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How Do Instant Loans Work?

How Do Instant Loans Work?

If you are considering an instant loan to solve your money troubles, it’s important to know what to expect. Unlike traditional bank loans, things are a lot more straightforward.

Instant loans are a convenient way to receive up to $1,500 exactly when you need it. For those who meet the requirements (listed above), the fast online application is open 24/7. Once you have received your approval – typically within ten minutes – you will be asked to sign a digital agreement and provide your email address so that the funds can be sent to you via e-Transfer.

Once you have the funds, you can spend the money on whatever you like. Repair your faulty car, replace your temperamental appliances, or treat yourself to a spree at the mall – it’s entirely up to you!

Repaying the loan is just as easy as receiving it. On the agreed-upon date, your loan amount plus interest charges will be automatically taken from your next paycheck. Depending on your pay cycle and province of residence, this could be up to 62 days from the time you receive your initial loan. Some provinces, including Alberta, British Columbia, and Ontario, may require repayment over more than one pay date.

When it comes to fees, some lenders can make things a little complicated. Look for a licensed direct lender who makes it easy to understand the costs of borrowing. Trusted lenders specify the terms of borrowing in the agreement and give a clear indication of how much will be withdrawn from your bank account and on which date.

How does Loan Express work?

Loan Express provides a short-term cash advance to our customers that find themselves a little short until their next payday. On the agreed-upon repayment date, the total loan amount (including the disclosed fees) is repaid by automatic direct debit from the borrower’s bank account.

What types of income are eligible for a payday cash advance?

  • Child Tax Credit paid on a regular basis.
  • Pension, disability, and most other government benefits that are paid on a regular basis.
  • Full-time employment: Some income types do require you to be employed for a minimum of 6 months. If you have been employed under 2 months, please wait until you hit the 2 month milestone before applying. 

How long does the process take?

At Loan Express, we pride ourselves on near-instant delivery of online payday loans. However, the exact length of the process depends on several factors. If you choose to use the bank verification tool, an application only takes a few minutes, and you can receive your funds instantly by e-Transfer. 

If you choose to email your documents, it will take a little longer to receive your approval and loan because you have to gather your bank statement and agreement and email them to us. While it’s still an easy process, it takes a few minutes longer and you will receive a direct deposit.

How fast can I receive my money?

If you are deemed eligible for an Interac eTransfer, you will receive your money instantly. If you are getting a Direct Deposit, they are transferred 3 times daily during regular business hours. If you are with a bank that is not CIBC, TD, RBC, Soctiabank, BMO, or HSBC, the deposit may take longer.

Loans approved before 11 AM will be deposited that day by 3:30 PM. Loans approved between 11 AM and 3:45 PM will be deposited that day by 8 PM. Loans approved after 3:45 PM or on weekends and holidays will be deposited by 3:30 PM the next business day. 

*All times are in Pacific Standard Time (PST).

Why Choose Loans From Loan Express?

Loan Express has proudly offered instant loans across Canada since 2005. Over 15 years of lending, we have helped thousands of Canadians get their finances back on track.

When it comes to smart instant loans, Loan Express keeps things simple. Fill in your online application any place, any time, and you’ll receive an instant decision. If you meet our requirements, you will be sent up to $1,500 within 5 minutes. No jargon, no lengthy applications, and no hidden fees, just straightforward, quick loans.

Unlike other lenders, Loan Express has your best interests at heart. We only approve amounts that you’ll be able to repay, and we’re completely transparent about the fees – ethical standards are extremely important to us, and we always put customers first.

With instant approval, 24/7 applications, and honourable practices, it’s no surprise that Loan Express is one of the fastest-growing and most trusted instant lenders in Canada.

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