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Banking

Canadian Banks Increase Prime Rates After Bank of Canada’s Rate Hike of July 20

The big 5 Canadian banks have been showing considerable rise in their prime lending rates today after the Bank of Canada’s rate hike earlier in this week. Banks like RBC, TD, BMO, CIBC and Scotiabank have increased their Prime lending rates by 0.25% to 2.75%, effective July 21. It also increased variable mortgage rates, including those offered by brokers as well, for the best mortgage rate that were closed at 1.75% for a 5 year variable previously was now expected to increase up to 2.00% now.

The Bank of Canada hiked its key interest rate by a quarter point earlier this week! For the second month in a row.

In its statement the Bank noted that it “expects the economic recovery in Canada to be more gradual than it had projected in last April, with growth of 3.5% in 2010, 2.9% in 2011, and 2.2% in 2012. This revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada.”

Most lending institutions including Canadian big banks are expected to respond to the Bank’s rate hike by increasing their prime lending rates by a minimum quarter point. However, lenders do vary in when exactly they adjust their rates for variable-rate mortgages. Contact your bank or a mortgage professional for more information on how a particular lender may implement a rate increase. As its a time when mortgage holders or potential borrowers should sit down with their mortgage professional to explore their options and decide what makes the most sense for their own financial situation.

A competitive five-year fixed mortgage rate is available to qualified borrowers at 4.29%, while with the Bank’s rate increased, a competitive variable rate mortgage is available to qualified borrowers at 2.15%, prime of 2.75 per cent minus 0.60 per cent.

Prime & variable mortgage rates update with Canada’s lenders / brokers / bankers as of July 21, 2010:

  • Dominion Lending – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.00%; Change (%): +0.25%
  • ScotiaBank – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • CIBC – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • RBC – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.60%; Change (%): +0.25%
  • Canada Trust – Prime rate: 2.75%; Change (%): +0.25%; Variable mortgage rate: 2.35%*; Change (%): +0%*

As far as the Fixed-rate mortgages are concerned, it will not get any changes directly by the Bank of Canada rate hike announcement as their rates are influenced more by movements in the bond market, tend to climb when traders shift investment activity to riskier equity assets from bonds that are considered safer.

Compare the Canadian best mortgage rates from banks and brokers!


New Government Backed Insured Mortgage Rules to Take Effect April 19

The Minister of Finance Jim Flaherty, on February 16th, announced new mortgage rules designed to ensure buyers can manage their debt of rising rates of interest, and to slow the speculation in real estate property.

Minister Flaherty commented on the mortgage issue:

“There is no clear evidence of a housing bubble, but we are taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it.”

The new rules will come into force, on 19 April 2010; here is a brief overview changes apply to the government-backed insured mortgages:

  1. Borrowers should now be available at a fixed rate of five years even if they choose a mortgage loan with a lower interest rate and the short term. Rationale for the Government for this change is that it will help borrowers to prepare for a higher rate even if it can tighten home buyers purchasing power.  It remains unclear if borrowers must benefit rate posted five years or reduced the rate of five years.
  2. The maximum amount that Canadians can withdraw in their mortgage loans refinancing will be reduced to 90 per cent of the value of their homes instead of 95 per cent. Justification of the Government for this change is that it will help to ensure that accession to the property is a more efficient way to register.  The impact of this change is expected to be minimal as owners relatively little withdraw equity their houses to this extent.
  3. A minimum down payment deposit of 20 per cent will be required for Government backed mortgage insurance on properties that are non-owner occupied “purchased for speculation,” which means rental realistic.   While this measure is intended to hinder the speculative purchase of properties by reducing the buyers leverage effect, it will have an impact also on those buying real estate in general investment purposes.

Don’t forget to talk to your mortgage professional for the advice on the mortgage strategy that meets your needs and how these changes might affect you.


Canadian Car Loan For People With Bad Credit In Canada

Car loans regardless of your credit history!

Car loans regardless of your credit history!

Bad credit Car loan for people with bad credit are now available at ease in Canada with so many lenders providing a helping hand borrowers. Process is simple, free of constraints leads to the perfect solution for people with a choice car loan. Personal credit ratings may be affected due to late payment, any type of bankruptcy and past debt – high income. These details are recorded by lenders know exactly the amount of risk involved in the process. Those associated with a high risk must be linked with special bad credit car ready. Due to a risk of being in default lending may charge amount plus high interest. In such cases, you may need to pay top lenders deposit. Thousands of people take bad credit ready car dealers Canada support and looking for loan quality with attractive conditions. The days when people with a bad credit score did not have the right to apply for past loans. Days now almost all loans are easily approved for helping people to be in a better financial situation. Just join hands with quality service providers and wait for reliable support.

Bad credit car loan in Canada

Bad credit ready car dealers Canada provides a built in site calculator to calculate all about rates online along with fees payable and monthly payments. Registration with enable auto loan online vendors allows you to receive daily updates of the appropriations available in the form of quotes. It is not necessary to spend some time and extra by roaming everywhere for many. You face some problems with your negative financial positions and bad credit score? Do you feel not only due to a bad credit score? There is no need to worry about the field expert’s help you to treat them with a perfect loan program. You can repay the amount outstanding, clear all credit balances and watch surrounding for an ideal vehicle purchase. Canadian Auto refinancing with poor credit is not a problem for borrowers now.

Canadian auto loan request

Canadian bad credit car loan application is a simple form consists easy to follow procedure. Simply search the available options and compare all ready to remove rate amounts, fresh, the period and the type of loan policies. Good comparison leads to fill out the form and waiting for approval. Once the application is transferred to the authorities all details are checked for perfection. When applying for bad credit ready car Canada, you must provide truthful and legal information relating to the status of poor earlier credit, current employment income and ability to repay the current loan with associated rate reasons. Once the authorities verify details, loan approval is far from just a few seconds. In Canada you do need not take efforts to search for a network is distributed across loan provider. Simple application procedures will you learn all about loan options available. Achieve simple cars ready options to meet your favorite vehicle purchase dreams.


Role Of Bad Credit Personal Loan In Today’s Economy

With the present state of the global economy being what it is, most of the Canadians with the other developing nations are also finding themselves in bad credit situations. Demand of personal loan has increased money wise. This cash shortage may be due to difference between our earning and spending beside routine payment schedule on our previously taken personal loans, car loans, mortgages and credit card debts. Although Credit report mechanism is efficient in collecting data of our transactions but it is not programmed to tolerate to adjust anyone in the light of personal problems individually or economical problems as a whole because even delay in your single payment beside prompt payment history may announce you a bad creditor because lot of people having good payment record already have gone in a poor credit situation.

Although we are heading towards economical recovery, our last months stock market have shown a nice upward trend in relation to last several months beside job market is still under observation, savings and investments are not materializing, credit card users are expecting some more hard changes in near future. Perhaps first phase of economic recovery needs sacrificing of some of our needs and that an ordinary people have been going through.

What if some one needs a fast credit if an emergency arises? General banks will not compensate your loan request if you have crossed your debt to income ratio according to their policy and asking for a short term loan till your next pay check and people with bad credit aren’t likely to be approved for a banking loan. The good news is that you are not alone here looking to remove your financial worries without any option of hope. Instead, look for a private lender that will grant you a loan, you will find secure and unsecured credit both.

Short term and low amount of credit need like a payday loan or cash advance is granted looking at your regular job and its unsecured in nature and if you are looking for a longer term with more cash requirement then you could get a secured loan based upon collateral.

Moreover, if you presently have bad credit, taking out a new loan might not seem too wise and there is really no such thing as a quick credit fix. Unfortunately, credit don’t take only months but sometimes years to repair that only require your persistence approach towards your commitment.


Don’t Pay An Up-Front Fee To Get A Loan! Beware Of Loan Fraud & Scam

Concept of down payment against shopping for merchandise on credit, like personal loan, car loan, mortgage loan and other household and, or business products on credit like; equipment, furniture and utility could be easily absorb as a logical transaction by our mind because it reduces our monthly payments to the level of our affordability, but paying cash for the sake of getting cash loans, mortgages and other credit forms seem really illogical, it’s like reducing the value of dollar beside increasing personal liability.

Don’t pay upfront fee, legitimate lenders don’t usually ask for a fees upfront. If there is any processing charges, credit reports expenses, interest rate lock fee, application fee or appraisal fee requires once you begin working with a loan officer, it should be very small and not the hundreds or even thousands of dollars that scam artists usually demand. Moreover, this scam differs because it requires advance payment for the promise of a loan – an illegal act, both in USA and Canada. Many advance-fee loans are solicited via the unsolicited mailings, telephone calls, internet, promotional literature or advertised in the classified sections of the local newspapers and magazines.

Canadian loan scams:

Advance fee loan scams are the second highest reported frauds to the Royal Canadian Mounted Police (RCMP).

Possibility:

  • Total loss – Once you send the money it is very difficult to get it back.
  • Partly loss – The upfront or arrangement fee is never returned and even if the loan does arrive, it is less than the agreed amount, with a high rate of interest.

Who is at risk?

Advance fee loans often take advantage of the most vulnerable members of our society. These shady loan companies target borrowers who have credit problems and can’t get loans from regular sources of traditional financial institutions, often people with a poor credit rating, little financial experience with low-income group get caught under false promises. These people may be financially tight enough even they can’t afford to lose the arrangement fee.

How it works?

Regardless of your income, job status or past credit history, you’re promised a loan or credit card in exchange of an upfront fee that you have to pay before receiving the money or credit card. Don’t fall for such promises that you’ll get a loan regardless of your credit problems. If you have poor credit or haven’t established a good credit record yet, it’s unlikely that anyone will lend you money. Your credit history along with your monthly income to check your savings and affordability to pay back loan are the basic things that lenders use to decide if you are of a good credit risk. The loan or credit card never materializes, and your fee is lost.

Signs of advance fee loan fraud:

Beware of companies who offer to arrange personal loans, mortgage loans, debt consolidation or credit cards but request an upfront fee.

  • It’s a warning sign if a lender says they won’t check your credit history, beside asks you to disclose your personal information, such as your bank account number, driver’s license or Social Security / Social Insurance number. Its possible they may use your information to debit your bank account to pay a fee they’re asking undercover.
  • If you are offered a low-interest loan against your money problems and bad credit history. Be careful because in most such cases there is no loan and this is just a front for scammers looking to make quick money.
  • If you do not have the offer in hand or confirmed in writing and you are asked to pay upfront, do not do it. It is fraud and it is against the law. Moreover, it may also be possible that loan advertisements you have attracted to don’t mention any arrangement fee but suddenly request a fee on your loan application; be very wary.
  • Be cautious about emails offering to help you get a loan. Most of the unsolicited emails are fraudulent.
  • A loan that is offered by phone, it’s illegal for companies doing business by phone to promise you a loan and ask you to pay for it before they deliver the money.
  • A lender who asks you to wire money or pay an individual via Western Union or MoneyGram. Don’t make a payment for a loan or send money orders for a loan or credit card directly to an individual; legitimate lenders don’t ask anyone to do that.
  • Pressure to act immediately. Advance fee loan schemers will try to get you to send money or give out personal information like your credit card number, bank account information and social insurance number before you get any paperwork. Insist on receiving the necessary paperwork before deciding whether to apply for credit.
  • A lender who uses a copy-cat or pretended to be well-known or established name. Crooks often use like they been a respectable organization and uses a websites to get attention. These kinds of scam artists also uses some authority names like Better Business Bureau, VeriSign Secured, and other like they been fulfilling industry standards, and some even produce forged paperwork or pay people to pretend to be references.
  • Always check location and contact information. If the loan broker hesitates to tell you their physical location, beware that this is a common ploy to avoid law enforcement detection. Always get a company’s phone number first for instant check. Get a physical address; if its not available through their phone number, otherwise a company that advertises a P.O. Box as its address is one to check out with the appropriate authorities like BBB, which is available throughout the U.S. and Canada. Then contact the BBB in that city to request information on the lender. Don’t do any business with the broker and the financial institute until you have their physical address or location
  • A lender who is not registered in your province, state or country. Lenders and loan brokers are required to register in the area where they do business. Although checking registration doesn’t guarantee that you will get the lender with the best offer but it will save you to get caught by any crook.

What to do:

Ignore the request for upfront payment for the promise or “guarantee” of a loan. Never ever send money to people you do not know via Western Union or MoneyGram, it is always a guaranteed fraud. Don’t pay upfront fees to anyone. The reports of unsuspecting homeowners placing their trust in the hands of third party’s with no results are mounting. Many have lost thousands of dollars and the result is often foreclosure. If anyone other than an attorney or banker asks for a retainer or upfront fee – you should stop your self to proceed.

Whom to report it to:

If you have ever fallen prey to advance fee loan fraud, you should report this crime at once because your hesitation will not remove traces of hard feelings that you have been conned by such schemes but you will feel strong and responsible while closing the door for these predators to strike again to others.

  • File a complaint with the Reporting Economic Crime Online (RECOL) through its website here at www.recol.ca. This service is administered by National White Collar Crime Centre of Canada and is supported by the Royal Canadian Mounted Police and other participating agencies.
  • You can file your phone scam reports with the PhoneBusters (The Canadian Anti-Fraud Call Centre) 1-888-495-8501 (Toll Free) or send your email at info@phonebusters.com or Website: www.phonebusters.com
  • Or contact the Competition Bureau Canada, Phone: 1-800-348-5358, Website: www.cb-bc.gc.ca and Email: compbureau@cb-bc.gc.ca
  • It is also recommended that reports be also filed in the US with FBI www.ic3.gov/default.aspx and with the Federal Trade Commission (FTC),  or call toll-free, 1-877-FTC-HELP (1-877-382-4357) or Website: www.ftc.gov The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them.

Scam Origin:

If you surf online, you will find two same kind of views, like American websites or blogs mostly says fraud happened from Canada and Canadian says its been happened from American jurisdictions, although both are at the same risk of such loan fraud that can happen from their inside and outside both. What is the right answer? The most logical thing is this, fraud artists don’t have any country because these people don’t have any respect for their government laws as well as social values. Along with the emotional statement there is also other solid fact, which is making it difficult to determine where is the culprit. Advancement of our telecommunication through the satellite usage if helps us to carry our phone number to be used through out the world then it also has made any one guessing hard about the physical location of the scammer working its money snatching game, beside you can also receive calls through internet without highlighting any number in your CLI screen of your telephone set. Cross-border scams seem to be a growth industry; thousands of people are losing money every day by these international crooks and these scam artists operating their illegal act beyond the boundaries of the victim’s area make them advantage to an easy escape from the legal jurisdiction and also reduce the chances of money recovery. Although, there have been strongly working joint programs by these North American agencies to resolve this Cross-border fraud happening but it will not solve without the help of the consumers who are paying money to a person they even don’t know. It will definitely deliver more positive results and make it more efficient if the number of such fraud cases reduced and its only possible if most of the consumers understand that its against the law to promise or guarantee any loan which carry an advance fee.

Who is responsible?

Ignorance of law has no excuse! If it’s an illegal act to demand an upfront fee on cash advancing then paying make you responsible also. You need to ask yourself, why is this company, which I have never heard of, and which does not know me, willing to give me a loan? We have entered in to a great time when we no longer require any membership to get into a physical library to go and get the information or consult a professional about the knowledge we are looking for, this all require plenty of time and expenses to reach our goal. This internet provides instant solution to our everyday life’s issues and problems, if the topic you are looking for is not listed you can even make a question to get your answers. From more than a decay now it have been written online on this cash scam topic by the government and the private sector both with repeated same title as “Don’t Pay An Up-Front Fee” (search result found with Google which have reached to 72 million and Yahoo 27.4 million today), online scams awareness has been providing using various different platforms that alert the public to deceptive and fraudulent mass-marketed scams, but don’t know why consumers are not taking it seriously and loosing their hard earned money, there have been continue flow of such scam reports even daily with increasing numbers of people falling victim to a scam involving paying money upfront to unscrupulous loan companies for a loan that rarely materializes.

Whose fault is this? In fact responsibility goes to the scam artists and they should get caught for the legal actions and punishment but as a consumer you are equally responsible for the loss because you are paying money to a person without any legal documents and practice. Believe me scam artists are not changing their way of making fraud but they are continue working on the same old fashioned trick of making fraud that playing with the emotions, weakness, emergencies and difficult financial situations as giving you hopes to offer a solution to the money troubles, when other doors seem to be close, although the hope you will be given is false but money they are asking you to pay is real.


Bank of Canada’s Lowest Ever Interest-Rate Relief According To Canadian Consumer View Point

Lending rates hit record low when Bank of Canada announced last month, on January 20th that it would cut its key policy rate by half a percentage point. Instant market reaction was detected when BOC chopped its main interest to historical lowest rate ever.

Banking sector depresses Stocks and Loonie down after Bank of Canada cuts interest rate by half a point! The Toronto stock market was down over 100 points in early trading that took composite index tumbled latter at 177.7 points to 8,663.8 while Canadian dollar was down half a cent US after the Bank of Canada cut its key interest rate to one per cent.

On the other hand Canadian senior citizens don’t seem to be happy with the interest cut down because their interest returns on their investment and saving with the bank will affect their already fixed and limited means to squeeze more.

What Does It Affect You As A Debtor On Having Various Forms Of Debt?

  • Canadian Consumer Having A Mortgage Loan!

Fixed-rate pricing on downward trend! If your interest rate is fixed, pricing for fixed rate mortgages is higher than it normally would be, as lenders are accounting for higher perceived risk in the financial services industry.  The spread between a five-year Government of Canada Bond (1.58 per cent) and a competitive fixed rate mortgage rate (4.79 per cent) is now 3.21 per cent – which is much higher than what we have seen over the last few years.

Variable mortgages offer savings! If you have a variable rate mortgage, your payment level in most cases will remain the unchanged, but more of your payment will go towards the principal and less to interest. So you will be paying off your home more quickly. Moreover, whether the lower policy rate from the Bank of Canada will translate to lower interest rates for some borrowers remains to be seen, but variable-rate mortgages are still a cheaper option than they were a year ago.

  • Canadian Consumer Having A Credit Card!

Credit cards will likely remain where they are, at least for the time being. Given the state of the economy, credit-card companies are concerned about potentially higher delinquency rates. Their write-offs tend to be higher in tough economic times.

  • Canadian Consumer Having A Car Loan!

Car industry is going through a hard economic situation globally and so does here in Canada, although sluggish export results low production, high prices and cut jobs but government has taken timely steps to improve its efficiency in a way domestic sales on car prices will stay at moderate level. So, car loans seem to have remained fairly steady.

  • Canadian Consumer Having A Lines Of Credit!

Reduction in the prime rate leads to immediate savings for those who have variable rate mortgages, lines of credit and other floating interest rate loans. If your line of credit is tied to the prime rate and you are paying interest only, your payment will decrease. If you have a set payment, more of it will be applied to the principal and less to the interest.

  • Is It A Best Time For The Investors!

In trading business, your success depends on your purchase, that’s why big companies have more margins in their sales than the smaller companies because they cant get the benefits associated with the bulk purchases. Anyhow, it’s a best time especially for those who are having a right investment plan or opportunity where they can reinvest their borrowed money on such low interest rate. Although, most of the people will also planning to take advantage of more low interest rate by a half-percentage point which is expected to fall in June 10, 2009. But remember this next interest rate fall is not confirmed because it will only implemented if economy required to keep moving. But if you have a right investment today, tomorrow you may not, so don’t pass it away I guess I can see it being somewhat attractive.

…..


Best Time For Home Buyers and Mortgage Loan Seekers For The Life Time Investment Opportunity in Canada

Home ownership is a mother of all dreams which leads other wishes to line up in a row to follow behind, it give your life more success and enjoyable if it holds a criteria according to your need and affordability. Yes, most of the people think its really hard to get the home first because its a big investment, then why they forget about the rental payments which those people are paying off without any advantage but creating their life time investment into a life time liability. You can become a homeowner, if you exchange your payment head from rental to installment in a same payment amount or adding up some dollars to afford, according to your home requirement by taking home mortgage loan.

Home prices are low and still falling down in Canada!
Is it a myth to believe? Yes, this is right at the moment but it doesn’t mean that it will continue drop, reason being it didn’t increase according to the prediction pattern of the Canadian Real Estate Association (CREA) whose record shown resale prices rose by an average of 11% in the year 2006 and 2007 which was just increased to overall third part of a one percent in the year 2008. The average resale price of residential properties sold through out year 2008, were seen considerable drop in Canadian provinces like Ontario, Alberta, British Columbia and Quebec. Ontario recorded the biggest drop of 10% in relation to the Quebec, which only dropped to 0.1%. While newly built home prices according to the new housing price index (NHPI) still at the lower prediction level because of the elastic behavior of real estate market. Beside interest rates set by the Bank of Canada for the mortgage loans is still at moderate level in today’s global economic difficult environment. This means that investment in property is equally suitable for buyers either on cash or credit.

According to the OECD, the second half of 2009 expects Canadian economic recovery. This projection lets you take an opportunity to take some decision that brings short-term returns while discounting your long-term investment. Benefits could be spread to lot of people with different group as bellow:

  • Real Estate Resellers – Having a stock in hand in relation to frozen money is favorable specially when we know prices will be expected to go up at its reasonable level from its under valued position. Why not purchase a property to resell it and you know what happens usually when ice melts, anyhow decision is yours either you go to purchase an old or newly build house.
  • Mortgage Companies and Banks – I know every time when some rates and policy changes you have to do plenty of home work, like numerical formula setting, calculation and training with the variety of publishing, advertising, designing and printing efforts, this is normally we do with every change you know. But at the moment you could be benefited your self by getting more people to serve in relatively less capital for less installment payments to make more future sales and reviews by getting more people to pursue.
  • Home Mortgage Loan Seekers – Don’t wait for the snow to melt, because that time every one will be out there looking for the stuff they want. This is an ideal time to meet lot of people without taking difficult and less time appointment and if you find a home of your choice at reduced rate, you will save plenty of dollars at the end of the deal in reduced installments you could be better afford to pay.

Prices are low this means we don’t have any buyer in Canada? In light of principles of economics this myth seems to be right, but Canada doesn’t restrict any non-Canadian to get a property in Canada too. Even last year when US sub prime mortgage industry collapse there is a considerable shift in the real estate investment seen from USA into the Canadian real estate market, but that time nobody said that the prices gone high. This doesn’t mean that above myth went wrong but if prices stay at moderate level only because of our stronger housing and financial market fundamentals in Canada, in which best role goes towards our financial and banking system, and Bank of Canada that uses its resources and reserves to adjust it. Moreover, having strong economic policy and reserves for any country doesn’t stop us to perceive from the outer world, physical and psychological changes beside fiscal do affect our environment and decision. We wish our largest trading partner USA come up from its economic turmoil because its not that our mutual benefits depend on each other but US financial meltdown spread caused global economy at stake, you do know most of the world depend on it.


Immigration Loans Program For New and Recent Immigrant to Canada

Immigration Loans Program helping new Canadians to pay for training and certification costs to help find skill relevant work in their profession or trade! Discover about financial assistance and loans available for new and recent immigrant to Canada.Discover financial assistance and loans including personal loan and mortgage products designed for you:

Canada welcomes thousands of new immigrants every year and Government of Canada along with various financial institutions is ready to help you make the change. As a newcomer, you are definitely feeling burden and facing financial challenging environment; your primary goal is to get control of your money to become successful part of the new community, establish your family while stay in touch with your home land to feel informed and secure. eLoan Canada has gathered some important information here about Canada immigration loans program for new and recent immigrant to Canada, to help make your transition a little easier.

It’s a common myth that if you are a new Canadian and have not attained a status of a Canadian Citizen; you do not have right and qualify for financial assistance and loans like mortgage loan, personal loan, car loan, business loan, credit cards and or other credit facilities. The good news is that every landed immigrant can get financial assistance and loans to improve job skills and obtain the credentials to work in Canada, besides applying for other loans that facilitate life for smoother operation and confidence if you can afford, you may apply without any credit history.

There are several loan programs from Government and private sectors are available for new Canadian that will assist you to prepare for the job market and after getting a job and start earning. Beside federal loans programs there are variety of provincial loans that you can apply too, in case you need small business loan to start a new business or purchase an existing one, you can check your possibility with the province and territory where you reside.

According to the Conservative Leader Stephen Harper (2009 report of the House of Commons Citizenship and Immigration committee);

“Federal loan program targets all those new immigrants, who may not have the credit history to qualify for a private loans in the programs they need to get in, some of these programs can cost up to $25,000, may not qualify for support under existing programs such as Canada Student Loans Program and the Immigration Transportation Loans Program. He further states; the small investment in the future of new Canadians will strengthen the future of our economy for all the Canadians.”

According to Citizenship and Immigration Canada (CIC), The Immigration Loans Program provides refugees and protected persons with loans to cover the costs of medical examinations conducted abroad, transportation to Canada, travel documents, housing rental, telephone service deposits and the purchase of work tools, etc., on an easy to follow credit process, for more information and general enquiry you may call on the phone number: 1 888-242-2100

Getting for a mortgage loan is a dream of every individual; you will find various lenders offer mortgage products specifically tailored to the needs of new immigrant and or even non-landed immigrants. While most financial institutions traditionally have insisted that new immigrants provide a down payment of at least 20% to 35%, there are now lenders who offer qualifying new immigrants or those who have been transferred to Canada by an employer, mortgages which feature a much lower down payment.

When we talk specially about no credit check personal loans, most of the short term loan lenders in Canada like payday loans want to push their product in today’s online environment, please don’t accept these types of quick cash loans because it may be possible, you don’t afford it in relation to your uncertain earning or job, if so. Otherwise there is a recently launched GIC investment loan is getting popularly among people looking for personal loans for immigrants in Canada, it may be an ideal solution for all those Canadians who have not build their credit history as a new Canadian immigrants, and looking for some productive financing that will help them to build credit beside receiving a GIC savings account ensures better financial future. You can start building your credit profile that will help you in getting any type of loan or credit facility from best lenders and banks on best rates you need in future. On the other hand, GIC investment loan also help those people who need credit repair loans in Canada to combat their debt problems and bad credit history, it will help in rebuilding good credit history by improving credit score.

The primary purpose of writing on the subject of immigration loan program is to enhance a confidence level of all those individual seeking Canadian immigration and want to find out how their foreign education and job training will help them in Canadian market and what if they require financial help to cover the cost of any additional training and certification to get skill relevant work in their profession or trade, where immigrant loan program provides access to loans for such new Canadians. Moreover, if you are planning to settle in Canada but felt a great concern on the personal financial issue, you may consult with the Citizenship and Immigration Canada (CIC) and ServiceCanada about the credit possibilities with the Canada immigration loans program that may fit your own situation prior to the arrival, you are also advised to check online through province, and or territory’s website of your residence about provincial and territorial financial programs for newcomers and if you are a recent immigrant to Canada, contact loan and mortgage consultant near you to get advice on how you may qualify for financial assistance and loans aimed at new and recent immigrant to Canada. Above all, you will also meet lot of new immigrant enjoying credit facilities, like car loan, personal loan, student loan, mortgage, and credit cards products, ask them personally to get a practical and authentic information and solution.


Bank of Canada Keeps Interest Rates at 3%

OTTAWA July 15, Bank of Canada warns of inflation and slow growth that’s why bank holds steady on key interest rate that is 3%. Anyway, The combination of slow growth and high inflation is a difficult puzzle for policy makers because battling one ailment exacerbates the other.

There are various schools of thought who have been predicting on this critical issue but it’ll be normal soon, because most of the problems are seem external rather than internal economical situations. Anyhow, most of the economists already expected the same solution from the Bank of Canada like bank left its key interest rate unchanged.

In accordance with the Bank’s announcement, lending institutions in Canada are expected to keep their prime-lending rate unchanged and steady too. The prime rate used by lenders is the base rate that they use in pricing loans to their most creditworthy customers. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate. Anyhow, Pricing for fixed-rate mortgages is not directly affected by bank’s decision.


Unclaimed Dollar Accounts in Canada with Canadian Banks

Information About Unclaimed Balances and Dormant Bank Accounts in Canada

Lying inactive your bank account does not affect your right over your money or assets staying with your bank, bank as a custodian always looking for the rightful owner to claim his/her money whenever he/she may remember or intimated. There are certain of reasons that you may not remember to maintain and claim your bank accounts like relocating, changing your banks, inheritance and a bad memory that could create a possibility to have your unclaimed balances with your bank in Canada.

Canadian banks are legally bound and required to send written notification to the owner of a dormant bank account, you will receive your first inactivity account notice after two years and other after five years if not responded the first one by your bank. After nine years of account being inactive and unanswered notices, the Bank Act authorized the Office of the Superintendent of Financial Institutions (OSFI) to publish information about all unclaimed balances of $100 or more in the Canada Gazette, which is available at most public libraries in Canada with the purpose to help people locate their unclaimed balances. After 10 years of inactivity, all unclaimed balances are then transferred to the Bank of Canada as a final authority and custodian on behalf of the owner.

How To Make A Claim and Find Dormant Bank Accounts in Canada?

There are millions of dollars, lying with the Bank of Canada from unclaimed bank accounts in Canada for the purpose to return the money back to its rightful owners free of charge. Bank of Canada holds unclaimed bank balances are exclusively Canadian-dollar deposits in, and negotiable instruments can be in any form of deposit accounts, bank drafts, certified checks/cheques, deposit receipts, money orders, term deposits, credit card balance, GIC, or traveler’s checks issued by, Canadian banks at locations in Canada. For the convenience of the general people the Bank of Canada provides an online search tool along with detailed instructions on how to claim money and assets that is yours. To avoid one of the most common ways money become lost, you may also check other people with you like names of your friends, relatives, co-workers, neighbors and anyone else you may think of either live or dead.

If you have found an unclaimed balance account, which you believe you are probably entitled to, you will have to complete the claim form that you will obtain from Bank of Canada. To claim funds from the Bank of Canada, you must follow the instructions carefully, submit it with the appropriate signatures and documentation required to prove your identity to support your claim to ownership of the funds. The bank then confirms your ownership, and after completing their portion of the form, forwards it to the Bank of Canada for recovery. The process a claim usually takes 4-8 weeks, although there may be delays due to the complexity of the claim and the volume of requests that the Bank of Canada receives.

The Bank of Canada makes information available to the general public free of charge as following:

  • By Internet: Unclaimed balances search database available online on Bank of Canada website (balances below $2.00 are excluded)
  • By Mail: Bank of Canada, Unclaimed Balances Services, 234 Wellington Street, Ottawa, Ontario K1A 0G9
  • By Fax: (613) 782-7802

Moreover, a request for a search database must include the full name of the individual along with applicant’s all the past residences addresses and the year of death is required in case the individual or applicant is deceased.

How Long Unclaimed Bank Balances are Held To Claim

The Bank of Canada maintains custody and holds all unclaimed balances for 100 years if $1,000 or more and for 40 years (10 years from the date of the last account activity or transaction by owner at the Canadian bank + 30 years at the Bank of Canada) if under $1,000. Moreover, unclaimed balances under $500 are kept for 20 years (10 years from the date of the last account activity or transaction by owner at the Canadian bank, plus an additional 10 years held by the Bank of Canada). For more information and changes please go to the Bank of Canada website.

Unclaimed Canadian Bank Accounts Updates

Passing of the Bill C-37 results into the following rules came into effect from March 29th 2007

  • The Bank of Canada will now hold unclaimed balances for thirty years, once they have been inactive for ten years at any of the Canadian financial institutions/banks. Therefore, unclaimed balances’ will now be held for a total of forty years prior to being prescribed.
  • Only the unclaimed balances of less than $1,000 will be prescribed after the forty-year period, previously this limit was less than $500.

Why does the Privacy Act allow personal information of individuals to appear on the Bank’s Unclaimed Balances publicly through website?

  • The Privacy Act permits the disclosure of personal information to be publicly available when an Act of Parliament so authorizes. Bank Act authorized the Office of the Superintendent of Financial Institutions (OSFI) to publish in the Canada Gazette, which is available at most public libraries, information about all unclaimed balances of $100 or more, once they have been inactive for nine years. This information includes the creditor’s name, last known address, and balance amount. The purpose of disclosing privacy is to help people locate balances that may be owed them.

How much unclaimed money is held at the Bank of Canada?

  • There were nearly 940,000 unclaimed bank accounts worth app. $320 million being recorded on the Bank’s books at the end of December 2007 and the oldest unclaimed bank account with its balance is available that dates back to 1900.


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