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Loan Express payday loan review

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Loan Express Payday Loan
APR
Varies by province
Loan Amount
$100 - $1,500
Loan Term
Up to 62 days
Serviced Provinces
AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT
All information about Loan Express Payday Loan has been collected independently by Finder. Finder is not connected with Loan Express products, and this page is not sponsored, endorsed or administered by, or associated with, Loan Express. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Apply for up to $1,500 with this online payday lender.

Loan Express offers 24/7 instant payday loans. You don't need to be employed since this lender accepts non-employment income, such as CPP, private pensions, CCB and disability. However, watch out for very high interest rates.

Best for: Borrowers looking for an instant loan to cover a financial emergency

Pros

  • No credit check
  • 24/7 loans
  • Accepts bad credit

Cons

  • Doesn't accept EI as income
  • Short repayment terms
  • No 24/7 customer support
  • Expensive, only suitable as a last resort

In this guide

  • Our verdict
  • Your reviews
Must read Best instant loans

What is Loan Express?

Loan Express is one of the most popular payday lenders in Canada. It’s been in business for over 15 years and is based in Mackenzie, BC. Apply online, get instant approval and get your funds within a few minutes via Interac e-Transfer.

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 2024-Oct-18
  • NB Licence # 200001546 expires 2025-Feb-18
  • NL Licence # 20-23-LO073-1
  • NS Licence # 202645507 expires 2024-Jul-31
  • ON Licence # 4716499 expires 2024-Jul-15
  • SK Licence # 100056

As of April 2024

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 4.8-star average rating from over 7,400 reviews. It also has a customer support phone line and email.

What we like about 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 e-Transfer or direct deposit.
  • Instant loan. Loan Express’s automated systems enable it to give instant approval and funding any time.
  • 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. Learn more about no credit check loans.
  • 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.

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 $14 to $17 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 in all of Canada. Loan Express is only available in AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT.
  • 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 to be looked at by a staff member, you will not get instant approval.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.

Alternatives to Loan Express payday loans

1 - 3 of 3
Name Product Loan Amount Loan Term APR Turnaround Time Serviced Provinces Offer Table description
iCash Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
AB, BC, MB, NB, NS, ON, PEI
24/7 instant approval and e-Transfer funding.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
AB, BC, MB, NS, NT, ON, SK, YT
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer®
BC, MB, NL, NS, ON, SK
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
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Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

Summary of Loan Express reviews

FeatureDetails
Better Business Bureau accreditedNo
Better Business Bureau ratingF
Better Business Bureau reviews2.33 out of 5 stars, based on 3 Loan Express reviews
Trustpilot reviews4.8 out of 5 stars, based on 7,474 Loan Express reviews
Google reviews4.8 out of 5 stars, based on 544 Loan Express reviews
Reviews verified as ofApril 8, 2024

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. As for acceptable forms of income: Many types, including pension, disability, child tax credit, most other government benefits paid regularly

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?

If you opt to verify your income and identity via bank verification, you won’t need to send any documents. If you prefer to email or fax your paperwork, you’ll need to send a bank statement and pre-authorized debit form.

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.

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