Cash Money Payday Loan
Borrow from $100
- Simple application process
- Fast turnaround time
- Extended business hours
If you’re facing a financial emergency, you might find yourself in need of some fast cash. One solution is getting a payday loan – a quick and easy way to get your hands on emergency money before your next paycheque. But while payday loans are quick and convenient, they’re expensive and risky.
We’ve designed this guide to help you navigate the ins and outs of cash advance payday loans in Alberta, so that you have as much information as possible to make an informed decision before you sign on the dotted line.
Yes, payday loans are legal in Alberta. Each province has its own regulations that govern payday loan costs and conditions. In Alberta, the Payday Loans Regulation and the Act to End Predatory Lending help protect people who take out payday loans.
Here are the regulations surrounding payday loans in Alberta:
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
Although Alberta has laws in place to protect consumers from predatory lending, you’ll still need to pay a maximum of $15 for every $100 that you borrow. You have two business days to cancel a contract – known as the “cooling-off period” – for a payday loan without having to pay a fee.
The table below shows the fees you will pay for a payday loan versus a credit card.
|Loan Amount (over 2 weeks)||Payday loan fee||Credit card fee (23%)|
Most lenders won’t do a credit check when issuing a payday loan. Instead, they’ll be more interested in you having:
This lenient criteria can be easy to meet – with the added bonus of not having to prove you’re a responsible borrower. However, some lenders who don’t do credit checks might be more likely to be predatory and illegitimate. This is why it’s important to do your research and use a reputable lender – whether they do a credit check or not.
If you have your heart set on a payday loan, it’s important to shop around for the best deal. That being said, it’s also a good idea to think about other short-term loan alternatives since payday loans are usually the most expensive solution for your short-term financial problems. You could save big if you think about other ways to solve your money issues.
If you do decide to take out a payday loan, it’s important to borrow only as much as you’ll be able to repay and to budget your repayments accordingly. If you default on your loan or the loan goes into collections, you’ll receive a negative mark on your credit report that can stay there for up to six years. Make sure to budget for the amount of money you plan to take out, and use a licensed lender.
Look for the following signs to make sure you’re working with a legit lender.
If you’re looking for a quick and easy way to get your hands on some fast cash, you might be tempted to take out a payday loan online. But it’s important to note that this puts you at risk of borrowing from an unlicensed lender. Unlicensed lenders can be problematic for a number of reasons.
Unlicensed lenders can operate outside of Alberta or even outside of Canada, making it difficult for the province to prosecute them. That’s why it’s so important to make sure your lender is licensed to operate in Alberta before you borrow money.
The Consumer Investigations Unit (CIU) at Service Alberta investigates complaints about consumer transactions where a payday loan business has breached Alberta’s consumer protection laws. You can contact the Service Alberta Consumer Contact Centre toll-free at 1-877-427-4088 to discuss your options for filing a complaint.
If Service Alberta finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.
If you’re not sure you want to take out a payday loan, you have other options. Here are some programs and lenders you might want to check out.
Alberta has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.
Some credit unions and local banks offer lower cost short-term loans. You might also want ask about credit builder programs, which offer loans in small amounts that can help you build your credit score by reporting every on-time repayment you make to the credit bureaus. This can set you up for the future, where you will be eligible for more competitive interest rates and terms.
If you’re struggling with your personal finances, you might want to also consider enrolling in a credit counselling program. These can help you make a budget and manage or consolidate your debts.
If you’re interested in applying for a payday loan in Alberta, you’ll need to meet the following eligibility criteria:
To complete your application successfully, prepare to submit some basic information:
If you’re considering taking out a payday loan, familiarize yourself with the laws in Alberta to make sure you’re getting the best terms for your loan. Be wary of unlicensed lenders and make sure to pay back your loan on time to avoid paying interest. Remember that there are better short-term financing alternatives than a payday loan, so compare your options before signing on the dotted line.
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