4 Reasons Why Choosing a Cash Loan is a Good Plan

When you are struggling to pay the bills, make your rent payment, put food on the table or take part in any of the other responsibilities that life has to offer, you may be on the lookout for monetary assistance at times.

Quick cash online loans can be the answer to money troubles, especially if you don’t have the best credit and could use a bit of help. Consider the reasons that fast cash loans are a good choice in today’s world.

💰 [1] If Your Credit Score is Low, It’s OK!

Many people don’t bother applying for a loan because they know their bank will turn them down because of their credit score. Missing just one payment is enough to drop your average, which then makes it harder to get a traditional loan.

Applying for cash loans online is a much simpler process for anyone with bad credit, as most loan companies do not look into your credit history. They simply check to make sure you have a steady stream of income before granting you a cash loan, no questions asked!

💰 [2] Pay Down High-Interest Credit Cards

You may have avoided loans in the past and opted for taking out cash advances on a credit card. Now you are stuck paying every month on bills that are more finance charges than anything. Using fast cash loans to knock down the balance on a few high-interest credit cards can save you money both now and later. While you will owe a small fee on the loan, it will ultimately be worth getting your credit card payments down to manageable amounts.

💰 [3] Complete Anonymity Online

Since you never have to drive to a storefront or talk to anyone face-to-face, cash loans online are perfect for borrowers who wish to remain anonymous. No one wants to let on that they need a loan, even to strangers at a brick-and-mortar location. The application process can be done online without ever having to make a phone call. You’ll simply get the money that you need without the hassle of talking to lenders.

💰 [4] Cash Deposits Almost Instantly

After applying for the loan online you’ll be given an answer within minutes, letting you know whether or not you qualify. From there, it generally takes one to two business days for the company to direct deposit the money into your account. Many times, borrowers get their cash within 24 hours or less. You won’t find this with your local bank, as they generally take a week or more to even accept or deny their customers for a loan.

Online cash loans are the easiest way to borrow money when you need it the most. Take advantage of fast cash loans and apply today at Lendgreen.com.

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Rules for Currency Exchange Businesses in Canada

Money exchange businesses play an integral in the global market. Without people who specialize in currency exchange, many cannot buy goods and services in foreign countries. According to analysts, the forex exchange business is one of the most lucrative ventures that require little capital. However, there are some rules that govern this business we thought you should know.

Good record-keeping is essential

The success of business in forex depends on how you keep complete and accurate records of daily transactions. Record-keeping is mandatory if you run the business from Canada. Authorities use the records to keep track of transactions and identify illegal activities, including money laundering. The government requires that you keep a daily cash sheet and retain all the bank and check registers statements. All these documents must be available for public scrutiny.

All forex dealers must be licensed

A license is required by the authorities to run a currency exchange business in Canada. Failure to obtain a license can result in legal ramifications. In most places, it is considered a serious criminal act that is punishable by several years in prison. A license shows that your business if fully compliant with the OSC and BCSC standards. You must have enough capital and no criminal history to qualify for a forex business license. Also, the application must include the Articles and Memorandum of Association. This means that you must have a pre-existing company.

Fees

The fees that you charge depend on the target market and where you plan to operate from. Some municipalities limit the amount you charge while others allow free trading without regulations. However, most places have limitations to prevent unfair competition among traders. These limitations also protect buyers from exploitation. The amount you can charge often depends on the money being exchanged. For instance, if you are cashing a check worth $1,000 you are allowed to charge a maximum interest of 3 percent of the face value of the check.

You are required to report taxes

Like any other business in Canada, you are required to report taxes on an annual basis. The taxes should be in Canadian dollars and not in the foreign currency in which you conduct the business. You should report both the profits and losses during a fiscal year and make them available for scrutiny by tax agencies. The Canadian government currently taxes 50 percent of capitals gains. The tax rate is at 43 percent. For instance, if you have a capital gain on profits of $100, you will attract a tax rate of $21.50. This methodology also applies to losses. Keep in mind that the government does not tax unrealized capital gains.

In summary, you must be aware of the rules governing forex trading in your country to avoid future problems. Additional resources can be found at Interchange Financial.

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