11 Payday Loans & Cash Advance Apps in Edmonton

Cash advance apps and payday loans in Edmonton provide quick access to cash when unexpected expenses arise. While convenient, these options can be expensive and should only be used as a short-term solution. This guide compares licensed payday lenders and cash advance apps in Edmonton, Alberta, to help you find the right fit for your financial situation.

Compare cash advance apps and payday loans in Edmonton

1. Cashco

Cashco is an alternative lender that offers both payday loans and flex loans to borrowers who may not qualify for standard financing. Its head office is located in Edmonton, so you can apply for your payday loan in person or online, but you’ll have to complete a phone verification for digital applications.

• Pros and cons of Cashco loans

  Pros	Cons
  No credit check required Accepts different forms of income Fast approval process Apply in person or online	Very high interest rate Short repayment term Phone verification needed for online applications

2. iCash

iCash provides flexible payday loans in Edmonton. It’s a member of the Canadian Consumer Finance Association (CCFA) and has provided loans to more than one million 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 12% cashback for every loan you repay on time Free app available for iOS and Android	Very high interest rate Short repayment term Customers indicate it can be difficult to reach the company by email or phone

3. KOHO

The KOHO app offers a cash-advance feature called KOHO Cover, which allows account holders to get access to up to $250. You won’t be charged interest, but you will have to pay a monthly subscription fee and account fees.

• Pros and cons of KOHO Cover

  Pros	Cons
  No interest No penalties for late payments No credit check Free credit report and financial coaching Instant access to funds Flexible repayment terms	A KOHO account is necessary Monthly subscription fee Low loan amount Can’t be used to send e-Transfers or earn interest

4. Nyble

Nyble is a Canadian fintech app that offers a credit-building line of credit designed for people with little or no credit history. If you repay the loan on time each month, you could raise your credit score by an average of 36 points in 3 months.

• Pros and cons of Nyble

  Pros	Cons
  No penalties for late payments No interest Helps build credit No credit check Earn rewards for on-time payments that you can redeem for gifts	Small loan amount Membership fee for instant payments Reports both on-time and late payments

5. Bree

Bree is a Canadian cash advance app offering interest-free advances up to $500. Cash advances are free if you opt for standard funding. Instant funding requires a membership.

• Pros and cons of Bree

  Pros	Cons
  No interest No credit check Higher loan amount than other cash advance apps Free one-month trial	Monthly membership fee Instant funding costs extra Doesn’t build your credit

6. GoDay

GoDay is an online payday lender that provides fast payday loans in Edmonton. It’s a member of the CCFA and accredited by the Better Business Bureau (BBB) with an A- rating.

• Pros and cons of GoDay loans

  Pros	Cons
  Instant approval Fast funding in one hour or less All credit scores are okay No documents required	Very high interest rate Short repayment term Customers indicate it can be difficult to reach the company by email or phone

7. Focus Cash Loans

Focus Cash Loans has been operating since 2008. It doesn’t have any store locations in Edmonton, but you can easily apply 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

8. 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

9. 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 up to $500 90 days of consistent employment with the same job required Three character references required Short hours on Saturdays and closed on Sundays

10. Speedy Cash

Speedy Cash was founded in 1998 and operates over 19 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

11. 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: $14 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.

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 funds fees. Lenders may charge up to $20 if you miss a payment (plus any NSF fees your bank charges).
• Interest. Your lender can add 2.5% 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 try processing your pre-authorized debit once and sue you for the amount owed plus interest and any related court fees.

Why are payday loans risky?

Payday loans are risky for the following reasons:

• Very expensive. These loans come with extremely high interest rates, and you’ll pay additional fees for late payments or insufficient funds for payment.
• Easy to get stuck. Due to high rates and short terms, many borrowers struggle to have enough money left once they repay their loans. This means they may need to take out another 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.

How are cash advance apps different?

Cash advance apps and payday loans both offer quick access to money, but they differ in cost and flexibility. Payday loans in Edmonton charge $14 for every $100 borrowed and must be repaid in 42 - 62 days. APRs are over 100%.

Cash advance apps like KOHO, Nyble and Bree, on the other hand, typically charge no interest and allow payment extensions. Some even report payments to credit bureaus, helping you build credit, while payday loans do not. However, cash advance apps only offer up to $500, while payday loans can provide up to $1,500.

Am I better off getting a cash advance app?

Whether a cash advance app is better for you depends on your financial habits, borrowing needs and how quickly you need cash. If you only need a few hundred to cover short-term expenses, cash advance apps are generally cheaper and more flexible than payday loans.

Payday loans can provide larger sums, but they’re best used as a last resort due to high costs and strict repayment terms.

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.

• How do I get a cash advance in Edmonton?

  Nyble, Bree and KOHO each have their own application process, but you typically need to create an account, link your bank account for income verification and apply for your cash advance.

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

  Requirements vary by lender. Most payday loans and cash advances 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 at a store that's open 24 hours. That said, your bank may have processing limitations that can delay funding.

• How long does it take to get a cash advance?

  Most cash advance apps offer instant funding for an additional fee. Otherwise, you'll have to wait one to three business days to receive your cash advance once you're approved.

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

  Yes. The majority of payday loans and cash advances 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.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 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

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
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Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio