How payday loans work in Fort McMurray
Fort McMurray, in the Regional Municipality of Wood Buffalo, is the centre of Alberta's oil sands industry. Many residents work rotational schedules and spend weeks at a site with limited time to visit a store.
Every payday loan in Fort McMurray 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 Fort McMurray
| You borrow | $800 |
|---|---|
| Maximum cost ($14 per $100) | $112 |
| Total to repay | $912 |
| Paid bi-weekly over 42 days | 3 instalments of $304.00 |
| 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 Fort McMurray: what to know
Rotational and camp work is exactly where an online application helps: you can apply from your phone at camp and receive funds by e-Transfer. Make sure your instalments line up with your actual paydays, not your rotation, and tell your lender how often you're paid.
Getting your money in Fort McMurray
You can apply from anywhere in Fort McMurray or nearby communities such as Wood Buffalo communities including Anzac and Fort Chipewyan. 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 Fort McMurray can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Fort McMurray
Money Mentors offers free credit counselling by phone or video anywhere in Alberta, which suits shift and rotation schedules. 211 Alberta can also connect you with local supports.
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.