Payday lender Loan Express is well known for offering an easy application process and quick funding. It’s a popular option when you need a loan to cover urgent expenses, but it’s not your only choice.
If you’re looking for loans like Loan Express, here are some options to consider.
Payday loans are capped at $1,500, so if you need more than that, you might want to consider one of the following installment loans instead.
It depends on your personal situation, but if you don’t need a ton of money, you might want to consider a cash advance app like KOHO, Nyble or Bree instead of a payday loan. Cash advance apps let you access small amounts of money (up to $750) quickly without the high fees and interest rates of typical short-term lenders like Loan Express.
Instead of charging interest, cash advance apps may ask for optional tips or charge a subscription fee. You may also have to pay extra for instant funding. Otherwise, you’ll have to wait up to three business days to get your money.
Loan Express is a payday lender that offers its services in most provinces. Operating since 2005, it provides approval 24/7, instant funding and no credit checks. Its loans are regulated under provincial payday lending laws but come with APRs up to 365%, making them suited for emergency, short-term borrowing. Learn more about Loan Express.
Online payday loans like those provided by Loan Express share a similar set of features, including the following:
If you’re ready to apply for a payday loan, follow these steps:
You’ll need to read over a lender’s terms of service and privacy policy before submitting your application. The best payday loan providers will always have a secure online application and outline your loan’s final amount so you know exactly how much it will cost to borrow. Payday lenders are not allowed to charge more than $14 for every $100 borrowed.
Loan Express and iCash are two of the most popular payday lenders in Canada. Here’s how they stack up.
| Feature | Loan Express | iCash |
|---|---|---|
| Loan amount | $100–$1,500 | $100–$1,500 |
| Loan term | Up to 62 days | 7 - 62 days |
| Funding speed | Within one minute of signing your contract | Within two minutes |
| Credit check | No | Yes, for the first loan application |
| Cost | $14 per $100 borrowed | $14 per $100 borrowed |
| Provinces served | ON, NB, NS, MB, SK, AB, BC, NL | AB, BC, MB, NB, NS, ON and PEI |
| Incomes accepted other than employment | Many types, including pension, disability, child tax credit and most other government benefits paid regularly | Accepts most income as long as you’ve been receiving it for the past three months (e.g. EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance) |
| Other perks | Applications open 24/7 | Earn up to 12% cashback when you fully repay your loans |
Since Loan Express and iCash are both licensed payday lenders and follow strict provincial regulations, their loans are very similar. They both offer 24/7 applications, instant funding and accept non-employment income. However, Loan Express is available in more provinces and doesn’t conduct a credit check, while iCash offers cashback when you pay back multiple loans.
Data from this year’s Consumer Sentiment Survey shows that 1 in 12 Canadians (8%) took out a payday loan in the past year. That puts payday loans on par with personal loans, Buy Now Pay Later services and car loans, placing them slightly behind cash advances.
If you’re looking for a payday lender that approves applications outside of business hours, accepts different forms of income and provides no credit check, Loan Express fits the bill. But it’s always worth shopping around and comparing lenders before submitting your application. You may find an alternative option that will save you money or make it easier to manage your loan in the long run.
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