How payday loans work in Airdrie
Just north of Calgary on the QEII, Airdrie is one of Alberta's fastest-growing cities and home to many young families and daily commuters.
Every payday loan in Airdrie follows Alberta's Payday Loans Regulation. You can borrow $100 to $1,500, the cost can't be more than $14 per $100, and the loan must run 42 to 62 days, repaid in instalments on each of your paydays. You also have two business days to cancel after you receive the money, with no cancellation fee.
What a payday loan costs in Airdrie
| You borrow | $400 |
|---|---|
| Maximum cost ($14 per $100) | $56 |
| Total to repay | $456 |
| Paid bi-weekly over 42 days | 3 instalments of $152.00 |
| Annual percentage rate | about 122% |
Instalments land on your paydays and, by law, can't differ from each other by more than $10. If you're paid weekly, semi-monthly or monthly, your lender will set the schedule around those dates instead.
Borrowing in Airdrie: what to know
For commuters, a car problem and a family bill can arrive at the same time. Before borrowing, check whether a smaller loan would cover the most urgent cost, since the Alberta instalments come out of each of your next several paydays.
Getting your money in Airdrie
You can apply from anywhere in Airdrie or nearby communities such as Crossfield, Balzac and north Calgary. Once you e-sign your agreement, your lender sends the loan by Interac e-Transfer. Weekday morning applications are often funded within a few hours; evening and weekend applications usually fund the next business day.
Every lender we work with holds a licence from Service Alberta. If a website offering loans in Airdrie can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Airdrie
Airdrie residents can use Money Mentors' free credit counselling in Calgary or by phone and video.
Money Mentors also runs Alberta's Orderly Payment of Debts (OPD) program, which can consolidate unsecured debts into one monthly payment. If you have a complaint about a payday lender, contact Service Alberta's consumer protection office.