No need to print or fax!
Our system allows you to get a loan without all the hassle. At Express Loan 911, you don’t have to print or fax us anything. In fact, you don’t have to send us a single document.
Our secure 256-bit encryption system is the same system used by large banks. It gives us access to a read-only copy of your banking statements. This is all managed through our secure IBV system. Applying for a loan at Express Loan 911 is the secure, easy option when you need money fast.
What is instant banking verification (IBV)?
Instant banking verification is a simple process that is used between financial institutions to verify the accounts and transaction history of loan applicants. We use IBV to verify your identity and view a secure copy of your bank statement. It allows us to consider your request quickly, and respond fast. None of your information will be retained once the verification has been completed.
I don’t feel comfortable my information online, how do I know it’s safe?
We understand the hesitance, but be aware that this system has been set up to increase the security and confidentiality of your request. With the same level of security used by online banks, this system will not remember your username or password. This is the easiest, quickest, and most convenient was to apply for a loan.
What will you do with my information?
Your username and password will be securely transferred to your financial institution so that it can verify your identity and send us your bank statement for the last 90 days. This information is required to approve your application and is done with the safest technology on the market.
Do I need to use IBV?
We use our Instant Banking Verification system to make the loan process easier and faster for you. This information is necessary to approve your loan. The old method requires you to send 5 paper documents (bank statements, pay stubs, check specimens, identification and proof of residence). IBV allows you to get a loan without printing, faxing or sending any documents at all. However, the traditional option is always available.
What are the Annual Interest Rates?
We work with dependable financial institutions to offer a minimum rate of 29% and a maximum rate of 32% annual interest.
Do you have an example of a loan and payments required?
Of course, if you need a withdrawal on your facility of $ 750. our team will ensure that the money is deposited directly into your account before the end of the day. When you receive your loan, you can repay it on 10 installments of $ 120.
This information is given for descriptive purposes only and considers that the withdrawal made is refunded in full according to the agreed repayment schedule, without any new withdrawal or re-borrowing being made before full repayment.
The example above assumes a weekly membership fee of $ 20, which must be paid by the client as long as there is a balance owing on the credit facility.
The amount of the membership fees may change at any time and Prêt Instant reserves the right to modify them, their allocation, computation and the terms and conditions relating to any new facility granted.
The above example does not include any administration fees, carry-forward fees, fees for withdrawals refused by your financial institution, re-borrowing costs, maintenance fees or any other fees that may be imposed in connection with the occurrence of a default or your management and use of your facility.
What Happens If I Default My Payment?
There are two possibilities:
The first would be if a pre-authorized payment bounces. In this case, you will have a $50 Non-sufficient fund (NSF) fee for the bounced payment. As well, your bank may also charge for a NSF. It is always in your best interest to ensure that you have the necessary funds in your account before the date of the automatic withdrawal.
The second would be if you asked to defer a payment to a later date. If you chose this option, there is an administration fee of $35.00 charged to the account. It is important to inform us at least 3 days before your payment- is due so that your request will be approved.
Are there other conditions I should be aware of?
Terms of Renewal: Loans are not renewed automatically. Loan renewals can only be made after the customer has submitted a request and it has been approved by our company.
Amortization schedule: Any initial withdrawal on your facility will be amortized according to an equal and consecutive payment schedule allowing full repayment of amounts due over periods ranging from three to six months. Thereafter, any re-borrowing on the availability of your credit facility will be added to the principal then remaining due on any previous withdrawal and a new amortization schedule will then be agreed to amortize the repayment on a predetermined number of equal payments and the same will be true of any subsequent re-borrowing.
What about Collections and Credit Scores?
Don’t worry, we understand that life is unpredictable. If an unexpected life situation arises and you are unable to make a payment on time, our team will make sure that we modify your repayment agreement to help accommodate your current situation. That being said, our company is in full legal compliance with Canadian lending regulations and standards. We are therefor obligated to demand full payment of any outstanding amounts, interests or fees if there is a default of payment under the modified repayment agreement. Also, if we incur any legal fees (judicial and extrajudicial) as a result of a default on your modified repayment agreement, we will claim these fees and you will be required to reimburse us. If for some reason we cannot come to an agreement about your loan repayments, we will have no choice but to assign your file to a collection agency, which can negatively impact your credit rating. It is in your best interest to pay your installments on time.