How payday loans work in St. Albert
St. Albert, northwest of Edmonton, is a family-oriented city where many residents commute into the capital for work.
Every payday loan in St. Albert 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 St. Albert
| 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 St. Albert: what to know
Unexpected costs like vet bills or appliance repairs are the most common reasons people look for a short-term loan. Ask the provider about a payment plan first. Many vets and repair shops offer them.
Getting your money in St. Albert
You can apply from anywhere in St. Albert or nearby communities such as Morinville, Sturgeon County and northwest Edmonton. 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 St. Albert can't show you an Alberta licence number, or asks for a fee upfront, don't apply.
Free financial help in St. Albert
St. Albert 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.