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How Can I Get My Credit Repaired

How Can I Get My Credit RepairedIs your credit under repair; there are credit repair companies ready to assist you in improving your credit score. This is done commonly in Canada by providing credit building loans. The aim of offering this loan is that it will create new good credit report and show availability of credit to you.

This approach helps quite a number of people in promoting their credit score, but the companies offering them do it as it is lucrative for them. They can charge fees and interest for many more years from you. However, there is a cheaper, better and effective way of improving your credit.

Simplest way to get your credit repaired, improved, fixed or restored in Canada

Canadians can now get a cash secured credit card. It is faster and much better way to improve, fix or restore credit score than to rebuilding a credit loan. This is because the cash secured card needs you to give some security money for the credit card and this security cash is as less as $200 to $300 and the credit card functions perfectly as any other regular credit card.

Cash secured credit card Advantages

  • Cash secured credit card provides quicker and more boost than any other credit loan.
  • It is cheaper in comparison to all other credit repair loans as it includes an annual fee and there are no fees or interest costs to be paid, on paying off every month in full your balance.
  • A very affordable way as you need not break your head to bring this into budget as a credit repair service fee to any company. Instead you can use this card to pay that exists in your budget already. It can be anything such as your transit pass or even your gas bill and by the month end, pay off the balance in full on the card. This will not cost anything in surplus and is the biggest advantage.
  • Cash secured credit card needs to be paid only if you use. If your income comes down or you are sick, you will not use the card and this means your credit does not get affected.

Precisely, a cash secured credit card is the best way to rebuild your credit and enjoy a score boost. Bear in mind to pay it by month end or pay at least the minimum payments monthly. If you are unable to make it still, it may hurt your credit. In case you miss payments, your card will be closed by the credit card company and they will deduct the money you own from the security you initially deposited and give back your cash security.

A biggest advantage of cash secured credit card is you need not use it much. You may use it every few months once and keep the card active. For safety, use only 50% of the available credit limit and carry a balance. Keep the credit limits on the card reasonable meeting your income levels and having even few hundred dollars as the limit is also acceptable. However, if you can maintain a security of $1000 to $2500, your score is sure to get boosted.

Information Regarding Car Loan in Canada

Information Regarding Car Loan in CanadaCar Loan vs. Personal Loan, What’s the difference?

A car loan is different than the regular personal loan but the method applied to both is almost the same. The most important difference between a car loan and personal loan is that car loan is secured against your purchased car and is short termed like 2 to 5 years normally and 2 to 7 years in some extended cases maximum. Another good thing is that car loan interest is only from 0 to 10% per year in Canada. On the other hand, a personal loan can or cannot be secured against an asset.

Car Lease vs. Car Financing, Which Option is better?

In Canada, if you travel a lot then you should not take the car on a lease because it limits your yearly kilometers but if you don’t travel much then this option is fine with you. Many people have a misconception that lease is only offered for the new car but that is not true at all. You can get a lease for a second-hand car but if this is costing you just as financing a new car, then you should pass that option and lease a new car as ample of warranties reduce the maintenance cost for you. Also, if you change your car after every 4-6 years, then leasing a car seems a better option.

Who Offers Car Loans in Canada?

Car loans in Canada are offered by many entities including some unconventional lending institutes, used car dealerships, new car dealerships, private lenders, used car lots, and even some bank.

  1. The new car dealerships do their own lending mostly. For instance, Volkswagen has its financing support through VW Finance that deals with the financing of new or used car purchases. Having good credits will ensure your finance at lower rates and improve your chances of being approved by bank.
  2. The used car directly work with Canadian banks to finance their customers which works out between them like banks pay the dealers directly when a car is purchased without involving the used car lots and ask the customer to reimburse the loan straight back to them. This kind of loan is sometimes considered as bad credit because most dealers don’t do background credit checks as they only care about their job stability or look for income.
  3. Many people try to find financing from the private lenders to purchase a new car. This option is somehow flawed because loan is safe against an asset which is your car. Now, what happens in this context is that the car is transferred to the moneylender, until the loan is paid. This method is also known as the car title loan.
  4. Certainly, if you get hold of an unsecured personal loan, you can do pretty much whatever you want with that money including buying a new car but unfortunately; unsecured loans are a small amount and tend to range only from $500 to $5000 that limits your buying options.

Requirements For Bad Credit Loans Canada

Requirements For Bad Credit Loans CanadaMost banks and other lenders in Canada often shut off people with poor credit who try to secure loans. However, you can still get bad credit loans from some lenders. So, getting a loan even if you have poor credit is still possible. Before any lenders in Canada grant you bad credit loan, you will have to meet the following requirements:

Steady income

Banks and other lenders in Canada who gives out bad credit loans might not approve you for a loan if you do not have a stable income. This is one of the general requirements. With a successful small business as a sure source of regular income, a lender will consider giving you a loan even with a poor credit score. If not a business, a job that proves to provide you with a steady flow of income will be helpful.
You should be ready to provide your lender with a rent receipt or utility bill receipt to prove that you are able to pay your monthly fees. These are actually enough to prove that you have a steady income.

Bank account

Banks and other lenders in Canada will require you to have a bank account before they approve you of getting a bad credit loan. After all, where would they deposit the money anyway if you have no bank account? Having a bank account with a bank you are seeking to get loan from is usually an added advantage. Apart from being their client, the bank can also retrieve your history as far as saving, borrowing and repayments are concerned.
Remember that you can also take bad credit loans from online lenders, and the only way they can get you the money is by depositing the same on your bank account.

You must be 18 and above

For banks and other lenders in Canada to approve you of bad credit loans, you must be 18 years and above. No lender would even consider your loan application if you are younger than 18 years.
What to consider

Before applying for bad credit loans Canada, it’s advisable that you consider the following:

The amount you need

While you are still able to get loans even with a bad credit, you should only take the amount of money you really need rather than taking more. Otherwise, repaying the loan might prove to be very difficult or impossible. Take what you need, and put it into the right use.

Interest rate

Banks and other lenders in Canada offer bad credit loans on different interest rates depending on policies of a particular lender. Choose the lender with the most-friendly interest rates.

Other options

If you asked any financial expert, he or she would advise you to take a loan only after exploiting all the possible means of getting the money you need. In other words, taking a loan, whether you have bad or good credit, is never the best option. In more often than not, it doesn’t solve any of your financial problems. In fact, it can make things worse for you.

eLoan Canada extend it’s best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!.

Tips To Getting Car Loans Canada

Tips For Getting Car Loans CanadaWhether you want to buy your first car, a second one, or you just want to add to the list of your existing cars, making such a big purchase is often hard without taking a loan. In more often than not, saving enough money to buy a car in cash is never attainable for most people. In such a case, going for car loans Canada is usually one of the options you might consider. So, what do you do when you get to this point? Well, the following tips will help you a great deal.

Understand your finances

When you are preparing yourself for any loan process, you should start by knowing your finances. This way, you will have a good defense to help you with the process. For instance, take a close look at your monthly income, how much you have saved and how much money you owe. In other words, it’s good to re-evaluate your finances before you start the loan process. If you understand your finances, you will definitely know your financial capabilities. You will know whether you will be able to service the loan and still pay for maintenance, insurance, repairs and to cater for fuel costs.

Compare car loan providers

Getting car loans Canada is not a complicated affair. However, it’s advisable that you do a thorough research and find out the lenders whose terms and conditions are most favorable. Instead of applying for a car loan with the first bank you come across, you should come up with a list of the top five lenders with the best terms and conditions. After which, compare their interest rates, conditions of loan approval, and repayment period. That way, you will be in a position to choose the bank with terms and conditions that favor your financial situation and expectations.

Develop a good savings plan

Few months before you order for your first or new car, you should develop a good savings plan with an aim of raising the down payment. This way, your car expenses will be more manageable. When you make a down payment, the amount you owe your lender will reduce. A down payment also minimizes the monthly payments. This way, it will be easier for you to repay your loan, which will also help you build a good credit.

Do a thorough research

Do research on the type of car you would want to buy based not only on your personal wants, but on needs as well. This will help you have a shorter list of cars to choose from. Find out more about these cars and research where you can buy them. Research on the dealers and sellers that offer the type of car you want to buy, and their prices. Comparing prices may help you save some extra money.

Doing a thorough research on the type of car you want to buy, the dealers/sellers and comparing prices will help you know exactly how much money you need. The process of getting car loans Canada would be easier after doing a thorough research because you will know the exact amount of money you need to borrow.

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Know What You Are Getting Into When Applying For Payday Loans Canada

Know What You Are Getting Into When Applying For Payday Loans CanadaFor those who are not very familiar with payday loans Canada, it may seem that these loans offer the benefits of convenience. They seem to be the best option when no other option is available. The trouble is that if you are not aware of your rights, the convenience of these payday loans Canada can turn into a nightmare.

Specific short-term loans

Payday loans Canada are specific loans that are given to people who have a regular job. The amount lent is generally low and won’t in most cases, exceed 1500 dollars. These loans are also given for a short period and in most cases, you have until your next payday to repay the loan. This is why they are known as payday loans.

An expensive option

When the time comes to use cash money payday loans, you will notice that the lenders that are willing to offer you a loan are normally working out of retail stores or via the Internet. Payday loans Canada are also a very expensive option perhaps because they are unsecured loans. As long as you can prove a source of income, you won’t have much difficulty in getting a payday loan Canada.

Eligibility criteria

Also, in order to get your payday loan Canada, you will need to provide the lender with a post-dated check or you will need to authorize a debit transaction to ensure the lender gets his or her money straight from your account. The nice thing about applying for payday loans Canada is they are easy to get. This is one of the reasons why so many people opt for this kind of loan.

Documents required

The lender will ask you to prove you have a regular source of income for at least 3 months. You also need to provide proof of address which usually means providing the lender with your latest utility bill. Finally, to get your payday loans Canada, you also need to provide your checking account into which the lender will deposit the loan once it is approved.

Check out all options before applying for payday loans Canada

Since payday loans Canada are very expensive, you should first make sure that there is no other option available to you. The good news is the State of Ontario has passed regulations to prevent lenders from charging exorbitant interest rates and fees. Even so, payday loans Canada are predatory but you are protected because the lender cannot charge you more interest than is permitted by Ontario laws.

Typically, payday loans Canada of 300 dollars for 2 weeks costs about 63 dollars by way of interest. Credit card loans for a similar amount cost only 2.65 dollars. When the time comes to get cash money payday loans in Canada, you can rest assured that this form of loan offers a quick and easy way to obtain much-needed money when you are most in need of it. The money lent to you is secured against your next payday check. You can borrow as much money as you need and then when your next payday arrives, you can pay back the loan at a flat rate. Typically, you may have to pay 20 dollars to borrow 300 dollars. There are many lenders who will give you this kind of loan in ten minutes or less.

How Do Home Equity Loans Work In Your Favor

How Do Home Equity Loans Work In Your FavorIf you have already applied for the personal loan and or else, you know how it’s hard to obtain a cash in the time when you need it most, where the debt can pile up, but if you’re a home owner it may be much easier than you think. A home equity loan allows you to take out a loan based on the cash value of your home you have already build up. Here’s you will find out about; how do home equity loans work in your favor? For that; what you need to look forward in order to get a good deal on a home equity loan.

How Do Home Equity Loans Work

A home equity loan is worth the amount of money that you now have invested in your house. For instance, if you house is worth $250,000 on the market, and you still have $155,000 on your existing mortgage, then you have an equity value of the difference – $95,000, in this case. That means that many lenders would be glad to give you a loan worth up to $95,000, as a second mortgage, or home equity loan.

Two Types Of Mortgages

When applying for a home equity loan, you will find there are two kinds of equity loans that you might get. The first kind, called a home equity loan, simply gives you the money – like any other loan. You are free to use the money as you want. The other kind is called a home equity line of credit, often referred to as a HELOC. Both of these are also referred to as second mortgages, since they are secured by the house itself.

General Home Equity Loan

A home equity loan, or second mortgage usually is tax deductible, and is often based on the entire amount of the equity of the home. Generally, it is at a higher rate than the first mortgage, and usually has a maximum of 15 years to pay it back. Many homeowners use a balloon payment with this type of mortgage, or a large payment that is due at the end, in order to keep their payments low.

Line Of Credit

This type of home equity mortgage gives to the homeowner a credit line that they are free to draw on – when needed. The ceiling amount is pre-approved by the lender, and then they are free to draw out money as they need it – or if they need it. Up to 100% of the equity value can be borrowed, and interest is only paid on the amount borrowed. The rate of interest, though, will vary, depending on what the rates are at the time you withdraw any money. These loans are generally held open for up to 30 years.

Like with any other loan, you need to take the time to shop around in order to ensure that you get the best deal. Not only should you compare interest rates, but also the various fees that are involved. Separate the actual loan from the fees and compare them other loans – fee against fees and loan costs. Do not make the assumption that since the home equity loan has no closing costs, that they are not in there somewhere – they are. How do home equity loans work in your favor is a general concept that follows most of the financial system globally.

What Gets Reported In Your Credit History And What Does Not

What Gets Reported In Your Credit History And What Does NotA credit report is an important document that outlines your financial status, specifically your credit history. The three national reporting agencies, Experian, Trans Union and Equifax, work independently so it is advisable to get reports from all three for an accurate picture.

Type Of Information

The credit report contains personal, financial and public information along with recent requests.

The credit report will provide personal information like your full name, frequently used nicknames and aliases, date of birth and social security number. It will also reveal your current and past addresses, present and past jobs and if applicable, information about your spouse as well.

Financial information of all your accounts with their opening date and credit limit are noted in it. These could be accounts with banks, credit card companies, power and telephone companies and such like. It will also detail your loans like mortgages, student loan and installment loans with relevant information, such as, payment pattern, default in payment, debts that are less than seven years old and so on. Some records will appear permanently. These are salaries above $75,000, any credit transaction or application for a credit card or insurance beyond $150,000 and unpaid tax liens.

Information from public records particularly those with a financial angle will always appear. These are usually obtained from state and county courts. It will include convictions, arrests, charges and monetary judgments. They can appear only for seven years. However under federal law, convictions will appear indefinitely. If you have declared bankruptcy, the same will appear on your credit report for not more than ten years.

Certain records do not appear. Debt records more than seven years old and bankruptcy records more than ten years old cannot be given in a credit report. Your age, marital status and race cannot appear if a current or prospective employer asks for it. Medical records can appear only with your express permission. Any information that has been erased from the records cannot be put back again.

Thus a credit report will help a person or organization make an informed judgment before entering into any transaction or deal with you.

What gets reported in your credit history and what does not is a plr article specially selected for the readers of the blog; improving and or rebuilding your credit history means you’re taking care of your financial status.

Payday Loans To Make Ends Meet Until Your Next Payday Cheque

Payday Loans To Make Ends Meet Until Your Next Payday ChequeCash shortage is a general problem that can happen anytime in your life, you’ll definitely think about the fastest way to cover your sudden financial crises; payday loan is one of the possible solution of an employed or person with some sort of regular income when there is no option left.

It is easy to tackle with financial emergencies when you have enough money with you even at the end of the month. But, this seems impossible as most of us usually end up spending most of our pay on shopping and satisfying other personal purposes in the very beginning of the month that results in only a handful of money left for the rest of the month.

You can meet a financial urgency if it happens in the beginning of the month as you have the monthly pay as a backup. However, what will you do if you need cash urgently at the middle or end of the month? Why to ask a friend or family member for money and face the embarrassment or become a burden on them, when you can access payday loans tailored specially to meet instant cash needs.

Payday loans are unsecured short-term loans designed specifically for the Canadian residents helping them meet financial urgencies with ease. Payday loans are also known as cash advance loans, cheque advance loan, instant cash loans or post-dated cheque loan.

People usually use payday loans to make ends meet until their next paycheque. Urgent expenses such as medical bills, phone bills or an unexpected expenditure can be easily dealt with a payday loan. Various kinds of payday loans are available in the market with different characteristics to meet diverse needs of the Canadian residents, some of them namely same day payday loans, military payday loan, no fax payday loans and many more.

Payday loan can work as an important financial source to bridge the cash flow gap between paydays. These loans are usually approved faster as are meant to meet instant cash needs. A payday loan is offered for a short-term that usually ranges from 7 to 14 days that can be extended up to 18 days. With a payday loan you can borrow any amount ranging from $100 to $1500. You need to submit a signed post-dated cheque in preference of the lender that will pose as a security against the loan.

In the past, there were only few traditional lenders who used to charge high fees and interest rate. Borrowers had no other option but to avail loans at the terms and conditions offered by lenders just to meet financial contingencies. The loan process was time taking and high priced.

Entry of online lenders in the loan market has marked an end to the monopoly practiced by traditional lenders. Now, it has become simple and easy to borrow payday loans. You just need to submit a loan application form online and the lenders will get back to you with the instant loan decision. The internet loan process helps in saving your valuable time and money.

Payday loans to make ends meet until your next payday cheque is a plr article specially selected for the readers of the blog; best of luck – enjoy 🙂


How An Instant Car Loans Canada Makes The Car Buying Process Simple

There are so many people that are enjoying a hassle-free car buying experience because of an instant approval car loans Canada. Purchasing a new or used automobile is a time of excitement and frustration. Most of the pushy salesmen and dealerships have a habit of taking advantage of unsuspecting car buyers. Additionally, the temptation to buy more than you can afford is a common issue. However, securing the car financing before entering a dealership showroom is a great way to take the hassle out of buying a car.

Understanding an Instant Car Loan Canada Basics

New car buyers and those who are unfamiliar with car buying tactics may pay sticker price for a vehicle and accept dealership financing without shopping around. Unfortunately, dealerships prey on buyers of this sort. Prior to buying a car, it is essential to shop around and compare offers from various car lenders. To avoid a dealership scam, you may consider getting approved for a car loan before beginning your search.

The internet is loaded with auto loan lenders offering instant approval loans. With instant car loans Canada approvals, you receive a response immediately. The applications are easy to understand. Simply fill up the basic information such as income, employer, desire amount, etc. Instant car loan approvals work two ways. The lender may either approve a stated loan amount, or determine an affordable loan amount based on your income and debts.

How to Find a Car Loan Lender That Offers Instant Approvals ?

There are so many online auto lenders that offer instant approvals. However, if you are looking to compare several instant approval offers, use a car loan broker. This is an easiest and simplest way to shop around for the best car loan offer. Brokers are recognized for supplying multiple offers. Savvy shoppers know the benefits of this feature.

By obtaining multiple offers, you are able to compare auto loan rates, terms, and services. Choosing the loan offer with the lowest rate as it will lower your car payment. Even if the dealership offers you a finance package, before accepting their offer, complete an online quote request. Dealerships tend to adjust car loan rates to benefit their bottom line.

Completing the Car Loan Paperwork

After receiving an instant approval quotes, the next step involves choosing the car loan lender with the best offer. If using a broker, you are obligated to complete an official loan application with the lender. Upon approval, the lender will deliver a check to you. Once you decide your desired car, and negotiate a sales price, you simply sign the check over to the dealership, which completes the transaction.

How an instant car loans Canada makes the car buying process simple; is a general concept that has become hassle free due to online car loan process. Obtain more online quote requests to get best rates and offers.



Rebuild Your Credit Score With Prepaid Debit Cards

Rebuild Your Credit Score With Prepaid Debit CardsIf you’re looking to rebuild or improve your credit score, credit building prepaid cards help people rebuild their credit history. Prepaid cards are an alternative payment method to credit and debit cards, sometimes used as a necessity but bring a very effective credit builder solutions!

Prepaid debit cards are one of the more safe methods of building credit for a consumer, as well as one of the more safe methods of issuing credit for a bank. The basic commonality all prepaid cards have is that a deposit of some kind must be made by the person before the bank will grant them credit.

Card varieties differ in the amount of credit given based on the deposit, but the typical limit is 100% of the deposit. Over time, some issuing companies will permit the consumer leniency and increase the amount of credit given in proportion to the deposit.

Why, you may ask, is this necessary? Prepaid debit cards sound like a way to give your money to someone else before you spend it. From outside the perspective of the world of credit, yes, it does seem redundant. But take a look at this hypothetical situation, from the perspective of a consumer, and hopefully some light will be shed on the usefulness of prepaid debit cards.

Carl was living it up. He had a six-figure salary, a wife to make all other husbands jealous, a new Land Rover, and an upscale apartment. The thought of credit issues was laughable at this pristine moment in his life.

But something happened. Carl’s luck began to turn. His beautiful wife, an amateur tennis fiend, was taking far too many lessons with her 25 year old Italian instructor, specifically at his private retreat where her cell phone curiously could not get reception. Carl’s company hadn’t made the mark for the quarter, and people at corporate were hunting heads. Carl’s head, recently bald because of stress from the Mrs., must have stuck out, because he was the first one fired.

Then the divorce started, and while Carl was quite sure that he wasn’t to blame for his wife’s infidelity with someone half his age, she none the less made off with the car and apartment, and some serious alimony payments to come from Carl. Carl’s credit score plummeted as he defaulted on his bills. He was left a broken, unemployed, bald man who could never watch tennis again.

When things leveled off years later, Carl wanted to rebuild his credit, though no credit card companies would accept him. He needed to find a way to transfer his cash into the world of credit, just so he could show that he’d make good on some payments.

As you can guess, Carl’s answer is a prepaid debit card. He can show the bank that he’s legitimate, in a way that only giving them cash can. The bank put credit on his card; Carl purchased Rogaine and a low-powered anti-depressant; and bingo, his credit began to return.

So, if you find yourself in such a situation, needing credit but inspiring no confidence from issuing companies, prepaid debit may be the way to go. Additionally, on a more serious note, prepaid debit cards are increasingly used by those with relatively good credit as a method of controlling their spending. If there is not enough balance available for a charge, the charge will be denied. And there is no mandatory payment due at the end of the billing cycle.

Rebuild your credit score with prepaid debit cards is a plr article; click here for more information on how to rebuild your credit history in Canada?

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