How payday loans work in Sherwood Park
Sherwood Park is the main urban centre of Strathcona County, east of Edmonton, next to the refineries and petrochemical plants of Alberta's Industrial Heartland.
Every payday loan in Sherwood Park 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 Sherwood Park
| You borrow | $600 |
|---|---|
| Maximum cost ($14 per $100) | $84 |
| Total to repay | $684 |
| Paid bi-weekly over 42 days | 3 instalments of $228.00 |
| 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 Sherwood Park: what to know
Many residents work shifts in the Industrial Heartland, with pay that can include overtime. Lenders generally look at your regular base pay, so borrow an amount you could repay even without overtime.
Getting your money in Sherwood Park
You can apply from anywhere in Sherwood Park or nearby communities such as Strathcona County, Ardrossan and Fort Saskatchewan. 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 Sherwood Park can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in Sherwood Park
Sherwood Park 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.