FAQs

Q: How does express money TODAY Works?

express money TODAY is a Payday Loan advance of expresscaPAYS. The Instant Cash Advance is designed to meet your immediate Cash needs.

Instant Cash Advance program is regulated by Payday Loans Acts, 2008 and is different from our automated bills payment service, expresscaPAYS BILLS.

express money TODAY requires you to apply and if approved, your account would be available to apply for any loan up to $1500.00 as stipulated by Payday Loans Acts, 2008.

Once, approved, you can always sign into your express money TODAY account and apply for a loan. Please note that you must repay a loan before you can apply for another.

If you are a returning Customer, you do not need to create a new username name. All you need to do is to sign in with your username and password to apply for a loan.

A new customer must apply by creating username and password and also provide all other details. Once you are approved, you will be required to sign in with your username and password. For Subsequent loan application, you only need to sign in with the username and password.

Q: How does this different from expresscaPAYS BILLS?

The major difference between the two programs is that expresscaPAYS BILLS is designed to ensure you do not miss paying a bill. Therefore, funds are disbursed directly to your service providers while under express money TODAY program, the funds are disbursed directly to you.

Q: How long does it take to get funds under express money TODAY?

Funds are transferred by 8.00pm of the day of application if application is made before 5.00pm. It is transferred 10.00am of the day after the application if the application is made after 5.00pm

Q: How would I receive the fund?

Once your loan is approved, the fund would be deposited into your bank account through direct deposit with the name Express Ca Corp. However, depending on the urgency of the need, we might consider doing Interac Email Money Transfer (EMT),if the client is familiar with EMT or Online Banking.

Q: How do I Pay back the loan?

During the loan application process, you would have executed Pre-Authorised Debit (PAD) on your bank Account which would be used to debit your account on the loan due date. You need to kindly ensure that the repayment amount is available in your account 24 hours before the repayment due date.

Q: Assuming I do not have the repayment amount before the due date

NO Worries, Payday Loan Acts , 2008 allows you to extend your repayment to the next pay day. Assuming that you receive your payment, Bi-Monthly and your repayment due date which is same as your next payday, your loan can be refinance for another 14 days which would be the subsequent next payday.

For example, if your repayment date is July 14 which is also your next pay day and you request for extension ( known as reloan) or refinancing, your new repayment date would be July 28 which is your next payday.

Kindly note that you can refinance or extend your repayment only once in accordance with Payday Loans Acts, 2008.

Q: Assuming the repayment due date is on Saturday, what happens?

Your account would be debited the next bank working business day. So you need to ensure the fund is available in your account the next working business day.

Q: What do I do if I want to extend or refinance my Loan?

For your to extend or refinance your loan, all you need to do is to sign into your account, go to loan summary and click Refinance Button in front of the loan. By clicking the refinance button, you are authorising Express Canada (Ca) Corp to refinance the loan.

Q: What happened after then?

The administrator (Customer Relationship Manager) will call to reconfirm from you before processing the refinancing.

Q: What sort of documentation do I need to refinance?

You do not need any form of documentation as the system automatically generate pre-signed new loan document and deposit same into your file.

Q: If I want to refinance, when must I apply for the refinancing?

You must apply for refinancing 48 hours (2 days) before the repayment due date

Q: What do I need to qualify for a loan?

To qualify with us, you need to be employed (not self-employed) at a job that is local to you, and you must be paid regularly and you must be paid by Direct Deposit or cheque which you deposit into your account. You will need to provide proof of your income by submitting a scanned copy of your recent bank statements which we shall verify.

We require a complete 60 days of banking history. Occasionally, we will also require a fax of a void cheque, recent paystubs, a recent utility bill or other proof of address, or a bank stamped direct deposit authorization form. Once we have the information we need, we evaluate each loan application individually. You will be informed by e-mail whether you qualify, usually on the same day as your application.

Q: Can I qualify for a loan if I am unemployed but receiving Disability, Employment Insurance, a Pension, etc.?

Sorry, but not at this time. You must be actively employed and working.

Q: How much will it cost me to take a loan for $___?

We charge 12.5% of the Principal, so for each $100 you borrow the fee is $12.50 for the 14days. For example, A $300 loan means you are paying us back $337.5 on your next payday.

Q: Can I borrow until 2 paydays from now?

If you are borrowing for 2 paydays, we would require you to apply for the first payday and later refinance, 48 hours before the repayment due date.

Q: I applied but was told that I do not qualify at this time. Can I re-apply later?

If your situation changes and you believe you might re-qualify, then you can reapply to open an express money TODAY account. You will still need to provide us with the 60 days history of your banking by sending us a scanned copy of your bank statement.

Q: How do I know that you are a legitimate business and/or a legal payday lender?

We are authorised by Ministry of Government and Consumer Services to provide a Payday Loan Advance. A copy of the licence is displayed on our website.

Q: What are your hours?

We are open from Mon - Fri 9:00am - 3:00pm;

Q: I got halfway through the application but was unable to get it finished. How do I carry on where I left off?

This depends on how far you got: If you did not finish filling out the first application form, you will have to start over. Your web browser should remember most of the things you typed into each field though, if you hit the down arrow key on each field.

Reloan (Extension or Refinance)

Q: Your payment has come out of my account and my last loan is paid off. How do I apply for another one?

Each loan is treated as a new loan as we believe that situation might have changed. However, you might not be requested to resubmit bank statements if the number of days after the last payment is less than 30days. Otherwise, you will be required to submit bank statement. We will need to see a complete history back to the start of your last loan (or 60 days). We will see your submission and get back to you, usually within 30 minutes if we are open.

Q: My loan was paid back today. When can I apply for a reloan?

You can apply as soon as your online bank statement shows our payment coming out of your bank account.

Q: How much can I borrow on a reloan?

If this is your second loan from us, and your employment / paycheque situation has not changed, then you will be eligible for a loan of the same amount again. Starting with your third loan, you will be eligible to borrow a little more each time. However, it is our policy not to lend you more than 30% of your total gross income

Rescheduling Payments and Missed Payments

Q: I need to move my repayment date! What do I do?

If the loan to reschedule is your first loan with us, you can reschedule to the next payday. After this, the loan must be repaid in full before you will be eligible for reloan. To move your payment to next payday, you follow the refinance procedure, by signing into your account, click on the refinance button in front of the loan button. A loan administrator (Customer Relationship Manager) will contact you to review your situation for approval.

Q: Unfortunately, my payment has bounced. What now?

If your payment has bounced, you will start receiving e-mails from us asking you to get in touch with us. Even if these have not arrived yet and you notice the bounced payment in your web banking, you should call us right away. Failure to contact us in a timely fashion will probably result in extra NSF charges for you (which can be as high as $60 per failed payment). Once we talk to you we can adjust our system not to attempt a payment until an agreed upon date when the money will be in your account.

These information are required under the Payday Loans Act, 2008.


Payday Loan Acts 2008, Educational Materials

Ontario Payday Loans Act

Ontario Payday Loans Act Regulations 98/09