Payday Loan Questions

A payday loan (also known as an instant loan) is a short-term loan paid-off on your next payday.

If you are eligible for an Interac eTransfer, you will receive your money instantly.

If you are getting a Direct Deposit, they are transferred 3 times daily during regular business hours (see schedule below). If you are with a bank other than CIBC, TD, RBC, Scotia, BMO or HSBC, the deposit may take longer.

Loans approved before 11 AM will be deposited that day by 3:30 PM.

Loans approved between 11 AM and 4 PM will be deposited that day by 8 PM.

Loan approved after 4 PM or on weekends and holidays will be deposited by 3:30 PM the next business day.

* Note: all times are in Pacific Standard Time (PST).

At Loan Express, we are committed to serving our customers. We offer a couple of convenient ways to apply for an online payday loan. It's as easy as hitting Apply Now and filling out an application, or if you prefer, you can call us at 1.800.973.8033 and we will help you with your application and answer any questions you may have.

With Loan Express, we have fast and convenient methods to get a cash advance: The Loan may be delivered by way of direct deposit or email money transfer. For your first loan, if you are eligible to use our online bank verification, you may be eligible to receive an Interac Etransfer within 5 minutes of signing the loan agreement.

If you choose not to, or you were not eligible to use our convenient online bank verification because your bank does not support online bank verification, you will receive your money by direct deposit. Please review the direct deposit schedule under “How fast can I have my money”.

* Note: this is for the first loan only. Once your bank account is verified by a successful direct deposit, you will be eligible for Interac eTransfers for all future loans.

• You must be 18 years of age or older
• You must have a bank account open and in use for at least 30 days.
• You must have an established income that is on Direct Deposit.

Loan Express provides a short term cash advance to our customers that find themselves a little short until their next payday. On the agreed upon repayment date, the total loan amount (including the disclosed fees) is repaid by automatic direct debit from the borrower's bank account.

• Child Tax Credit
• Pension, Disability, and most other Government benefits that are paid on a regular basis
• Full time employment: Some income types do require you to be employed for a minimum of 6 months. If you have been employed under 2 months, please wait until you hit the 2 month milestone before applying.

A Payday loan is a short-term loan of up to $1500 for a term of no more than 62 days.

The minimum loan Loan Express gives is $100 ($200 in Alberta). Most people will not qualify for the maximum amount on the first loan, but as you build trust with us, loan amounts will increase.

Unless Provincial Payday laws state otherwise, the payday loan will be repaid on your next pay date.

The Provinces that require repayment over more than 1 pay date are:

• Alberta — all loans must be split equally between 2 or more paydays, with the term of the loan between 42 and 62 days.
• BC — loans will be paid back on the next pay date, unless it is the 3rd loan in a 62 day period, then the loan must be split over 2 pay periods if loaning off a monthly income, or 3 pay periods if you are paid bi-weekly, semi-monthly or on a more frequent basis.
• Ontario — loans will be paid back on the next pay date, unless it is the 3rd loan in a 63 day period , then the loan must be split over 2 pay periods if loaning off a monthly income, or 3 pay periods if you are paid bi-weekly, semi-monthly or on a more frequent basis.

Loan Express asks your bank to take the payment out on the due date. However, the time it comes out is decided by your bank. Each bank is different. Some payments come out in the morning, some the afternoon and others at night. Please leave the payment in the account all day to make sure it clears.

We do not lend out more than one loan per customer at a time.

* Note: We do not reject a customer who has open loans with other payday loan companies (except where prohibited by law).

You can cancel a payday loan, a cancellation form is included with your contract, or you can click cancellation form to view a sample form.

Once your loan is paid in full, you may borrow again when the bank has cleared your payment. This takes about 3 to 4 business days. If you are a Manitoba resident, you have to wait 7 days from the date of payment.

* Note: the Manitoba government does not count the day you pay back, or the day you reloan as part of the 7 day waiting period.

New Brunswick educational material | Matériel pédagogique du Nouveau Brunswick
Nova Scotia educational material
Ontario educational material

If you have further questions about how an online payday loan, or short term loan works, feel free to contact us directly. Our customer service representatives would be glad to help you.