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We are OPEN.

Prudent Financial has been declared an essential service. Our offices are open by appointment and every precaution has been taken to ensure your safety. If you prefer isolation our Loan Officers are also available online to assist with the entire approval process remotely where it’s possible to do so.

Offices open for new customers or payment processing by appointment only.  Please call 416.223.9300

Speak With PFS

Do you have a current loan and need to discuss your options?  Call and speak with one of our loan officers.   We are available 9am-5pm Mon-Fri  at (416)223-9300 or use the chat option at the bottom of this page.

Handling Covid-19 and your finances

Since late March, the world has been enormously difficult for many Canadians due to the outbreak of the novel coronavirus, COVID-19, and subsequent measures to “flatten the curve.”

While these undertakings are aimed to keep the public safe and reduce infection risk, there’s been an unfortunate side effect — many Canadians are now out of work.

In Barrie, ON, for instance, a restaurant employer told Barrie Today that they had to lay off 100 people, as Ontario restaurants have been mandated to temporarily stop dine-in service.

Whether you have been laid off by your employer or can’t work for another reason — such as needing to stay home to take care of children out of school — the results might be the same: money is tight right now, and it’s not known when the situation will be better.

What can you do to make ends meet, especially if you have bad credit or were already dealing with a lot of debt? Let’s review the options…

Review Your Options


  1. Government of Canada Assistance

The Federal Government announced a large emergency relief package on March 18 of $82 billion. This is a good move and will provide a lot of needed assistance. However, we need to look at the facts of what’s included.

That $82 billion includes:

  • Emergency care benefit of up to $900 biweekly for up to 15 weeks.
  • An Emergency Support Benefit delivered through the CRA to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment.
  • A six-month, interest-free reprieve on student loan payments.
  • Moving the income tax deadline to June 1 and deferring owed return payments to August 31.
  • 10% wage subsidies for small businesses.
  • And more.

See the full details from the Government of Canada here:

These measures are meant to help Canadians facing hardship as a result of the COVID-19 outbreak. But they do not erase bill payments completely — read on for more about what this means.

  1. Bank of Canada Interest Rates

The Bank of Canada (BOC) lowered the Canadian interest rate to 1.25% on March 4, 2020 and cut it again in an emergency announcement on March 13, 2020 to 0.75%.

Another BOC announcement is scheduled for April 15, 2020, where the rate may be reduced further.

This can provide easier access to credit for both consumers and businesses and lower variable-rate debt payments, which is both positive and negative. On the one hand, this makes it easier to access more money and credit products.

However, on the other hand, if you don’t have a plan to pay that credit back, it could spell trouble down the line. This is what prompted the BOC to begin raising interest rates in the first place.

Learn more about the BOC decision:

The BOC has lowered interest rates substantially to assist qualified borrowers in extreme times like these.

  1. Same-Day Financing Solutions

Industry experts are already predicting that Canadians are going to have to make up costs from lost income and that it could be challenging when that happens.

If you are having trouble meeting your payments, you need a solution and a plan to stay ahead.

If you do need extra assistance (especially if you have bad credit or are self-employed), don’t fall for payday loans or fly-by-night lending operations.

Instead, look for reputable lenders who offer options to people with good credit, bad credit, self-employed, and everything in between.

For instance, at Prudent Financial, we offer equity loans, which means our loans are based on the equity in assets you already own — like a car or house. Our loans are all open and repayable at any time with no upfront fees.


Government of Ontario – Program Details: A temporary top-up to payments made through the Ontario Guaranteed Annual Income System (GAINS).  It began in April and continues;  monthly GAINS payment amounts will be automatically doubled for a period of six months. This provides additional and immediate financial support to low-income Ontario seniors who may need more help to cover essential expenses during this pandemic.


  • Are 65 years or older
  • Have lived in Ontario for the past 12 months or for a total of 20 years since turning age 18
  • Have been a Canadian resident for 10 years or more
  • Receive the federal OAS pension and GIS payments
  • Have an annual private income of up to $1,992 if you are a single senior or up to $3,984 if you are a senior couple. Private income may include money from a private pension, bank interest, the Canada Pension Plan, etc.

If you currently receive the OAS pension and GIS, you do not have to apply. To receive your GAINS payments you must: file your return every year, even if you don’t have income to report, or complete a GIS application and send it to your nearest Service Canada office. Those currently receiving the OAS pension and GIS, do not have to apply.

In Conclusion…

This is a challenging time, but a necessary one for our public safety. However, if you are struggling financially rest assured that there is help available.

At Prudent Financial, we have secured loan options  that can help you deal with  debt that is weighing down your mortgage payments, cope with a layoff, plan for upcoming bills, and so forth.

We will continue to be here for you throughout this event. We are available remotely by phone, email, or online chat.

One of our loan advisers is available to discuss your situation. Call 1-888-852-7647 or visit

We urge you and your family to stay safe.

Speak With PFS

Do you have a current loan and need to discuss your options?  Call and speak with one of our loan officers.   We are available 9am-5pm Mon-Fri  at (416)223-9300 or use the chat option at the bottom of this page.