Payday loans are easy and fast ways to get money even before your next paycheck. Applying is recommended if you’re facing a financial emergency that needs quick cash.
We made this article to guide you through the ins and outs of this lending system. We will try to give as much information as possible before you apply for payday loans Alberta.
Is Getting Payday Loans Alberta Possible?
Of course! This short-term loan is legal in the province. In fact, if you take out a payday loan, the Act to End Predatory Lending and the Payday Loans Regulation are here to protect you.
Normally, the maximum money you can borrow from payday loans Alberta is $1,500 that can be paid in a loan term of 62 days.
The maximum fee you can be charged is $15 per $100, which includes all charges and fees that come with the loan. But, you can also be charged extra fees if the loan isn’t paid on time.
What Fees Come with Payday Loans Alberta?
There are laws in Alberta that can protect you from predatory lending. However, as mentioned, you still have to pay $15 for every $100 you take out.
You can cancel a payday loan contract within two business days if you don’t want to pay a fee. The table below compares the fees you have to pay for a credit card versus a payday loan.
|2-Week Loan Amount||Credit Card Fee (23%)||Payday Loan Fee|
Is There a No Credit Check Loan for Payday Loans Alberta?
Yes, there are. Should you get it? Probably not.
This is because loans that don’t need a credit check usually have higher rates. So, it may make more sense to let us do a soft credit check if you wish to be eligible for more competitive rates.
Besides, it only takes minutes and we won’t disqualify you based on poor or bad credit rating.
What Do I Consider Before Applying for Payday Loans Alberta?
If you’re really keen on getting a payday loan, you must shop around to find the best deal. Rates vary per lender so you should find one that works best for you.
Only borrow as much as you can repay, too, and budget the repayments accordingly. Defaulting on your loan means paying a lot of fees and a negative mark on your credit score that can last for years.
Make sure your online or in-store lender is licensed so all your transactions are top-notch.
How Do I Know If a Payday Loans Alberta Lender is Legit?
Here are the signs to look for to know if your lender is legit:
Your Payday Loans Alberta Lender Has a License Number
You can call the Service Alberta Consumer Contact Centre at 1-877-427-4088 or visit their site to check the status of your lender. The lender’s license number should also be displayed.
Your Payday Loans Alberta Lender Doesn’t Allow Multiple Loans or Rollovers
This is because multiple loans aren’t allowed here.
Your Payday Loans Alberta Contract is in a Language You Speak with the Lender
This means the contract must be in English if you and your lender speak in English. If in French, the contract should be in French.
Your Payday Loans Alberta Lender Follows Rules and Regulations
If your lender charges more than $15 per $100 loan, we suggest looking for another one.
How Can I File a Complaint Against a Payday Loans Alberta Lender?
Contact the Consumer Investigations Unit (CIU) at Service Alberta if a payday loan business violated Alberta’s consumer protection laws. You can contact them toll-free at 1-877-427-4088.
They can take legal action against the business if they find that your lender breached the law.
This includes charging it with penalties and/or revoking the license. If the lender has several complaints, they can even file a civil action to get a settlement with the customers.
How Can I Apply for Payday Loans Alberta?
You have to meet the following criteria if you’re interested in applying for a payday loan:
- you must be at least 18 years old
- proof you’re continuously employed for 3 months
- have proof of address (e.g. utility bill)
- have a checking account
Also, be prepared to submit some information for the application to be successful:
- personal details (e.g. name, date of birth, a valid ID, and your Social Insurance Number)
- contact details (e.g. phone number, and email and residential address)
- employment and income details
Familiarize yourself with the laws before getting payday loans Alberta to ensure you’re getting the best deal. Always look for licensed lenders and always repay on time to avoid penalties.