How payday loans work in Leduc
Leduc, just south of Edmonton near the international airport and the Nisku industrial park, has a workforce spread across energy services, logistics and aviation.
Every payday loan in Leduc 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 Leduc
| 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 Leduc: what to know
Industrial and logistics work can involve changing shifts or employers. If you've recently switched jobs, lenders want to see about three months of regular deposits, so a very recent change may affect approval.
Getting your money in Leduc
You can apply from anywhere in Leduc or nearby communities such as Nisku, Beaumont, Devon and Leduc County. 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 Leduc can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Leduc
Leduc residents can use Money Mentors' free credit counselling in Edmonton 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.