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The word express denotes “rapid”, “expeditious”, “swift”, “speedy”, “quick”, “high- speed”, “brisk”, “prompt”. It is so exciting for borrowers to also have the word express being applied to loan services when they need it the most.
Express loans exist to make customers happy because the service is in such a way that there is no delay and everything happens promptly. Imagine if you need a loan, and your lender works at high-speed to give you the loan, that is what is meant by getting express loans.
Express loans are for emergency financial situations that your budget is not able to cater for.
A leaky faucet, sudden ill health and other medical bills, utility payments and likes require immediate attention. They are costs that cannot be put off till later.
Qualifying for express loans
It is easy to qualify for express loans services from lenders. Lenders are aware of how pressing the financial needs of anyone who needs a loan is.
They, therefore, do not come in with overbearing or stringent measures before those who need express loans can get them. People with bad credit can apply for express loans.
This is different from the mainline lenders who will usually not want to have anything to do with those with a poor credit score.
The main consideration is a good source of income that will enable you to pay back the loan when the time is due. Those with bad credit have a good chance of getting express loans.
Lenders requirements for express loans
Even though express loans are swift to get, as all loans there are requirements that borrowers have to go through before they get the loans. These requirements are not to put the individual to a drill but to enable them to know what is expected from concerning the loan they are about to take.
Since most express loans are now offering their services online, before you apply you should have all the information needed at hand.
These include your personal information, your identification document which can be a drivers license, national id card or your passport. Your bank account, as well as a pay stub, will also be requested for.
This will allow the lender to know exactly how much you can handle as debt. The bank account details will be used for depositing the amount of the loan requested and to pay back the loan when the time is due.
Types of express loans
Small loans are loans that involve not too huge amounts. As a type of express loans that exists, you can get them by simply applying online or doing a walk into the lenders’ office to get your loan.
Small loans are used in times of financial emergencies when there are sudden expenses that need to be catered for. Those with bad credit can turn to these express loans to help them out of financial or cash flow problems.
With small loans, you will get the loans on time and without any long winding processes. You will get the loan on time at the point when you need it.
Payday loans are a typical example of express loans for those who need them. They are loans that are taken to cater for expenses that come up before the borrowers’ payday is due. Payday loans are heaven-sent especially when you have a tight budget but there are pressing expenses to make.
You repay the amount borrowed when your next paycheck comes in. With payday loans, lenders provide short-term unsecured loans to the borrower. When its time to repay, the borrower writes a post-dated check having the full amount and the fees.
This process is simple but can become risky if the written cheque bounces at the bank. This can incur extra fees and increased interest rate because of the failure to repay.
In more recent times, payday loans are applied for online and the transaction is paid into the persons’ account. The loan amount is electronically withdrawn from the borrowers account at the next payday. There is no need for a walk – in to get payday loans.
Express loans for consumer durables
Consumer durables make life easier. They are loans that are taken to purchase household items. Express loans for consumer durables are repaid in monthly amounts.
The loan covers a wide range of items that can be bought depending on what the needs of the individual are. These items include: Microwaves, Refrigerator, smartphones, Air conditioners, TV’s, Dishwasher, Sound systems, and the list goes on.
It is well understood by lenders that not everyone has the extra money to buy the household items that they need. Hence express loans for consumer durables come to save the day. Individuals can buy now and pay later without breaking the bank for household needs that they encounter.
The amount to be paid and how long the loan is taken for depends on the lender and the item in question. In some cases, there are interest-free offers given to those who go in for express loans for consumer durables but that does not happen a lot of times.
Uses of express loans
– When there’s a leak or burst in a pipe in your home
– Worn out furniture that needs to be replaced
– Payment of bills
– In the event of an injury or other medical conditions
– When appliances at home need a fix
Express loans are greatly hailed for the quick and easy manner in which you can get the loans that you request for. It also has good terms of payment. With express loans, you can either pay in a lump sum or in monthly installments. There is no heavy paperwork involved especially if you are applying online from reliable lenders like Afterloans Canada.
However, borrowers are concerned with their details going to the wrong people. The advent of hackers has made borrowers more questioning about the security of their details. This particularly affects the giving out of their social security numbers that scammers can use for identity theft to make unauthorized purchases.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. You can borrow up to $20000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.