How payday loans work in Red Deer
Halfway between Calgary and Edmonton on Highway 2, Red Deer serves as the hub for central Alberta. Many residents commute or drive long distances for work, which makes a reliable vehicle essential.
Every payday loan in Red Deer 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 Red Deer
| 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 Red Deer: what to know
In central Alberta, a car repair often isn't optional. It's how you get to work. If a repair or a big bill lands before payday, a payday loan here is repaid in instalments on each of your paydays over at least 42 days.
Getting your money in Red Deer
You can apply from anywhere in Red Deer or nearby communities such as Sylvan Lake, Blackfalds, Lacombe and Innisfail. 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 Red Deer can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Red Deer
Money Mentors offers free credit counselling to Red Deer residents, in person in several Alberta cities and by phone or video anywhere in the province.
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.