Are you dealing with a financial emergency or an unexpected expense? If your answer is yes, an express loan may be the right solution for you. Express loans are personal loans that can be obtained quickly through an online platform. There are many benefits to using an express loan, although, before making a final decision on whether an express loan is right for you or not, it is crucial to gather and understand all the facts.
Can I Get An Express Loan?
When you’re in a financial emergency, an express loan can come in handy due to its fast approval process and quick funding. You can get an express loan with most online personal loan lenders and payday loan lenders. Depending on the lender and when you apply, some even provide same-day loans.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
The best thing about an express loan is it’s quick, easy and can be obtained online. In addition, you don’t need to worry about opening hours, you can complete the application online in the comfort of your home. The application process is quite simple and can be summarized in six steps.
1. Determine What You Need
Determine exactly what you need the loan for, how much you need and for how long. Compare various lenders to get the best conditions possible for your unique needs.
2. Find Out If You’re Eligible
Before submitting your application, it’s important to review the minimum eligibility criteria. This doesn’t mean you’re guaranteed to get approved, but if you don’t meet the minimum requirements, you’re guaranteed not to get approved. Potential criteria are your age, residency, credit score, and employment or income.
3. Submit An Application
To complete an application, you will need some personal information and documents handy. This could include a government-issued identification, proof of income (pay stubs and bank statements), and your social insurance number. When applying, try to complete the application as early in the day as possible. Most same-day loans are only available if you apply within a certain time of the day. If you apply too late in the day, the loan may not be approved and funded within the same day but rather within the next 24 hours.
4. Get approved And Funded
Depending on the lender, approval can take a few minutes to a couple of days. However, this can be delayed if the lender is unable to verify certain information, in which case, some lenders may ask for additional documentation before giving full approval.
Once you’ve been approved, the funds will either be sent directly to your bank account or via e-transfer.
5. Make Loan Payments
Once you receive the loan you’ll be responsible for making loan payments until you don’t owe any more money to the lender. Setting up automatic payments and payment reminders is a good idea to help you stay on track.
One of the main advantages to an express loan is it’s speed and convenience, however, express loans offer more than just that:
No Collateral
The majority of online loans are unsecured which means that you are not required to pledge collateral to obtain financing (click here to learn more about collateral). In the event that you default on a loan, you won’t risk losing your car, home, or other pledged assets. There will be other consequences if you default on your express loan, such as a serious hit to your credit score.
Rapid Approval Time
Nearly instantaneously an online lender can tell you whether or not you’re approved for the financing you’re applying for. In addition, all of the relevant details for your loan can be provided right away, such as your repayment period and payment amounts. Banks and other similar lenders can take a long time to get you this information.
Click here to learn about fast approval short term online loans in Canada.
Easier to Get Approved
Banks and credit unions don’t like high risk and, for the most part, they can afford to be picky. This isn’t a problem if you have great credit, but if you don’t, you’re going to have challenges getting a loan with a traditional lender. Even if you do get approved, don’t expect to get favourable terms.
On the other hand, online lenders are much more lenient with approval. If your credit score isn’t the greatest, online lenders will look at other factors related to creditworthiness. For example, an online lender may evaluate historical utility bill payments in a candidate.
Disadvantages Of An Express Loan
While express loans have numerous advantages, there are risks, such as:
Easy To Accumulate Debt
With the ease of online lending, consumers have to be wary of taking on more debt than they can handle. Banks avoid lending to individuals who already have a lot of debt because of the high risk to them so it’s hard to run into this problem with traditional lenders. Because online loans are quick to obtain, it is very easy for individuals to get into debt if they aren’t cautious.
Payday Loans
When shopping around for online express loans, you will come across payday loans often. On the outside, payday loans seem like a great deal. They’re quick, have short repayment periods, and credit checks are not mandatory to obtain financing.
While payday loans seem like a good option, they have extremely high interest rates and the short repayment period may not give you enough time to pay what you owe. Sometimes payday loans are necessary if they’re your only option, but before accepting one, be sure to read the conditions carefully and understand all the aspects of the loan.
Prevalence Of Scams
Unfortunately, with the advancement in online lending and banking, scams have become more prevalent. By applying for express financing online, you risk applying to a fraudulent company which could really hurt your finances. To avoid falling for scams, watch out for:
Anything that seems too good to be true
Any lender is asking for information that you feel is inappropriate
Using An Express Loan to Improve Your Credit
There are several factors that can impact your credit score for better or for worse. How effectively you perform in relation to these factors will determine whether your credit score improves or declines. Below is a summary of the common factors that can influence your credit score calculation.
Payment history. One of the biggest factors used to determine your credit score is payment history. If you pay bills or other obligations later than 30 days, your credit score may take a hit.
Credit utilization. This is the percentage of credit you are currently using. Credit utilization is another big factor that can affect your credit score. As a general rule of thumb, your credit utilization percentage should be 30% or less.
Duration of credit use. The length of time you’ve had credit may impact your credit score too. Usually, the longer you’ve had credit, the better. This is because lenders have more financial history to refer to when determining your creditworthiness.
New Credit Applications. The number of times you apply for financing can also impact your credit score because the potential lender will pull your credit report. The lower your number, the better. Keep in mind that if you pull your own credit report, it won’t have an effect on your credit score because it is considered a soft inquiry as opposed to a hard inquiry.
Bottom LineOn Using An Express Loan
Performing extensive research can be a challenge when you need fast cash in an emergency, but it is a necessary step that will save you stress in the future. Just like with any type of loan or financial product, express loans do come with a certain amount of risk. So while these loans are easy and fast to obtain, it is also important to do your due diligence before applying.
Borrow Up To $50,000
Express Loans FAQs
Why is it important to research a lender before applying?
Even if using banks, credit unions, or virtually any other lender, it is still important to shop around and do some due diligence of your own, you should be doing this with online lenders too.
Can I get guaranteed approval?
Guaranteed approval means that you know you will be approved for a loan before completing and submitting an application. No loan will ever have guaranteed approval. If it does, that is actually something to worry about! Lenders don’t like risk, so to avoid risk, they will do a check up on your financial history and perform due diligence procedures. Without gathering this information, no lender can guarantee you’ll get approved because they haven’t determined if you’re a risky candidate or not. If a lender says they guarantee approval, it is likely a scam, some things are absolutely too good to be true. Steer clear from lenders who guarantee approval or make other larger than life promises.
What are express loans?
Express approval means that your loan application will be reviewed and either approved or declined very quickly. Online express loans absolutely have express approval, hence the name.
Veronica is a writer who specializes in creating unique and educational personal finance content. She has extensive experience writing blog posts for companies in the financial sector. Veronica's background is in accounting as she graduated from Western University in 2017 with a degree in accounting. She is passionate about using her accounting expertise to help others with their personal finance questions and issues and enjoys using her writing to educate Canadian readers. When Veronica is not writing, she enjoys film, reading, travelling, going to the gym, and listening to music.
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