An Express Solution for Your Loan Needs

Posted: 21st June 2022 11:18

Did you know that nearly two million people take out payday loans yearly? Quick loans are becoming an increasingly popular trend in Canada as the Coronavirus pandemic has left low-income and middle-income individuals vulnerable. With the economy on the mend from the deadly virus and susceptible to shocks from the Ukraine-Russia war, the Canadian government has limited the aid it provides. Support programs like the Canada Emergency Response Benefit (CERB) are being retracted, leaving private solutions as the only fallback option for many individuals and businesses in need of finances.

What Are Express Loans?

Express loans are provided by online banking companies that supply loans through a fully automated and prompt application system. These are essentially a type of online payday loans that are approved within a mere 15 to 20 minutes, with the funds being transferred to you soon after. You can get loans up to $1500 to counteract any unexpected expense that you might have to face. The online payday loans industry is a regulated one, where lenders are licensed, trustworthy, and fully transparent in their transactions.

One of the most advertised features of such loans is that they require a very short and minimalist background inspection that does not include an extensive financial history check. This allows individuals with no or bad credit history to get the cash they need. These loans are inclusive, allowing everyone to gain access to fundable loans.

Traditional banking methods are reserved for more wealthy or financially stable clients. However, payback loans charge high interest, so their suitability is subjective to each individual. Online express loans have made borrowing a less stressful and convenient process that requires little to no human interaction. If you have queries, there are ways of contacting these lenders through emails, given contact numbers, and often through their websites.

How to Apply for Express Loans

The application process for an express loan is a short, five to ten-minute endeavor. You will have to submit basic information, including your full name, birth date, and the amount you want to borrow, through an online application. The request is then screened immediately. Online lenders will then respond with an approval or denial, mostly the former, via email quickly. The faster you agree to the terms and conditions of the lender's payment, the faster the amount will be transferred over.

Credit History Requirements

The great thing about online express loans is that they aim to help individuals who do not have a financially stable background. Since credit plays a huge part in the conventional lending system's decision-making, the process can be somewhat systematically discriminating. The stronger the credit history, the lower the interest rate an individual gets. As express loans are smaller, they can help individuals with bad debt who other banks would likely reject. Clients just need to meet the company’s basic requirements to be eligible for such loans.


The current economic climate is somewhat unpredictable, and this can make planning your finances a challenging task. Before finalizing your lender, make sure you calculate the number of installments and the amount payable per installment. There are multiple payday calculators online that help you keep track of your loan. Research all the options available elaborately to make a final decision that is the most feasible for you and beneficial in terms of access or rate of return. You should also stay up to date with financial decisions made by the Canadian government as well.