E-transfer Payday Loans & Cash Advances in Alberta

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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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC, AB and ON	Key features: 24/7 approval and e-Transfer, no credit check	Go to siteView details Compare product selection Compare	loading
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteView details Compare product selection Compare	loading
Cashco Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	AB, BC and SK	Key features: Instant approval, no credit check	ContinueView details Compare product selection Compare	loading
Money Mart Payday Loan	$14 per $100 borrowed	$100 - $1,500	1 - 62 days	AB, BC, NS, ON, SK and MB	Key features: In-store and online no credit check loans, accepts many income types	ContinueView details Compare product selection Compare	loading

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How we picked these

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	Costs	Loan Amount	Loan Term	Key Features
8.7 Great KOHO Cover	8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	$75 REWARD Go to siteView details Compare product selection Compare	loading
8.8 Great Bree Early Pay	8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading
9.3 Excellent Nyble Credit Line	9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

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.

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.

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.

Frequently asked questions

• Are payday loans legal 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.

• Can I get payday loans in Alberta with bad credit?

  Yes, bad credit payday loans are readily available to borrowers in Alberta, and you can usually get fast funding. 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.

• Who do I contact if I want to make a complaint about a payday lender?

  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 also phone the Service Alberta Contact Centre to start the complaints process.

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

  Yes. Many payday lenders don't require that you 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.

To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 20-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. See full bio

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Tim has written 571 Finder guides across topics including:

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Leanne Escobal

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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