Payday loans are readily available across Canada for anyone who’s in a financial pinch. While Loan Express is an option with features like a speedy approval process and multiple ways to receive your funding, its contenders can provide the same offering too. Here’s a look at loans like Loan Express to help you make a final decision.
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.
Payday loans like Loan Express
The following options are payday loans like Loan Express, which offer easy approval and funding.
If you’re looking for 24/7 approval and e-Transfer: iCash
iCash is one of the fastest payday lenders in Canada. It gives an instant decision on your application and sends your money quickly via e-Transfer 24/7.
Apply for a payday loan in just minutes and receive an instant decision.
Round-the-clock customer care, with an automated approvals process.
Flexible requirements, accepting borrowers with bad credit and no credit.
Receive your cash quickly via Interac e-Transfer.
Extremely high fees
Repayment terms of 2 weeks up to 62 days, depending on where you live.
GoDay is an online payday lender that promises a quick application process and a transfer of funds within the hour. Get an instant decision with no paperwork required and get funding within minutes after approval.
Apply completely online to receive an instant decision on your loan.
Once approved, receive your funds within the hour via Interac e-Transfer
Borrowers with bad credit, no credit and alternative sources of income are encouraged to apply.
First-time borrowers can only get approved for up to $500.
Extremely high fees, according to provincial regulations.
Repayment terms of 14 days or your next payday up to 62 days.
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
Online In Store
Credit Check
Yes
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
Cash advances like Loan Express
The options below are not payday loans, but they share similarities with Loan Express. They’re zero-interest cash advances and have easy requirements, but you may pay a fee.
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.. Repay on your next payday or extend your loan term if you're not ready.
Easy application process
No credit check
No interest
Can improve your credit score
Roll over your loan
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
If you have a low or non-employment income: Bree
Non-employment incomes include Canada child benefit, pension, disability and more.
If you're not employed but are currently receiving benefits, try Bree, which is open to many types of income. As long as you have recurring income paid into your bank account, it's possible to get approved. Access up to $250 with no interest or mandatory fees. No credit check required. Pay a fee to get instant funding.
No credit check
Instant approval and funding available
0% interest
Fee required for instant funding
small amounts only
Loan amount
$20 – $250
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
If you’re looking for a no credit check loan: KOHO
If your credit score is not the best and you're looking for a no credit check loan, try KOHO. Get a zero-interest cash advance ranging from $20 to $250 when you pay a subscription fee starting at $2/month. You'll need a KOHO account to access this service.
Loan Express has been providing payday loans to Canadians for over 15 years, with instant approvals and speedy payouts as its key features. You can read our Loan Express review for more details.
Pros
Online applications available 24/7.
Get your cash via direct deposit or Interac e-Transfer.
Bad credit and no credit are okay.
Cons
Extremely high fees.
Must have a steady source of income to prove you can make repayments.
Features of loans like Loan Express
Online payday loans like those provided by Loan Express share a similar set of features, including the following:
Easy application. You can usually apply for payday loans online in under 10 minutes, and you won’t have to fax any of your documents over. There’s no need to visit any physical locations unless you choose to apply in person (provided these lenders have a physical location nearby).
Fast turnaround time. If you need money quickly, payday loan lenders usually provide approval within minutes to hours. Count on getting your funds in as little as a few minutes after approval, depending on the lender you’re working with.
Bad credit doesn’t matter. Payday lenders shift the emphasis from your credit score to your ability to repay your loan. As long as you can prove you have a stable income to repay your loan, you should be in the clear.
Risks of loans like Loan Express
Short repayment terms. Payday loans get their name because you’re typically required to pay back your loan by your next payday. They’re short-term solutions to your financial problems, so you’ll need to have a concrete plan for how to repay your loan when it’s due by your next payday.
Incredibly high rates and fees. Due to their short-term nature and accessibility, payday loans come with much higher annual percentage interest rates (APRs) than other forms of credit. Expect fees between $14 to $17 for every $100 borrowed depending on your province or territory. With fees like this, APRs are more than 300%
Increases your chances of staying in a cycle of debt. With quick repayments and high APRs, payday loans could leave you in a spiral of debt. And with steep interest rates and more penalties for not repaying your loan on time, they can trigger a snowball of debt if you don’t have an exit strategy.
How to apply
If you’re ready to apply for a payday loan, follow these steps:
Visit the lender’s website.
Provide information about yourself, including your date of birth, mailing address and contact details.
Fill in your employment details or benefits information if you’re receiving government benefits such as a pension, EI or welfare.
Provide information about your monthly income, including how frequently you’re paid.
Enter your bank account details and agree to electronic transfers. Confirm the website is secure before providing this information.
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 the amount capped by provincial rules.
Bottom line
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.
Yes, Loan Express is a legitime, well-established payday lender in Canada. It's fully licensed in the provinces it operates in, and has over 5,500 reviews on Trustpilot with an average rating above 4.5 stars out of 5.
It depends on the lender you're working with and if you have all the details they need to approve your application. Lenders, such as Loan Express, accept applications 24/7 via automated processes, so you could get approved within minutes and receive your funds within minutes after signing your loan via Interac e-Transfer. The important factor here is ensuring you have the required information, such as identity and income verification, at the ready.
That depends again on the lender you're working with. For the most part, lenders will set up an automatic withdrawal from the bank account you signed up with during the application process on an agreed repayment date. In other cases, you may opt to repay your loan in person at a physical store or over the phone.
You can receive your payday loan in a number of ways:
Interac e-Transfer or direct deposit. Your lender can send your money via an Interac e-Transfer or direct deposit. If you opt for Interac e-Transfer, you'll need to be registered with your bank first.
Cash. If your lender has a physical location close to you, you can head over and apply for and receive your payday loan in cold hard cash.
Loaded onto a prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
If you have bad credit and need cash quickly, consider Speedy Cash for your next payday loan.
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