Payday Loans, Traditional Loans and Unique Ideas to Earn Extra Income to Pay Down Your Debts Faster

Many of us are dealing with debts and are looking for extra ways to pay them down faster. If you have borrowed some money and are looking for ways to earn an extra income, here are some unique and fun ideas to help you get some more cash into your pocket.

The income earned from a traditional job often doesn’t keep up with the rate of inflation and the expenses associated with the cost of living. For this reason, it’s estimated that 50% of the millennial workforce in the United States is currently freelancing to help make ends meet and it’s safe to assume that this percentage would be approximately the same in Canada.

Whether you have traditional loans or payday loans that you want to pay down faster, here are some ideas you may find helpful to get that extra cash you so desperately need and want.

Sell Things on Kijiji or eBay

You probably have some things in your home that you aren’t using and are just taking up space. Start posting these items on eBay or Kijiji to get some extra pocket money fast. Look around for any type of used items you have, which may include clothes, collectibles, furniture, appliances etc. This is one of the easiest ways to make fast cash to pay down your payday loans and other loans as quickly as possible.

You can also take this a step further and make a business out of it. A lot of people are taking note of what is selling quickly on these sites and looking for good deals for these items online, at garage sales and at second hand stores. You can buy these things at a low price and then turn around and sell these goods on Kijiji and eBay for a higher price. You can also make a business of helping others sell their household goods by posting listings for them and managing the inventory. You can then take a cut of the profits made by the sales.

Pet Sitting

If you’re an animal lover why not get paid to take care of cats, dogs and other animals that belong to other people? Pet owners are always looking for a reliable place to leave their special animals when they need to travel. A lot of individuals don’t want to leave their pets with a professional pet boarding place since they feel they won’t get the individual attention they deserve. Offer to take in animals at a lower price than what people would have to pay to get their pets professionally boarded and you’ll find that you’ll have a lot of business on your hands.

Cash for Gold

Another way to get some extra money is to search around your home for any unwanted gold items you may have in your possession. You can turn this unwanted gold into money on the spot. Cash for gold services are an excellent way to get some money fast when you really need it. Put this money towards paying off your payday loans and traditional loans faster.

Assemble Furniture for Others

Many people are buying furniture that needs to be assembled in order to save money on their purchases. You can earn an extra bit of money by offering your services to people that aren’t handy or don’t have a lot of time on their hands to assemble this furniture by themselves. You could also learn how to mount TVs on walls to earn some extra income. You’ll be working for yourself and can formulate a flexible schedule that works for you.

Dog Walking

This is a lucrative opportunity that can be done part-time or full-time. Just about anybody can walk a dog. If you live in a neighbourhood that is filled with dogs, put up a flyer in your local area for dog walking services. You’ll find that your client list will grow over time and you could very well end up with more jobs than you can handle on your own. Use the extra money to pay off your different loans including payday loans.

Sell a Service on Fiverr

Fiverr is a unique site that allows you to offer a gig at a starting rate of $5. Just about anything can be sold on this site and there are a lot of people that are browsing through Fiverr and looking for people that can help them out with certain projects. You can offer smaller services for $5 and then upsell larger services for more.

Online Consulting and Coaching

If you are experienced in a certain field you can work as a coach or a consultant online to make extra money. Think of life coaching, financial consulting, travel advising and much more. There are many individuals that could use your help and you can earn a lot of money in many different fields by providing coaching or consulting services.

If you possess a high level of skill you may get paid by a website called JustAnswer. On this site people are willing to pay for advice in order to help them solve a problem. Some of the skills that are needed most on this website include car mechanics, lawyers, financial advisors etc.

You can also tutor students on Skype all over the world. If you are good at a particular subject and have good qualifications in the area, you can consider offering your services. You can also offer to teach others a second language. All of these online coaching and consulting projects can be done anywhere in the world as long as you have access to the Internet.

While the other ideas above are a great way to earn money, when you need cash in your pocket today, cash for gold Toronto can give it to you now. Find out more about this service at

Inspiring Money-Saving Tips and Cheque Cashing

When it comes to saving money, there are always new tools and tricks we can learn about. Budgeting is not the same as saving money but it can definitely lead you on the right road to growing your savings substantially. Here are some unique money-saving tips that you may not have thought of before including cheque cashing. When you’re serious about saving money and want to get started with your best foot forward, these are the tips you’ll need to know.

Understand What You Saving For

There’s an old saying “the devil’s in the details” and this is so true when it comes to setting up a budget and saving money. We can get caught up in our day-to-day lives and focus on the little things while ignoring the big picture. You can even lose track of what you’re saving up for! It’s time to examine your future in terms of a bigger picture and then from that aspect you’ll be able to drill down and fill in the smaller details.

What exactly are you saving for? Do you want to have money set aside for an emergency? Are you saving up for your retirement? Do you have plans to buy a new house or condo in the future? Perhaps you are simply saving up for your next vacation. No matter what the goal is for your savings, you must remember it and keep it as a top priority. This is how you will continue to stay motivated as you build up a nice savings nest.

Save Money with Cheque Cashing Services 

Here is a unique money-saving tip that you may not have considered before with cheque cashing. How much are you paying in fees for your current chequing account with your bank? Do you understand all of the hidden fees and service charges? Most of these are written in small print and you only see the details for these fees when you first sign up for your account.

If you’re like most people you aren’t writing a lot of cheques these days but are holding onto your chequing account for the few times when you need it. Instead of paying monthly charges you can use cheque cashing services instead. If you only have a few cheques to cash you may find that you’ll save quite a bit of money by getting rid of your current bank chequing account and using these services instead. 

Saving up for an Emergency

In order to determine how much you should save up for an emergency you should consider how much time you want to have covered should an unexpected event come up. In most cases it’s wise to save for 3 to 6 months’ worth of expenditures.

The nice thing about saving up for an emergency is there is an ending point to it. Once you have the dollar amount figured out it can remain pretty much a constant that you can aim for. Once you’ve saved up enough money you can start putting the money that you would usually put into your emergency fund into another savings plan.

The best thing you can do to save up for an emergency is decide on a percentage that you can devote to this goal. For instance, if you were able to put away 5% of your regular earnings every month, the fund would start to grow. You can also add in 5% for unexpected money that you receive for doing odd jobs, such as birthday or Christmas presents etc. Remember too that family members that give you money for a holiday may give it to you in the form of a cheque and you can cash it using cheque cashing services.

Save on Grocery Shopping

How much money are you spending on groceries per month? For most people, this is a big part of their monthly expenses. There is usually some way to cut back on your spending and it all starts with looking at how you are shopping and what you are buying.

For this money-saving tip it’s important to really confront your grocery shopping habits. For the first month you should just concentrate on keeping notes on everything you buy. This would include anything purchased at a convenience store including coffees and the food you buy at a restaurant. You might be amazed to see how much extra you are spending outside of your regular grocery store visits.

Once you have done this you can take a look at how you can save money on groceries. Instead of following general grocery saving advice, you can make up your own plan based on your own personal spending habits.

Cash for Gold to Boost Your Savings

If you have any extra gold that you don’t use in the form of jewelry you can bring it in to a cheque cashing store to get cash for gold. It’s fast, easy, and you’ll leave with extra money on the same day that can be deposited right into your savings funds.

Payday Loans for Short-Term Loans

If you need money in a hurry or you have been thinking about taking out a long-term loan with a bank, you may want to consider payday loans instead. You’ll have to pay back the loan when you receive your next pay but you won’t be locked into a long-term loan. Payday loans can give you the help you need without incurring debt over a long period of time. The less debt you have, the more money you can put into savings.

Stay Motivated

Keep your eyes on your goals so that you always continue to save. If you are stashing away money at home, make sure that your goal is written down in the place where you are putting the money. If you are saving the funds in a bank account, give the account a name that is associated with your overall goal. Some people put up Post-it Notes on their bathroom mirrors as a constant reminder of their big picture goals.

Whether you use cheque cashing services, cash for gold or payday loans to help you save, you’ll find that you’ll be well on your way to building up your savings funds. Learn more about these types of services now by visiting

6 Top Benefits of Using Cheque Cashing Services

If you haven’t used a cheque cashing service before you may be wondering why so many people use these services day in and day out. There are many reasons why a person may visit a cheque cashing store and we will outline them for you here. We will also let you know what the benefits are of using this type of service versus cashing cheques through a traditional banking institution.

Are Cheques Still Being Used?

In this day and age where digital payments have become commonplace, you may be thinking that not many people are still using cheques for payments. They actually still are. There are thousands of cheques being run through the cheque cashing systems at the banks on any given day. Major corporations are still using cheques to pay employees when a direct deposit isn’t available. The person next door that needs his grass mowed may prefer to pay you with a cheque instead of cash.

The Benefits of Using a Service for Cheque Cashing

Here are some of the top benefits of using a cheque cashing service and the reasons why people are choosing to cash their cheques at facilities that offer this type of service.

Get Your Money on the Spot

At a traditional bank or financial institution you usually have to wait at least 5 business days for the cheque to clear before you can receive your funds. There are a lot of people that are living from paycheque to paycheque these days and need instant access to their money. Waiting for the funds to clear just isn’t an option for many individuals.

When you want to get your money on the spot, you can do it with cheque cashing services. You won’t have to wait for days for the money to clear and you’ll walk out with instant cash in your pocket. You have worked hard for your money and don’t deserve to have to wait to get it. When money is required to pay a bill, pay the rent or to buy necessities or even a luxury item, you may need to get that money immediately.

You Don’t Need to Have a Bank Chequing Account

The costs and fees associated with having a bank chequing account continue to grow year after year. If you take a look at how much you have to pay monthly to keep this type of account and then multiply this fee by 12, you’ll see how much you are paying each year to keep the account open. If you are cashing a large volume of cheques, it may be worth the amount you’re paying. If, on the other hand, you are only cashing a small amount of cheques, you would often be better off using cheque cashing services instead. As an added benefit, the cheque will be cashed right away for you.

Easy to Find

Many banks are shutting down their smaller branches in an effort to save money. This has been especially true during the pandemic when many branches closed their doors during the lockdown. Cheque cashing service facilities, however, remained open for your convenience. They are easy to find and the odds are good that you’ll be able to visit one that is close to your home or your place of employment.

When you don’t have easy access to a bank and don’t want to have your funds held, think of cheque cashing services as a viable alternative.

Transparent Policies

Stores that offer cheque cashing services must display any associated fees clearly and operate with transparent policies. This is not the same case for banking institutions since penalties and fees are often hidden in their advertisements. You’ll need to look for the fine print in order to see exactly what the policies are for your chequing account.

Most people don’t know how much they would have to pay for a bounced cheque, overdraft fees, insufficient funds etc. A person can easily pay more in penalty fees when they have a bank chequing account than they would if they were using a cheque cashing Brampton service instead.

Personal Cheque Cashing Services

Stop being treated like a number at a bank and enjoy a personalized service that has been designed with you in mind. At Money Direct we are dedicated to serving the community with the best possible services available. When you want a different, more personalized service than what you would find in a traditional banking institution, think of our cheque-cashing services first.

One-Stop Financial Services

We also offer a wide range of other financial services for your convenience. Our services include: 

  • Cheque cashing
  • Cash for gold
  • Payday loans
  • Bill payments
  • Prepaid cards
  • Money transfers

Our cash for gold program allows you to bring in your unwanted and unused gold jewelry and convert it into instant cash on the spot. Many people have gold pieces that they don’t want and this is a great way to get fast cash when you need it the most. Our payday loans program allows you to take out an instant short-term loan that can be repaid when you receive your next paycheque. There is no need to have a good credit history to qualify for this loan. You just need to prove that you can pay it back by showing us that you are employed and receive a regular paycheque.

If you need to make bill payments we can do that for you too and we also offer prepaid cards that you can use to make purchases. You determine how much money you want to put on the card and then you can start shopping using the card either on the Internet or in person at a shop. Prepaid cards are accepted in the same way as credit cards are.

We are a one-stop shop for all your financial needs. Visit our website now at to find the closest location to you. You can also browse through our list of services and look for helpful financial advice on our blog.

Your Guide to Payday Loans and Other Loan Types

In Canada, there is a wide variety of personal loans available and the best one for you will all depend on your own circumstances. Some loans you may not qualify for if your credit history is bad or if you haven’t had the chance to develop a credit file yet. The loan types available in and across Canada include the following:

  • Payday loans
  • Secured personal loans
  • Unsecured personal loans 
  • Guarantor loans
  • Consolidation loans

Read more about these different loan types to determine which one would be best for you.

Payday Loans

A payday loan is a short-term loan that is often taken out when a person has an emergency to deal with. Sometimes things come up and for one reason or another you may not be able to make your rent payment or you may find yourself in a situation where your phone is going to be disabled if you don’t come up with a payment soon. In most cases the money will be available to you within a 24-hour period to help you get back on your feet quickly.

You will need to pay back the money when you receive your next paycheck, however, so you’ll need to budget wisely. There is a higher interest rate associated with payday loans but if you’re dealing with a critical issue, you won’t worry so much about paying a higher rate of interest. You may be focusing on the financial crisis at hand and just need some help to get you by for the next couple of weeks.

If you are interested in payday loans Toronto and don’t have a good credit history, you don’t have to worry. The payday loans company will not look into your credit file to determine whether you will be accepted for a loan. The major requirement that needs to be fulfilled is you must be able to show that you have regular income coming in and will be able to pay back the loan in a relatively short amount of time.

Secured Personal Loans

This is another type of loan that does not require a great credit score in order to qualify for it. With this type of loan you’ll have to provide the loaning institution with an asset that acts as collateral to back the loan. This gives lenders the feeling of extra security when they are loaning out the money and in many cases you may find that the interest rates are lower than usual with secured personal loans.

These are longer-term loans than payday loans and you’ll be required to pay back the money in monthly instalments. There is a risk, however, with taking out a loan that is secured. If you put your vehicle, home or another big asset up as collateral, it can be collected by the lender if you fail to make your payments. It’s best to really take a look at all of your options before putting something extremely valuable on the line for a loan.

Unsecured Personal Loans

An unsecured personal loan is often harder to obtain. The financial institution will want to take a look at your credit score to make sure that everything is in order. They will also want to see that you have regular income coming in and the person that is dealing with your application will also want to determine that you don’t already have too much debt.

Since the loan is unsecured you can usually expect to pay a higher amount of interest than you would for a secured loan but less than you would have to pay with payday loans. There are many different banks, credit unions and other lending companies that offer unsecured loans either in person or on the Internet. If you are applying for a loan online, however, make sure that you have looked into the company that you are working with before disclosing any of your personal data. There are scanning websites set up that say they are offering low interest loans to just about anybody and they are really just trying to get a hold of your personal information.

Guarantor Loans

If you don’t qualify for a personal loan and have a poor credit rating and don’t have anything of value that you can offer up as collateral, you may want to consider getting a guarantor loan. In this situation, somebody will cosign for the loan for you. The cosigner must have a good credit score and be able to prove that he will be able to make the payments for you should you default on the loan.

This is also a risky situation since many friendships and families have been broken apart by this type of loan. It should only be considered as a last resort. Should an emergency occur and you can’t make your payments for any reason, the person that cosigned for the loan will have to pay it off in its entirety.

Consolidation Loans

These loans can be used if you’ve gone into heavy debt with credit cards or other high interest loans and need a way to pay them back without having to pay premium rates of interest. Once again, it can be difficult to qualify for this loan type since you have already proven that you have already had a hard time managing debt.

An Alternate Solution – Cash for Gold

If any of the above loan types don’t work for you, you may also want to consider a cash for gold alternative. This is not a type of loan but if you have any gold in your home you can cash it in and get money in your pocket on the same day. This is very similar to payday loans but with cash for gold you don’t need to have a provable income. All you need to do is walk in with your gold and then walk out with the money you have received as a payment.

With so many loan types available, it’s important to find out everything you can before applying for one. Learn more about payday loans and cash for gold now by visiting our website at

When You Need Money and You Need It Now! Payday Loans

There are certain times in life when you need money and you need it now. Emergencies can come up at any time and it’s not always possible to be prepared for them ahead of time. This is especially true during the pandemic and these uncertain times. Fortunately, there are ways to get instant cash on the spot when you need it the most. Some of these include the following:

  • Cheque Cashing 
  • Payday Loans 
  • Sell Gold Jewellery 

Any of these 3 methods give you the opportunity to get cash on the spot when you need money right away. When times get tough, you need to fight back and take control of the situation one way or another.

Payday Loans 

Payday loans are an exceptional solution to help manage your monetary emergencies. Whether you have bills that are overdue or unexpected expenses that have come up suddenly, payday loans Toronto may be the best answer for your troubles.

You only need to meet a few requirements in order to get approval for this type of loan. There is no check required of your credit history so if you have bad credit or no credit history it won’t make a difference regarding an approval. As long as you have a steady paycheque coming in and can show proof of that, there is a very good chance that you will get approved for a payday loan on the same day you apply. If you apply later in the day or during the evening hours, there is the possibility that you may have to wait until the next morning to find out about the status of your loan application.

This is a quick process and it won’t take a lot of effort or time on your part to submit any necessary paperwork. When you compare this to conventional loans that you can get at Canadian banking institutions, you can see that the process is a lot faster and easier. In many cases you will have to wait a week or 2 to hear back from the bank regarding your loan application. During this time the emergency may be worsening. When you need fast cash to handle a situation, think of payday loans Toronto first.

Payday Loans Repayments

These are short-term loans that you’ll need to repay once you get your next paycheque. You must keep this in mind and budget your money accordingly so that you’ll have enough cash to get by once you have paid back the loan. It’s best to sit down with pen and paper and a calculator by your side to make sure that you’ll be able to repay the loan once you receive your next pay.

Fortunately, you don’t have to put down any type of collateral to take out payday loans Toronto. The steady pay you receive is enough to show that you’ll have the means to pay back the loan. The amount you’ll be approved for will all depend on the income you receive. Once you have submitted your application you’ll find out how much you have been approved for. 

Cheque Cashing

There may be times when you need to make use of cheque cashing services. These services allow you to cash a cheque on the spot without having to wait for it to clear through the bank. Many banks will hold a cheque for 5 days or longer, which means you won’t have immediate access to your hard-earned money.

When you use a cheque cashing Toronto service, however, the business will verify your cheque on the spot to make sure that the funds can be released right away. This means that when you walk into a cheque cashing facility in the GTA you will walk out with money in your pocket. 

Traditional banking systems across Canada have complex and complicated cheque verification procedures that have been put in place to protect themselves. While this is all fine and good for the bank, it isn’t the best scenario for customers. There may be times when you need access to your money immediately and you’d have to wait. Our process is much easier and we only charge a small fee for cashing your cheque immediately for you.

Sell Gold Jewellery

Another way to get instant money is to sell any old, unwanted jewelry that you may have. A lot of people have old jewelry tucked away that they haven’t worn for years and don’t plan on wearing in the future. Sometimes a person may have gold jewelry that they have completely forgotten about.

When you sell gold jewellery Toronto you’ll be given cash for it instantly. The business will test the metal to make sure that it is in fact gold and to find out how pure it is. It won’t take long for this test to be conducted.

The next step is to weigh the gold and to give you a quote for it. You’ll find that the prices we pay for gold are very competitive in today’s market. When you are having a hard time paying your bills, getting enough together for rent or just want to have some extra spending money in your pocket, you can sell gold jewellery Toronto for instant funds.

There are times when we can wait for money to arrive and other times when we need it immediately. When you use the solutions mentioned above, you’ll have access to quick cash when you need it the very most. When you can’t wait 5 days for a cheque to clear or a week or 2 to find out if you have been approved for a bank loan, think of payday loans Toronto and cheque cashing Toronto. You can also sell gold jewellery Toronto or any other gold pieces you may have for fast cash.

Learn more about our instant money solutions by visiting our website now at When you need money now, we are here to help!

Payday Loans during Covid-19

A lot of people have been impacted by the Covid-19 pandemic and have witnessed their financial situations fall part. As a result, many people have turned to these types of short-term loans to help them get by. Payday loans Toronto can be a blessing in disguise when you consider the alternatives to not getting a loan such as being evicted from your home, losing your car and much more.

Many individuals have been calling their banks trying to set up personal loans but to no avail. The banks want to see regular income coming in, a virtually spotless credit history and will take a look at the debt ratio you have. When you don’t have perfect credit or have too many outstanding loans to qualify for another loan, you may find that you’re simply out of luck. That is where payday loans Toronto steps up to the plate.

Payday Loans – No Credit Check Necessary

Payday loans are also available in the Hamilton area. These are loans that are taken out for a short amount of time with the agreement to pay them back when you receive your next pay. That is why they are called payday loans. You won’t be able to borrow a lot of money with this type of loan since it’s not geared to be paid back over a long period of time. These loans were designed to help you get through a tough spot on an immediate basis and they must be paid back quickly.

Since there is no credit check necessary, you can usually get approved on the spot for payday loans Hamilton. There are several scenarios where this would be an important factor. Let’s say, for example, that your furnace stopped working one day out of the blue and needed to be repaired. You would need to get some money fast if you didn’t have any extra cash at hand. Otherwise, you would be freezing at night and not be able to function very well during the day.

Many people don’t have extra cash available and this is especially true during these troubling pandemic times. Many people that were able to stash away some money for an emergency have already spent it due to the Covid-19 crisis. It’s nice to know that should an emergency come up, there is a way to get immediate money on the spot when you need it the most.

Payday Loans in Brampton

If you live in the Brampton area, it’s nice to know that payday loans are also available in the region. While payday loans Brampton are easier to qualify for than personal loans from the bank, they must still be taken seriously. Payday loans are still considered to be a debt and you must have the means to be able to pay them back.

When you apply for a short-term loan in Brampton you will be asked to supply your source of income. The main criteria for being accepted for a loan of this sort is the ability to pay it back. You need to prove that you have regular income coming in so that paying back the loan won’t be an issue. This is the most important thing that is considered in your application and your personal debt history is not any part of the equation.

Things to Consider for Payday Loans

If you think that a payday loan is what would be best for you right now considering your circumstances, here are some things to think about before signing on the dotted line:

  • Do I understand the loan?
  • Do I know how much I need to pay back?
  • Can I realistically repay the loan?

Keep these things in mind if you are considering the possibility of taking out payday loans Brampton. This way, you’ll feel more confident about making that decision.

How the Process for Payday Loans Works

In order to be approved for the loan you’ll have to have some documentation with you if you are applying in person or online, which may include bank statements, income details or employment information.  The information will be verified and you will be told whether you are approved for the loan or not. As long as everything checks out fine, you can expect to get cash on the same day or the next day, depending on the time of day when you submitted your application.

When you consider that banks usually take a week or two to get back to you about the loan application process, this is a really fast loan to take out. Sometimes in life things don’t go as planned and you really need some help quickly. We can see how fast things can change just by looking at the immediate environment we are living in. It only takes the blink of an eye for everything to change and when that happens, we aren’t always prepared for it.

Payday Loans Interest Charges

You can expect to pay higher interest charges for payday loans Toronto, Hamilton and Brampton, but that is to be expected. It’s all a part of the convenience of taking out the loan and getting your money right away. When you look at the alternative of not getting the money you need for an emergency, you can see that the higher rate of interest is well worth it.

Only you can determine what your situation is and what needs to be done to resolve it. If you have found yourself backed into a corner financially with no way out, think of payday loans. They may just be what you need right now to help you through the crunch and to get you back on track. These loans have a place in our society and can save the day in many situations that seem otherwise hopeless.

Learn more about payday loans Hamilton, Toronto and Brampton by visiting our website now at We offer payday loans, cash for gold, cheque cashing and much more to people living in these local areas.

Understand Your Financial Options during the Pandemic – Payday Loans May Help

A lot of people are struggling these days due to the Covid-19 pandemic. Many individuals find themselves completely out of work or working at a minimum capacity. There are so many people struggling from one end of the country to the other and the thing that they all have in common is they are searching for answers.

Nobody really knows what’s going to happen next or how soon things will get back to normal. In order to get by, sometimes you need to consider doing something that you would never have done in the past. When things get too out of control and you are over the age of 65, you may have thought of taking out a reverse loan on your home. While this might help in the short-term, it may not be the best long-term option for you.

If you have a regular paying job, and many people that have reached retirement age are still working nowadays, a payday loan may be your best option. It can help you get through when times are really tough and can give you the chance to look at all of your financial options.

Payday Loans Brampton

Payday loans are available in Brampton and across the GTA. The way the loans work is you need to fill out an application form and will be asked to provide proof that you are working and getting a regular paycheck. There is no need to look at your credit history at all. Your proof of regular work is all that’s required since it proves that you’ll have the ability to pay back the loan if your application is accepted.

Sell Gold Jewelry Brampton

Another option that could help tide you over is to sell gold jewelry in Brampton. If you have any old gold jewelry lying around that you aren’t using, you can trade it in for cash. If you haven’t looked in your jewelry box for a while, now is the time to check things out. You may have quite a bit of gold in there that you haven’t worn in a long time and can’t see yourself wearing again.

Reverse Mortgage Loans

These types of loans are available in Canada but they may not be the best option for you. If you have a lot of equity in your home, you may qualify for this mortgage. It gives you the chance to access this equity while being able to stay in your home. Instead of having to pay a monthly mortgage, the homeowner receives money from the lender. The person that is applying for this type of home loan does not have to be working in order to qualify.

The money borrowed must be paid back, however, if the person puts the home up for sale, moves out of it or when the last borrower living in the home passes away. If any of these things occur, the loan will have to be paid back.

There are many problems with these reverse mortgage loans and before seriously considering taking one out, all other options should be considered first.

Home Equity Line of Credit

If you want to apply for a home equity line of credit you’ll need to have an income and a good credit rating. This applies as well to anyone that wants a second mortgage on a house. Many Canadians do not have a good credit rating and simply wouldn’t qualify for a home equity line of credit or for a second mortgage.

A home equity line of credit usually take some time to process. This is especially true during these trying times. Many banks have been forced to shut their doors and the overall banking industry has slowed down significantly. If you need cash tomorrow to pay a bill to get by, you won’t get access to it that quickly. In the past, before the Covid-19 pandemic hit, you could expect to wait a week or two or sometimes even longer to hear back from the bank to find out if your application was accepted. Then you would need to do the paperwork and wait until your funds were accessible. Now it is taking even longer to hear back from the banks.

Personal Loans

The same holds true for personal loans as it does for second mortgages and lines of credit. You can expect a slower response time now more than ever before and you are not guaranteed that your loan application will be approved. Nowadays the banks are a lot more hesitant to loan out money to individuals due to the challenging financial situation upon us. When you need money and need it quickly, a personal loan just won’t do.

Friends and Relatives

It wasn’t too long ago when most of our friends and relatives were working and receiving steady incomes. Times have changed dramatically and this no longer holds true. Even the relatives and friends we have that are working may not have a lot of job security for the upcoming future. It has become more difficult to ask for a loan from a family member or a good friend. Many people don’t know from day to day what their financial situations will be tomorrow.

Credit Card Debt

A lot of individuals have turned to their credit cards lately to help them get by. Many have maxed out the limits on their cards and don’t know where to turn next. This can be a very dangerous situation to be in since the interest rate on credit cards is so high and it’s easy to add more and more purchases onto the card.

With a payday loan, however, you agree that you will pay back the loan when you get your next paycheck. This helps keep you accountable without having to rack up thousands of dollars in debt that you may never be able to pay back. Whether you get paid monthly or biweekly, you’ll be expected to pay back the amount in full once you receive your next paycheck. This gives you the chance to handle an emergency financial situation without causing another one.

Payday loans can be the answer when you are suffering financially. To learn more or to fill out an application for a loan, please visit

Transfer Balance Credit Card Offers – Good Idea or Not?

In the world of finance, credit cards offer a variety of balance transfer offers to new or existing customers on a regular basis. There is often a fee involved for making the transfer but the person owning the card will receive a very low interest rate for a specified amount of time. Often the reduced rate is provided for 6 months or a year.

Why Balance Transfers Are Not a Good Idea

If you have a balance on a high-interest credit card and you want to reduce the interest, you can accept the balance transfer offer you have received to get a lower interest rate. The problem is that most people that are already dealing with a balance on a high rate credit card aren’t able to manage their money well. This is what the banks are counting on.

When you make a balance transfer you’ll have to pay a fee to do it. Often this is 2% or 3% of the current balance that you want transferred. The problem is that if you don’t pay off the balance that has been transferred within the specified timeframe, you will have to pay a higher interest rate after the 6 months or year has expired. This is usually equivalent to the amount of interest you would have to pay for a cash advance.

The banks are counting on the fact that you may not be able to pay off the card in time and will end up having to pay the higher interest rate. If the balance that has been transferred is very high, you may end up with interest charges that you really can’t afford.

Learn more about protecting yourself when you need to borrow money by visiting our website now at

Personal Budgeting and Saving Tips for Young Adults

Most schools don’t teach young adults about personal finance and many individuals do not learn how to handle money at home. Once a young adult finishes high school and starts college or university or even working full-time, he has no money skills to draw upon. In order to help you out if you are a budding adult or to help you as a parent guide your young adult on the right financial road, here are some tips you can use to get started.

Stay in Control of Your Finances

You must always stay on top of your finances or else you will lose control of them. There are unscrupulous people in this world that will try to scam you out of your money and even financial planners that work on commissions may not always have your best interests at heart.

Stay in the loop about financial matters so that you can make your own decisions. When you have sound financial knowledge at your fingertips, you’ll be better able to stay in control of your finances and will be able to make the best decisions possible based on your own financial circumstances.

It’s All about Self-Control

Self-control is an important part of managing your money. If you can’t afford something right now, save up for it for the future. You don’t need to rely on credit since it can pull you down a rabbit hole that is hard to get out of.

The best way to impose self-control on yourself is to learn how to make a budget and then make sure that you stick to it. The only time a credit card should be used is if you are sure you will have the money available to pay it off in full as soon as the bill arrives.

Retirement Savings

If you ask senior citizens what they would have changed in their lives, the number one answer would be that they wished they had started saving for retirement sooner. You have the chance to make sure that you have a solid foundation for your retirement by starting to save for it early.

Even if you go to school right now and are living hand to mouth, try to put $5 or even $10 away per month in a separate fund for your retirement. This will set the ball rolling and will start a lifelong habit that you will appreciate once you reach your golden years.

Emergency Fund

A small amount of your money should also be put aside to build up an emergency fund. This should equal at least 2 months of living expenditures. You never know what surprises will hit in life and when you are prepared for them, it’s a lot easier to get through any rough financial times you may encounter.

Learn more about finances by visiting our website now at

How to develop Good Financial Habits

When it comes to finances, some people have a hard time dealing with money and really can’t get the concept of spending within their limits or even saving money for the future. Most of us have already developed financial habits over time that can be difficult to break. If you have already established habits that you know aren’t in your best interests, here are some financial tips that can help.

Your Money Relationship

How you treat money is a special relationship that you have developed and it isn’t fixed. It’s something that can evolve over time. Money is directly linked to emotions and when you avoid dealing with your money issues things can get a lot of worse. If you are currently having a distressing financial situation, understand that your relationship with money can change and you can get on top of the situation.

Where Are You Spending Your Money On?

The first thing you need to do in order to control your finances is understand where your money is going. What are you spending your money on? Keep track of everything you spend over the course of the month and then take a good look at the numbers. If you’re like most people, you will be surprised at the results. Crunch the numbers and see how much you are spending on eating out, gas, coffee, and everything else. You’ll quickly realize that a large portion of your money is probably going to smaller purchases that quickly add up.

How Can You Spend Less?

Now that you have the data regarding your spending, figure out one way that you can spend less per month. If you take it as a baby step forward, you’ll see that it isn’t as hard to reduce your spending as you may have thought. Getting control over one small area will be the first step and you can build up from there.

After you have developed a new habit and are spending less in one area, it’s time to develop another new habit. What is another way that you can spend less during the month? Again, take a look at the information you gathered and see where you can cut more corners.

After you have become comfortable with your new spending habits, you can then start working on positive saving habits. It will all come together in the end and you’ll have a brand-new relationship with money. You won’t have to continually deal with hard financial situations. You can learn more about saving money and spending less by visiting our website today at


If you have any questions about Money Direct products and services, please send us an email and our staff will be happy to assist. For loan application inquiries, call directly or visit any of our convenient locations across the GTA, Nova Scotia and Bristish Columbia.


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