Loan Express payday loan review

Our verdict

Our verdict

Loan Express offer no credit check payday loans. Borrow up to $1,500 and apply with a variety of different types of income including employment, CPP, private pensions, CCB and disability. Apply 24/7 and get your funds the same day. Keep in mind that since payday loan rates are incredibly high, you should avoid applying for a payday loan unless you have no other alternatives.

Best for: Borrowers looking for a payday loan that accepts many non-employment types of income.

Pros

• No credit check
• 24/7 lender
• Accepts CPP, private pensions, CCB and disability

Cons

• Doesn't accept EI or CERB as income
• Not availalbe in Quebec or PEI
• Incredibly steep interest rates
• Short repayment terms

Loan Express Payday Loan is not currently available on Finder

Have you considered Cash Money Payday Loan?

Instant decision and e-Transfer funding. Income of at least $1,000/month required.

• Special offer on 1st loan
• Borrow $100 - $1,500
• APR & loan term vary by province

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Loan Amount

$100 - $1,500

Loan Term

Up to 62 days

Interest Rate

Varies by province

What should I know about Loan Express payday loans?

Loan Express claims its unique selling point is its acceptance of various types of income, and not just standard employment income. You can apply if you receive income from Canada child benefit, Canada pension plan, disability payments such as ODSP and AISH, and most other government benefits that are guaranteed and paid on a regular basis. It doesn’t accept EI or CERB benefits.

Convenience is also on your side with this payday lender. Because of its automated system, you can apply for a payday loan 24/7 wherever you have an Internet connection. Once you’re approved and you’ve signed off on your loan, you can receive your cash within 5 minutes via Interac e-Transfer. If you opt for direct deposit, Loan Express sends cash 3 times daily during regular business hours. There are no credit checks conducted either.

Payday loans are expensive

Payday loans are easy to get, but they are one of the most expensive ways to borrow. Before taking out a payday loan, make sure you’ll have enough income left to pay for other expenses once you repay your payday loan. Otherwise, you might find yourself needing another loan to cover the shortage.

What are the benefits of Loan Express payday loans?

• Quick 24/7 online, paperless application. Loan Express is an online-only lender, so borrowers can apply wherever they have an Internet connection, sign their contract electronically and receive their funds via Interac e-Transfer or direct deposit.
• Bank verification or manual review. Loan Express gives you a choice between bank verification and manual review to approve your loan. Bank verification is the faster option.
• No credit checks. If you’re worried about affecting your credit score, Loan Express explicitly says it does not run a credit check during the application process.
• Use the funds for any purpose. Once you’re approved for a loan, you have the freedom to use the money as you’d like.
• Different types of income accepted. You can count income from CPP, private pensions, CCB or disability benefits towards your monthly income.

Payday loans using government benefits

What to watch out for

• High interest rates. Payday loans come with steep APRs to the tune of 400% or more. The borrowing fee is between $15 and $21 for every $100 borrowed depending on the province you live in. Loan Express is not clear about how much it charges in the territories.
• Caps on how much you can borrow. First-timers can’t apply for the maximum loan amount of $1,500. Instead, Loan Express says it will gradually increase loan amounts as you build trust with the lender.
• Not available across Canada. Quebec and Prince Edward Island aren’t serviced by Loan Express.
• Quick repayment terms. Watch out for repayment terms that will crop up quickly – by your next payday to a maximum of 62 days.
• Must be employed for at least 2 months. If employment is your source of income, you must be employed for a minimum of 2 to 6 months, depending on your income type.
• Payday loan regulations. Payday loan regulations vary by province. Become familiar with the regulations of your province to protect yourself as a borrower. If you live in a territory, payday loans are regulated at the federal level.
• Staff hours are not 24/7. Loan Express does not have staff operating 24/7. If you apply outside of business hours and your application needs a manual review, you will not get instant approval.

24/7 payday loans

Compare other payday loans

Is Loan Express legitimate?

It is. Loan Express prominently displays its payday licences in each of the provinces and territories it operates in.

• AB Licence # 327001
• BC Licence # 50028
• MB Licence # 39281 expires 2022-Oct-18
• NB Licence # 200001546 expires 2023-Feb-18
• NL Licence # 20-23-LO073-1
• NS Licence # 202645507 expires 2022-Jul-31
• ON Licence # 4716499 expires 2022-Jul-15
• SK Licence # 100056

As of March 2022

For full transparency, it also shows you the full cost of your payday loan as the first prompt during the application process. It’s also verified on Trustpilot, with a 5-star average rating from over 3,700 reviews. It also has a customer support phone line and email.

Am I eligible for a Loan Express Payday Loan?

To qualify for a Loan Express Payday Loan, you’ll need to meet the following requirements:

• Be of the age of majority in your province or territory.
• Have an active bank account that’s open and in use for at least 30 days.
• Have an established income that is on direct deposit into your bank account. Various forms of income are accepted.

How do I apply for a Loan Express Payday Loan?

If you’d like to apply for a Loan Express Payday Loan, simply follow these instructions:

1. Head to loanexpress.ca and provide your full name in the “New Customers” section of the homepage. Click “Apply Now.”
2. Choose the province you reside in. Loan Express will load a disclaimer page, disclosing its provincial licence and the full details of your province’s payday loan regulations it must adhere to, including the full cost of your loan. Click that you acknowledge and understand your rights to proceed.
3. Follow the prompts on the application page. Start by selecting how much you’d like to borrow. You then need to provide your full name, email address, mailing address, phone number, birthday and Social Insurance Number.
4. Indicate your income type (for example, employment, CPP, EI, WCB or private disability insurance). Depending on which income type you choose, you’ll need to fill in the prompts that detail your last payday, upcoming payday, net pay per paycheque, pay period frequency and whether this sum is deposited directly into your bank account.
5. You can choose to add several types of income to your application.
6. Fill out your banking details, including the name of your bank, branch number and account number.
7. Review your application and click “Submit” when you’re ready.

What documents do I need to apply?

• Proof of income via bank statements that show steady direct deposits.
• Government-issued ID for identity verification.
• A pre-authorized debit form or submit your banking details via Loan Express‘s automated bank statement retrieval tool. This step is to set up automatic withdrawals on your repayment dates.

I got the Loan Express Payday Loan. Now what?

Your loan must be repaid on the due dates as set out in your loan contract. In some provinces, your loan can be repaid in installments, while in others you may have to repay the loan in full by your next payday. Either way, make sure you have a concrete plan for how you’ll repay what you’ve borrowed plus the fees you’ve incurred. Loan Express will withdraw the amount owed directly from your bank account, so make sure the funds are there on your due date.

Frequently asked questions

• What happens if I miss a payment?

  If your payment is late or your account has insufficient funds, you’ll incur an NSF fee that will be added to your total balance. In Alberta, Ontario and BC, payday lenders are allowed to charge a maximum of $25.

• I'm retired. Can I still qualify for a Loan Express loan?

  Yes, you can. Loan Express says it accepts CPP and private pension as forms of income, as long as you receive your pension via direct deposit.

• Does Loan Express accept EI or CERB?

  No, it says it doesn’t accept these forms of income. However, it does lend on CCB, CPP, pension and disability benefits.

• Can I take out more than one payday loan?

  No, you can’t. Under provincial laws, you can only take out one payday loan at a time, which Loan Express says it follows.

• When can I take out another payday loan?

  You can take out another payday loan once your current loan is paid in full and the bank has cleared your payment. Loan Express says this takes about 3 to 4 business days. In Manitoba, you must wait 7 days from the date of payment.