Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Can You Get A Payday Loan Online In Alberta?
Alberta has many physical payday loan businesses, especially in its largest cities, like Edmonton and Calgary. However, many payday lenders are available online. They offer borrowers an easy and fast way to apply and get a loan without having to leave their homes. Moreover, many online payday lenders offer same-day funding by e-Transfer.
Payday loans in Alberta are usually available for small loan amounts up to $1,500, with short loan terms up to 62 days.
| Beware: Payday loans may be easy to get, but they come at a very high cost. Payday loans have extremely high interest rates that can be as high as 391% APR. |
Licensed Payday Lenders In Alberta Find A Payday Lender Near You
Many payday lenders are available in Alberta. However, not all of them are licensed.
In Alberta, payday lenders must be licensed to practice under the Alberta Payday Loans Regulation, so it’s essential that you work only with payday lenders who have the appropriate licensing in the province.
You can find out if a payday lender is licensed by looking for a license number on their storefront or website, by searching the Government of Alberta’s website, or by calling the Consumer Contact Centre at 1-877-427-4088.
To help you start your search, here is a list of some licensed payday lenders in Alberta:
- GoDay – 421 7 Ave SW, Suite# 1600, Calgary, AB, T2P 4K9
- Mr. Payday Easy Loans – 3300 TD Canada Trust Tower, 421 7 Avenue SW, Calgary, AB, T2P 4K9
- Blue Copper Capital – 5809 Macleod Trail SW, Unit# 104, Calgary, AB, T2H 0J9
- Cash Cowboy – 10060 Jasper Ave, Unit# 2020, Tower 1, Edmonton, AB, T5J 3R8
- Money Mart – 3545 32 Ave NE, Unit# 323, Calgary AB, T1Y 6M6
| Lender | Loan Amounts | Term | Income Types Accepted |
| GoDay | $100 to $1,500 | By your next pay date | Employment income, benefits, pension, disability |
| Mr. Payday Easy Loans | $100 to $1,500 | Up to 62 days | All types of income accepted |
| Blue Copper Capital | First-time borrowers: $100 to $500; Subsequent borrowers: Up to $1,500 | 42 – 62 days | Must be gainfully employed with the same employer for at least 3 months |
| Cash Cowboy | Up to $1,500 | By your next payday | Must be employed |
| Money Mart | $120 – $1,500 | Up to 62 days | Steady source of income |
Your Rights As A Payday Loan Borrower In Alberta
Consumers in Alberta have certain rights when it comes to how they are treated by the businesses they deal with. This includes payday lenders and loans. In Alberta, consumers are protected under the Consumer Protection Act and Payday Loans Regulation.
In Alberta, payday lenders are required to adhere to the following:
| Payday Loan Amount | $1,500 or less |
| Loan Term | Between 42 – 62 days & a payment schedule of at least 2 installments |
| Interest | No more than $15 per $100 borrowed (including all fees and loan charges) |
| Default Consequences | -Lenders may charge additional fees if the loan is not paid on time -No more than $25 may be charged on a dishonored cheque or pre-authorized debit |
| Cooling-Off Period | 2 days |
| Rollover? | No |
What Are The Requirements For A Payday Loan In Alberta?
To be eligible for a payday loan in Alberta, you must be a Canadian resident or citizen and past the age of majority (18+). During the application process, you’ll also usually have to provide:
- One or more pieces of government photo ID (passport, driver’s license, etc.)
- A payslip or other proof that you’ve had a job for a minimum of 3 months
- A utility bill or other document that displays your permanent Canadian address
- A bank statement or other proof that you have an active chequing account
Can You Get A Payday Loan With Bad Credit?
Unlike a personal loan, payday lenders do not require credit checks. That means you can qualify for a payday loan with bad credit. That said, it’s best to build your credit as it can impact your ability to qualify for other credit products. Moreover, it can affect the interest rate you qualify for, which can have a major impact on the cost of your loan.
You can keep tabs on your credit using a number of different credit score platforms for free, including Compare Hub.
Can You Get A Payday Loan In Alberta On EI?
Employment Insurance is a federal program that gives Canadians temporary income following unemployment (without fault). When that happens, some banks will deny your credit applications because approving a client without a traditional full-time job is risky.
However, payday lenders simply want to know that you can pay back your loan on time, no matter what happens, so many will approve you while you’re collecting EI. Just make sure to provide proof of your EI payments when you apply for a payday loan in Alberta.
How Much Do Payday Loans Cost In Alberta?
Payday lenders in Alberta cannot charge any more than $15 per $100 borrowed. This includes all fees and charges involved with the loan.
To illustrate how much you might pay for a payday loan in Alberta, here are a few examples of different loan amounts and their respective charges:
| Loan Amount | Cost To Borrow | Total Cost Of The Loan |
| $100 | $15 | $115 |
| $200 | $30 | $230 |
| $300 | $45 | $345 |
| $400 | $60 | $460 |
| $500 | $75 | $575 |
| $1,000 | $150 | $1,150 |
| $1,500 | $225 | $1,725 |
What Happens If You Don’t Pay Back A Payday Loan In Alberta?
When you take out a payday loan, you’ll need to repay the full loan amount — plus interest and fees — by the time you get your next paycheque. If you miss the payment deadline, you’ll likely face certain consequences, such as the following:
- Extra fees: Payday lenders in Alberta may charge you up to $25 for a dishonoured cheque or pre-authorized debit. Your bank may also charge you a Non-Sufficient Funds (NSF) fee if you don’t have enough cash in your bank account to cover your payday loan repayment.
- Legal action: Payday lenders in Alberta can sue you if you don’t pay them back by the agreed-upon payment due date.
- Collections: Payday lenders may sell your loan account to a collection agency to recoup the money you owe. This may be noted on your credit report and can pull your credit score down.
It should be noted that payday lenders in Alberta are only allowed to attempt to process your pre-authorized debit one more time if you default on a payment, and not any further.
How To File A Complaint Against A Lender In Alberta
As mentioned, payday lenders in Alberta have rules to follow. If you feel that your lender has treated you unfairly, you can file a complaint through the Service Alberta and Red Tape Reduction Contact Centre:
- By telephone: 1-877-427-4088 or 780-427-4088
- By email: cs@gov.ab.ca
Office hours are 8:15 am to 4:30 pm, Monday to Friday.
Payday Loan Alternatives In Alberta
A payday loan might get you out of an urgent financial predicament, but it’s only a short-term solution, and a very expensive one at that. Rather than take out a payday loan to deal with your financial issues, there may be other options that are stable for your situation:
Government-Backed Programs
Financial assistance programs are offered in Alberta for residents experiencing financial difficulties:
| Financial Resource | Link |
| Alberta Family Support For Children With Disabilities (FSCD) Program | Learn More |
| Alberta Aids To Daily Living (AADL) | Learn More |
| Alberta Seniors Benefit | Learn More |
| Assured Income For The Severely Handicapped (AISH) | Learn More |
| Alberta Child And Family Benefit (ACFB) | Learn More |
| Social Assistance In Alberta | Learn More |
Other Ways To Get Fast Cash
Aside from payday loans, there are other ways to get access to cash right away:
- Small, Interest-Free Loan Options — If you need a quick cash fix and don’t want to be subject to sky-high interest rates, consider one of these options:
- Bree. Bree offers small cash advances that you can use to cover an expense before your next paycheque comes in. Cash advances are available for up to $350, and funds are accessible within minutes. No credit check, interest, or late fees apply.
- Nyble. Nyble offers small, interest-free lines of credit up to $250. Not only can you borrow small amounts of money quickly to cover an expense, but you can also use your credit line to build good credit with timely payments.
- Credit Card Cash Advances — If you have a credit card, you may be able to borrow money against your credit card limit through a cash advance. Interest is charged on the withdrawn amount until it is repaid.
- Car Title Loans — If you own a car outright, you may be eligible for a car title loan. Your vehicle’s title collateralizes this type of financing. Getting approved is relatively easy, and funds are often available shortly after approval.
