simply passing what they hear according to their beliefs.

Of course, we are not here to change someone’s belief, and the one who is least interested in credit cards wouldn’t be reading this. So, if you are here and reading this post, congrats! However, you are different from the rest of the people who do not take time to learn about credit cards, same-day e-transfer Loan in Canada, and other credit instruments and use them as they see fit (which is the wrong way to use them) and often falling into a debt trap.

So, in this article, we will discuss everything about credit cards and things you should know about them before actually getting one.

What is a credit card?

A credit card is similar to a debit card. The difference is that a debit card uses the money you have in your bank account, whereas a credit card uses the money that your lending partner provides you.

This is the prime difference between credit and debit cards. However, if you ask which one is better, then let me tell you, every rich person on this earth uses a credit card and a debit card.

You would never hear a financially knowledgeable person say that a credit card is bad for your finances because this is far from the truth. However, another truth is that people fall into a debt trap by using a credit cards.

What is a debt trap?

A debt trap can be explained in various ways, but to keep it simple and short, a debt trap means you are pilling loans over loans on your head by paying a little amount to settle the bill for the time being. And this is also a major blunder people make by owning credit cards (we’ll talk about this later).

Let’s understand the debt trap through an example:

John makes $5000 a month, and his monthly expenses go $3000. He makes the payment using a credit card. At the end of the billing cycle, John pays a minimum amount of $500 to settle his bill for the time being. Little did he know the remaining amount would start incurring interest. An average credit card charges a 19% interest rate on the outstanding amount in a year.

The remaining $2500 will be carried forward and added to the next month’s bill. And if John spent $2000 on the next month, the total bill will be $4500. Even this time, the credit card company will offer him to make a minimum payment of $600 and pay the remaining bill later.

 The credit will pile up on the initial amount by continuing the same cycle. Before he realizes John is already under a debt that is more than his monthly paycheck and is incurring interest of 19% pa. This is a debt trap where John has to pay most for the debt he owes and pay more in the interest. However, John may take the e-transfer Loan in Canada to pay his credit card bill, but he still has to adjust the loan monthly or weekly budget.

The right way to use a credit card

If you don’t want to fall into a debt trap, here is the right way to use a credit card.

  • Get a free credit card
    If you are applying for a credit card for the first time. Apply only for a free credit card. For starters, building a credit score and a good credit history is more important. Surely, paid cards offer much more benefits, but you don’t need those, so get a free credit card.
  • Set a 30% limit
    When you receive your credit card, you will have a higher credit usage limit than your monthly salary. But don’t be mesmerized. One of the major drawbacks of using a credit card to its fullest limit is that it negatively impacts your credit score. In addition, by using the full amount of the credit, the lender may generate doubt that you may or may not be able to pay the bill. So always keep your credit card spending within 30% of the total amount.
  • Always pay in full
    When you receive your bill at the end of the month, don’t only pay the minimum amount. Instead, pay the full amount. This will stop the pending amount from incurring charges and save your money that would otherwise go towards paying interest.

How not to use a credit card?

After learning how to use credit cards the right way, it is also important to learn about the wrong ways to use credit cards to avoid them.

  • Do not overspend
    When you have a credit card and see the amazing spending limit you have, you feel as if you can buy anything. But that’s a false dream. You have to realize that the credit limit is not the real money you have but the money you can owe. So, do not get overwhelmed with feelings and end up spending more than you have.
  • Do not forget to track expenses
    The institution that provides you with a credit card also provides a way to track all the transactions you made. Therefore, keep a weekly or daily check on the spending to keep it within your budget. Moreover, for good financial life, you need to track your expenses and keep them in check.
  • Do not close your credit line
    One major fault people make is they close their credit lines. You may have had a bad experience with that credit card, but closing the card is not a good idea. You can reduce its usage. Closing a credit line will remove all the history linked to that credit line, drastically impacting your credit history.

In the end, credit cards are a great way to build a credit score and improve your relationship with money. So, while learning about credit, you can also take a same-day e-transfer loan in Canada to understand how loans and credit cards are different and better understand their functions.