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Debt Consolidation Loan: Everything You Need to Know

Debt Consolidation Loan: Everything You Need to Know

Do you have multiple credit streams and struggle to keep track of them? Then, maybe you have taken a lot of loans. Taking a loan is nothing bad. Many people take a loan. But it gets troublesome when you forget to keep track of them, and the bills just keep popping up at the end of the billing cycle.

It is a common problem that many people face. After all, we are still humans and have our desires for which we may take a lot of loans. But often forget to keep track of it. And this is the time when you may need a debt consolidation loan. In this blog, we’re going to discuss everything you need to know about debt consolidation loan and how it works.

What is debt consolidation?

Debt consolidation refers to combining all your loans into a single loan, including online and student loans and instant online loans in Canada. For example, you can take a personal loan to consolidate all your loans if you are struggling with too many credit lines. Likewise, you can combine all the open credits into one.

Debt consolidation doesn’t mean mixing your current loans but taking another loan that pays all your current loans and gives you a new interest rate and credit tenure. For example, a person has a credit card loan of $1000, an education loan of $3000, and a car loan of $2000.

All these loans are different and have their own interest rate. As all your previous loans are paid, you can now focus on your new loan. And as it is a new loan, you also have a new interest rate for your loan.

Advantages of Debt consolidation loan

Save money

Saving money is the main aim of debt reduction. Therefore, you should consider reducing your interest payments while assessing your debt consolidation alternatives, whether settling for a lower interest rate or a shorter payback period.

If you are approved for a balance-transfer credit card with a 0% APR introductory rate, you may be able to pay off your debt with no interest. But you’d have to pay back your debt throughout the initial term, which can run up to 18 months. After the introductory time, interest will be applied to any unpaid debt.

If you are approved for lower interest rate than what you’re presently paying on your debt, using a personal or home equity loan to consolidate your debt can help you pay it off more quickly and save interest.

Better Budget management

Debt consolidation loans can help you better manage your finance. In our life, no matter what you want to improve, simply start tracking it. One of the fundamental ways to improve anything in our life is to start tracking it.

So, in the case of money, start tracking your finances. Check where your money is coming from, where it is going, and what liabilities you own in your different credit lines.

It gets difficult to track and manage them, so debt consolidation loans help you streamline all credit and make it easy for you to keep track of your expenses.

New Debt timeline

When you apply for a new loan, you will have a new loan tenure and must pay according to a new tenure date. You can choose a tenure period for your loan repayment.

If you had a short tenure in previous loans and were paying a significant amount towards your loan, then a new loan can give you a longer tenure at a lower monthly payment.

A new timeline for your loan can help you significantly in your daily life. But before you increase your credit tenure, consider checking the loan interest charged on your loan. And choose a tenure that neither levy a lot of interest nor is difficult to pay in monthly installments.

Improve credit score in the long run

Your ability to make timely payments is reflected in your credit score, although this number isn’t only based on your payment history. Credit reporting agencies heavily consider your credit usage ratio, or how much of your available revolving credit you utilize, as another factor. Your credit use may account for up to 30% of your credit score.

You should maintain low credit utilization to prevent damaging effects on your credit. By paying off your present debt and consolidating it with a personal loan or balance-transfer card, you may be able to obtain new credit opportunities while also reducing your credit utilization and maybe raising your credit score.

Disadvantages of Debt Consolidation loan

After talking about the advantages of debt consolidation loans, it is also important to learn about the disadvantages of the debt consolidation loan to be aware of everything and take a thoughtful decision.

Affect credit score

A hard inquiry occurs when you apply for a credit card or debt consolidation loan will cause a 5–10 point decline in your score. But if you pay off your debt timely, debt consolidation can help you in the long run and make a positive shift in your credit score.

Volatile deals

Depending on your credit, income, and other variables, you might not be eligible for a loan or credit card with a rate lower than the annual percentage rates (APRs) on your current loans. Additionally, you might not be able to obtain enough financing to settle all of your current debt.

Fees

Origination fees for debt consolidation loans can range from 2% to 8% of the loan amount. Credit cards with balance transfers have 3% to 5% transfer fees possible.

May lose collateral

The lender will seize the collateral you pledged to open the loan if you consolidate with a secured loan and are unable to pay back the loan.

Higher credit utilization

Your credit usage ratio can increase if you consolidate using a credit card or another line of credit. As a result, your credit score may fluctuate. However, as loans are not revolving around credit accounts, they do not contribute to credit utilization.

A debt consolidation loan can be a huge relief if you get it at a good price; otherwise, it can also be a burden. So, this is all about the debt consolidation loan. So, with this information now, you can choose a reputed debt consolidation loan provider and get a loan to streamline your liabilities.

If you need emergency funds, you can always count on PrestoCash, as we have a simple online loan application in Canada.

Labour Day 2022: 7 ways to enjoy this Labour Day

Labour Day 2022: 7 ways to enjoy this Labour Day

The day when top persons notice and acknowledge every person’s labour is here. Yes! The Labor Day of 2022 is just around the corner. And this time there are a lot of things that you can do on labour day.

There are numerous activities that you can do on the upcoming labour day. Some are a little patriotic, like marches and parades, while others are more general, like going on a field trip, amusement park, or a trail. But there are far more things you can do on labour day. So, we from PrestoCash have compiled a list of 5 amazing things you can do on Labour Day to make it fun and memorable.

As we all know, Labor day falls on the first Monday of September. And many people hate Monday. So, it is a great time to celebrate Labour Day with an enthusiastic heart. Moreover, it is a great end of summer and a warm way to welcome the fall season.

How is Labour day celebrated?

On Labor Day, trade unions used parades and picnics as a platform to advocate for and celebrate the rights of workers. Some Canadians still associate these with Labor Day, but many people use the first Monday in September to take a last-minute vacation, perhaps to their country home, or to spend time with loved ones at picnics, fairs, festivals, and fireworks shows. As well, the Labor Day weekend is the final opportunity for teens and other students to throw a party or take a vacation before the start of the new academic year.

History

The Toronto Trades Assembly organized the first large demonstration for workers’ rights in Canada on April 15, 1872, which is when Labor Day originally became a national holiday in the country.

The purpose of the protest was to secure the release of the 24 Toronto Typographical Union leaders who had been detained because they had gone on strike in support of a nine-hour workday.

Trade unions were still prohibited at this time, and strikes were viewed as a criminal plot to interfere with commerce.

Despite this, the Toronto Trades Assembly was already an important organization that promoted the formation of trade unions among employees, served as a mediator in conflicts between employers and employees, and alerted the public to worker abuse.

7 Amazing things to do on labour day

Take a road trip

What could be the best way to spend your time enjoying a road trip with your friends? A road trip is a fun and great way to begin your morning of the labour day and enjoy refreshing road trips.

Canada is one of the best places in the world to go on a road trip. One of the reasons is that our country has a lower population, so there is a lower chance of stumbling upon people.

So, you can go on a road trip to the mountains or the outskirts of your city and enjoy a fun ride in nature while listening to your favourite music at full volume. Then, enjoy the warm and comfy winds of summer end that packs the light fragrance of tender grass.

Submerge yourself in nature

Labour Day is the day when everyone working takes a day off. So, you would see a lot of closed shops and stores. So what can be the next best thing that you can do now? Go for a nature stroll in nature.

Have you wondered how it would feel to submerge yourself into nature? Imagine yourself far into the forest surrounded by sky-touching trees, fuzzy sunlight piercing through the dense forest to give you a glimpse of warmth in the shade of native trees.

You can hear numerous insects and birds chirping in the forest and enjoy a serene moment away from the everyday stress and problems. If you love water, go for beach time, swim in a lake or natural stream of water, and enjoy calming and cool natural water.

Go for a picnic or a cookout.

It’s going to be a long weekend in September. Many offices have 5 days working and two days off. So, Saturday and Sunday are normal holidays, but with Labor Day, Monday is also a holiday.

You will have a long weekend this September. So, why not drive to a new location, camp outside, or organize a cookout or a picnic in a completely different location?

It will be something new and a completely amazing way to rejuvenate yourself and your relationship with your family. Also, a picnic will be a great way for people to spend time with each other and have a meaningful conversation.

Spend time chilling

If you don’t have any plans or want to do anything away from home, then simply chill at your home. Grab a beer or another drink and enjoy spending time with yourself.

Enjoy the day by watching Netflix or a movie, grab something to eat, and spend time relaxing and charging in your comfort zone.

And the best part is, you won’t even have to spend anything considerable. So, a pack of potato chips and a drink with a movie is all you need to have a great Labor Day.

Attend Functions and parades

Labor Day is a statutory holiday, and different states celebrate them differently. You can enjoy the parade, attend a function, play a game or enjoy fun and amazing things.

If you live in a metropolitan city, then you are more likely to see a parade and function, but if you are in a town or a village, you may not witness a lively event.

Nevertheless, you can still enjoy the labour day parade on TV or even organize a labour day party or function by working with people in your neighborhood.

These are the best ways to enjoy Labor Day. So, what will you plan for? Share with us in the comment section below! And surely, most of the things on the list involve finance one way or the other. So, if your money influences your decision, then take an e-transfer loan in Canada from PrestoCash and let us help you finance your trip or event. After all, a good memory is the most important thing.

Canada Monkey Pox Cases: Should You be Concerned?

Canada Monkey Pox Cases: Should You be Concerned?

Currently, there are 28,220 cases of Monkey Pox reported worldwide, with 957 cases in Canada. According to our analysis of several reports, it can be concluded that the Monkeypox virus is highly contagious. Therefore, and same as Covid, the infected person should be isolated until they are completely healed.

So, are you concerned about the same problem? Then, at PrestoCash, we decided to provide you with complete news on the current situation and also be a filter for you to bring authentic information about the virus. So, read the whole article to know whether you should be concerned about the Monkey Pox virus outbreak or not.

What is Monkey Pox? Is it something new?

Monkey Pox is one of the most trending topics, not only in Canada but in the whole world. If a person is infected with the Monkeypox virus, they will get a fever, have mild to high headaches, body pain, swollen lymph nodes, rashes with small pimples that can be itchy and get inflamed.

These symptoms and problems can be home treated or may require a medical professional for diagnosis and treatment. Here, the main problem is not getting affected but the risk of spreading it to other people.

If you think Monkey Pox is a new variant or disease, then you are wrong. The Monkey Pox virus was first discovered in 1958 in the monkey. However, the first human case of monkeypox was reported in 1970.

Since then, several types of research have been done to understand how these viruses work, but only recently were we able to understand and take necessary precautions for it. In earlier times, many people died due to the lack of medical facilities, but if we talk about the current situation, it has a minute mortality rate, and until now, there has been no case of death reported from anywhere in the world.

How does monkeypox spreads?

As we said earlier, Monkey Pox is a highly contagious disease; it can easily transfer from one person to another, due to which it has been declared a world health emergency by WHO (World Health Organization).

The Monkey Pox virus generally spreads from animal to human. For example, it can be spread with rodents and primates, but it can also spread from human to human in close proximity via lesion, respiratory droplets, body fluids, or by using contaminated clothes and physically interacting with the infected person. When a person is infected, it takes up to 2 weeks for the symptoms to come.

How to check for monkeypox?

If you feel any of the above-mentioned symptoms, immediately check yourself with a PCR test. Then, you can visit a nearby hospital and get yourself checked by a medical professional. As soon as your results come, they’ll inform you of your situation.

If you are negative, it’s no problem, but if it comes positive, immediately isolate yourself from your family and ask the medical professional for more guidance. Based on your health condition, the health care practitioner can recommend home treatment or admit you to the hospital.

Your condition can get serious if you already suffer from a chronic disease like diabetes or other conditions. So, in such a case, it is important to monitor your health closely, so you may be asked to be admitted to a hospital.

Is there any cure for monkeypox?

Currently, there is no cure for Monkey Pox, but we have vaccines available to us but not as widely available as the Sputnik vaccine for Covid. The smallpox vaccine has proven to be 85% effective against monkeypox. However, the original vaccine for smallpox is no longer available, but in 2019, a new Vaccinia-based vaccine was approved for preventing smallpox and monkeypox. But it is not widely available right now!

How can we protect ourselves from Monkey Pox?

It is another battle against an invisible enemy, so we have to take similar precautions against them. So, here’s a list to help you keep monkeypox at bay.

Maintain personal hygiene

The very first thing that is a must to prevent yourself from catching the monkeypox virus is to keep clean hygiene. Viruses and bacterias often stick to us and stay there to find a way in our bodies. This can be problematic because it may lead to several health issues. So, keep good hygiene and wash your hands several times a day, especially when you are coming from the outside or a place where cases of monkeypox have been reported.

Use sanitizers

There have been multiple claims that say sanitizers do not work on viruses, but studies have shown that a sanitizer with a minimum of 60% alcohol works best against viruses. So, it is best to buy sanitizers with 60% or more isopropanol. Moreover, while washing your clothes, use disinfectant to disinfect your clothes and common touching areas of the house.

Refrain from coming in contact with an infected person

Although we cannot assume which person is infected, we can still keep them at a distance, especially when entering red areas like hospitals and clinics. Moreover, it is unlikely that a patient will be roaming outside if they have been diagnosed with monkeypox, but you still need to keep a sharp eye on your surroundings and keep your distance from people who show disease symptoms.

Keep healthy diet

There are many people who have naturally strong immunity and also those who have weak immunity. If you have weak immunity, then you have to especially take care of your diet and check what you are eating. Add vitamins, carbs, minerals, and proteins to your diet. This will help you naturally build your immunity and fight off foreign elements.

So, in the end, protecting from diseases and problems is in your own hand and taking the right precautions and eating healthy is the best way to reduce your chances of getting infected by any disease. But, of course, taking personal care comes with some expenses. So, if you need some extra help, PrestoCash will offer you a convenient and easy instant online loan in Canada to meet your expenses.

Four Adventurous Things to do this Discovery Day

Four Adventurous Things to do this Discovery Day

The day when Yukon was officially established as a Canadian territory is near upon us, and everyone is ready to enjoy the day in the best way possible. Discovery day is full of adventure activities. Moreover, it is happening after the pandemic, so you can expect many people to join in the fun.

But before we dive into the adventurous and excruciating things of the discovery day, let’s first recall this historical day and refresh our memory of the day Yukon became a Canadian territory.

Discovery Day and Yukon

Discovery Day is a statutory holiday celebrated on the third Monday of August month. The historical events of Discovery Day can be tracked from 17 August 1896. This was the time when George Washington Carmack – an American prospector, found gold at Yukon’s Bonanza Creek.

When the news of his discovery reached the ears of people and citizens of nearby towns, hundreds of thousands of people flocked around the Klondike goldfields in the next two years to find gold around that area and make a great fortune out of it.

But unfortunately, out of those 100,000 men, only 40,000 or so men had any success in their endeavour. This race to dig the unseen gold continued till 1899, until a bubble burst drew the attention of miners and prospects for higher gold mining opportunities.

After the end of the years-long gold rush, the Yukon Order of Pioneers convinced the Yukon’s council to remember the gold rush as Discovery Day and celebrate it as a national holiday. Since then, Discovery Day has been celebrated all over the Yukon with high enthusiasm and fun; parades, speeches, dance performances, fairs, sports and many such events take place in several parts of Yukon.

The miners may not have reaped fruits in gaining gold, but their efforts have led to the establishment of Yukon as an official and independent territory of Canada.

Adventurous things you can do on Discovery Day

We have already talked a lot about the history and significance of Discovery Day, and let’s dive right into the adventures you can do on or during Discovery Day.

Gold hunting

  • An expedition to the Kluane National Park, Yukon, to find gold or any other precious metal. Of course, gold hunting doesn’t necessarily mean finding gold. But you can go with a goal in your mind and look for metals, ores, minerals, or even cool rocks to bring into your home and use as a decoration.
  • The point of the whole expedition is not to find something to make you rich but to relinquish the spirit of our ancestors who started a years-long gold expedition to find gold.
  • So, this Discovery Day, discover the joy of going on an expedition with your friends, families or children and give them an experience of gathering information and data by exploring nature and wonders.

Trailing and trekking

  • If you are not fond of exploring, go for a trailing or trekking adventure. The Kluane National Park, Yukon, has 17 peaks, so choose a safe and suitable trail for your trip and go for an adventure. The thrill and fun of adventuring in the wilderness of nature are one of the greatest experiences you can get during Discovery Day.
  • But before you buckle up and leave for the adventure, keep your safety in mind. If a trail is too long or you may need to camp outside, take help from a professional or an expert.
  • The mountains in Yukon are also home to several genetically different Grizzly bears. And the last thing you would want on your trip is to encounter a Grizzly bear. So, keep your safety in check, no matter if it’s night or day.

Family trip

  • If you want to keep it safe and want to enjoy yourself away from the grizzlies, then visit the Discovery Day’s events near you.
  • Discovery Day events are being organized in Dawson City from 11 August to 15 August; you can take part in the Discovery Day Golf tournament, fastball tournament, check out the horticulture exhibition, or enjoy several other functions and events like Can-Can dance, face paintings, art and craft display and writing competition in Yukon.
  • You can also take a trip to Klondike Gold Rush National Historic Park to witness the historical gold rush from a century ago. The best part about this trip is that it’s free. You can also experience junior ranger activities for kids, camp and go for a short hike in the nearby mountains. You can also read historical books or watch movies like “Call of the Klondike: A True Gold Rush” during your visit.

Throw a lovely party

  • If there’s one thing that you can do at your home is organize a party. Of course, it is not necessary that your party should be lavish or you must invite your whole neighbourhood, but you can surely call your near and dear ones to join the party and have a thrilling event at your home.
  • This is the best way to enjoy for people who do not like travelling or have enough energy to walk around the amusement park. After all, at the end of the day, it’s the personal satisfaction that matters more than anything else.
  • So, a small family or friends reunion with classic dishes and drinks accompanied by long talks can also be the best way to enjoy Discovery Day.

Funds for Discovery Day

The gold rush indeed made some of the people rich, but everyone who joined in the rush had to spend some money for it, be it travelling to that place or buying items and tools for the expedition. Similarly, no matter what you have to do, there is always a cost to it.

If you are running short on funds due to which you cannot take your family for the expedition or to the festival, then let PrestoCash help you. We understand how it feels when you cannot take your family to a fun event because of a lack of funds.

We do not want you or your family to experience this, so take an online loan in Canada from us and use it to have a blissful day with your family. Our long return policy will assist you in paying off your loan easily with the simplest EMI option. So, don’t let money problems stop you from enjoying yourself with your family.

 

Concerned About Empty Grocery Shelves? Here’s What We Know!

Concerned About Empty Grocery Shelves? Here’s What We Know!

Nowadays, many US and Canadian grocery stores have empty shelves. If you also have encountered empty grocery shelves in your nearby grocery store, then you may be concerned about the food supply.

We from PrestoCash have looked into this concern and tried to dig deeper into the current situation. So, while we were conducting our research, we found many interesting reasons behind it. So, read the full article to understand the current food supply shortages, why they are happening, and what you can do.

Grocery store: Food shortage in Canada?

Can an empty grocery store be considered a food shortage in Canada? No, the reason behind empty grocery shelves goes beyond any visible reason. In June, Alberta Premier Jason Kenner tweeted, tagging Prime Minister Justin Trudeau to reverse the policy, which makes it mandatory for the truckers to be vaccinated to continue their service.

The policy was introduced at the end of last year and implemented in January this year. The rise in Omicron variant and halting people from spreading the disease further fueled the need to implement the trucker vaccination policy. For the initial stages, the effect was normal and didn’t affect much of the grocery stock. However, as time passed on, the consumption of food resources grew above and more than the supply.

So, it was obvious that something like a food shortage would hit the Canadian market. But you don’t have to worry about the food shortages; in reality, Canada doesn’t suffer from food shortages, and Canadians should not fret over the food supply system, said Retail Council of Canada (RCC) spokesperson Michelle Wasylyshen during an interview with Daily Hive.

So, an empty shelf that you are seeing in your grocery store should only be temporary until it is restocked. Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, agrees with the current situation and also tells consumers to readjust their expectations as they walk into the grocery store for some more time; at least for the next six months.

What are the issues causing grocery supply chain problems?

Labour shortage

  • The surge in Covid cases has played a major role in the empty grocery shelves and changes in the food supply. In addition, it has affected the way the industry operates. And it is bound to happen! When 15 to 20 people are affected at the same time.
  • Moreover, some Canadian grocers are operating with only 50% of the staff to reduce the spread of the Omicron variant. So, if a process utilizes the work of 20 employees, but due to Covid, only 10 employees could function, then naturally, the work will be delayed.

Extreme weather condition

  • Changing climatic patterns is another problem that can also affect how groceries store perform. For example, having bad weather like a few weeks back Ontario blizzard can affect the delivery of food items.
  • So, it can also be a reason for the empty shelves in grocery stores. But it will be replenished in a week or fortnight. Another such example can be quoted from last year’s flood in British Columbia, where large groups of people emptied the store shelves.

What is the immediate action you can take?

The whole situation right now can be tragic, but it is not eternal. So, there are a few of the things that you can do right now to get accustomed to the low food supply. Here are a few to list.

Change and Adapt

  • Whether you like it or not, you must change your food habits and what you eat to meet the new and changing market situation.
  • Due to a lack of food, many people won’t be able to get the items they need to eat. So, do not crave lasagna in such chaotic times.
  • Rather focus on feeding your family and fulfilling the basic needs until the stores are restocked and the process returns to normal.

Practice not overbuying

  • People start to overbuy items when there is a shortage of food items. This is because they fear having a low quantity of food items, and if they run out of their stock and the food is not available in the stores, they will struggle to feed their families and children.
  • So, this fear forces them to buy food items and store them in their homes, like the toilet paper incident that happened in the US at the beginning of the pandemic.
  • So, don’t overbuy the items and go for daily or weekly stocks. As the RCC has already said, it is not a food shortage but a food supply problem.

Find Substitutes

  • During these difficult times, don’t be rigid regarding the brands of the product. For example, if you buy Unico oil, but only Mazola oil is available, then do not be stubborn and leave. You can easily substitute one oil brand for the other.
  • For example, instead of tomato puree, you can buy tomatoes and use them in your food. There are many substitutes available in the market. Check out blogs and articles to find substitutes for different products.

Have your kitchen garden

  • Another best way to never worry about basic food items is to grow your own vegetable garden or kitchen garden. Unfortunately, not many people keep a garden in their backyard.
  • But you can create a basic and purposeful kitchen garden for your needs, especially in such times. You can get the basic idea of creating your kitchen garden from YouTube and then follow it to create your kitchen garden.
  • As this shortage is expected to last till next year, you can start growing your plants today and reap the vegetables in the upcoming months.

If you are struggling with a few dollars or need a couple of bucks to fund your expenses, then PrestoCash can help you get an instant online loan in Canada. You can then slowly pay it with easy monthly EMI. As we Canadians are at a difficult stage right now, inflation has also reached its peak.

So the cost of every good has risen, which can be alarming for the country as it can reduce the money spent and eventually lead to recession. But for now, you can focus on feeding your family and staying safe. If in the future, you need help with instant online loans, you can always refer to us anytime.

Struggling with Bad Credit? E-Transfer Loans in Canada Can Help

Struggling with Bad Credit? E-Transfer Loans in Canada Can Help

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.