Loans Edmonton questions, payday and installment
The rules behind these answers come from the Alberta payday loans page and the Alberta Consumer Protection Act.
How much can I borrow on a first loan in Edmonton?
Usually between $100 and $500 for a first payday loan. Alberta sets no share of net pay rule, so the lender sizes the loan to the deposits it sees, with $1500 as the ceiling. An installment loan runs $500 to $10000.
Why is an Edmonton payday loan repaid over three paydays instead of one?
Because Part 12.1 of Alberta's Consumer Protection Act requires every payday loan to carry an instalment plan of 42 to 62 days over at least three pay periods, or two for monthly pay. The cost is still $14 per $100 in total.
How fast does the e-transfer arrive?
Alberta requires an online lender to instruct its payment provider the same day both parties sign, so a weekday morning signature usually means money that day. A late Friday signature depends on the lender's weekend hours.
How long do I have to cancel a payday loan in Alberta?
Until the end of the second day after the lender gives you a copy of the agreement, or the next day it is open. Give written notice and return the money, and you owe no interest and no fee.
I live in Sherwood Park, St. Albert or Leduc. Can I apply here?
Yes. A lender licensed in Alberta serves any Alberta address, from Stony Plain to Gibbons. The address on your ID needs to match your bank statement.
Can a University of Alberta or NAIT student get a loan?
Yes, at 18 or older with a part time job paid by direct deposit and a chequing account. The loan will be small because the deposits are small.
Can I take a second payday loan to cover the first?
No. Alberta bans rollovers, including a new payday loan to pay out an existing one, and a lender may not arrange other credit while your payday loan is outstanding. Talk to the lender before an instalment bounces.
Does applying hurt my credit score?
Applying through Loans Edmonton does not, because the match uses the details you type in. Payday lenders mostly read deposits, and an installment lender may record an inquiry once you accept its offer.
