Online Loans | An Ideal Choice to Cover Sudden Expenses

Online Loans | An Ideal Choice to Cover Sudden Expenses

An instant online cash loan is an unsecured loan that allows borrowers to secure the funds on the same day of application. This loan can be used to cover various unexpected expenses such as a medical emergency, unscheduled travel, or home repairs. Instant online loans are a safe and convenient way to meet short-term monetary needs. So, if you require a short-term loan, don’t hesitate to apply for a loan online in Canada. 

Previously, in the absence of internet platforms, loan applications used to take 7 to 10 working days to be approved. Today, things have changed for the better. Online lenders have made it simple and convenient to secure a loan. Online instant loans are more realistic thanks to the power of technology and innovators. To fulfill all your urgent cash needs, you can easily apply for an online loan and get the funds quickly. 

Person applying for an online loan

What are online loans?

Online loans are a way to borrow money from lenders without even visiting a bank or financial institution. The entire procedure of online loans takes place on the internet, from applying for the loan to paying the payments and closing the loan. 

More and more consumers are opting for online loan applications over traditional lenders since online lenders provide faster loans with less documentation. Unsecured loans such as personal loans, fast e-transfer loans, and credit card facilities are the most common types of loans applied online. 

Person explaining what online loans are

What are the procedures for online loans?

Know your requirements, such as what you need the loan for, how much you need to borrow, and your ability to repay the loan before applying for one. These are important since they are the factors that a lender will look at when considering your loan application. Here are some actions to take when applying for a loan online:

  • Do some basic research to identify a lender that is a good fit for your loan needs and offers the best interest rates.
  • To apply for the loan, go to their website and click the “Apply Now” option.
  • Fill in your personal information as well as any additional information relevant to your financing needs.
  • Depending on the type of loan, upload your salary details, bank account details, and other personal documents. 
  • The lender’s team will assess your application to understand your creditworthiness, repayment capabilities, and identification verification.
  • After evaluating it, the application can be accepted or rejected based on the lender’s terms. 
  • The loan amount will be credited to your bank account immediately or within 2 to 4 hours if your loan is accepted.

 

How to use online loans effectively

The type of loan you apply for is entirely dependent on your financial situation. If you need money but don’t want to put up any security, an unsecured personal loan is a way to go. This form of personal loan can be used for a variety of purposes, such as:

Use to consolidate debt 

Debt consolidation is one of the most common uses of instant online cash loans. You can apply for a loan online in Canada and use it to pay off other debts such as credit cards and bank loans. As a result, you’ll be able to clear off your old long-lasting loans all at once. 

Online cash loans come with small installments, so repaying their amount will be relatively easier for you. As a result, if you have taken a loan with high-interest rates, you should choose this option and clear them easily. 

Improve your credit score 

The loans you take affect your credit score significantly. Suppose you take a loan and fail to repay its installments on time, this will lower your credit score, and you’ll face problems when applying for a loan in the future. However, many reputable online lenders offer non-credit check online loans in which they don’t ask you to deposit a credit check. 

Instead, your income source and personal information are evaluated to understand your creditworthiness. When you secure an online non-credit check loan with easy installments, it can help you improve your credit score effectively. 

Making a big purchase 

Online cash loans are ideal for people who intend to make a big purchase such as a car, digital device, or house improvement. Additionally, if you are considering medical treatment and are unable to locate other loans, you can consider this. 

Once you buy the item with an online loan, you can pay the installments with your regular monthly income. However, no matter which loan you secure, consider using it wisely.

 

Person using their online loans effectively

Features and benefits of online loans

Instant online cash loans, often known as personal loans, have many features and advantages. For example, these loans are typically quick to secure when the application process is completed and accepted. 

In an emergency, applying for a loan from a bank is not recommended because the process takes longer than 24 hours. On the other hand, online lenders verify the application digitally, saving a significant amount of time. Its other benefits are:

 

Easy online process 

Unlike bank loans, applicants can use their digital devices and apply for the loan at any time and from any location. The online loan process takes no more than 2 to 4 hours. The application gets completed in just five minutes, and lenders start evaluating the application the moment they get it. This way, you can secure the funds by sitting on your couch. 

 

Simple documentation 

Gathering all necessary paperwork and managing them until the loan process is done is a time-consuming operation. When you apply for a loan online, the documentation is paperless, and the verification is done in real-time. It’s the most hassle-free method of applying for a loan online in Canada. 

 

Easy and simple repayment methods

Unlike payday loans, our process involves not making our customers stressed about getting a loan by simply asking them to pay a small amount of the loan amount based on their payroll. Payday lenders have the reputation of making you pay the full amount plus fees right after you get your first payday. We’ve written an article on payday loans if ever you’d like to learn more.

 

We lower the interest rate based on your payment history with us

We always offer our customers a higher loan once they’ve gone through their first loan with us. Our customers benefit a lot from this simply because the amount they get increases while the interest rate does not increase. This makes our customers pay less interest in the long run.

 

Bottom line 

Instant online cash loans are making people’s lives easier in many ways. These hassle-free loans are a perfect solution in times of emergencies. So, if you’re also looking for funds, don’t forget to apply for a loan online in Canada. 

Payday loans online | Why are payday loans bad?

Payday loans online | Why are payday loans bad?

Payday loans online, what are they and are they good?

Online payday loans are short-term loans with very high-interest rates and fees which makes it hard to re-pay when you borrow money from lenders who offer payday loans. One of the reasons why it makes it hard for anyone in a tight financial situation to repay online payday loans is simply because they order you to repay the loan once you get your next upcoming paycheque. The Canadian government website has a detailed explanation for payday loans.

To put into context, once you receive your payday loan, you’ll have to owe the lender the money with high-interest rates and fees the moment you receive your paycheque if ever you don’t get to pay them on time. Sadly this is the trap that a lot of people that are in a tight financial situation are brought into. Once you apply for a payday loan, you’ll be bound to pay between 15$ to 23$ per 100$ borrowed. This means that if you borrow 1000$, you’ll be caught paying around 1150$ or 2230$ on your next payroll (which is about 2 weeks after you apply for a payday loan). It would be the equivalent of paying 1800$ to 2760$ versus a personal loan like the one that we offer which could be as low as 240$ to 350$ for the same amount.

Person thinking about payday loans online

What is better than a payday loan?

A better solution than a payday loan would be to choose a personal loan. We figured out that the best formula that would work for individuals that are going through unexpected financial struggles would be to find a better solution than a payday loan by reinventing how personal loans work. We made personal loans a better option for anyone who’s looking to borrow money online by simply giving our customers the flexibility to repay and by also having them repay the money borrowed by simply asking for a small payback percentage per payroll. This permits our customers more time to handle their financial obligations and also gives them more time to relax and not worry about having to pay huge amounts of fees.

Basically, PrestoCash has a better solution than online payday loans because:

  • We offer better payback solutions
  • Lower interest rates
  • Flexibility
  • No hidden fees
  • Don’t need to pay the full amount on your next payroll

We also took the time to make the loan application process very simple for our customers to easily get their loans online through e-transfers. You can quickly get a loan the same day you apply!

Person thinking of a better solution than a payday loan online

Payday loans can put you in a tougher situation

You’ll end up owing more money

Like we discussed through the previous points, with online payday loans, you end up paying more than if you would’ve chosen a simple personal loan. It’s understandable that your situation can encourage you to choose the option that you land on first. Although it’s important to take the moment to understand the options available and which one would be best for you and your current financial situation.

Payday loans can hurt your credit score

It might seem like a good idea to get money online through a payday lender although you can end up making your current financial situation harder to get out of (as discussed on the previous topic). Making your current situation a tougher one to get out of would only create this domino effect of bad financial situations which would only increase your debt and hurt your credit score. This is not a fun cycle to be caught in. That made us realize that getting a quick loan online should be made simple and easy for anyone who wants to get out of a tight financial situation. Our how to get a loan page is dedicated to helping users understand how we made the money lending process very simple and easy to go through.

Payday loans can Increase your stress level

Considering that payday loans can make you end up owing more money than any other lending options available online and hurt your credit score at the same time, this can also cause anyone to increase their stress level. It’s very simple, you don’t want to have to deal with that, especially since you already have a lot on your plate to deal with (which is the reason why you’re looking for a lender that can help you out, not make things worse).

Consider other options than a payday loan

Now that you know the side effects of dealing with payday lenders, it’s important that you consider other ways to get an online loan. Thankfully we have the option to get an e-transfer loan online that makes it very easy to get funds directly deposited into your bank account.

Although it’s important to keep in mind that in whatever you end up borrowing money from, whether it’s from a financial institution or family and friends, paying the amount back is crucial. The reason why it’s crucial to do so is simply that not only will you have that stress in the back of your mind, but you will also have to deal with the bad reputation that you’ve given to yourself, your friends, family and the credit bureau. This could follow you all your life until you decide to pay back what you lent.

 

Here’s a quick summary of payday loans online

Online payday loans are very hard to deal with even if it seems tempting to borrow money from payday lenders. We understand that you want to get out of a financial crisis as quickly as possible but keep in mind that the high-interest rates of online payday loans can hurt you in the long run through owing more money than other lending options available online, increased stress levels and a bad credit reputation.

Person happy for not choosing a payday loan online


If ever you’re in need of help during hard financial times, consider getting an e-transfer loan with us by simply filling out our quick and easy online form and expect to be pre-approved the same day you apply!

Fast e-transfer loans in Canada | The benefits & more

Fast e-transfer loans in Canada | The benefits & more

Everything You Need to Know About Fast E-transfer Loans 

If you’re in the middle of a financial emergency, you’ll need money quickly. An e-transfer loan is a great option to resolve this problem efficiently. The fast e-transfer loan is a secured, short-term loan that allows you to get the money you need in as fast as possible.

Unlike payday loans, you don’t need to repay the funds of e-transfer loans all at once. Instead, you can clear the loan within six months with small installments. Many reputable online lenders offer fast e-transfer loans in Canada. The nicest part about these loans is that they are available 24/7, and you can apply for them anytime, anywhere. 

Introduction to fast e-transfer loans in Canada

Fast e-transfer loans are money lent to borrowers through the internet. The top benefit of an e-transfer loan is that the applicant doesn’t have to visit banks and involve themselves in paperwork. Instead, you can simply find a lender online and apply for the loan digitally. E-transfer loans are different kinds of personal loans suiting the needs of various applicants. 

Some lenders offer non-credit check e-transfer loans that are beneficial for applicants with unmaintained credit scores. When you apply for a loan at a bank, they first ask for a credit check to understand your creditworthiness. On the other hand, your salary and other information are observed to know your reliability in a non-credit check online loan.

The loan application process at banks is very strict and stressful to deal with at times. That’s why online lenders like PrestoCash developed a way to simplify the process and made it easier to get an online loan without the need to have a good credit score. 

To secure a fast e-transfer loan in Canada, you have to be more than 18 years old, have a stable income source, and need to be a citizen of Canada. All lenders come with different terms; if you match their conditions, you can secure the funds within a few hours. 

How to apply for a fast e-transfer loan in Canada? 

E-transfer loans are proven as the most convenient money-borrowing method. It’s because these loans don’t include personal interaction and paperwork. You can easily apply for a loan from the comfort of your house. From filling the application form to receiving the funds, everything takes place online. Here are the steps to apply for an e-transfer loan:

 

Find a reputable lender 

The first step to applying for an internet loan is, find a reputable online lender in Canada. Many lenders are interested in offering you various options, but you have to choose one with good customer history and track record. In addition, examine their physical address and registration to know their creditworthiness. Go through their terms and select a lender that suits your needs the most. 

 

Start with the application 

Once you decide on the lender you want to borrow from, start filling their application form. Unlike traditional banks, online lenders offer a very easy and convenient application process. Choose the loan that suits your needs, answer all the questions carefully and fill in the required details. The application process won’t take more than five minutes to complete. 

Start your application!

 

Wait for the funds

If you fill in the application form before 5 PM, the lenders start evaluating it within a few minutes. Since you don’t have to deposit a credit check to secure the funds, the lenders will evaluate your other details to understand your eligibility. If they find you valid and you meet all their terms, the funds will be deposited into your bank account on the same day of application.

Learn about our simple loan application process and how you can get a fast e-transfer loan from the comfort of your own home.

 

How are fast e-transfer loans beneficial? 

Instant e-transfer loans are better than any other payday loans and traditional bank loans in many ways. Here are some benefits of e-transfer loans you should know about: 

 

Instant funds

The significant benefit of an instant e-transfer loan is, they are faster than any other type of loan. If you fill in the application correctly and meet the lender’s terms, getting the funds in your bank account would take no time. Online lenders’ fast and easy service is the best option for people who want to get money instantly and cover sudden expenses. 

 

No collateral 

When you have a bad credit score, the banks will ask you to deposit an asset as collateral. Similarly, your payday lender will also ask you to deposit a paycheck with them. Contrary to both, fast e-transfer loans don’t require you to put up any collateral. If you have a stable income source, that is assessed to know your repayment eligibility. These loans are totally unsecured designed to help you during difficult situations. 

 

Easy repayments 

Online lenders offer flexible repayment methods. These loans can be repaid with small monthly installments that you can extend to six months. In addition, their low-interest rate doesn’t make it a burden for you to clear the debt. You can deposit the EMIs with your regular income easily. 

 

Wide options 

Typical banks might have similar terms, and if you fail to obtain the funds from one bank, chances are that the other ones will do the same. On the other hand, there is a large number of online lenders to choose from. They all have different terms, and you can choose the lender that offers you the best loans with the easiest terms. Having so many options give you the flexibility to get the best loan for your situation. 

Are fast e-transfer loans safe?

E-transfer loans are known to be one of the safest options to have for a loan that you get online. Keep in mind that you have to apply with a trusted lender that offers its services to countless individuals across the country. One of the other reasons that e-transfer loans are safe is that you get them directly deposited into your bank account without having to deal with any paperwork.

PrestoCash took the time to add another level of security when applying for a loan by developing its own application system that is impenetrable. All the information that our customers send us is tightly secured and taken care of.

Requirements to secure a fast e-transfer loan in Canada

  • You must be over the age of 18 to apply for an e-transfer loan. Your age informs the lender in determining your credibility and payback ability. 
  • To secure the online loan, you must meet the lender’s minimum income requirement. As you have to repay the funds with your regular income which must be a stable source. 
  • Lenders often examine your monthly loan repayment history, including new loan installments and previous ones, to determine if they are within 50% of your net monthly income. Those who go over this limit have a lesser chance of getting an online cash loan.
  • If you have already taken any loans, the lender will ask you to deposit its details. The details of your previous loans will help them understand your creditworthiness.
  • Online loans are typically applied from the location where you live. For example, if you’re a resident of Canada, you can only apply for fast e-transfer loans in Canada from PrestoCash. 
Three Best Payday Loan Alternative in Canada

Three Best Payday Loan Alternative in Canada

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

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

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

Here are the three best payday loan attentive in Canada:

1. Credit Union

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

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

2. Short Term Personal Loan

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

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

3. Cash Advance

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

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

How safe are online personal loans?

How safe are online personal loans?

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

Let’s Discuss If Online Personal Loans Are Safe:

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

Online Personal Loans—Security:

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

3 Ways Online Personal Loans Can save Your Day:

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

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

1. No Credit Checks:

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

2. Quick Approvals:

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

3. 24/7 Customer Support:

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

Conclusion:

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

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

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

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

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

1. Online Personal Loans or Payday Loans:

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

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

2. Reads the Terms Properly & Understand Your Need:

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

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

3. Loan Repayment Details:

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

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

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

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

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

5. Make Sure Your Lender is Legitimate:

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

Conclusion:

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

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