Celebrating a birthday plays a crucial role in one’s life; they are important because they express gratitude to God for being born and alive. If you have been looking forward to throwing a birthday bash this year, but are running short on cash, then e-transfer loans are all you need. Not only will you have funds for your best day, but also you will be able to celebrate the day without the stress of money with your loved ones. Now, if you have been wondering what e-transfer loans are, let us dive deep into the same and look at them.
What Are E-Transfer Loans?
E-transfer loans are a form of short-term borrowing. These loans can be used for several purposes, such as unexpected expenses or to bridge the gap until your next payday. These loans are convenient; the reason behind the same is that you can apply online and then receive your money within a few minutes. In addition, you will not require a great credit score to get the loan.
How Do E-Transfer Loans Work?
If you have been wondering how the aspect of e-transfer loans works, then read on.
Let us not overlook that one of the most difficult, frustrating, and common issues in the workforce is dealing with the aspect of the period between the paychecks. Furthermore, even when we look at a well-crafted budget with emergency funds, it is not considered uncommon to face financial hardships before your next payday. Most of the time, the needs result from unforeseen expenses, for instance, car repairs, dental issues, etc.
These emergencies cause the workers to make almost impossible decisions between their primary and secondary needs. It is one of the foremost reasons fast e-transfer loans in Canada have gained much popularity. If you look forward to celebrating your birthday in the best ways and do not wish to run out of the budget, then e-transfer loans are your one-stop solution. Now you must wonder about the requirements and qualifications for e-transfer loans. Let us have a look at the same.
Qualifications for E-Transfer Loans
Unlike traditional loans, which require heaps of documents before you get the loan approval, e-transfer loans require a couple of documents you possibly already have. Here is a list of certain qualifications that you must meet when it comes down to the factor of e-transfer loans.
- The applicator of the loan should be 18 years old
You must present or provide any government-issued identification card proving your legal age. For instance, a passport, citizenship card, birth certificate, driver’s license, or health card would do.
- You need to have a steady source of income
To apply and get approved for the e-transfer loan, you must provide a steady source of income which should be atleast $1800. Ensure that you have a steady job and provide the lender with proof of your income statement for at least three months.
- You must be a citizen of Canada
To get approved for the loan, you will have to provide proof of citizenship; for that, you will be required to submit your citizenship certificate as proof. Other than this, the certificates that you can submit are birth certificates and citizenship cards. Yet again, not all the lending companies will require these documents, but it will be best if you acquire them handy. Another important aspect that you will have to cover is to have a bank account in a Canadian bank.
- You should not have excessive short-term loans
It is one of the aspects that you should look into before applying for an e-transfer payday loan. Having an excessive number of short-term loans can probably discard your loan application.
These are the major qualifications that are required for e-transfer loans. Now let us look at the application process for payday loans.
What Is the Application Process for E-Transfer Loans?
- Look for a trustworthy source
Several online lenders and financial institutions are willing to lend you money. Ensure you look for a lender with a great track record and good service history. Another important factor you need to consider is that every lender has different terms and conditions; ensure that you opt for the one that can meet your needs, i.e., the one that best fits your needs. This way, you will not stress about anything and can celebrate your birthday in the best way with your loved ones
- Fill out the online application on the website to get your loan
The second thing you will have to do is visit the lender’s website and look for the online application option. The aspect of online application is far better than the traditional means of application, where the person has to visit the lender in person, submit heaps of documents, and then get approved for the loan. Unlike the traditional times, online application is far better. All that you will have to do is fill out the form and submit the required documents.
- Get approved for the loan
One of the most significant benefits of e-transfer loans is that the lender will start examining the loan application as soon as they receive the loan application. If you apply to a reputable lender, your application for the loan will be evaluated within a few minutes. Plus, if your application is eligible for the loan, the lender will instantly transfer the funds to your bank account. Yet again, ensure that you adhere to the terms and conditions of the lender.
It is the application process for e-transfer loans. If you want immediate funds for your birthday, then opting, i.e., applying for the e-transfer loans from PrestoCash, will be ideal for you.
E-transfer loan is one of the most significant loans you can apply for when looking forward to immediate cash. In addition, several lenders allow you to compare their loans with that of other lenders. Therefore, these loans will make borrowing money easy and convenient. Plus, these loans are ideal when it comes down to handling emergencies.