How payday loans work in Cochrane
Cochrane sits in the foothills west of Calgary along Highway 1A, with many residents commuting to Calgary and others working in local businesses, trades and tourism.
Every payday loan in Cochrane 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 Cochrane
| You borrow | $500 |
|---|---|
| Maximum cost ($14 per $100) | $70 |
| Total to repay | $570 |
| Paid bi-weekly over 42 days | 3 instalments of $190.00 |
| 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 Cochrane: what to know
Health costs that aren't fully covered, like dental work, are a common reason for short-term borrowing. Ask your dentist about a payment plan first, since many offer them at no cost.
Getting your money in Cochrane
You can apply from anywhere in Cochrane or nearby communities such as Bragg Creek, Rocky View County and northwest 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 Cochrane can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Cochrane
Cochrane 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.