Legal

Terms of Service

Last updated: April 4, 2026 · These terms govern your use of all LendX Financial products and services.

⚠️ Important: These Terms constitute a binding legal agreement. Please read them carefully before using any LendX service. By submitting an application or using our platform, you agree to these Terms.

1. Parties and Agreement

These Terms of Service ("Terms") form a binding agreement between LendX Financial Inc. ("LendX," "we," "us," or "our"), a company incorporated under the Canada Business Corporations Act, and you, the individual or entity ("you," "Borrower," or "User") accessing or using our website at lendxfinancial.com or any LendX service.

LendX is operationally supported by NEO Legal Services Professional Corporation (Mo Farooqui, LSO Licence #P21785, Toronto, Ontario), which provides legal, compliance, and collections services integral to LendX's operations.

By clicking "Apply Now," "Submit," or "I Agree," or by otherwise using any LendX service, you confirm that you have read, understood, and agreed to be bound by these Terms and our Privacy Policy.

2. Eligibility

To use LendX services, you must:

  • Be at least 18 years of age;
  • Be a Canadian resident in a province where LendX is licensed or otherwise authorized to operate;
  • Have a valid Canadian bank account capable of receiving Interac e-Transfer® payments;
  • Have a regular verifiable income (employment, government benefits, pension, or other recurring income);
  • Provide accurate, complete, and truthful information on all application forms;
  • Not be currently in bankruptcy proceedings or subject to a consumer proposal that prohibits incurring new debt.

LendX reserves the right to verify eligibility and decline applications at its sole discretion. Approval is not guaranteed. Providing false information constitutes grounds for immediate application rejection, account termination, and may constitute fraud under Canadian law.

3. Services Offered

LendX Financial provides the following services, subject to provincial licensing and regulatory approval:

  • Short-Term Consumer Loans: Payday-style loans governed by provincial payday lending legislation. Currently offered in Ontario (licence pending) and subject to provincial max cost-of-borrowing caps.
  • Free Credit Report: Soft-inquiry credit monitoring providing Equifax or TransUnion credit data. This is not a credit adjudication service.
  • P2P Lending Marketplace: An investor platform matching borrowers with individual investors. Subject to applicable securities and lending regulations. Currently in development — not yet open to the general public.
  • Private Mortgage Brokerage: Subject to FSRA licensing under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario). Under development.

Availability of specific services varies by province. LendX reserves the right to modify, suspend, or discontinue any service at any time with reasonable notice.

4. Loan Terms and Cost of Borrowing

4.1 Loan Amount and Term

Short-term loan amounts range from $300 to $1,500, with terms of 7 to 62 days, subject to provincial maximums. Exact terms are set forth in the individual loan agreement signed electronically at the time of disbursement.

4.2 Cost of Borrowing

The maximum cost of borrowing per $100 borrowed, by province, is as follows:

  • Ontario: $14 per $100 borrowed
  • British Columbia, Alberta, New Brunswick: $15 per $100 borrowed
  • Manitoba, Saskatchewan: $17 per $100 borrowed
  • Nova Scotia: $19 per $100 borrowed
  • Prince Edward Island: $25 per $100 borrowed

Representative Example (Ontario): A $500 loan for 14 days carries a borrowing fee of $70 (at $14/$100), for a total repayment of $570. Annual Percentage Rate (APR): approximately 365.96%. APR reflects the annualized cost and is elevated due to the short loan term — it does not indicate a high total dollar cost.

The full cost of borrowing is disclosed in writing to you before you sign any loan agreement, in compliance with Ontario's Payday Loans Act, 2008 and equivalent provincial legislation.

4.3 APR Disclosure

Annual Percentage Rate (APR) is required to be disclosed under provincial payday lending legislation. The high APR reflects the mathematical annualization of a short-term fee, not an unusually high total cost of borrowing. The actual dollar amount you pay is always clearly stated in your loan agreement and on our loan calculator.

5. Repayment Obligations

By accepting a loan, you authorize LendX Financial to collect the full repayment amount (principal plus borrowing fee) via Electronic Funds Transfer (EFT) or Interac e-Transfer® on the due date specified in your loan agreement.

You must ensure sufficient funds are available in your nominated bank account on the due date. Insufficient funds may result in:

  • NSF (non-sufficient funds) fees charged by your bank;
  • A one-time NSF charge by LendX as disclosed in your loan agreement;
  • Referral of your account to NEO Legal Services PC for collections;
  • Reporting of delinquency to credit bureaus (Equifax / TransUnion).

Under Ontario's Payday Loans Act, 2008, LendX is prohibited from rolling over loans, charging compound interest, or extending a payday loan where it would result in you being indebted continuously for more than 62 days.

6. Early Repayment

You may repay your loan in full at any time before the due date. LendX charges zero early repayment penalties. Early repayment does not reduce the borrowing fee already disclosed in your agreement — the fee is fixed at the time of signing.

To arrange early repayment, contact us at hello@lendxfinancial.com or call 647-200-3526.

7. Default and Collections

Your loan is in default if you fail to make the required payment on the due date. Upon default:

  • LendX will attempt contact via email, phone, and written notice;
  • NEO Legal Services Professional Corporation may be engaged to pursue collection, including small claims proceedings;
  • Your delinquent account may be reported to Equifax Canada and/or TransUnion Canada, negatively affecting your credit score;
  • Additional collection costs (as permitted by law) may be added to the outstanding balance.

If you anticipate difficulty repaying, contact us immediately before the due date. Under the Payday Loans Act, LendX is obligated to provide an extended repayment plan option in qualifying circumstances.

All collection activities are governed by Ontario's Collection and Debt Settlement Services Act and applicable provincial legislation. LendX and NEO Legal Services comply with all statutory limits on contact frequency and methods.

8. Credit Inquiries

At the application stage, LendX performs a soft credit inquiry only. A soft inquiry does not affect your credit score and is not visible to other lenders.

A hard credit inquiry is only performed with your explicit written consent, typically upon signing a formal loan agreement. You will be clearly informed before any hard inquiry is made.

9. Platform Use and Accounts

You agree to use the LendX platform solely for lawful purposes. You must not:

  • Submit false, inaccurate, or misleading information;
  • Attempt to circumvent identity verification or security measures;
  • Use automated scripts, bots, or scrapers on the platform;
  • Impersonate another person or entity;
  • Engage in money laundering, fraud, or any activity prohibited by Canadian law.

LendX reserves the right to suspend or terminate access at any time for violations of these Terms or applicable law.

10. P2P Marketplace Terms

The LendX P2P marketplace (when available) connects individual investors with borrowers. Investors acknowledge that:

  • Investing in loans involves risk, including the risk of partial or total loss of capital;
  • Past performance is not indicative of future results;
  • LendX does not guarantee returns on any investment;
  • P2P lending is not covered by CDIC deposit insurance;
  • Participation is subject to applicable securities and lending law, and may require investor accreditation.

This section does not constitute an offer to sell or solicitation to buy any security. The marketplace is under development and not yet open to the general public.

11. Limitation of Liability

To the maximum extent permitted by applicable Canadian law, LendX Financial Inc., its officers, directors, employees, and affiliated entities (including NEO Legal Services PC) shall not be liable for any indirect, incidental, consequential, or punitive damages arising out of your use of or inability to use our services.

LendX's total liability for any claim arising from these Terms or your use of our services shall not exceed the total borrowing fee paid by you on the loan giving rise to the claim.

Nothing in these Terms limits liability for fraud, gross negligence, or any liability that cannot be excluded by law.

12. Governing Law and Disputes

These Terms are governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without regard to conflict-of-law principles.

Any dispute arising from these Terms shall first be submitted to good-faith negotiation. If unresolved within 30 days, disputes shall be submitted to binding arbitration in Toronto, Ontario under the Arbitration Act, 1991 (Ontario), except that either party may seek urgent injunctive or other equitable relief in a court of competent jurisdiction.

You may also file a complaint with your provincial consumer protection authority or the Financial Consumer Agency of Canada (FCAC).

13. Changes to These Terms

LendX reserves the right to modify these Terms at any time. We will provide at least 30 days' written notice of material changes via email or prominent website notice. Continued use of our services after the effective date of changes constitutes acceptance of the revised Terms.

The current version of these Terms is always available at lendxfinancial.com/terms.html.

14. Contact

For questions about these Terms, to report a concern, or to exercise any legal right: