If you’ve run into some cash flow problems and need access to emergency money, then you might be considering an installment loan. Installment loans are readily available in Alberta, and you can get one online as soon as the same day. However, watch out for high rates, especially if you have a low credit score.
In this guide we cover the different options for installment loans in Alberta to help you decide on the right loan for your financial situation.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
How we found the best installment loans in Alberta
To find the best bad installment loans in Alberta, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Spring Financial offers fast installment loans. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review
Why it's one of the best
Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees with headquarters in Vancouver, BC.
Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
Get quick funding. If you provide the required documents on time, you can get your installment loan the same day you apply.
100% online
Fast funding via e-Transfer
No prepayment penalties
High rates for bad credit
C- BBB rating, received complaints about the credit builder loan
Loan amount
$500 – $35,000
APR
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Loans Canada is an online loan search platform partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
Why it's one of the best
Search a large lender network. Loans Canada works with over 60 verified lenders.
Get approved. Find an installment loan that matches your profile.
Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts
No collateral required
High rates for bad credit
No online quotes provided
Limited to its network
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a fee of up to $300 that will be added to your payments. Full Review
Why it's one of the best
Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
No credit check
Apply online in minutes
Funding on the same day or next day
High rates and fees
Doesn't give enough information about its brokerage fee
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
SkyCap Financial is an alternative lender of installment loans for fair to good credit scores. Full Review
Why it's one of the best
Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
Get approved fast. Get your installment loan as soon as the same business day.
Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
No prepayment penalties
Apply online in minutes
Funding on the same day or next day
People with good credit may get better offers elsewhere
High rates for lower credit scores
Loan amount
$500 – $10,000
APR
12.99% – 39.99%
Term
9 - 36 months
Min. credit score
575
Fees
No fees except $50 NSF fee
Turnaround time
24 hours
Serviced provinces
All provinces and territories except Quebec and Nova Scotia
Most Recommended + Best-Rated
SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario. Full Review
Why it's one of the best
Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
Get your funds fast. Funds should reach your account on the same day or the next day.
Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, bi-monthly or monthly
Easily make extra payments via e-transfer
A+ BBB Rating
High rates for bad credit
No in-person locations
Loan amount
$500 – $15,000
APR
18.9% – 46.9%
Term
6 - 60 months
Min. credit score
500
Fees
No application, origination or prepayment fees
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Magical Credit specializes in online installment loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review
Why it's one of the best
Get a fast loan. Apply online and validate your information with instant bank verification to get a fast decision (with funds sent in a few hours).
Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
Receive funds within as little as 24 hours
Accepts child tax credit, EI, CPP, OAS, private pensions and more
Refer-a-friend program
Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% - 46.8%
May charge an administration fee
Must show proof that you've been employed for six months (if applicable)
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 - 60 months
Min. credit score
300
Fees
A single administration fee of $194
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Money Mart offers installment loans (and payday loans) to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review
Why it's one of the best
Get your installment loan fast. Get an instant decision and get your money via Interac e-Transfer, which is one of the fastest methods.
Apply online or in-store. Get your installment loan online or at one of Money Mart's 500+ store locations.
Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
Established lender
Convenient mobile app
Accepts non-employment income such as government benefits and private pension
High interest rates
Availability in provinces varies in-store and online
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations. Full Review
Why it's one of the best
Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
Work with a well-known lender. easyfinancial is one of the biggest lenders of installment loans in Canada.
Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
Secured and unsecured loan options
2% rate reduction with a co-applicant
BBB-accredited with an A+ rating
Steep rates for bad credit
Many negative customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion). Full Review
Why it's one of the best
Get approval in one hour. Apply with instant bank verification and get approved quickly.
Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
No credit check
Lower APRs than payday loans
No paperwork required via instant bank verification
Manual review available
Three months to repay
Government assistance not accepted as a form of income
Very expensive
Small maximum amount
May not improve your credit score
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 120 days
Fees
Broker fee applies
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.
How does an installment loan in Alberta work?
With installment loans, you borrow a lump sum that you’ll repay with biweekly, semi-monthly or monthly payments. Typically, the interest rate is fixed so it’ll stay the same throughout the loan term, and there’s no collateral involved.
What can I use an installment loan for?
You can generally use online installment loans in Alberta for any legitimate purpose. However, it might be best to save them for emergencies, since they can come with higher interest rates than other types of personal financing. You can use installment loans for:
Medical expenses. Sometimes healthcare providers don’t provide financing that all patients can qualify for. An installment loan can help make paying off medical bills more manageable, although more expensive.
Home or car repairs. Got a home or car that needs urgent repairs? Installment loans can help you cover that cost, no mater what your credit type is.
Overdue utility bills. An installment loan can help you keep the lights on, water running and phone line working when you don’t have the funds to make your utility payments on time.
What do I need to apply for installment loans in Alberta?
You can apply for installment loans if you have bad credit or are on a lower income, as long as you can show that you can afford the repayments. Generally, lenders in Alberta will look at your income, credit history and employment information to determine your eligibility for a loan.
You will meet the following basic eligibility criteria:
Proof of income. This doesn’t mean you need to be employed full time, but you may need some sort of income, whether it is disability, welfare, a pension or a part-time job.
Active bank account. If you don’t have a bank account, you can sometimes get a cash installment loan from a physical branch location.
Valid government-issued ID. Lenders might ask to see your driver’s licence to verify that you meet the age requirements. You will typically need to be 18 years of old, which is the age of the majority in Alberta.
Canadian citizen or permanent resident. You’ll typically need to be a Canadian citizen or a permanent resident to apply for a loan.
Applicants with good to excellent credit scores are more likely to get a good rate on online installment loans. That’s because many lenders use underwriting software that rely heavily on your credit history when determining your eligibility. Learn more about personal loan rates.
How much does an installment loan cost?
The cost of installment loans in Alberta depend on the loan amount, loan term and interest rate. Let’s say you need a loan to pay for unexpected car repairs. You then decide to get a $2,000 loan and commit to paying it back over 2 years with a 25% interest rate. Based on these factors, you can expect your monthly payment to cost $106.74, which amounts to $561.83 in interest and a total cost of $2,561.83 for your installment loan.
How to compare installment loans in Alberta
There are plenty of options for you. It’s easier to find the best deal if you know which factors to compare before settling on a lender.
Interest rates. Finding low interest rates can save you thousands of dollars over the term of your loan. Ask your lender if it’s willing to price match or negotiate better rates for a shorter term.
Fees. Some lenders will bury hidden fees and charges in your contract. Make sure to read the fine print thoroughly and ask for a full breakdown of costs and fees for your loan.
Total amount. Many lenders have set minimum and maximum amounts they’re willing to give out. Find out how much your lender can shell out and make sure it offers a suitable term for repayment, no matter the amount.
Length of term. If you want to keep your payments small you should aim for a longer-term loan. If you want to pay it off quickly, look for a shorter term with an affordable repayment plan.
Conditions for repayment. Look for a loan with flexible terms and find out what will happen if you default on your loan, especially if it’s secured with collateral.
Are you eligible for installment loans if you have bad credit?
Installment loans are well suited to Albertans with bad credit. Many installment loan providers offer loans to borrowers with bad credit. Minimum credit score requirements for installment loans tend start at 300 to 560. With lower interest rates than payday loans, installment loans are worth considering if have bad credit.
Bottom line
If you have to cover emergency or unexpected expenses, installment loans in Alberta are worth considering, especially compared to more expensive options like payday loans. Keep in mind that even though bad credit borrowers can qualify for installment loans, the high interest rates can still make the repayments difficult to afford. That’s why it’s important to compare installment loans to find a loan with interest rates, fees and conditions of repayment that suit your financial situation.
Frequently asked questions about installment loans in Alberta
Yes, you typically can.
Lenders in Alberta will likely report any missed payments or defaulted loans to Canada's credit bureaus, which means your credit score will go down. You may also be charged additional fees from both the lender and your bank. If you think you might default on your installment loan, contact your lender as soon as possible to discuss your options.
Although some lenders have smaller or larger loan caps, Albertan lenders typically offer as much as $10,000 for an installment loan. The amount you can be eligible to borrow with an installment loan varies based on your monthly income, credit score, what you need the money for and the maximum loan amount available from your lender.
Payday loans are one of the most expensive types of personal financing on the market. The maximum you can borrow with a payday loan in Alberta is $1,500, and you'll be charged $15 for every $100 borrowed. Alternatively, you can usually borrow up to $10,000 with installment loans in Alberta, with interest rates generally ranging from 18% to 47%.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Find out how to take out an installment loan in Ontario and compare lenders today.
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