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If you’re facing a financial emergency, payday loans in Alberta can help you access the money you need. But while payday loans are fast and convenient, they’re incredibly expensive.
Here’s what you need to know about cash advance payday loans in Alberta to help you make an informed decision before you sign on the dotted line.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Complete list of payday loans in Alberta
As of June 9, 2023, there are 14 licensed payday lenders in Alberta, according to the government of Alberta:
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$17
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Other payday loans in Alberta
The following payday lenders are also licensed according to the Government of Alberta’s database, but we didn’t include them in the table above for various reasons.
Payday lender
Reason
RemitExchange Inc.
Lack of information
B J Loans
Lack of information
Cash2U
Unsecure and underdeveloped website
Cashco
Lack of information about its payday loans (but it has plenty of information about “Flex Loans”, its personal loans)
iCASH is an online lender that offers 24/7 access to payday loans. You can apply, get approved and get funded in hours, with a fully automated loan application helping to streamline the process.
Loan amount: $100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: $800 per month.
Incomes it accepts: Employment, employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
AB licence number: 341941
Pros
24/7 application and approval
Fast access to funds
Bad credit accepted
Cons
Expensive
Watch out for high APRs
What do people have to say about iCASH?
Happy iCASH customers praise the provider for an easy application process and fast access to funds. Those who left negative reviews often complained about issues with the automated loan approval process and slow approval times.
GoDay is an online payday lender that accepts borrowers with a wide range of non-employment income. It’s easy to apply for payday loans in Alberta online, and GoDay offers 24/7 loan approvals.
Loan amount: $100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: N/A
Incomes it accepts: Employment, CCB, disability tax credit, OAS, CPP and private pensions
AB licence number: 347297
Pros
e-Transfer and direct deposit available
Accepts non-employment income
Get funded within minutes
Cons
Expensive
First-time borrowers can only access up to $500
What do people have to say about GoDay?
Customers who left positive reviews give GoDay plaud its for friendly customer service and fast loan funding. However, negative reviewers report slow loan approval times and disappointing customer service response.
Money Mart allows you to apply for a payday loan online or at one of its Alberta storefronts. Same-day funding is available and bad credit won’t affect your ability to qualify for a loan.
Loan amount: $120 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: N/A
Incomes it accepts: Employment, child tax credit, EI, disability and pensions
AB licence number: 326940
Pros
Established lender
Fast loan approval and funding
Online and in-person loans available
Cons
High cost of borrowing
Some complaints about customer service issues
What do people have to say about Money Mart?
Positive reviewers praise Money Mart for offering fast and easy access to emergency funds. Customers who left negative reviews sometimes complained about poor customer service.
Online payday lender Mr. Payday aims to offer loan approval within 30 minutes and funding within another 30 minutes. Bad credit borrowers are accepted, and Mr. Payday also offers a mobile app to help simplify the application process.
Loan amount: $100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: $1,100 per month.
Incomes it accepts: Employment, CPP, EI, WCB, non-government disability benefits
AB licence number: 326997
Pros
Easy to apply
Fast approval and funding
Non-employment accepted
Cons
Only one store (and it’s not in Alberta)
Check total cost of loan before you borrow
What do people have to say about Mr. Payday?
Happy customers tend to praise Mr. Payday for being quick and easy to use. However, customers who left negative reviews complained of loan approval and customer service issues.
My Canada Payday claims to offer access to payday loans in Alberta in as little as 15 minutes. Bad credit is accepted and the application process is completely online, with funds sent out via e-Transfer.
Loan amount:$100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: $1,000 per month.
Incomes it accepts: Employment, CCB, disability, pensions
AB licence number: 342618
Pros
Easy application
24/7 funding
Fast access to funds
Cons
Self-employment income not accepted
Watch out for high cost of borrowing
What do people have to say about My Canada Payday?
Customers who left positive reviews for My Canada Payday pointed to the company’s friendly customer service and fast loan approval. Those who left negative reviews sometimes complained about the documentation required and problems with loan approvals.
You can apply for a payday loan from Speedy Cash online or at one of its two Alberta locations. Speedy Cash has been operating since 1998 and accepts a variety of non-employment income.
Loan amount: $250 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: N/A
Incomes it accepts: Employment, EI, CPP, private pension, child tax credit
AB licence number: 59868
Pros
Quick application process
Bad credit is OK
Borrow online or in person
Cons
Expensive
Some complaints about bank account verification issues
What do people have to say about Speedy Cash?
Happy Speedy Cash customers comment on the provider’s friendly customer service and fast loans process. However, some negative reviewers complain about poor customer service and issues with the bank verification process.
Loan Express is an online lender that offers fast access to emergency payday loans in Alberta. You can apply online 24/7, with funds sent to your account via Interac e-Transfer or direct deposit.
Loan amount: $100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: N/A
Incomes it accepts: Employment, Many types, including pension, disability, child tax credit, most other government benefits paid regularly
AB licence number: 327001
Pros
24/7 lender
Accepts non-employment income
Fast approvals
Cons
Doesn’t accept EI or CERB as income
Watch out for high cost of borrowing
What do people have to say about Loan Express?
Many reviewers praise Loan Express for offering an easy-to-understand service and fast loan funding. Negative reviews sometimes mention that customer service could be better.
Established in 2006, Blue Copper Capital offers payday loans, personal loans, business loans and lines of credit to Canadian borrowers. You can apply for a loan online, in person (in Calgary and Edmonton) or over the phone, and Blue Copper Capital claims to process applications in as little as 20 minutes.
Loan amount: Up to $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: N/A
Incomes it accepts: Employment, private disability
AB licence number: 330628
Pros
Easy to apply
Apply online, over the phone or in person
Cons
Stricter eligibility requirements than some other lenders
Other lenders may offer faster access to funds
What do people have to say about Blue Copper Capital?
Reviewers praise Blue Copper Capital for its friendly and helpful customer service. Those who left negative reviews sometimes complained about having their loan applications rejected.
Focus Cash Loans is an online lender that accepts applications 24/7. There are no credit checks required, and Focus Cash Loans has been in business since 2008.
Loan amount: $100 – $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: $1,200 per month
Incomes it accepts: Employment, CPP, private pension, EI, WCB, child tax credit, non-government disability benefits (government disability income not accepted)
AB licence number: 327008
Pros
Accepts a wide range of income
Fast approval
Cons
First-time borrowers can only access $500
Expensive
What do people have to say about Focus Cash Loans?
Positive reviewers report that Focus Cash Loans offers an easy application process and efficient customer service. However, some reviewers complain about slow approval times.
Cash Cowboy recently entered the Alberta payday loan business. There are no credit checks required, so you can apply with a low credit score.
Loan amount: Up to $1,500
Loan term: 42 - 62 days
Interest rate: $15 for every $100 borrowed
Min. income: $500
Incomes it accepts: Employment
Pros
Low minimum income
Fast approval
Cons
Expensive
What do people have to say about Cash Cowboy?
Positive reviewers report that Focus Cash Loans offers an easy application process and efficient customer service. However, some reviewers complain about slow approval times.
Payday loans in Canada are regulated at the provincial level. Protect yourself as a borrower by knowing your rights when taking out a payday loan in Alberta. You can find the full details of the Payday Loans Regulation on the Government of Alberta website, but here is the key information you need to know.
Maximum loan amount: $1,500.
Loan term: 42 - 62 days.
Maximum cost of borrowing: $15 for every $100 borrowed.
Cooling-off period: Should you change your mind and want to cancel your payday loan, you have two business days to do so without facing a penalty.
Repay the loan in installments. You’re required to repay in installments instead of a lump sum, according to Alberta’s Consumer Protection Act. If you’re paid weekly or fortnightly, you could, for example, spread your repayments over at least three pay periods.
You can prepay your loan without penalty. You can pay your loan off early without incurring any additional fees.
Lenders must be licensed. The lender must hold a payday lending licence from the Government of Alberta. You can check whether a lender is licensed by visiting the Service Alberta website or by calling the Consumer Contact Centre at 780-427-4088 (Edmonton) or toll free in Alberta 1-877- 427-4088.
Extra costs apply if you default on a payday loan. Your payday loan lender in Alberta can charge you a maximum NSF fee of $25 if there isn’t enough money in your bank account when your payment is due. Your financial institution may also charge you an NSF fee. Your lender may charge a 2.5% interest rate per month non-compounding if you fail to repay the loan amount.
There are rules about how lenders can collect the money you owe. Payday loan regulations in Alberta stipulate how and when a lender can contact you to collect the outstanding loan amount. The lender can contact you between 7am and 10pm but they must not:
Make any unauthorized withdrawals from your account
Use threatening, profane or intimidating language
Discuss your debt with anyone other than you (except for a guarantor of the debt or someone you nominate as your representative)
Contact you so often that it could be considered harassment
Arrange wage assignments with you or your employer
Rollover loans are not allowed. Lenders can’t extend or renew a payday loan with additional fees or provide a new payday loan to pay out the existing one.
Payday loans are an extremely expensive way to borrow money. The maximum amount a lender can charge on a payday loan in Alberta is $15 per $100 borrowed – that may not sound like too much, but when you combine it with the short loan terms that payday loans are known for, it results in very high APRs.
As an example, let’s take a look at how much it’ll cost you to repay a payday loan with a loan term of 42 days, compared to the cost of borrowing the same amount using a credit card cash advance.
Amount borrowed (over 42 days)
Total cost of payday loan
Total cost of credit card cash advance (23% APR + 5% fee)
$300
$45 (130% APR)
$7.94 + $15 = $22.94
$600
$90 (130% APR)
$15.88 + $30 = $45.88
$900
$135 (130% APR)
$23.82 + $45 = $68.82
As you can see, with an APR of 130%, a payday loan could end up costing you significantly more than a credit card cash advance.
Interac e-Transfer payday loans in Alberta
Interac e-Transfers are a common way to fund online payday loans in Alberta. They’re convenient because they can be sent and received 24/7, even if your bank is closed or it’s outside of business hours. They also allow you to access your loan amount within minutes.
If you opt for an Interac e-Transfer payday loan, your lender will issue your funding via a money transfer link that’s sent to your email address. From there, you can select which bank you have an account with and log in to deposit your funds.
While bank direct deposit transfers can take up to a full business day for the funds to appear in your account, e-Transfers are sent to your account immediately. Just make sure your bank supports Interac e-Transfers – all major banks do – before you apply.
What to consider before applying for a payday loan
Thinking of applying for a payday loan? Consider the following factors first.
Payday loans are extremely expensive. While they may seem like a convenient way to get cash in an emergency, payday loans are a very expensive way to borrow. Make sure you consider all the alternatives (we’ve listed several options below) before applying for a payday loan.
It’s easy to get trapped in a cycle of debt. One of the major traps of payday loans is that they have very short loan terms. This can make it difficult to afford your repayments and still cover your essential expenses, which can in turn force you to take out a second payday loan. Before you know it, you can get trapped in a cycle of debt.
Is it essential? With the two points above in mind, ask yourself whether you need to take out a payday loan to cover an essential expense. If the expense isn’t something you absolutely must cover urgently, try to find another way to get the cash you want. Payday loans are a Band-Aid solution and aren’t designed to fix long-term financial problems. If you have substantial financial problems, consider credit counselling.
Can you afford to repay the loan? Use your phone’s calculator app to work out whether you’ll still have enough income left over after paying off the loan to meet your regular expenses.
Is the lender legit? The payday loans space is notorious for scammy lenders, so make sure you only ever deal with a lender that holds a payday loan licence in Alberta. Also keep an eye out for any red flags that could indicate a payday loan scam, such as:
Charging an upfront fee
Not being transparent about the total cost of the loan
Promising guaranteed approval
Charging more than the maximum cost of $15 per $100 borrowed
Payday loan alternatives
Before deciding whether a payday loan is right for you, consider these payday loan alternatives:
Credit card cash advance. A credit card cash advance lets you withdraw cash from your credit limit at an ATM. It’s a quick and convenient way to access funds, but you’ll need to pay a cash advance fee as well as interest on the money you withdraw.
Pay advance apps.Pay advance apps let you borrow a small amount with no interest, but you may pay a monthly fee.
Overdraft protection. Check whether your bank account offers overdraft protection. This allows you to pay for small transactions even if there are insufficient funds in your account, allowing you to avoid NSF fees. However, overdraft fees and interest apply.
Line of credit. A line of credit can provide you with an ongoing and convenient way to withdraw funds whenever you need to up to a predetermined limit. You only pay interest on what you borrow and not on the entire credit limit.
Installment loan. Installment loans from alternative and online lenders tend to have more lenient eligibility requirements than traditional personal loans. However, they also come with higher interest rates. Learn more about the best installment loans.
Credit counselling. A credit counsellor can assess your financial situation and offer advice on how you can get out of debt and get your finances back on track. Check out our guide to free resources to help you manage debt for more information.
What do I need to apply for a payday loan in Alberta?
If you’re interested in applying for a payday loan in Alberta, you’ll need to meet the following eligibility criteria:
Be at least 18 years old
Provide proof of three months of continuous employment
Give proof of address
Have an active chequing account
To complete your application successfully, prepare to submit the following basic information:
Personal details, such as your name, date of birth, Social Insurance Number and a valid form of ID
Contact details, such as your residential address in Alberta, email address and phone number
Details about your employment and income
Bottom line
Payday loans are very expensive, so they should only be considered as a last resort. If you do need to take out a payday loan in Alberta, familiarize yourself with local payday lending regulations and make sure you only ever deal with legitimate, licensed payday lenders. Then it’s a matter of comparing a range of options to find a payday loan that suits your financial needs.
Frequently asked questions about payday loans in Alberta
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.
Yes, bad credit payday loans are readily available to borrowers in Alberta. In the majority of cases, payday lenders tend to focus on a borrower's ability to repay a loan (by checking their employment and income) instead of their credit score.
You can file a complaint with the Service Alberta Consumer Investigations Unit (CIU), which will act on your behalf to conduct an investigation into the payday loan business in question. You can phone the Service Alberta Contact Centre at 1-877-427-4088 to start the complaints process.
Yes. Many payday lenders don't require you to undergo a credit check when applying for a loan. Instead of looking at your credit history, they will instead assess whether you earn sufficient income to repay your loan. Learn more about no credit check loans.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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