Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Loan Express

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About lender

Loan Express Company was established in Canada over 15 years ago. It operates throughout Canada and provides alternative express loan services to Canadians. Some people had bad experiences applying for bank loans and wanted something different that was more efficient and provided better protection for them. These needs formed the basis for Loan Express' mission: loans in 5 minutes without lines and lengthy explanations of why you need cash now. In other words, Loan Express clients get a quick solution to their urgent problems, such as medical expenses and surprise bills, after filling out a simple online application form with basic information in just a few minutes.

Loan Express

Features

  1. Loan Amounts. Loan Express offers cash advance loans to $1,500.

  2. Interest Rates. The interest rates offered by Canadian Loan Express will depend on the borrower's creditworthiness but can be higher than traditional bank loans.

  3. Credit Checks. Loan Express does not check your credit report so your credit score will not be harmed during the application.

  4. Quick Funding. Loan Express promises fast financing, with the ability to receive funds in as little as 24 hours after approval.

Pros and cons

Pros

Online Application Process. You can apply from home, from your car, or from any other place with access to the Internet.

No Credit Check. There is no credit check on your other loans, but you can build a good credit history and get higher amounts than your first loan with Loan Express. The maximum amount is $1,500 for up to 62 days, depending on your location in Canada.

Money Fast. If you need cash fast, Loan Express can provide it, helping you address financial emergencies promptly.

Cons

Short-Term Loans. Payday online loans are short-term solutions and will not help you much if you tend to overspend.

Risks of Not Paying the Loan. If you do not repay your payday loan, collection methods are applied.

Insufficient Information. The lender's website does not provide much information on early repayment.

Reliability

Loan Express appears to be a reliable option for those seeking instant payday loans. The fact that it prominently displays its payday loan licenses in the provinces and territories where it operates demonstrates a commitment to transparency and compliance with Canadian laws and regulations. Additionally, showing the full cost of the payday loan upfront during the application process reflects a dedication to transparency and ensures that borrowers are fully informed before proceeding. Moreover, the positive feedback on Trustpilot, with a 4,8-star average rating from over 7,000 reviews, suggests a high level of customer satisfaction with Loan Express' services. This verified feedback provides reassurance to potential borrowers about the reliability and quality of service they can expect.

Conditions

  • APR. The Annual Percentage Rate (APR) varies by province, reflecting the specific regulations and guidelines set forth by provincial authorities.

  • Loan Amount. Loan Express offers loan amounts ranging from $100 to $1,500. The exact amount you qualify for may depend on factors such as your income and credit history.

  • Loan Term. The loan term provided by Loan Express can extend up to 62 days, allowing borrowers some flexibility in repaying the borrowed funds.

Requirements

  1. Age Requirement. Applicants must be at least 18 years old to qualify for a loan.

  2. Active Bank Account. Borrowers must have an active bank account that has been in operation for at least 30 days. This requirement ensures that Loan Express can deposit approved funds directly into the borrower's account and set up automatic payments.

  3. Income Source. Applicants must have a verifiable source of income that is directly deposited into their bank account. This income could come from employment, government benefits, or other sources. Providing proof of income helps Loan Express assess the borrower's ability to repay the loan.

  4. Income Level. The amount a borrower qualifies for is determined by their income level. While specific income requirements may vary, having a steady income is essential for demonstrating the ability to repay the loan.

Ways to receive the money

You will receive the borrowed amount from Loan Express through direct deposit into your bank account or via email transfer. Upon signing your loan agreement, the funds will be promptly transferred, with the money typically arriving in your bank account or email within one minute. This quick disbursement ensures that you can access the funds swiftly, allowing you to address your financial needs without delay.

Products

Loan Express primarily offers express loans, which are instant loans designed to provide quick access to funds for individuals facing financial emergencies or unexpected expenses. These express loans are characterized by fast approvals and convenient online services, allowing borrowers to apply and receive funds promptly. With Loan Express, borrowers can typically access small loans to cover immediate expenses, with the borrowed amount deposited directly into their bank account or sent via email transfer within minutes of signing the loan agreement.

Reasons you may be rejected by Loan Express

  1. Insufficient Income. Loan Express requires borrowers to have a steady source of income to ensure they can repay the loan. If your income is deemed insufficient or unstable, you may be denied.

  2. Existing Debt. If you already have significant debt obligations, lenders may consider you to be at higher risk of defaulting on a new loan, leading to a denial.

  3. Incomplete Application. Failing to provide accurate or complete information on your loan application can result in a denial. Make sure to fill out all required fields and provide necessary documentation.

  4. Employment Status. Some lenders require borrowers to be employed or have a stable source of income. If you are unemployed or have recently changed jobs, you may be denied.

  5. Failure to Meet Eligibility Criteria. Loan Express has specific eligibility requirements that borrowers must meet to qualify for a loan. If you do not meet these criteria, you may be denied.

  6. Previous Loan Default. If you have previously defaulted on a loan from Loan Express or another lender, it may impact your ability to qualify for a new loan.

How to repay a Loan Express loan

To repay a Loan Express loan, the process is straightforward. On the agreed-upon date, which is typically your next payday, your loan amount plus any accrued interest fees will be automatically deducted from your bank account. This automated payment ensures timely repayment and avoids the hassle of manual transactions. Loan Express simplifies the repayment process, providing convenience and peace of mind to borrowers.

Editorial opinion

Loan Express offers a convenient solution for individuals facing financial challenges, particularly those with bad credit who may struggle to secure personal loans from traditional banks or other lenders. While the accessibility of instant approvals and express loans can be beneficial in urgent situations, it's crucial for borrowers to carefully consider the high cost associated with such loans, including interest rates and brokerage fees. Moreover, Loan Express provides transparent information on total costs and monthly payment plans, empowering borrowers to make informed decisions. With features like e-transfer and digital signature options, Loan Express streamlines the borrowing process, ensuring quick access to funds within a business day. However, borrowers should exercise caution and explore alternatives before committing to loans that could potentially exacerbate financial difficulties in the long run. Overall, Loan Express serves as a valuable resource for those in need of immediate financial assistance, but prudent financial management remains essential to avoid falling into a cycle of debt.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What is Loan Express?

A lender is a Canadian company that was founded over 15 years ago and operates throughout Canada, providing speedy service. It has a real office with real employees who ensure the loan origination process: approval, disbursement, and customer support 24/7 and 365 days a year. The application and review process is entirely online, and borrowers do not have to visit any offices. Loan Express works without any intermediary between the company transactions and its borrowers. All requirements and fees are clearly stated on the company's website. They accept different types of income, including retired, do not perform credit checks, and increase the possible loan amount if the borrower builds trust with the lender.

How quickly the funds can be received?

Funds from Loan Express can be received quickly, often within the next business day, through methods like Interac e-Transfer.

How do you qualify for Loan Express?

To qualify for Loan Express, you typically need to meet certain criteria, including having a steady source of income, providing your SIN number, and having contact information available. Applicants may be subject to credit checks, but Loan Express considers more than just a credit score.

How much can you borrow from Loan Express?

Loan Express states that it lends money from $100 up to $1,500. The minimum amount depends on your residence in Canada. Once you select your residence, you will see this information. The maximum loan term is 62 days and also depends on the borrower's location.

Is Loan Express a legitimate company?

Loan Express is a duly registered easy online application company based in Canada, having its registered office in Canada. It cooperates with major credit bureaus. The lender is licensed to grant credit and, in particular, to disburse payday loans. This is important for borrowers because it guarantees transparent service conditions and a legitimate collection procedure for those who cannot repay the loan.

Company documents

Privacy Policy

Loan Express provides fast and easy access to payday loans everywhere in Canada except Quebec and PEI. Wherever you live – a remote village, or a bustling city, LoanExpress.ca can get you instant money.

© Loan Express Corp
Financial products
Loan Express
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100-$1,500
Rate
i

Effective interest rate on the product

up to 517.08%
Term
i

Loan term for the financial product

up to 62 days
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Recommended FinScore™
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$500-$15,000
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Effective interest rate on the product

up to 46.96%
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Loan term for the financial product

up to 60 months
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$1,000-$15,000
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Effective interest rate on the product

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Loan term for the financial product

up to 60 months
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