How payday loans work in Lethbridge
Lethbridge is southern Alberta's largest city, anchored by agriculture, food processing and two post-secondary institutions. Its economy includes plenty of seasonal and part-time work.
Every payday loan in Lethbridge 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 Lethbridge
| You borrow | $300 |
|---|---|
| Maximum cost ($14 per $100) | $42 |
| Total to repay | $342 |
| Paid bi-weekly over 42 days | 3 instalments of $114.00 |
| 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 Lethbridge: what to know
If your income is seasonal or you work part-time while studying, be realistic about repayment. Lenders will look at your last three months of income, and Alberta's instalments must fit on your actual paydays. Borrowing a smaller amount often makes the difference.
Getting your money in Lethbridge
You can apply from anywhere in Lethbridge or nearby communities such as Coaldale, Coalhurst, Picture Butte and Taber. 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 Lethbridge can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Lethbridge
Money Mentors offers free credit counselling to Lethbridge residents in person and by phone or video. Students should also check with their school's financial aid office about emergency bursaries or short-term loans, which are usually far cheaper.
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.