How to Get Your Small Business Off the Ground with SBA Loans

Posted on April 22, 2011 by thedude

Best SBA Loans – Launch with Finances in Mind

Capital and financing are an integral part to getting your business established and operational. You don’t have a lot of options when you have no financial means to invest with. When I say “invest” I am speaking of investing in your own business, in vehicles, tools and equipment, inventory, payroll, “brick and mortar” and web presence among other things.  The need for these things is where SBA loans come into play.

Without funding from sources like the best SBA loans, you have little to no ability to push forward beyond supplying limited services and grabbing up what equipment and resources you can as you take in cash. The old saying “it takes money to make money” is accurate for most small business upstarts.  Sooner or later you have to spend something somewhere and invest in yourself. If you don’t have the resources immediately then you turn to a lender to secure an SBA loan for your business.

Understanding the Need for SBA Loans

The Small Business Association is a group that dedicates itself to helping and providing support to small businesses and owners throughout the country. This organization has associations and affiliations with many public and private lenders that they maintain in order to offer services like SBA loans to small business owners like you.

Through around five thousand banks and lending institutions the SBA contributes to providing the best loans for funding and capital to small businesses in need of operational funds and assistance. In addition to backing loans to assist small businesses in acquiring funding they also lobby the government to provide small business with government contracts. This is a major benefit to small business owners that are struggling with a launch while getting SBA loans.  Depending on your services you may be able to land larger vendor accounts in the government sector.

The Requirements for Landing SBA Loans

Most small business models are actually eligible for some sort form of SBA loan. The primary eligibility requirements for small businesses is that they are for profit, functioning in or do business in the country, have a reasonable amount of owner equity invested and have engaged alternative financing methods before seeking assistance.

Along with the basic requirements there are also conditional requirements and restrictions. In the case of a franchise, the franchisee is eligible as long as the franchiser does not have so much operational control that the franchisee is effectively bound by employment contract. The franchisee must be granted the right to profit from operation of the business in the manner an owner should.

Other businesses also have their own unique criteria as well as owners with certain issues or in certain situations. A few examples are recreational facilities and clubs, farms and agricultural businesses ,fishing vessels ,medical facilities, an eligible passive corporation, change of ownership, legal aliens and those on probation or parole. There are also ineligibilities that revolve mostly around speculative, criminal or fringe businesses.

The Process of Acquiring SBA Loans

The process is relatively straight forward; The SBA itself does not supply the actual loans but they do back them. Therefore, when applying for an SBA loan, you need to provide a good deal of information and documentation. You will need to contact an SBA affiliated lender and begin with the loan application itself.  You will also need personal and business financial statements and a detailed one year projection of expected income and financial numbers.

You will need to also provide ownership and affiliation information, business certificate/license, loan application history, personal and business tax information as well as a company history and any and all business leases.

Once you have gathered all your pertinent information the next step is to seek out an SBA affiliated lender. It could be that you may already be banking with one but if not you can contact the SBA to get a list of qualified and affiliated lenders in your area.

Get Your Business Launched with the Best SBA Loans

SBA loans come in a great variety and are tailored to very specific purposes. The SBA is committed to helping small businesses thrive and are an invaluable resource for the entrepreneur on the rise. If you are not sure whether or not the SBA could help you the next logical step is to make contact with the SBA. If any apply they can recommend the best loans for your small business.

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How to Get Cash in Hand with Remortgages

Posted on April 22, 2011 by thedude

Opening New Opportunities – What Are Remortgages?

Remortgages are essentially just a new mortgage from a different lender. You locate a new lender with a better offer than the terms of the mortgage you are currently paying and you replace your current mortgage with the new modified remortgage. There a many different types of mortgages to choose from with the most popular (or well known) being the fixed rate mortgage. Fixed rate remortgages have been the traditional mortgage of choice for years around the world with a few examples of the fixed rate remortgages being the 30-Year, 15-year, Biweekly and Convertible Fixed Rate Remortgages.

The most popular mortgage for a large chunk of the recent past has been the 30-year Fixed Rate Mortgage. It was the traditional favorite because it offers the lowest of the fixed rates and a predictable payment for the life of the loan for those with variable credit score scales. While it’s the only choice available, many homeowners preferred it because it did a good job of preventing unpleasant surprises. But if you‘re already dealing with a mortgage on your home, why would you want another one?

What Reasons Would I Need A Remortgage For?

Remortgages, as previously stated, are mortgages that you get to replace your old mortgage, often with more favorable terms and from a different lender. The reasons are as numerous as the reasons for needing money. Some people pay for things like cars, weddings, funerals, college for the kids, trips, or other necessities. Some will take out another mortgage at a better rate in order to finance home improvements that improve the value of the home.

A driving factor for many is the interest rate. If you can remortgage your home with a lower interest rate you can typically save money on the monthly payment and the overall cost of the loan. Ultimately it depends on the value of the home and your credit score scale.

While lowering your interest rate you may even negotiate a lump sum of additional cash for personal use. If you do have a need for a little extra money and you have the equity available you can use it to take care of a variety of personal needs, wants or improvement projects to make home and life more comfortable.

What If I Have a Low Credit Score Scale?

Even if you don’t have the most pristine credit in the world you can still qualify for remortgages. Obviously the credit score scale will be of some importance but there are lenders and mortgages even for those of us with spotty credit. If you have had some credit problems you may still qualify for an Adverse Credit Remortgage. With enough digging you can turn up a number of mortgage options even for someone with a poor credit score scale.

You’ll need to speak with your lender or another preferred lender to decide if a remortgage is right for you.  Just because you can get money doesn’t necessarily mean it’s the best idea.  Weigh the long term costs and avoid taking a remortgage if it makes your interest rate go up.  Everything you can do to make your home more comfortable while reducing your long term payments is always a great idea – and you can start by finding the right remortgage options for you and your family.

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Magnum Cash Advance – The Fastest Way to Get Paid

Posted on April 22, 2011 by thedude

Magnum Cash Advance- Looking for the Best Loans?

If you need a small loan to get through a financial bump in the road then Magnum Cash Advance may be a great option. Magnum Cash Advance supplies the best loans for short term needs. Whether you only want $100 or $1000 you’re with the same respect among those looking for long-term loans through a private lender. Magnum Cash Advance delivers fast cash to help you manage those frustrating unforeseen expenses that can cause daily difficulties. A cash advance is a sound choice to help you manage until your next pay check comes through so you aren’t left stranded by circumstance.

Magnum Cash Advance – Benefits, Benefits and More Benefits

A Magnum Cash Advance loan offers great benefits starting with the rapid delivery of the cash you need when you need it. Once your loan application is approved you will receive your cash within 24 hours.  Filling out the application is easy too;with applications that can be filled out online you can get your money even faster. There’s no hassle with faxes or snail mail. No long delays or car trips to remote cities. Fast, straightforward and easy are three words to describe your Magnum cash Advance loan.

There are other benefits aside from speed, such as privacy. Magnum Cash Advance doesn’t ask you a great deal of prying hassling questions like some cash advance lenders. They also don’t put “Purpose Stipulations” on their loans. They understand that people have lives and problems to deal with and have no reason to add annoyance and inconvenience to a customer’s schedule.

Magnum doesn’t stop there though; they also provide agents if you need assistance.  In addition to their top notch customer service they also provide ETF or Electronically Transferred Funds directly to your bank account after your rapid approval.

Magnum Cash Advance – Requirements

Obviously to receive the best loans you can you have to have a way to receive the funds as well as to pay the loan back. So there are a couple of simple requirements:

First you need to be employed at a job which you’ve held securely for a minimum of 90 days (3 months).

Second you must have a qualifying bank account to receive your fast easy loan. You can’t transfer funds electronically if there is nowhere to transfer them to. Magnum Cash Advance also knows that sometimes credit scores can get bruised by circumstance and so they use their own scale to rate their customers. You don’t have to worry too much about some third party rating company messing up your loan. Your employment time and income are the main deciding factors. As long as your payments are made on time you have nothing to worry about.

Magnum Cash Advance – Where You Come First

Magnum Cash Advance can help you get through even the toughest times so you’re not scrounging for money at the last minute. They can provide you with a loan to pay those difficult bills on time or to make it over a hump until your next pay day. Let Magnum Cash Advance provide the best loans they have to get you through even the most difficult circumstances that life can throw your way.

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Logbook Loans – The Best Loans for Borrowing on Bad Credit

Posted on April 22, 2011 by thedude

For those with an undeveloped credit history or a history of bad credit, a log book loan is one of the most common ways to secure a line of credit or borrow money in order to rebuild credit.  The main point for a log book loan is that collateral is required – typically in the form of a car.

The amount that can be borrowed is often determined by assessing the overall value of the vehicle you have, so if you were in possession of a car or domestic truck with a value of £2,000 then you could reasonably expect to be eligible for a loan of 1/2 to 3/4 of that vehicle’s value.   Of course this depends on the lender you speak with.

Why Logbook Loans can be Considered Some of the Best Loans

Logbook loans have a lot of unique features in comparison to a started lender loan and this is where they really stand apart.  One of the most notable aspects of logbooks loans that makes them one of the best loans for the average borrow is they require no credit check in order to secure the loan.

Most banks, be they local, nation or world banks, often want some form of credit report to decide what kind of a risk you pose in borrowing money.  This is often considered the most important aspect for most lenders.  They have little concern for what you’re buying – really they don’t care.  They just want to know they’re going to get their money.  If you have a poor credit history you’re likely to get turned down but this isn’t the case with logbook loans.

Those providing logbook loans are able to bypass this risk because of the collateral you offer in place of payment.  They will typically issue the loan and let you borrow against the value of your vehicle because, simply put, if you default on the loan then you risk losing your vehicle.   The lender will make their money back by auctioning or selling off your vehicle should you not pay off the remaining balance.

Even if you’re certain that you can handle the payments on logbook loans you should weigh the pros and cons so that you understand the situation you’re putting yourself in – this is sound advice for any financial matter whether it’s involving logbook loans or the “best loans” advertised by other lenders.

Best Loans – The Pros of Logbook Loans

No Credit Check:  As it was mentioned previously, logbook loans are considered one of the best loans for people with bad credit because there is no credit check.  Regardless of your credit history you can get approved even if you have court judgments or bankruptcy you application can get approved.

Higher Threshold or Borrow Limit: With bad credit, most payday loans or other small cash advance loans have a limited amount that you can borrow.  Logbook loans are again one of the best loans in these situations because the value of your vehicle could let you borrow a significant amount more – especially favorable in a pinch.  Of course the high borrow limit ultimately depends on the overall value of your vehicle.  If you’re driving a beat up 76′ Ford Pinto, don’t expect a high payout.

Borrowing Convenience:  A typical loan application can take several days (or longer) to process through a bank or private lender.  Logbook loans however can often be processed and approved the same day.  If you’re on a tight deadline for money then having money in your account within a matter of hours makes logbook loans one of the best loans at the last minute.

Zero Restrictions: Unlike some loans you may get from a lender, once the money is in your account you can use it as you see fit when you get logbook loans.  There are no requirements for reporting, withdrawals, etc.

Financial Risks – The Cons of Logbook Loans

High Interest:  With any financial investment or loan involving an individual with un-established or bad credit you can often expect a high interest rate to counter the potential risk.  The APR on logbook loans is among the higher interest rates with secured bad credit loans but the interest rate is still sustainable provided you repay the money on time.  As always, the faster you repay the less interest you have to pay.

Short Term Solutions:  While they are some of the best loans for individuals with bad credit, logbook loans are only a short term solution meaning you can’t typically spread the loan out over a long term like a standard unsecured or secured loan.  Doing so often creates more financial difficulty when you attempt to defer payments.

Repossession:  Of course if you default on logbook loans then you can lose your vehicle and hold it for payment or eventually sell it to recoup their investment.

There are risks with any kind of loan, whether it’s a logbook loan or other private or bank loan.  If you stay organized and keep up on your payments then the risks are nullified.  It’s important to carefully consider what you’ll have to invest and the overall cost of logbook loans should you choose to take this route.

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First Direct Mortgages Offers Award Winning Services

Posted on April 22, 2011 by thedude

First Direct Mortgages – Where Customers Really Do Count

First Direct is truly a class act. Most banking institutions still have the aloof and impersonal facade about them but First Direct is taking strides to reach out to the public and connect. They don’t just say “oh, we care!” and then leave your communication choices in some distant buried contact listing that hasn’t been updated since Univac was the mainframe of choice. First Direct Mortgage has spread across the web and has held an open and inviting attitude toward consumers. On top of their determination to be a customer service giant they also provide excellent services, providing good fixed and variable rate mortgages with attractive interest rates.

First Direct Mortgages – Taking Those First Steps

The first step is to review your situation before applying for your First Direct Mortgage. There are a lot of factors to take into account but primarily you should look at the following three main points.

Credit – Your rating on the Credit Score Scale can have a big impact on whether or not you are approved. If your score is too low then you can be denied outright. If your score is better but still not the best you may find yourself with no options other than costly sub-prime mortgages. You want to check your score before applying.

Once you have ordered your own copy of your credit report you can then take some time to brush out the blemishes in preparation for your application. You want to avoid things like purchasing a car on credit as new lines of credit can negatively affect your score. Also you want to avoid carrying high debt loads on your existing lines of credit. Both of these things can be damaging to your credit score. Sometimes it’s not a matter of damaging the score but multiple new lines of credit don’t yet show payment habits.

Employment – Mortgage lenders like to see a person with a stable job, one held for at least two years. This shows stability and job security with less risk of default. Insufficient or erratic employment is a very bad sign and can affect approval on your First Direct Mortgage.

Down Payment- The down payment is actually more important than people believe. It has been awhile since 20% and higher down payments were common. If you do save up a large down payment then you are actually improving your chances. Even though you might not need a large down payment, having the funds for one shows financial responsibility. It also creates instant equity in the home as the amount you need to finance is dramatically reduced.

After you have addressed any deficiencies in your credit score scale, maintained sufficient employment and saved up some kind of down payment you are ready to apply. The next step is to simply get in contact with First Direct and speak with one of their friendly and helpful agents to guide you through the rest of the process. With agents like these it’s no wonder they received the “Which?” award for customer service in 2010 among lenders with similar services to First Direct Mortgages.

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What is the Credit Score Scale?

Posted on April 22, 2011 by thedude

The credit score scale is the number range of the score assigned to a given consumer based on their credit history and their consumer credit file. Credit bureaus maintain these records on a given individual for the purposes of risk management. The records may include information such as the consumers’ name, home address, historical information(credit wise) and collection records, inquiry related records, and public records such as liens and bankruptcy proceedings.

The credit score assigned to a consumer is a number generated by a statistical model which is an attempt to objectively evaluate information that pertains to making a credit decision. When the score is assigned it is generally a number ranging from 300 to 850. These numbers are a numerical representation of a consumer’s track record for paying their obligations and doing so in a timely fashion. The credit score scale system was originally developed by the Fair Isaac Corp. as the “FICO” score.

Your FICO credit score is calculated off of five categories of information from your credit reports. These categories are also weighted and some influence your score more heavily than others. The following weighted categories may have different statistical measures for people without much credit history, but primarily these are generally accurate for individuals.

Credit Score Scale Assessment – Payment History 35%

One important aspect of your credit score scale is your payment history. The payment history takes into account things such as loans and lines of credit, how often and how long these things were delinquent, bankruptcy, how long it has been since anything was delinquent and how many things were paid as agreed. Also it includes the volume of items on the list whether paid or delinquent.

Credit Score Scale Assessment – Amounts Owed 30%

With amounts owed, organizations take into account the types of credit lines established. They also take into account the proportions of debt to limit ratio. They will also factor in certain accounts that are lacking balances as well as the amounts owed and also the amounts owed in specific types of accounts.

Credit Score Scale Assessment – Length of Credit History 15%

The length of credit history is the time that a consumer has had open lines of credit and noted gaps in account activity. Certain non-disclosed types of accounts will have more weight than other types and are calculated specifically.

Credit Score Scale Assessment – New Lines of Credit 10%

For new lines of credit, this is where credit score scale organizations take into account the number of recently opened accounts as weighed against the number of accounts possessed and by type. They also compute the time since the recent accounts were opened and the number of credit inquiries against your file.

Credit Score Scale Assessment – Types of Credit Used 10%

This category in credit score scale assessment is the quantity, prevalence of, and recent activity in information on the various lines of credit a consumer has already established. The could be things such as credit cards, in store accounts, installment loans, mortgages and consumer finance accounts among others.

How to Improve Your Credit Score Scale

The weights of any one factor however vary from person to person and this is not an absolute guide. The formula is so complex that it is impossible for even the credit bureaus to say which factor is most important for which individual. No one factor is a miraculous key to an 850 on the credit score scale. The weights given are as close as anyone can give to an order of importance. It is also important to remember that all though the credit score scale itself only looks at those five categories, lenders will look at other things such as income, duration of employment, legal matters, etc.

In order to improve your credit score you need to make as many inroads to correcting the deficiencies as you can in all five categories. Both positive and negative items will be reflected in your credit score scale.

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What are 90% and 95% Mortgages?

Posted on April 22, 2011 by thedude

When you hear the term “ 90% – 95% Mortgages ” try not to panic, that’s not referring to the interest rate. 90% mortgages or 95% Mortgages also marketed as 90% – 95% LTV Mortgages, are mortgages in which the loaned amount covers 90% – 95% of the value of the property that you’re looking to purchase. Essentially this means that you only wind up covering about 5-10% of the cost.

It also happens that these mortgages are used for remortgages and not just for purchase. When a 90% – 95% LTV Mortgage is chosen it will cover 90% – 95% of the present market value of your property. If you wish to remortgage you must have at least 10% equity or value of the property free of the existing mortgage to do so. Your equity is the value of your home above and beyond any principle owed for your existing mortgages.

90% – 95% Mortgages – Determining Market Availability

Since the credit debacle in 2008 – along with successive periods of decline – the availability of high LTV mortgages has slipped significantly. Predating 2008, there were a mind bogglingly array of mortgages available at over the 90% thresh-hold. The lenders occasionally checked for no more than a pulse on some loans and others were given at a startling 100% LTV. That is a Loan to Value ratio of one hundred percent where no deposit was required.

Despite the problems with the world economy, the 90% mortgages have begun making a comeback. As consumer and lender confidence begins to spring back from where it was squashed, the doors are figuratively opening up. The requirements are still rather stringent but the 90% – 95% mortgages are there to be had for the home owners with the right credit score.

90%-95% Mortgages – What’s the Benefit/Risks?

The greatest benefit of the average 90% – 95% mortgage is that it covers a very large portion of the properties’ value. This is beneficial because when purchasing a home for the first time you don’t have to come up with a hefty deposit. This makes homes available to people with the means to pay the mortgage fee but who do not have quite as much saved up on the front end or investment side.

For those remortgaging, this means that you can borrow up to 90% of the properties’ value; this can mean paying off the existing mortgage and having a little cash in your pocket besides. The downside of any mortgage with a very high LTV is the possibility of negative equity. If the appraised value of the property dips below what you owe you‘re still under agreement to pay. This can make it extremely difficult to remortgage the home at a later date in order to improve rates or sell the home.  This breaks down into what is called “Negative Equity” or being under water with a mortgage.

At the heart of 90/95 Mortgages and all other financial matters is the question of risk which exists with any investment or matter of finance. A higher Loan to Value rate does expose you to market fluctuations but this only presents a real problem if you need to immediately move from the home or want to refinance right away. The more of your principle that is paid off the less that risk becomes.

It is also true that the associated fees and interest rates might be higher depending on the lender, but the benefits of not having to drop an enormous deposit can mean a great deal of difference to someone’s quality of life. You know your own needs better than anyone else, talk to a lender today to work out which mortgage is best for you. You might find a great deal of good can come from 90% – 95% Mortgages in your present situation.

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Instant Loans, High Risk Loans and Bankruptcy Loans with No Credit Check

Posted on October 25, 2010 by thedude

Whether you are looking for an instant loan to buy a car, pay off other debts, or maybe you are looking to get a mortgage to buy a house and get out of renting, you need to prepare and know where to look to get the most bang for your credit.

You credit score, and previous credit history are the main things the lenders will take into account when considering loaning you their money.  Secondly, they will consider your current level of debt vs. your equity and (of course) your income minus your costs per month.  In the end whether you need an instant loan or bankruptcy loan, and you want no credit check, it will be considered a high risk loan by the lender.

If you don’t need an instant loan, you will have a much better chance and can prepare and improve your chances greatly.  When you focus your time on no credit check loans and instant loans, you will just waste your time and energy in a world of high interest and huge penalties.  For example, if you have been recently bankrupt, and are looking to get a loan now (bankruptcy loan), there is a simple plan you can follow.

Bankruptcy protection normally lasts 8-10 months depending on your area, and after that it is up to you to make yourself look like a good candidate for bankruptcy loans from creditors.  Once you have gone through the protection period, you are basically starting from zero again –this is a very necessary part of our democratic capitalistic system, a second chance must be available if you want people to take any risk.  The plan now is to build up your credit rating so that you can qualify for a bankruptcy loan:

You can do this by:

  1. Work to pay off and eliminate all of your current debt at all times.  But don’t stop at step one while do pay off your debts, work though steps 2-4 while you work to get out of debt.
  2. Paying all of your bills on time.
  3. Start by getting a secured credit card – this means that if you want a $500 credit card, you put up $500 in cash during the application process… This will show the creditors that you can be trusted as long as you pay the bill on time.
  4. Never borrow more than 50% of an available loan or credit card – if you carry a balance of more than 50% it makes you look like a bad investment.

After your bankruptcy protection period, by following points 1-4 you can greatly improve your position.  After a year, you should be able to take out a car loan, or be approved for an unsecured credit card.  You need to get an unsecured credit card, or car loan and carry it for another year – while still being on time, and not borrowing more than 50% of the available balance.

If you achieve this you shouldn’t have a problem qualifying for a mortgage, or any other loan or credit card.  You need to be careful that you don’t overload yourself again after your bankruptcy.  Also remember that the better your credit is, the lower the interest rate you will be able to qualify for, and thus the lower your bills will be.

This same process can be followed by anyone trying to improve their credit so that they can borrow, and applies to all instant loans with no credit check.  Bankruptcy loans are the hardest to get high risk loans, but if you follow my suggestions you should be able to get most high risk loans with no credit check.

Naturally I would suggest that you don’t spend all your time going after instant loans and no credit check loans.  It is far better and less damaging to your credit score if you pre-plan and work towards your credit goals.  In the long run, you will be in much better shape and be approved for the after bankruptcy loans you are going after.  At first they will seem like very high risk loans from the creditor’s perspective, but you can show them that you can be trusted and are worth the risk over time.

I wish you the best of luck in your credit and income goals!  Don’t give up if you hit a little snag, just keep going with it and you will build yourself a future build on a strong financial base.

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Why You Should Know Your Credit Score Range

Posted on October 22, 2010 by thedude

Knowing your own personal credit score range is becoming so important in today’s economy.  It can mean the difference between renting a small apartment and owning your own beautiful home.  Your income is important, but I would say that your credit score range is even more important in obtaining your dream home or car.

In Canada your credit score is dictated by what you do, when you borrow money using credit cards, loans, line of credit or when you purchase a cell phone, car or home.  There are so many factors that can affect your credit score, and in Canada it’s called your FICO score.

The credit score range itself is between 300 and 900, and getting to the absolute top of the list is almost impossible.  If you want to be able to get a mortgage your credit score must be at least over 650 in the credit score range.  Most people reside in the 700 to 849 area of the credit score range.

In order to improve your score you can do several simple things easily:

1)      Never borrow more than 50% of your maximum on any line of credit or credit card.

2)      Try to pay off you revolving balances each month, before they are due –Credit Cards for example.  Or you could get out of the credit card game entirely and try just signing up for a prepaid credit card, it’s easy, it won’t let you overspend, and there’s no credit check to apply.

3)      Make sure you pay your bills on time.  Sound obvious enough, but you know how people are… being so busy all the time, it’s sometimes tough to remember the little things.

4)      When you do borrow for something, don’t borrow the max that you are able to, always save some room in case you need it.  Plus it looks better this way!

If you live in Canada, find out your credit score now by checking out Transunion or Equifax they can give you your credit score range right away, that way you’ll know where you stand.  And they can show you the most common credit scores that people get on a chart.  If you want Equifax can offer a monthly credit score monitoring service to help protect your identity.

I really hope this helped.  Let me know if you have any more questions or comments.

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Want A Prepaid credit card Canada? No Credit Check? Learn How Here!

Posted on October 19, 2010 by thedude

Looking for a prepaid credit card Canada?  Look no further, I hear this question all the time.

Whether you need a prepaid credit card for travel, school, or maybe because you can’t be approved for a normal credit card.  Some people choose a prepaid credit card in Canada because they are tired of the constant cycle of borrowing and then paying back (plus some heavy interest) to the major credit card companies.  Plus with a prepaid credit card in Canada there’s no credit check!

I can understand that living without a credit card in today’s digital age is almost impossible.  In some areas it’s difficult to simply order a pizza in Ontario without one!  I’m not sure about the rest of Canada regarding pizza delivery, but I can certainly suggest an excellent prepaid credit card in Canada for you, again with no credit check.

Even if you want to do almost anything online — pay a bill, or just get a card to impress someone – it’s important to carry a card that looks good, and doesn’t cost you anything extra in fees.  It’s important to know that with many prepaid credit cards Canada, they don’t shy away from charging fees to make up their loss in interest revenue.

Personally, I picked mine up because I like to make purchases online and just didn’t feel comfortable with a normal card.  I didn’t like the idea that someone might steal my identity and use my credit card for themselves.

It is for this reason that I suggest going to BMO for a card.  They have a fantastic prepaid credit card in Ontario, Canada – that is also offered Canada wide!  It has no fees, unless you don’t use it for four months (then they can charge about $10 each month for your prepaid credit card).  But the big benefit of the BMO prepaid credit card is that it is cheap to carry, and is a true MasterCard that is accepted nearly everywhere I have tried mine.  Only the odd place in Canada has a problem with it being a prepaid credit card.  Koodo mobile being one of them L.  Making purchases over the border has been entirely hassle-free!

So you want to get your prepaid credit card Canada??  No problem, just go to your local BMO branch and ask for a Prepaid Travel MasterCard.  Just be careful because they might try to up-sell you (as they did with me) on a normal credit card – since they make commissions on them.  On a normal card you will likely need a credit check, but with the prepaid credit cards there’s no credit check!

I love using my BMO prepaid credit card, it’s so easy to recharge too, I just attached it to my online banking.  When I transfer funds to the prepaid credit card they show up immediately to be spent.  This is useful if you don’t want to carry a balance, and want a lot of control over your hard earned money like I do.

I really hope my recommendation for the BMO MasterCard prepaid credit card Canada helped you to decide which card to get.

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