How payday loans work in Medicine Hat
Medicine Hat sits in Alberta's sunny southeast, with an economy built on natural gas, manufacturing and agriculture. It's also one of the few Alberta cities that runs its own utilities.
Every payday loan in Medicine Hat 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 Medicine Hat
| You borrow | $400 |
|---|---|
| Maximum cost ($14 per $100) | $56 |
| Total to repay | $456 |
| Paid bi-weekly over 42 days | 3 instalments of $152.00 |
| 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 Medicine Hat: what to know
Energy and utility costs can swing with the season. If a large bill arrives before payday, ask the utility about a payment arrangement first. If you still need a loan, Alberta's rules spread repayment over at least 42 days.
Getting your money in Medicine Hat
You can apply from anywhere in Medicine Hat or nearby communities such as Redcliff, Dunmore and Brooks. 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 Medicine Hat can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Medicine Hat
Money Mentors offers free credit counselling to Medicine Hat residents in person and by phone or video, including help setting up a budget that absorbs seasonal bills.
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.