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
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.
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:
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 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.
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.
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.
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 pre-approved. Once you submit, get a tentative loan offer from the lender based on a quick review of your finances. Learn more about personal loan pre-approval.
- 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 paymentCalculate how much you could expect to pay each month
|Loan terms (in years)|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
orPersonal loans in Alberta
Based on your loan terms
What is the monthly payment on a personal loan?
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|
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.
If you’d like to learn about how to tackle your debt, head over to our guide on free resources to manage debt.
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