E-transfer Payday Loans & Cash Advances in Alberta
Need cash fast? Find out where to get e-transfer payday loans in Alberta 24/7, plus alternatives.
Getting payday loans in Alberta 24/7 is not difficult, thanks to flexible application requirements and speedy e-transfer funding. However, payday loans are very costly and should be used only as a last resort. Compare licensed options here, plus alternatives.
Compare payday loans in Alberta
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Alternative: Cash advance apps
Cash advance apps are available in Alberta. Similar to payday loans, they offer 24/7 funding and skip the credit check. But unlike payday loans, cash advance apps charge no interest (though a fee applies for instant deliveries) and offer more flexible repayment terms.
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Finder Score for cash advances
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance providers are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
How are payday loans regulated in Alberta?
Payday loans in Canada are regulated at the provincial level. Protect yourself as a borrower by knowing your rights when taking out e-transfer payday loans in Alberta. You can find the full details of payday loan regulation on the Government of Alberta website, but here’s the key information.
- Maximum loan amount: $1,500
- Loan term: 42 - 62 days
- Maximum cost of borrowing: $14 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 penalty.
- Repayment. You can repay the loan 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 out repayments over at least three pay periods.
- Prepayment without penalty. You can pay your loan off early without incurring any additional fees.
- Lender licensure. The lender must hold a payday lending licence from the Government of Alberta. You can check whether a lender is licensed on the Government of Alberta website or by phoning Service Alberta.
- Extra costs if you default. e-transfer payday loans in Alberta can come with a maximum NSF fee of $20 if you fail to make a payment when it’s due. Payday lenders may charge 2.5% per month. Your financial institution may also charge an NSF fee.
- Payment collection. Payday loan regulations in Alberta stipulate that lenders can contact you between 7am and 10pm, but they must not:
- Make unauthorized account withdrawals
- Use threatening, profane or intimidating language
- Discuss your debt with anyone other than you, guarantors or authorized representatives
- Contact you so often that it could be considered harassment
- Arrange wage assignments with you or your employer
- No rollover loans. Lenders can’t extend or renew a payday loan with additional fees or provide a new payday loan to pay off an existing one.
How much do payday loans in Alberta cost?
Payday loans are an extremely expensive way to borrow money. The maximum amount a lender can charge for e-transfer payday loans in Alberta is $14 per $100 borrowed. That may not sound like too much, but when you factor in the short loan term, the APR is actually very high.
For example, here’s 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 (42 days) | Payday loan cost | Credit card cash advance cost (23% APR + 5% fee) |
|---|---|---|
| $300 | $42 (122% APR) | $7.94 + $15 = $22.94 |
| $600 | $84 (122% APR) | $15.88 + $30 = $45.88 |
| $900 | $126 (122% APR) | $23.82 + $45 = $68.82 |
As you can see, with an APR of 122%, a payday loan in Alberta could end up costing you significantly more than a credit card cash advance.
Interac e-transfer payday loans in Alberta 24/7
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. You can often access funds within minutes.
If you opt for an Interac e-transfer payday loan, your lender will issue your funding via a money transfer link 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 to process, 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 it may seem like a convenient way to get cash in an emergency, a payday loan is 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 the very short loan term. 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? Payday loans are a Band-Aid solution and aren’t designed to fix long-term financial problems. If you’re struggling to pay for essential expenses or have substantial financial problems, consider credit counselling.
- Can you afford to repay the loan? Use your phone’s calculator app to figure out if you’ll have enough income left over for regular expenses after paying off the loan.
- 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 red flags that could indicate a payday loan scam, such as:
- Charging an upfront fee
- Not being transparent about the total loan cost
- Promising guaranteed approval
- Charging more than the maximum cost allowed
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 plus interest on the money you withdraw.
- Cash 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 up to a predetermined limit. You only pay interest on what you borrow and not on the entire credit limit.
- Personal loan. Personal loans from alternative and online lenders tend to have more lenient eligibility requirements than traditional personal loans. However, you’ll likely pay higher interest rates. Learn more about personal loans in Alberta.
- Credit counselling. A credit counsellor can assess your financial situation and offer advice on how to get out of debt and get your finances back on track. Check out our guide on free debt management resources 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 like your name, date of birth, Social Insurance Number and a valid form of ID
- Contact details like your residential address in Alberta, email and phone number
- Employment and income details
Bottom line
Payday loans are very expensive and should only be considered as a last resort. If you 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 compare a range of options to find a payday loan that suits your financial needs.
Related: Explore short-term loans in Alberta
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