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Payday loans in Alberta with fast approvals

Browse a complete list of licensed payday lenders in Alberta.

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:

Payday lenderInterest rateLoan amountLoan termMin. incomeHow to apply
iCASH$15 for every $100 borrowed$100 – $1,500Up to 62 days$800 per monthOnlineGo to siteLearn more
GoDay$15 for every $100 borrowed$100 – $1,500Up to 62 daysN/AOnline

Learn more

Money Mart$15 for every $100 borrowed$120 – $1,500Up to 62 daysN/AOnline, in personLearn more
Mr. Payday$15 for every $100 borrowed$100 – $1,500Up to 62 days$1,100 per month.Online, in personLearn more
My Canada Payday$15 for every $100 borrowed$100 – $1,500Up to 62 days$1,000 per month.Online, over the phoneLearn more
Speedy Cash$15 for every $100 borrowed$250 – $1,500Up to 62 daysN/AOnline, in personLearn more
Focus Cash Loans$15 for every $100 borrowed$100 – $1,500Up to 62 days$1,200 per monthOnlineLearn more
Loan Express$15 for every $100 borrowed$100 – $1,500Up to 62 daysN/AOnline, over the phoneLearn more
Blue Copper Capital$15 for every $100 borrowedUp to $1,500Up to daysN/AOnline, in person, over the phoneLearn more
Cash Cowboy$15 for every $100 borrowedUp to $1,50042 - 62 daysN/AOnlineLearn more

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 $15 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 lenderReason
RemitExchange Inc.Lack of information
B J LoansLack of information
Cash2UUnsecure and underdeveloped website
CashcoLack of information about its payday loans (but it has plenty of information about “Flex Loans”, its personal loans)

10 payday loans in Alberta

iCASH

1. iCASH

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.

FeatureDetails
BBB accreditedNo
BBB ratingNot available
BBB customer ratingNot available
Trustpilot score4.8 out of 5, based on 2,181 reviews
Google rating4.5 out of 5, based on 4,198 reviews
Customer reviews verified as ofApril 13, 2023


Goday

2. GoDay

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.

FeatureDetails
BBB accreditedYes
BBB ratingA
BBB customer rating1.2 out of 5, based on 5 reviews
Trustpilot score4.5 out of 5, based on 2,247 reviews
Google rating3.8 out of 5, based on 249 reviews
Customer reviews verified as ofApril 13, 2023


Picture not described

3. Money Mart

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.

FeatureDetails
BBB accreditedNo
BBB ratingF
BBB customer rating1 out of 5, based on 9 reviews
Trustpilot score4.5 out of 5, based on 3,818 reviews
Google ratingVaries based on location
Customer reviews verified as ofApril 13, 2023


Mr. Payday

4. Mr. Payday

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.

FeatureDetails
BBB accreditedNo
BBB ratingA+
BBB customer ratingNot available
Trustpilot score4.8 out of 5, based on 1,447 reviews
Google rating4.3 out of 5, based on 685 reviews
Customer reviews verified as ofApril 13, 2023


My Canada payday

5. My Canada Payday

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.

FeatureDetails
BBB accreditedYes
BBB ratingA+ (for Westrock Financial, its parent company)
BBB customer ratingNot available
Trustpilot score3.9 out of 5, based on 854 reviews
Google ratingVaries based on location
Customer reviews verified as ofApril 13, 2023


Speedy Cash Logo

6. Speedy Cash

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.

FeatureDetails
BBB accreditedNo
BBB ratingF
BBB customer ratingNot available
Trustpilot score4.8 out of 5, based on 5,362 reviews
Google ratingVaries based on location
Customer reviews verified as ofApril 13, 2023


Picture not described

7. Loan Express

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.

FeatureDetails
BBB accreditedNo
BBB ratingA+
BBB customer rating2.33 out of 5, based on 3 reviews
Trustpilot score4.8 out of 5, based on 5,496 reviews
Google ratingNot available
Customer reviews verified as ofApril 13, 2023


Blue Copper Capital

8. Blue Copper Capital

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.

FeatureDetails
BBB accreditedNo
BBB ratingA+
BBB customer ratingNot available
Trustpilot score4.9 out of 5, based on 119 reviews
Google rating4.5 out of 5, based on 59 reviews
Customer reviews verified as ofApril 13, 2023

Focus Cash Loans

9. Focus Cash Loans

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.

FeatureDetails
BBB accreditedNo
BBB ratingA+
BBB customer ratingNot available
Trustpilot score4.7 out of 5, based on 427 reviews
Google rating3.8 out of 5, based on 34 reviews
Customer reviews verified as ofApril 13, 2023


Picture not described

10. Cash Cowboy

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.

FeatureDetails
BBB accreditedNo
BBB ratingNot available
BBB customer ratingNot available
Trustpilot scoreNot available
Google rating4.8 out of 5, based on 231 reviews
Customer reviews verified as ofJune 9, 2023

Payday loan regulations in Alberta

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 loan regulations in Canada

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 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 loanTotal 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

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