Archive March 21, 2020

Are Credit Cards Outdated? Doing Business in the Digital Age

The ability to pay for things with a plastic card has allowed the company to reach a level of convenience, speed and flexibility like never before. Paying for large or small amounts can be done from anywhere by simply swiping your card even if you do not have the funds available at that time to pay. The numbers don’t lie; there are 72 million major credit cards in circulation in Canada as of today. However, it seems like doing business in Canada and the reality of credit cards is in times of change.

Credit and debit cards have revolutionized the world as we know it. They are here to stay. The fact remains that the signs suggest that mobile payments via smartphones will be the new revolution; which will cause credit and debit cards to lose popularity, as will video cassettes, video libraries and payphones.


A changing context

credit cards

The rise of the internet and mobile technologies has led to a revolution in the way we make payments. In the past, checks, bank transfers, cash on delivery and money orders were the most common forms of payment for large amounts or payments made remotely. The economy was limited in terms of distance and geography. This is no longer the case. It’s ironic to think that what credit and debit cards have done to this world, the digital age will do them too. The competitive world of online payment processing includes Paypal, Skrill and Apple, and with digital wallets available on your cell, this means that physical plastic cards have become a more cumbersome method of payment.


Uncomfortable payments

Uncomfortable payments

Reflect on the difference noted in just a few decades. When cards were first introduced, cash and checks were the main forms of payment. You had to count the money or write a check. The cards were revolutionary at the time. Now the cards take too long to swipe and process. For online payments, you must enter the 16 digits of your card, your name, the expiration date and the security code. A mobile caterer linked to your account via a secure application would mean that payment is completed in less than a second in one movement of your smartphone.


The digital age

credit cards

The digital age has offered us incredible opportunities. Financial institutions have immediate access to consumer data. We share your location or even your credit score simultaneously. This leads to better quality and treatment services. Banks can now allow customers to make payments instantly from their accounts via an app on their phone. The majority of customers surveyed said they would use their phone to pay if they could. Think about the benefits of secure instant payments, consolidating credit and bank accounts, consolidating loyalty programs, and more, that the digital age has brought us.

It is clear that small Canadian businesses are processing more credit card sales online than ever before. However, it is inevitable. The development of mobile payments that are more convenient, flexible and secure than plastic cards, as well as the push by customers for personalization and convenience demonstrates a trend where credit and debit cards are gradually becoming obsolete. The digital age is not only revolutionary in terms of media, entertainment and social relationships; it is changing the world of finance, small business loans, banking and payment processing too.

1500 Dollar credit immediately online?

A cheap loan over 1500 dollars, where can I get it online? Some direct banks and online financial service providers also provide such small loans. Online loans are usually a little cheaper than loans from branch banks. However, applicants have to be patient even with such small amounts.

Internet loans are advertised as instant loans. But the processing time takes five to seven working days before the loan can be paid out.

Tip: The application time can be shortened if a bank is selected that offers the modern video identification procedure in addition to the usual PostIdent procedure. Uploading documents, looking at an account instead of sending documents and digital signature also shorten the application process.

Credit check at a financial check

Credit check at a financial check

If you quickly need 1,500 dollars, you should use the financial check loan comparison and make the loan request from there. Many banks that participate in the Good Finance loan calculator use Videoident.

In addition, Good Finance offers its customers a special service. Immediately after sending the loan request, even on the computer, the applicant learns what the likelihood of lending is.

Maturities and interest

Borrowing over 1,500 dollars will often serve to bridge a short or medium-term financial bottleneck.

The funds for an unexpected car repair, a suddenly necessary replacement or the money for a longer vacation trip are not available in time.


  • Decide on the shortest possible term. We preset the loan calculator to 12 months. More than 36 months should not be considered.
  • Pay attention to the possibility of free special repayments and fee-free early loan repayment, so that the term can be shortened afterward.

The shorter the term, the less costs are incurred for the loan

The shorter the term, the less costs are incurred for the loan

The following table shows how much interest is accrued on a loan of over USD 1,500 depending on the term. A favorable effective average interest rate of 4 percent is assumed. Is there a 1500 dollar loan for the unemployed or for recipients of social benefits? Unfortunately, these groups of people cannot hope for a loan.

However, some credit banks allow a guarantor or co-signer to be made available, thereby enabling a loan application. Trainees and students are generally not lucky with direct banks, except for the Bank of Scotland. A prerequisite for lending is a sufficient, regular income, which must be documented.

Online loan banks do not regularly consider granting a loan during the trial period. A fixed-term employment relationship must not end during the credit period.

Direct banks like customers who are in permanent employment or are civil servants. Pensioners are no longer fundamentally excluded if they receive enough old-age benefits. The self-employed, however, have a hard time with internet banks.

Most direct banks do not lend to the self-employed at all. Those who do so often require years of successful work and expect a bunch of documents to prove income.

1500 dollars express credit

1500 dollars express credit

For some time now, there have been a few financial service providers in Germany that deal with the issue of so-called payday loans. This form of credit, which is very popular in the USA, is used to issue mini-amounts at maximum interest rates with terms of usually 15 to 90 days. However, the loan amounts are often less than 1,500 dollars, at least when the first application is made.

The mini-credit from Good Credit is interesting. It’s called a direct loan.

Between USD 100 and USD 3,000 are granted, which can be repaid in two to six monthly installments. The effective interest rate for an express loan is relatively moderate – 8.95 percent (as of May 2017).

If the express function, which is generally subject to charges, is selected, the money can be paid out on the same day, provided that the contract is signed by 1:00 p.m. by video ID. So Good Credit offers an instant loan that actually deserves the name – if not on the most favorable terms.

It is not certain whether Good Credit is still offering this small loan (September 2018). We found nothing more on the bank’s website.