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Minimum Wage Workers Can Now Get Guaranteed Payday Loans No Matter What In Canada





Covid-19 has cost many their jobs in Canada. And many of them are daily wagers.

Thankfully, government and private agencies have come forth to help the minimum wage workers. Yes, the minimum wage workers can try guaranteed payday loans no matter what Canada at and that too for free. There are no credit limits, no scores, and no collateral needed. That’s quite a relief.


But, how do these payday loans work?

Usually, people who do not have a stable income seek small financial aids, time, and again. To help them, financial institutes arrange for small loans, usually equivalent to a fraction of the paycheque of the borrower. And these loans are commonly known as payday loans. The name is self-explanatory of the fact.

But, the harsh reality is- these loans are offered at higher interest rates, usually. And to more surprise, not many banks offer these loans.


So, who offers these payday loans?

Though centralized banking institutes don’t offer payday loans, it does not mean there are no options. Of course, there are other alternatives- online money lending networks.

🔥👉 Yes, you read that right!

Online money lending networks are the most popularly sought option during these tough times. And there are several reasons for this as well. For starters, the pandemic has caused many of us to stay inside and avoid visiting bustling banks. So, online solutions seem better to access.

That being said, these online money lending networks do not offer loans. But instead, they help the borrowers connect with private financers who can lend a payday loan. And the fact that the borrower has multiple options to choose from also creates a competitive environment among the lenders.

👉 For example, these lenders often offer loans at competitive interest rates and flexible repayment options. And in addition to this, some lenders would also go as far as neglecting a bad credit score. So, in short, no matter what minimum wage workers can expect a guaranteed payday loan in Canada.


How to apply for online payday loans?

Of course, like any other loan, payday loans also have some necessary formalities. Though these formalities are not as tough as a conventional bank, familiarizing with them is only for your benefit.

We’ll get to the formalities in a while, but before that, you must know where to begin your search. And, of course, how to begin.

👉Keep reading to know more.


Finding the right lender-

The first step to finding yourself a payday loan is finding a lender. Now, as already mentioned online money lending networks are a great resource for connecting with these lenders. But then again, it can be overwhelming to choose the best fitting lender for your needs.

For starters, you must shortlist the lenders that offer you loans at reasonable interest rates. The interest rate is by far the most influential factor governing your finances in the long run.

Once you have a list of lenders who fit into your desired interest rate category, you must look for other rating factors. For example, you must look into the processing fees they charge, the repayment options they offer, and also the time they offer you a loan for. Ensuring all these factors you can easily find a lender that suits your needs and doesn’t hurt your pocket.

Fulfilling the eligibility-

As already mentioned even payday loans require you to fulfill some formalities. But, notably, these formalities are not as strict as a banking institute would scrutinize you before lending a loan.

Usually, for applying for a payday loan the borrower is required to submit proof of income. It needs not to be permanent but there must be some income to ensure that the loan can be repaid.

The reason why lenders explore eligibility is the fact that these loans are guaranteed. In other words, the lenders do not ask the borrowers to put in some collateral for availing a payday loan.


Filing the documentation-

Once you’re sure that you are eligible for a payday loan, the next step is filing the documentation. Notably, there are no papers to be filed as with a traditional bank, since the complete process is online.

A borrower (you) is required to upload a copy of income details, and some personal details such as name, residence proof, etc. On carefully checking through these details, the lender would make an offer.

The best part about applying for an online payday loan is- the complete process is simple and quick. All these documentation procedures won’t take any more than 2-3 minutes of your time.


Awaiting loan to be credited in the bank account-

The last step is receiving the amount in your bank account. On the successful application of a payday loan online, it takes about 24 hours for the amount to be credited into your bank account.

The loan amount for a payday loan usually varies between a few hundred dollars to not more than two thousand dollars. And accordingly, the repayment tenures vary between a few weeks to not more than a year.

So when you’re applying for a payday loan, you must optimize between these two factors- the amount and the repayment schedule. Many lenders offer a flexible EMI option as well. So, you can also look for such added features to your loan application.


👉Minimum wage workers are the worst hit due to this pandemic. And it’s not only in Canada but all around the world. It is indeed a responsible act of retaliation to support these most important parts of the social economy. Be it payday loans, or any other form of short-term loans to help these people cope with the tough times, financial institutes are doing their part.

And these economically struggling classes are, of course, benefitting from these changes.


🔥👉 Author– ( Plato )

Source: I mean


Payment Service Provider PingPong Payments Secures E-Money License in Luxembourg




PingPong Payments, a payment service provider for e-commerce sellers, announced on Wednesday it has received its authorization as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Founded in 2015, PingPong stated that its mission of helping global e-commerce sellers keep more profits, by beating the rates traditional banks offer.

“Today, the company serves more than 600,000 online sellers worldwide, has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more.”

PingPong reported that the license enables it to offer a more flexible array of services and increase the scope of customers in the future. Speaking about the license, Ning Wang, Co-Founder and Chief Business Officer at PingPong, stated:

“We are extremely proud to announce obtaining an EMI license in Luxembourg, a world-renowned fintech hub and pioneer within the EU market. This will strengthen our existing services which can support customers on different market places such as Amazon, eBay and Walmart and grant us the flexibility to broaden our business model to beyond e-commerce platforms.

Pierre Gramegna, Minister of Finance, Luxembourg added:

“Today, Luxembourg is one of the leading payment and e-money hubs in the EU and I’m happy to see that it continues to grow. In this sense, I welcome that PingPong has just upgraded its Luxembourg presence with a new e-money license that will help it better serve its European customers.”


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Big Data

Do China tech giants pose a risk for European banks?




China’s Ant group may have been dealt a setback with the shelving of its IPO but European banks remain wary that Chinese tech giants may soon be their main competitors.

The European finance sector has in recent years seen the emergence of a large number of startups—called fintech—which have sought to disrupt brick and mortar banks by offering digital services.

While they have yet to really threaten established banks, the fintechs have forced them to dust off their operations and invest massively into providing similar digital services.

“The real competitor of tomorrow will likely be the GAFAM or the Ants of the world which have the capacity to invest considerable sums,” the head of France’s Societe Generale bank, Frederic Oudea said recently, using a French acronym for Google, Apple, Facebook, Amazon, and Microsoft.

US tech giants have been making more beachheads in financial services an area where their Chinese rivals are already well advanced.

From chat to super app

Ant Group, which was hoping to raise a record $34 billion with its IPO before the Chinese government pulled the rug out from under the operation, is the owner of Alipay, a payment platform which is now an unavoidable element of daily life in China.

Its prinicipal rival in China is WeChat Pay, owned by Internet giant Tencent.

“The companies which originally developed chat software have a strong interest in enhancing these activities as they enable them to cover an even broader range of people’s day-to-day activities,” said Christopher Schmitz, an expert on fintech at Ernst & Young.

“Gradually, an ever larger-growing share of people’s spending goes to these companies,” he added.

The Chinese have widely adopted paying by flashing QR codes of vendors on their smartphones using Alipay or WeChat Pay due to its convenience.

Alipay alone has 731 million monthly users.

In just a few years these two platforms have transformed China from a country where cash was king to a society where smartphones are the payment medium of choice.

These companies are not content with just offering payments. They offer more financial services, including the ability to obtain a loan with just several clicks.

“Alipay generates more revenue from the financial services that it offers, such as investment schemes and loans, than the payments themselves, which is really just the tip of the iceberg of what has become a super app,” said Adrien Boue, a consultant on the electronic commerce market.

He said “the goal is that users stay in the app as long as possible. From morning to night, there is always a functionality there: speaking with friends, ordering a taxi, ordering food and even working on collaborative projects.”

Cultural barriers

“The most advanced model in the financial sector—it’s China,” said Oudea.

The question is just how much of this model can be reproduced in Europe, especially after Ant Group’s IPO setback, which some observers see as a move by the Chinese authorities to bring an overly ambitious firm to heel.

“Our banks are still a bit protected,” said Julien Maldonato, a financial services expert at the Deloitte France consultancy. “There are still cultural barriers, but these won’t protect us forever.”

One of those cultural barriers are QR codes.

“In Europe, payments based on QR codes are noy very popular,” said Ernst & Young’s Schmitz.

The fragmented nature of Europe with its different languages and cultures also makes it difficult for an outsider.

But Maldonato noted that American tech companies are already very much present in the daily lives of Europeans, and China’s TikTok has attracted young users who are “the banking clients of tomorrow”.

It is the capacity of the Chinese companies to plough money into developing new technologies and acquiring customers—they each plan to invest some $70 billion over the next five years—that could really change the game.

“That worries the Americans who will accelerate” their investments as well, said Maldonato, while European companies will have trouble coming up with even a few billion.


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Big Data

Nordigen launches first-ever free open banking platform to challenge Tink and Plaid




Nordigen launches first-ever free open banking platform to challenge Tink and Plaid

Latvian fintech Nordigen today launches the first-ever free open banking API platform. This will enable developers in companies of all sizes to access PSD2 open banking data from major banks from across Europe via a single API. In addition to offering free open banking connectivity, Nordigen will continue to provide premium data analytics and insights services, which it currently offers to more than 50 global fintechs, banks and lenders operating across 19 countries. Nordigen’s new platform provides connectivity to 29 countries in the European Economic Area, including the UK.

For the majority of fintechs, accessing open banking data is prohibitively expensive. Incumbent open banking companies require payment for every single connected end user, meaning the cost of access rapidly rises for fintechs as they scale. Moreover, the market is difficult to navigate – there are more than 380 AISPs in Europe, many of which offer connectivity as a service. Each of them has a different pricing model and API documentation. This makes accessing open banking data both expensive and technically challenging, while the limited geographical coverage of most existing providers forces clients to resort to a patchwork of different solutions. Usage of PSD2 is not yet mainstream beyond the UK. Nordigen’s new freemium, pan-European model removes the financial barrier while simultaneously simplifying the process of choosing and integrating to an open banking platform.

Rolands Mesters, CEO and co-founder, Nordigen, said: “In Europe, the business model of charging for open banking data, as Tink and Plaid do, will soon be history. Nordigen is the first to launch a free open banking data service, but we certainly won’t be the last. We believe the future of open banking is in the freemium model and that the rest of the industry will soon follow.”

Unlike competitors, who require heavy technology stacks using custom bank integrations built before the age of open APIs, Nordigen is able to offer a freemium service thanks to a lightweight technology stack that relies exclusively on PSD2 bank connections. Nordigen built its platform with pure open APIs in mind right from the start, focusing on providing the raw banking data that most developers are looking for. This is done in a steady, robust way and without the need for screen-scraping or reverse engineering.

Rolands Mesters, CEO and co-founder, Nordigen, continued: “By removing the barriers to accessing financial data, we’re aiming to enable more companies to translate their ideas into reality and drive the innovation and competition open banking regulation was originally meant to foster. It’s ironic that companies wanting to make finance more inclusive and fairer should find open banking data, of all things, out of reach for financial reasons.”

“Our new freemium model is there to help more fintechs solve real-world problems, and there has never been a more crucial time for this. The Covid pandemic is accelerating uptake and showing us a glimpse of the transformational potential open banking has to offer, but we need something more to help companies turn their bold visions into reality. Free access to open banking is that, ” he added.

Nordigen’s new data connectivity platform complements its expertise in data analytics. Since 2016, the company has helped clients across the globe extract more value from data to make better decisions, especially when it comes to assessing the creditworthiness of loan applicants. Nordigen is planning to raise a Series A in 2021.


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London-based fintech startup Ziglu successfully raises €6.6 million on Seedrs to grow its personal money app




Ziglu, the personal money app, has successfully closed its crowdfunding campaign, having raised over €6.6 million from over 1250 investors. 

Ziglu aimed to raise around €1.1 million but hit this target within 3 hours of the campaign opening, and with this very high investor demand Ziglu went on to raise 500% more than their initial target. The campaign, the largest Seedrs equity raise of 2020, was more than five times oversubscribed.

The investment will go to fund the technology and product development teams, international expansion and meet the growing demand for Ziglu’s personal money app.

Ziglu’s Chief Growth Officer, Yang Li, added: “We wanted to give our customers the opportunity to be a true part of Ziglu through ownership. We have been overwhelmed by support for the crowdfunding round, resulting in Ziglu becoming the largest equity campaign on Seedrs this year. Our vision for financial inclusion and community support translates through all our initiatives whether it’s crowdfunding, charitable giving or personal finance – providing fair and equal access to everyone – the same approach we take to crypto.”

As an innovator in the fintech space, Ziglu has been classified as a Knowledge Intensive Company (KIC) by HMRC, enabling KIC investors to claim tax relief on investments up to the value of around 2.2 million. This means that the research and development Ziglu is completing as a result of the funding will be the key driver of growth and income for years to come.

John Lake, Chief Commercial Officer at Seedrs, said “Ziglu is an exciting fintech platform that is changing the way we handle digital and traditional currency – something we’ve not really seen before. The passion, ambition and legacy of Mark and the Ziglu team is fuelling the company’s growth as a global challenger in the fintech space. We are thrilled to see how engaged Seedrs investors have been with Ziglu’s campaign.”

The firm recently celebrated the launch of its limited edition power pink Mastercard debit card by enabling Ziglu customers to support their community through FareShare, the UK’s largest charity fighting hunger, with a donation every time they use their card at a supermarket. 

Ziglu offers an account for the digital age, with traditional and digital currencies managed seamlessly in one app. The cryptocurrency platform gives everyone easy access to digital currencies including Bitcoin, Bitcoin Cash, Ether, Litecoin and XRP. Increasing financial inclusion by providing greater accessibility and control across all currencies with instant and secure digital money management.


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