How payday loans work in Edmonton
As Alberta's capital, Edmonton has a large public-sector, healthcare, education and industrial workforce. Whether you live downtown or in the suburbs, the online application works the same way and funds arrive by Interac e-Transfer.
Every payday loan in Edmonton 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 Edmonton
| 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 Edmonton: what to know
Edmonton winters bring their own emergencies, from furnace failures to a dead car battery at -30. If you need to cover a cost like that, Alberta's 42-day minimum term means you repay over several paydays rather than all at once.
Getting your money in Edmonton
You can apply from anywhere in Edmonton or nearby communities such as St. Albert, Sherwood Park, Spruce Grove, Leduc and Fort Saskatchewan. 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 Edmonton can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Edmonton
Money Mentors has an office in Edmonton with free credit counselling in person, by phone or by video. Edmonton residents can also call 211 to find local emergency financial supports before borrowing.
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.