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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

How To Get A Loan In Alberta

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
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Updated On: August 26, 2025
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Navigating the world of financing can seem overwhelming, especially if your credit isn’t perfect or you’ve got weak or inconsistent income. Fortunately, many loan options are available, each of which is suited for particular borrowers. In this guide, we’ll break down your options and help you decide which loan and repayment plan is right for you.


Types Of Loans You Can Find

If you live in Alberta, you’ve got plenty of options when it comes to financing. Here are a few loan options available:

Personal Loans

A personal loan involves a lump sum of money borrowed and repaid via installments over a set term. These are versatile loan options, allowing you to use the funds for just about any purpose.  

Personal Loan Features 

Loan Amounts$500 — $35,000+
Interest Rates9.99% — 35%
Loan Terms3 – 60 months

Learn more: Personal Loans Alberta

Lines Of Credit

A line of credit is a type of revolving loan, like a credit card, whereby you’re given access to a specific credit limit within which you can borrow as much or as little as you like. Only the amount withdrawn is charged interest, and you can reborrow the funds as you pay it back without having to reapply for financing. It’s a great option for flexible financing needs. 

While credit lines typically come with interest and potentially high credit limits, there are smaller options available that come with zero interest. Here are a couple of popular small credit line options available in Alberta:

  • MoneyUp: An instant access line of credit of up to $1,000 with no credit check.
  • Nyble: A zero-interest, credit-building credit line of up to $250, available to those with no prior credit history.

No-Interest Cash Advances

A handful of apps are available in Alberta that offer small, interest-free cash advances, with no credit check required. Here are a couple of notable options:

  • Bree: A cash advance of up to $500, with no interest or credit checks required.
  • KOHO Cover: An interest-free cash advance of up to $250 without credit checks or payday loan fees, though it requires a monthly subscription fee.

Payday Loans

A payday loan is a small, high-cost, short-term loan that’s designed for those with emergency funding needs and poor or no credit history. They’re very easy to qualify for, but the trade-off is their cost. Payday loans should only be considered as a last resort, given their expense and difficulty to repay in such a short window.

Payday Loan Features

Loan AmountsUp to $1,500
Interest RatesUp to 35% APR
Loan TermsNo longer than 62 days

Learn more: Payday Loans Alberta


Want To Apply For A Loan? This Is What Lenders Look For

While the exact loan requirements vary by lender and loan type, the following criteria are typically assessed:

  • Residency: If you’re applying for a loan with a lender in Alberta, you’ll need to show proof that you live in this province.
  • Age: You must be the age of majority in Alberta, which is 18.
  • Income: Lenders will look at your income to make sure you earn enough to cover your loan repayments.
  • Debt-To-Income (DTI) Ratio: Your income only paints part of the picture of your repayment capabilities. Your DTI ratio will show how much of your income is dedicated to other bills, and how much is left over to cover additional loan payments. Ideally, this ratio should not exceed 44%.
  • Credit Score: Lenders typically conduct a credit check to verify your creditworthiness. However, some lenders don’t require a credit check, like payday lenders.

What If I Have Bad Credit?

You can still get a loan if you have a bad credit score, though your options will be limited. More specifically, you’ll need to apply with an alternative lender, as banks don’t accept bad credit. Keep in mind that bad credit loans are more expensive due to higher rates.

Learn more: Bad Credit Loans


Where Can I Find An In-Person Lender In Alberta? 

Most alternative lenders operate online, but some have physical branches that you can visit if you prefer to apply for a loan in person:

Locations
Fairstone– 9683 MacLeod Trail SW, Calgary, AB T2J 0P6
– 8706 Franklin Ave, Suite 165, Fort McMurray, AB T9H 2J6
– 12835 140 Ave., Edmonton, AB T6V 1P1
– 1917 Mayor Magrath Drive South Unit #30, Lethbridge, AB T1K 2R8

Find a Fairstone branch near you.
easyfinancial– 3115 26 Ave N, Lethbridge, AB T1H 5P4
– 3829 Mayor Magrath Dr S, Lethbridge, AB T1K 8E2
Find an easyfinancial branch near you.
LendDirect– 5008 50 St #301, Red Deer, AB T4N 1Y3
– 6203 28 Ave NW Suite 306, Edmonton, AB T6L 6K3
– 809 Manning Rd NE Suite 303, Calgary, AB T2E 7M9
– 1865 Dunmore Rd SE Suite 209, Medicine Hat, AB T1A 1Z8

Find a LendDirect branch near you.
Money Mart– 15207 Stony Plain Rd, Edmonton, AB T5P 3Y4
– 3804 17 Ave SW #7, Calgary, AB T3E 0C2
– 5018 45 St #105, Red Deer, AB T4N 1K9
– 11020 100 Ave. #102, Grande Prairie, AB T8V 7L5

Find a Money Mart branch near you.

How Do I Find A Reputable Lender In Alberta?

Fraudulent lenders may frequent the high-cost lending sphere, preying on those in need of extra cash. But these scammers are simply out to steal your money or personal information. Always be on the lookout for red flags of a scam, like guaranteed loan approval for large sums of money or ultra low interest rates without being vetted for a loan. 

If the deal seems too good to be true, it probably is. This is why it’s important to find a legitimate lender in Alberta. To find a trustworthy lender in the province, visit the Alberta government’s website.


How Do I Apply For A Loan?

When you’re ready to apply for a loan, follow these steps:

Step 1: Assess Your Needs

Determine how much money you need and what you’ll use it for. You don’t want to borrow more than you have to.

Step 2: Check Your Credit Score

Find out what your credit score is to determine your ability to secure a loan. You can check your credit score for free using Loans Canada’s CompareHub tool.

Step 3: Compare Lenders

Use an online loan comparison platform, like Loans Canada, to quickly compare lenders and their loan offers. 

Step 4: Fill Out An Application

Complete the lender’s application form online or in person with accurate information. Submit all necessary documentation to support your application, such as follows:

  • Photo ID (driver’s license, passport)
  • Proof of residency (utility bill, lease agreement)
  • Proof of income (bank statements, pay stubs)
Note: Instead of providing documents, some lenders will verify income through instant bank verification (IBV). IBV provides a quick and secure way for lenders to confirm your financial identity and assess your loan eligibility. By linking your account, key details — like your income deposits, account balance, and transaction history — can be quickly reviewed, which can speed up the approval process.

Learn more: What Is Instant Bank Verification?

Step 4: Get Approved & Funded

The lender will assess your loan application and financial information. Be sure to read over the terms, interest rates, and repayment schedule, then sign the agreement. The money will be disbursed to your account, and you’ll begin repayment according to the loan schedule.

Learn more: How To Apply For A Loan


Can I Get Guaranteed Loan Approval?

No, guaranteed approval is not offered by legitimate lenders. Some level of vetting should be involved in the application process to ensure you’re financially capable of managing a loan.

However, there are things you can do to improve your odds of approval: 

  • Lower Your DTI Ratio: As mentioned, your DTI ratio should be no higher than 44%. If it’s over this threshold, pay down your debt or increase your income.
  • Have Someone Cosign Your Loan: If you’ve been turned down for a loan due to poor credit or insufficient income, consider adding a cosigner to your application. This will reduce the lender’s risk, and therefore improve your chances of getting approved for a loan.
  • Choose The Right Lender: There are many lenders out there, but not all of them can offer what you need based on your financial situation. It’s important to choose a lender that’s suitable for your specific needs.
I Have Bad Credit: What Should I Do?
If bad credit is holding you back from getting approved for a loan, consider improving it, if time is on your side. Take out a secured credit to build good credit, or look into the various credit-building tools available. 
Or, if you’re currently renting, have your timely rent payments reported to the credit bureaus to build good credit by using rent reporting services.

Before Applying For A Loan, Consider This

Committing to a loan is a big deal, so you’ll want to make sure you’ve carefully thought of everything before applying. Here are a few things to think about first: 

Compare Offers 

Lenders offer different interest rates, fees, and terms. Comparing helps you secure the lowest rate. You can quickly and easily compare loan offers using an online loan comparison platform like Loans Canada.

Get Pre-Approved

Getting pre-approved will tell you roughly how much you can borrow, so you don’t over-borrow. It also speeds up the final approval when you’re ready to commit.

Open A Bank Account

One of the typical loan requirements is having a bank account. Lenders use your account to verify your financial health. An account is also needed for funds disbursement and automatic repayments. 

While many bank accounts come with a monthly fee, many others are free, like Simplii™  No-Fee Chequing Account, Neo Everyday account, and Tangerine No-Fee Daily Chequing Account.

Consider The Cost

The cost of a loan depends on the following factors: 

  • Interest rate
  • Term
  • Loan amount

Each of these elements plays a direct role in how you’ll pay for a loan, so consider crunching the numbers to see how a loan will fit into your budget.

Note: Use this online loan calculator to calculate your loan costs.

Watch Out For Loan Fraud

Have you been victimized by loan fraud? If so, make sure to notify all relevant parties that may have your personal information, such as the following: 

  • Bank
  • Credit card companies
  • Local police
  • Credit bureaus

Contact the Service Alberta and Red Tape Reduction Contact Centre to file a complaint:

Email: cs@gov.ab.ca

Telephone: 1-877-427-4088,; 780-427-4088


Need More Financial Aid? These Financial Assistance Programs In Alberta Can Help

Financial ResourceLink
Alberta Family Support For Children With Disabilities (FSCD) ProgramLearn More
Alberta Aids To Daily Living (AADL)Learn More
Alberta Seniors BenefitLearn More
Assured Income For The Severely Handicapped (AISH)Learn More
Alberta Child And Family Benefit (ACFB)Learn More
Social Assistance In AlbertaLearn More

Bottom Line

Whether you’re renovating your home, repairing your car, or consolidating your debt, Alberta offers a wide range of loan options to suit your needs. From banks to alternative lenders, smart borrowing starts with knowing what your choices are. Take some time to compare loan offers, qualify, and take control of your financial future.


Alberta Loan FAQs

Can I get a loan in Alberta with bad credit?

Yes, many lenders in Alberta are specifically designed to help borrowers with bad credit. Rather than basing their approval on your credit score, they take your over financial health into consideration instead. This includes your income level, debt-to-income ratio, employment stability, and other significant factors.

Can I get a no credit check loan in Alberta?

Yes, you can get a no credit check loan in Alberta. In general, you can expect no credit checks when you apply for payday loans, car title loans, guarantor loans, and some personal loans. However, you should be aware that these loans come with a lot of risks due to the high-interest rates charged and collateral added.

Can I get a loan in Alberta with government income sources?

While banks and credit unions would not accept government benefits as a source of income many alternative lenders in Alberta will accept it.  Whether you receive your income from Canada Child Benefits (CCB), Canada Pension Plan (CCP), Employment Insurance (EI) or any other income from the government, you can still get a loan in Alberta.

How long will a lender place a lien on your car loan in Alberta?

The lender places a lien on the car title until the loan is fully repaid. 

When do I have to start making my student loan payments in Alberta?

Government-issued student loans are repaid over a specific time period via regular payments, but you don’t have to start making payments while you’re still in school. You may also be granted a grace period once you graduate. But after that grace period ends, you’ll need to start making regular payments until the outstanding balance is paid in full.  Payments made in the first 6 months following graduation will go directly to the principal portion of the loan. If you manage to pay the loan off during this time period, you won’t pay any interest.

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