7 payday loans in Edmonton, Alberta

Payday loans can be a useful way to cover your expenses in an emergency, but since they’re extremely expensive, they are only suitable as a last resort.

If you’ve already considered all your alternatives, compare payday loans in Edmonton below to figure out which licensed lender might be the best fit for your personal situation.

Compare 7 payday loans in Edmonton

1. iCASH

iCASH provides flexible payday loans in Edmonton. It is a member of the Canadian Consumer Finance Association (CCFA) and has provided loans to more than 500,000 customers across Canada since 2014.

• Pros and cons of iCASH loans

  Pros	Cons
  Instant approval Fast funding in one hour or less Bad credit or no credit doesn’t matter Flexible repayments may let you split your loan into two or three installments Earn up to 20% cashback for every loan you repay on time Free app available on Apple and Google Play	Very high interest rate Short repayment term Customers indicate it can be difficult to reach the company by email or phone

2. Money Mart

Money Mart offers online and in-person payday loans in Edmonton. It started offering payday loans in 1982 and has since expanded to include over 500 locations across Canada.

• Pros and cons of Money Mart loans

  Pros	Cons
  Apply online with quick approval Get your funds in under five minutes Bad credit or no credit doesn’t matter Secure service with bank-level encryption Free app available on Apple and Google Play	Very high interest rate Short repayment term Must be able to receive funds by direct deposit Customers complain that applications are denied after “instant approval” online

3. Focus Cash Loans

Focus Cash Loans has been operating since 2008. It has only one in-person location in Vancouver, so you can only access payday loans in Edmonton by applying online.

• Pros and cons of Focus Cash Loans

  Pros	Cons
  Five-minute application Apply online 24/7 Fast approval during business hours Funds transferred in under 30 minutes Good option for bad credit Accepts different forms of income	Very high interest rate Short repayment term Net monthly income of at least $1,200 is required First-time customers can only get $500 Two references required

4. Mr. Payday

Mr. Payday has been in business since 2002. It has only one in-person location (which is in Vancouver), so you can only access payday loans in Edmonton by applying online.

• Pros and cons of Mr. Payday loans

  Pros	Cons
  Simple application Quick approval and transfer of funds 24/7 customer support Bad credit and past bankruptcies accepted Accepts different forms of income	Very high interest rate Short repayment term Loans only approved during business hours Two references required if applying online

5. Blue Copper Capital

Blue Copper Capital opened its doors in 2006. It offers payday loans in Edmonton, along with other forms of financing, including personal loans, business loans and lines of credit.

• Pros and cons of Blue Copper Capital loans

  Pros	Cons
  Simple application Get approved in as little as 20 minutes In-person or online service Bad credit doesn’t matter Join the Blue Copper Club to get discounts and flexible terms on payday loans	Very high interest rate Short repayment term First-time customers can only get $500 90 days of consistent employment with the same job required Three character references required Short hours on Saturdays and closed on Sundays

6. Speedy Cash

Speedy Cash was founded in 1998 and operates over 20 branch locations across Canada. There are no branch locations in Edmonton, so the company only offers online payday loans in Edmonton at this time.

• Pros and cons of Speedy Cash loans

  Pros	Cons
  Fast application and approval Bad credit or no credit doesn’t matter Accepts different forms of income	Very high interest rate Short repayment term No in-person location in Edmonton

7. Loan Express

Loan Express has been offering online payday loans in Edmonton since 2005. It accepts applications 24/7, so you can apply whenever you need funds.

• Pros and cons of Loan Express loans

  Pros	Cons
  Apply online with quick approval Get your funds in under five minutes Good option for bad credit Accepts different forms of income Secure service with bank-level encryption	Very high interest rate Short repayment term Requires you to be paid by direct deposit to qualify Inflexible repayment terms

Payday loan regulations in Edmonton

Protect yourself as a borrower by knowing your rights when taking out payday loans in Edmonton. Below is a summary of payday loan regulations in Alberta. Visit the government website for more details.

• Maximum loan amount: $1,500
• Minimum loan term: 42 days
• Maximum loan term: 62 days
• Maximum fee: $15 for every $100 borrowed
• Cancellation policy: Two days to cancel without facing a penalty
• Loan repayments. Repay early with no penalty or in two to three installments.
• Rollovers. Rollovers aren’t allowed. Your existing payday loan must be paid off before you can take out a new one.

Plans for using payday loans in 2023

According to the results of the Finder: Consumer Sentiment Tracker Q1 2023, the majority of Albertan residents (79%) do not plan to use a payday loan. However, 10% plan to use a payday loan once in the first few months of 2023; 7% intend to use payday loans two times in the next few months; 4% intend to use payday loans about once more month, while 1% intend to use a payday loan four or more times in the first few months of 2023.

What happens if I default on my loan?

If you think you might default on your loan, you should contact your lender as soon as possible to avoid the following penalties:

• Insufficient fund fees. Lenders may charge up to $25 if you miss a payment (plus any NSF fees your bank charges).
• Interest. Your lender can add 2.5% in interest per month if you miss payments.
• Collection calls. A lender can persistently contact you to reclaim funds or turn your account over to a collection agency, which can damage your credit score.
• Legal action. Lenders can apply to take money from your paycheques directly or sue you for the amount owed plus interest and any related court fees.

Find out more about payday loans in Alberta

Why are payday loans risky?

Payday loans are risky and should only be used when absolutely necessary and only if you’re absolutely certain that you can pay the loan off on time.

• Very expensive. These loans come with extremely high interest rates, and you may need to pay additional fees for late payments or insufficient funds for payment.
• Small amounts. You’ll only qualify for up to $1,500 with payday loans in Edmonton, which might only cover a small portion of your expenses.
• Short term. You have 42 - 62 days days to repay your loan.
• Easy to get stuck. Due to high rates and short terms, many borrowers struggle to have enough money left once they repay their loan. This means they may need to take out a second payday loan to pay for their expenses, leading to a cycle of debt that’s difficult to get out of.
• Can damage credit score. If you default on your loan, your credit score will go down.

Frequently asked questions

• What documents do I need to get a payday loan in Edmonton?

  This depends on the lender. No documents are needed if you apply for a loan through an instant bank verification. You'll need to supply information such as your ID, bank statements or pay stubs if you go with manual verification.

• What are the eligibility requirements for payday loans in Edmonton?

  Requirements vary by lender. Most payday loans don't require a credit check, so your credit score won't be as important. You'll usually need to meet residency, income and employment requirements and not have an existing payday loan to qualify.

• Are there 24/7 payday loans in Edmonton?

  Yes, there are payday lenders that offer 24/7 loans in Edmonton if you apply online or apply at a store that's open 24 hours. That said, your bank may have processing limitations that can delay funding.

• Can I get a payday loan in Edmonton with no credit check?

  Yes. The majority of payday loans in Edmonton come with no credit check. This means you can apply with bad credit and get approved as long as you meet other eligibility requirements.