Loan Express payday loan review: 24/7 instant loans

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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.

Dive deeper: 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 $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.

Dive deeper: E-Transfer payday loans in Canada

Alternatives to Loan Express payday loans

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Summary of Loan Express reviews

Feature	Details
Better Business Bureau accredited	No
Better Business Bureau rating	F
Better Business Bureau reviews	2.33 out of 5 stars, based on 3 Loan Express reviews
Trustpilot reviews	4.8 out of 5 stars, based on 7,474 Loan Express reviews
Google reviews	4.8 out of 5 stars, based on 544 Loan Express reviews
Reviews verified as of	April 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.

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. You could also be charged a late fee.

• 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.