Trust check
Is Loan Express legit?
Licensed in every province it serves, Loan Express has a long track record and an active social media presence. However, its BBB rating is low and it is not CLA certified.
Loan Express: Overview
Loan Express is a payday lender that has been serving Canadians since 2005. It lends up to $1,500 with no credit check, entirely online, in eight provinces.
Once you are approved, the money moves fast. Loan Express sends funds by bank transfer or Interac e-Transfer, and says you can have the money within minutes of signing your agreement if your bank supports its online verification. Applications are accepted 24 hours a day, every day of the year, and approvals are automated rather than waiting for office hours.
In Canada it operates under the legal name Loan Express Corporation, from Mackenzie, British Columbia. That is the name to search if you want to look up its licensing yourself, although you will not need to, since it publishes every licence number on its own site.
Are You The Right Borrower For Loan Express?
A payday loan from Loan Express could be a good fit for you if:
- You have a small emergency expense. A payday loan is built to cover a short gap when small financial emergencies pop up.
- You can pay it back by your next payday, without needing to borrow again to cover it.
- Bad credit has been limiting your options. There is no credit check, so approval rests on your income and your bank account instead of your credit history.
- You need the money right now. Applications are taken 24 hours a day and approval is automated, so there is no waiting for a branch to open.
What They Offer
Loan Express offers payday loans in eight provinces: Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador. It does not lend in Quebec, Prince Edward Island or the territories.
It keeps things simple, because there is only one product. You borrow up to $1,500 against your next paycheque, and the cost is the same in every province at $14 per $100 borrowed.
Payday Loan
$14 per $100 borrowedBorrow against the pay you have coming, and clear it on your next payday. There is no credit check, the application is paperless, and approvals run around the clock.
Payday Loan Features
- E-Transfer Within Minutes - If your bank supports Loan Express's online bank verification, the money can reach you by Interac e-Transfer within minutes of you signing the agreement. Otherwise it arrives by bank transfer, typically the next business day.
- Open 24/7, Including Holidays - Applications are accepted around the clock, every day of the year, and approval is automated rather than waiting for business hours.
- A Paperless Application - Nothing to scan, nothing to fax, and no branch to visit.
- Longer Terms Than A Typical Payday Loan - Loans can run up to 62 days, which spreads the repayment further than the usual two week cycle. In Alberta the term is at least 42 days.
- Every Licence Number Published - Loan Express lists its licence number for all eight provinces in its own footer, with expiry dates for most of them. Few lenders do this.
Who Qualifies
| Requirement | What Loan Express asks for |
|---|---|
| Credit score | No credit check required |
| Age | 18 or older |
| Income | An income that is directly deposited into your bank account |
| Bank account | An active bank account at least 30 days old |
| References | The full name and phone number of a family member or friend |
| Loan size | Up to $1,500, with the amount you qualify for set by your income |
| Availability | AB, BC, SK, MB, ON, NB, NS, and NL |
| How you apply | Online only |
The amount you are offered is tied to your income, so asking for $700 does not mean you will be approved for $700. You may be offered less.
What A Loan Express Loan Costs
Loan Express charges $14 per $100 borrowed, which is the maximum a payday lender is allowed to charge in every province it operates in.
| You borrow | Fee at $14 per $100 | You repay | Over | APR |
|---|---|---|---|---|
| $100 | $14 | $114 | 14 days | 365% |
| $300 | $42 | $342 | 14 days | 365% |
| $500 | $70 | $570 | 14 days | 365% |
| $1,500 | $210 | $1,710 | 14 days | 365% |
The $300 row is Loan Express's own published example: a $300 loan over 14 days costs $42, for a total repayment of $342.
Note
The APR drops sharply the longer the term runs. Loan Express publishes both figures itself. On a 14 day loan the APR is 365%. On a 62 day loan, which is the longest term it offers, the same $14 per $100 works out to 82.4%.
The dollar cost does not change with the term, only the annualised figure does. Read the APR as a way of comparing against other credit rather than as what you will actually pay.
Payday lending is legally exempt from the federal 35% criminal interest rate cap, which is why an APR in the hundreds is lawful on a short term. Each province sets its own maximum instead, and $14 per $100 is the ceiling in all eight provinces Loan Express serves.
How To Apply
Loan Express takes applications online only, 24 hours a day. You create an account first, then complete the application itself.
- At least 12 characters
- One capital and one lowercase letter
- One number and one special character
Two things to have ready before you start. You will be asked for your Social Insurance Number, which not every lender requires, and you will need a reference, meaning someone else's full name and phone number.
If your bank supports Loan Express's online bank verification, you can be funded by e-transfer within minutes of signing. Without it, the money arrives by the next business day.
Where Loan Express Is Licensed
Loan Express publishes a payday lending licence number for every province it operates in, which is unusual and makes this easy to check. Each licence is held by Loan Express Corporation.
Payday lending is licensed province by province, and the licence is specific to payday lending rather than to consumer lending generally. Nova Scotia's public register lists Loan Express as a licensed payday lender, which confirms the number published on the site.
Payday Loan Alternatives
Before you apply, it is worth spending a few minutes on the options below. Every one of them costs you less than $14 per $100 over two weeks, and two of them cost nothing at all. Some will not be open to you, and that is fine, but you will not know until you ask.
Ask Your Employer For A Payroll Advance
This is the one people forget, and it is usually free. Plenty of employers will advance you part of a paycheque you have already earned, with no fee attached. It is your own money, just paid to you a couple of weeks early. Speak to whoever handles payroll where you work, and ask what their policy is. The worst you will hear is no.
Ask The Biller For More Time
If you are borrowing to cover a bill, start with the company sending it. Utilities, landlords and phone providers very often have hardship arrangements or payment plans that they do not advertise anywhere. A phone call costs you nothing, and people are frequently surprised by how willing a biller is to move a due date rather than lose the payment altogether.
An Installment Loan From An Alternative Lender
If you need longer than one pay period to clear this, an installment loan is worth looking at. Ordinary consumer lending is capped at 35% APR under federal law, while payday lending is exempt from that cap. Borrow $300 over the same two weeks at 35% APR and it costs you roughly $4, against $42 here. You will need to pass a credit check, so this one depends on where your credit sits.
Overdraft On Your Chequing Account
If your bank will approve it, overdraft protection usually runs about $5 a month plus around 21% interest on what you actually use. For a small shortfall that you clear in a few days, that works out far cheaper than a payday loan.
What Customers Say
The two sources tell different stories, and both are worth your time.
Claimed since January 2019, paid subscription. Reviewers most often mention how quickly the money arrives.
Not accredited, and the profile carries an alert for a pattern of complaints the BBB says has not been resolved.
One of the largest review counts of any payday lender in Canada, which makes the 4.7 harder to dismiss.
A 4.7 from more than ten thousand reviews and a C from the Better Business Bureau can both be true. Trustpilot captures the experience of getting the loan, which is where Loan Express is strong. The BBB rating is driven mostly by how complaints are handled, and the alert on its profile says a pattern of them has not been resolved at the root.
A Scam Is Using The Loan Express Name
Worth knowing before you borrow. The BBB profile carries a warning, reported by Loan Express itself, that its name, address and logo are being used by people it has nothing to do with, in fake loan agreements that also carry the BBB logo. The fake operation uses the name Loan Express24 and a New York address.
If you are dealing with Loan Express, the real company is at Mackenzie, British Columbia, and its email is help@loanexpress.ca. Anything quoting a United States address is not them.
Loan Express Pros
- No credit check. Your credit score does not decide whether you are approved, which is the entire reason the product exists.
- Very fast. E-transfer within minutes of signing if your bank supports the verification step.
- Open 24 hours a day, every day of the year, with automated approval rather than office hours.
- Every licence number published, for all eight provinces, with expiry dates for most. Almost no lender in this category does that.
- Terms up to 62 days, longer than the usual two week payday cycle, which brings the APR down on the same fee.
- A 4.7 on Trustpilot from more than 10,000 reviews, one of the largest review counts in the category.
- Long established. Operating since 2005.
Loan Express Cons
- 365% APR on a 14 day loan. This is the most expensive way to borrow legally in Canada.
- A C rating from the Better Business Bureau, and not accredited.
- An unresolved pattern of complaints flagged on its BBB profile.
- Email support only. No phone number is published on the site, and no live chat with a person.
- Your SIN is required to apply, which not every payday lender asks for.
- A reference is required, meaning you have to hand over someone else's name and phone number.
- Short term by design. The balance plus the fee comes out on your next payday, which is what causes repeat borrowing.
When Loan Express Makes Sense
Tick all five and a payday loan is a defensible choice. If any are missing, it is worth pausing before you apply.
Loan Express vs Pay2Day vs My Canada Payday
Comparing Loan Express, Pay2Day and My Canada Payday on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Loan Express Payday Loan Learn more |  Pay2Day Payday Loan Learn more |  My Canada Payday Payday Loan Learn more |
|---|---|---|---|
| Loan amount | up to $1,500 | Up to $1,500 | Up to $1,500 |
| Interest rate | $14 per $100 | $14 per $100 | $14 per $100 |
| Term | 14 days | Next payday, 42 days in Alberta | Next payday, or the one after |
| Available in | AB, BC, MB, NL, ON, SK | AB, BC, NS, ON | AB, BC, MB, NS, ON, SK |
| Funding time | Within 24 hours | Cash in store, or e-transfer within 1 to 2 hours | As little as 15 minutes |
| Funding method |
|
| Interac e-Transfer |
| Repayment | Automatic debit | Not listed | Automatic debit |
| Eligibility |
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| Requirements & documents |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
