{"menuItems":[{"label":"Browse personal loans in Alberta","anchorName":"#compare"},{"label":"Do I qualify for Alberta personal loans?","anchorName":"#do-i-qualify-for-alberta-personal-loans"},{"label":"How to compare the best personal loans in Alberta","anchorName":"#how-to-compare-the-best-personal-loans-in-alberta"},{"label":"How to apply for an online personal loan in Alberta","anchorName":"#how-to-apply-for-an-online-personal-loan-in-alberta"},{"label":"What credit score do I need to get a personal loan in Alberta?","anchorName":"#what-credit-score-do-i-need-to-get-a-personal-loan-in-alberta"},{"label":"Tips to get bad credit personal loans in Alberta","anchorName":"#tips-to-get-bad-credit-personal-loans-in-alberta"},{"label":"Signs of a legitimate lender in Alberta","anchorName":"#signs-of-a-legitimate-lender-in-alberta"},{"label":"What is the interest rate on a personal loan in Alberta?","anchorName":"#what-is-the-interest-rate-on-a-personal-loan-in-alberta"},{"label":"What is the monthly payment on a personal loan?","anchorName":"#what-is-the-monthly-payment-on-a-personal-loan"},{"label":"Debt in Alberta","anchorName":"#debt-in-alberta"},{"label":"Frequently asked questions","anchorName":"#frequently-asked-questions"}]}
Personal loans can be anywhere from $500 to $50,000, but how much you can borrow will depend on individual factors like your credit score, income and current debts. Browse personal loans in Alberta below for good and bad credit scores, and find out how to choose the best one for your needs.
Browse personal loans in Alberta
1 - 10 of 10
Do I qualify for Alberta personal loans?
You’ll need to meet the following basic requirements to apply for personal loans in Alberta:
Be 18 years old or older.
Be a Canadian citizen or a permanent resident with a valid Canadian address.
Have an active bank account.
Have proof of a regular income, preferably from employment.
Some lenders may have additional criteria that you’ll need to meet in order to qualify for a loan. If you’re applying for a secured loan, for example, you will need collateral, such as proof of home equity or a car title.
Required documents
While the application process will vary from lender to lender, have these documents ready for a seamless process:
2 pieces of identification. This could include your passport or driver’s licence.
Employment and income verification. This could be via pay stubs or bank statements.
Banking information. This could be a void cheque or your bank account details.
If you opt for instant bank verification, you won’t need to send any documents.
How to compare the best personal loans in Alberta
To make sure you end up with the right lender, keep the following in mind to help you narrow down your top picks:
Loan type
You can choose between secured and unsecured personal loans. Secured loans typically come with higher loan amounts and lower interest rates, but borrowers must put up collateral, such as home equity. Unsecured loans come with higher interest rates, but they don’t require collateral.
Loan amounts
Loan amounts of personal loans in Alberta vary among lenders. Lenders may approve you for an amount lower or higher than your original ask based on their review of your finances.
Loan terms
Lenders may offer you from 6 to 60 months or more to repay your personal loan. Longer terms give you lower monthly payments, but you’ll pay more interest overall.
Annual percentage rate
The APR represents the annual cost of your loan and gives you a truer view of its cost because it includes the interest rate and the fees you must pay to get the loan. Ultimately, you want the true cost of borrowing to be as low as possible. People with bad credit will end up paying higher interest rates compared to those with a strong credit history.
Fees
Don’t fixate solely on the interest rate your lender is charging you. Look for NSF fees, late payment fees, early repayment penalties and loan origination fees. NSF and late payment fees are more common than early repayment penalties and origination fees.
Repayment flexibility
Some lenders will work with you to set up your loan repayment plan, with weekly, fortnightly or monthly automatic withdrawals. Some even allow you to move due dates to accommodate your budget and financial planning.
How to apply for an online personal loan in Alberta
Once you have your top picks, getting a personal loan online is simple. Below are the steps you’ll need to take:
Fill out the application. Provide personal details such as your name, address, housing situation and employment. Make sure your application doesn’t have errors that could result in an automatic denial.
Get verified. If you wish to proceed, provide documents to verify your income and identity or agree to instant bank verification.
Get an official loan offer. Review your contract carefully, taking into account the overall cost and payment schedule, and sign.
Get funded. Receive your money through e-Transfer or direct deposit.
What credit score do I need to get a personal loan in Alberta?
If you have good to excellent credit above 660, borrowers have a wide range of low interest loan options, from banks to credit unions to online lenders. A fair credit score is between 560 and 660, and a bad credit score is anything less than 560. If you have a low credit score, you can apply for bad credit loans in Alberta, but be ready to encounter higher interest rates between 18% and 47% in exchange for lenient eligibility requirements.
Tips to get bad credit personal loans in Alberta
Getting a bad credit personal loan in Alberta is doable. Follow these steps to find the best fit for you:
Check your credit score.Check your credit score if you don’t know what it is yet so you have a good read on how you’ll appear to lenders.
Check the eligibility requirements. Save time and effort by only applying for personal loans with eligibility requirements that you meet.
Consider your alternatives. If you can wait at least 6 months, take steps to rebuild your credit first – or consider a credit-builder loan. If you have a family member or friend willing to vouch for you and cosign a personal loan, this could significantly increase your chances of approval. Finally, if you have collateral you’re willing to put on the line, lenders may be more willing to offer you a secured personal loan. Just be careful: Defaulting on a secured loan means losing your asset.
Watch out for predatory lenders. Borrowers with bad credit tend to be targeted more with personal loan scams, so do your research before applying. Check consumer review sites like the Better Business Bureau and Trustpilot to verify the lender is legit.
Signs of a legitimate lender in Alberta
The lender is a registered business with an address, phone number and email.
The lender takes the time to explain the loan to you and doesn’t pressure you to sign.
The lender is transparent about all the costs of the loan.
The lender does not guarantee approval.
The lender does not ask you to pay any upfront fees.
What is the interest rate on a personal loan in Alberta?
As of February 2023, personal loans in Alberta range from 6.99% to 46.96%. The Bank of Canada increased its benchmark rate eight times between March 2022 and January 2023, which consequently increased personal loan rates in Canada.
How much you’ll be charged will depend on personal factors like your credit score, income and existing debts.
Calculate your personal loan monthly payment
Calculate how much you could expect to pay each month
That depends on your total loan amount, your loan term and your APR. Suppose you want to get a personal loan for $5,000 with terms of either 1 or 2 years. Here are some examples of how much this loan may cost you, at varying interest rates and terms:
Loan amount
Term
Sample interest rate
Monthly amount
Total cost
$5,000
12 months
9.99%
$439.35
$5,272.16
$5,000
24 months
9.99%
$230.70
$5,536.84
$5,000
12 months
19.99%
$463.15
$5,557.78
$5,000
24 months
19.99%
$254.45
$6,106.91
Debt in Alberta
According to Equifax Canada, the average debt in Alberta in Q3 2022 was $24,926. Average debt in this province decreased by 2.01% year-over-year. However, Alberta had the highest debt among all the provinces, and the delinquency rate increased by 3.31% year-over-year.
You can use personal loans in Alberta for any legitimate purpose, such as to buy a car, consolidate debt, finance a major expense or improve a home.
This depends on where you apply and your personal situation. If you have bad credit, you have a higher chance of approval if you apply to online lenders instead of banks and credit unions. Online lenders have more flexible eligibility requirements, and some even specialize in bad credit loans. However, they also charge higher rates.
To get a personal loan in Alberta, at a minimum, you'll need to be at least 18 and a Canadian resident/citizen with steady income. You'll need to go through online bank verification or provide documents such as pay stubs and bank statements so the lender can review your finances.
You can if you apply to lenders that provide bad credit loans with no credit check. Instead of looking at your credit score, they'll focus on your income. Most lenders, however, will check your credit score before approving you for a personal loan. It's also worth warning that there are predatory or unlicensed lenders that offer no credit check loans, so be sure to apply to a legitimate lender.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
Annual customer service awards recognize personal loan lenders and loan search platforms for exceptional customer service based on the real-world experience of customers.
Find out how to prepare financially before quitting your job and how a personal loan could help.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
According to Equifax Canada, the average debt in Alberta in Q3 2022 was $24,926. Average debt in this province decreased by 2.01% year-over-year. However, Alberta had the highest debt among all the provinces, and the delinquency rate increased by 3.31% year-over-year.