1. Corporate Information
LendX Financial Inc. is a corporation incorporated under the Canada Business Corporations Act (CBCA), federal registration number pending at the time of this disclosure.
- Legal Name: LendX Financial Inc.
- Operating Name: LendX Financial
- Incorporation: Federal (CBCA)
- Head Office: Toronto, Ontario, Canada
- Phone: 647-200-3526 · 1-888-519-2435
- Email: hello@lendxfinancial.com
- Website: lendxfinancial.com
2. Provincial Licensing Status
Payday lending in Canada is regulated at the provincial level. LendX Financial is actively pursuing licences in all provinces where short-term consumer lending is planned.
| Province | Governing Act | Status |
|---|---|---|
| Ontario | Payday Loans Act, 2008 (S.O. 2008, c. 9) | Licence application filed — pending |
| British Columbia | Business Practices and Consumer Protection Act | Pending licence application |
| Alberta | Payday Loans Regulation (AR 157/2009) | Pending licence application |
| Manitoba | Consumer Protection Act | Pending licence application |
| Saskatchewan | Payday Loans Act, 2018 | Pending licence application |
| Nova Scotia | Payday Loans Act (SNS 2008, c. 32) | Pending licence application |
| New Brunswick | Cost of Credit Disclosure and Payday Loans Act | Pending licence application |
| Prince Edward Island | Payday Loans Act (RSPEI 1988, c. P-2.1) | Pending licence application |
Note: LendX will not operate in any province until the required licence is issued. Quebec is not currently in our service area. Services are not available in Nunavut, Northwest Territories, or Yukon at this time.
3. Maximum Cost of Borrowing by Province
The following table shows the maximum cost of borrowing per $100 borrowed as set by provincial law. LendX charges at or below these maximums.
| Province | Max per $100 | Max Term | Representative Example |
|---|---|---|---|
| Ontario | $14.00 | 62 days | $500 × 14 days = $70 fee · $570 total · APR ~365.96% |
| British Columbia | $15.00 | 62 days | $500 × 14 days = $75 fee · $575 total |
| Alberta | $15.00 | 62 days | $500 × 14 days = $75 fee · $575 total |
| Manitoba | $17.00 | 62 days | $500 × 14 days = $85 fee · $585 total |
| Saskatchewan | $17.00 | 62 days | $500 × 14 days = $85 fee · $585 total |
| Nova Scotia | $19.00 | 62 days | $500 × 14 days = $95 fee · $595 total |
| New Brunswick | $15.00 | 62 days | $500 × 14 days = $75 fee · $575 total |
| Prince Edward Island | $25.00 | 62 days | $500 × 14 days = $125 fee · $625 total |
4. Borrower Rights
As a borrower of a short-term (payday) loan from LendX Financial, you have the following rights under applicable Canadian law:
Right to Full Disclosure
You have the right to receive, before signing any loan agreement, a written disclosure of: the total cost of borrowing in dollars, the annual percentage rate (APR), all fees, the due date, and the full terms of repayment.
Right to Cancel
In Ontario, you have the right to cancel a payday loan agreement without penalty by the end of the next business day after signing. To cancel: return the borrowed funds in full to LendX's office or designated account within that time.
Right Against Rollovers
You cannot be required or induced to roll over your payday loan. LendX is prohibited by law from extending, renewing, or replacing a payday loan with another payday loan if the result would be continuous indebtedness exceeding 62 days.
Right to Extended Repayment
If you have already borrowed and repaid at least two payday loans in the preceding 63-day period, you have the right to request an extended payment plan at no additional cost. Contact LendX before the due date to arrange this.
Right Against Harassment
LendX and its collection agents (including NEO Legal Services PC) are prohibited from using harassing, threatening, or abusive conduct in any collection activity. All collections comply with Ontario's Collection and Debt Settlement Services Act.
Right to Lodge a Complaint
You may file a complaint with:
- Ontario: Ministry of Public and Business Service Delivery (Consumer Protection Ontario)
- FCAC: Financial Consumer Agency of Canada — canada.ca/fcac
- LendX directly: hello@lendxfinancial.com or 647-200-3526
5. Required Borrower Notice — Payday Loans Act, 2008
⚠️ REQUIRED NOTICE: Payday loans are high-cost, short-term loans. They are not intended to solve long-term financial problems. If you are experiencing ongoing financial difficulty, please contact a non-profit credit counselling service before applying.
Credit counselling resources:
- Credit Counselling Society: nomoredebts.org · 1-888-527-8999
- Ontario Association of Credit Counselling Services: oaccs.com
- Financial Consumer Agency of Canada: canada.ca/fcac
LendX Financial Inc. payday lender licence is pending under Ontario's Payday Loans Act, 2008 (S.O. 2008, c. 9). Not yet licensed or available in all provinces.
6. FINTRAC / AML Compliance
LendX Financial Inc. is subject to Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and is registered with or in the process of registering with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business.
Our AML/ATF compliance program includes:
- Client Identification: All borrowers are required to verify their identity before receiving funds, using government-issued photo ID and other documentary methods as required by FINTRAC guidelines.
- Beneficial Ownership: For business applicants, we identify all individuals who own or control 25% or more of the entity.
- PEP Screening: We screen all clients against Politically Exposed Persons (PEP) and Head of International Organizations (HIO) lists.
- Transaction Monitoring: We monitor transactions for indicators of money laundering, fraud, or terrorist financing.
- Record Keeping: We retain all verification records for a minimum of 5 years as required by FINTRAC regulations.
- Suspicious Transaction Reporting: We report suspicious transactions and other reportable events to FINTRAC as required by law.
Our compliance officer can be reached at hello@lendxfinancial.com.
7. PIPEDA — Privacy Compliance
LendX Financial Inc. complies with Canada's Personal Information Protection and Electronic Documents Act (PIPEDA), S.C. 2000, c. 5. Our full privacy practices are detailed in our Privacy Policy. Key obligations:
- We collect personal information only for identified, specific purposes;
- We obtain meaningful consent before collection, use, or disclosure;
- We retain data only as long as necessary and delete it securely;
- We protect information with appropriate organizational and technical safeguards;
- We give individuals access to their personal information and the ability to challenge its accuracy.
Our Privacy Officer: hello@lendxfinancial.com
8. FSRA — Mortgage Compliance
Private mortgage activities in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). LendX's private mortgage vertical is currently under development and is not yet offered to the public.
LendX will obtain all required FSRA licences and registrations before offering any mortgage products. Nothing on this website constitutes a mortgage offer or commitment.
9. NEO Legal Services
LendX Financial Inc. is operationally supported by NEO Legal Services Professional Corporation, an LSO-licensed paralegal firm that provides legal, compliance, and collections services.
- Counsel: Mo Farooqui
- LSO Licence: #P21785
- Firm: NEO Legal Services Professional Corporation
- Jurisdiction: Ontario, Canada
- Phone: 647-200-3526
- Email: ceo@neolegalservices.com
NEO Legal Services is regulated by the Law Society of Ontario (LSO). All paralegal conduct is subject to the LSO's Paralegal Rules of Conduct. Complaints about legal services may be directed to the LSO at lso.ca.
10. Complaints and Escalation
LendX takes all complaints seriously. Our process:
- Contact LendX directly: hello@lendxfinancial.com or 647-200-3526. We will acknowledge within 2 business days and resolve within 10 business days.
- Escalate to provincial regulator if unresolved: Ontario Ministry of Public and Business Service Delivery (Consumer Protection Ontario).
- File with FCAC: Financial Consumer Agency of Canada for federally regulated matters.
- LSO for legal conduct complaints: lso.ca/complaints