Payday loans Edmonton lenders fund online run from $100 to $1500, cost at most $14 per $100 and, under Alberta law, are repaid in instalments over at least 42 days and three paydays rather than in one debit. This page sets out the cost table, the instalment calendar, the second day cancellation right and the licence rules.
How Payday Loans Edmonton Lenders Write Differ From the Rest of Canada
Payday loans Edmonton lenders write are repaid in instalments spread over at least 42 days and no more than 62 days, on at least three paydays if you are paid biweekly or semi monthly and at least two if you are paid monthly, because Part 12.1 of Alberta's Consumer Protection Act requires every payday loan agreement to carry that plan.
Each instalment falls on one of your paydays, none may be due before the payday it belongs to, and the amounts may not differ from each other by more than $10. $1500 is the ceiling on the principal and 62 days is the ceiling on the term.
That is what an Edmonton borrower should see on screen before signing: three dates, three amounts, one total. An agreement showing a single debit is not written to Alberta law, and the how applying works page shows where the dates appear in the offer.
What a Payday Loan Costs in Edmonton at $14 per $100
A payday loan in Edmonton costs no more than $14 for each $100 of principal, a cap set in section 124.61 of the Act that includes every fee a lender could name, so the price is settled the day you sign and the only question left is how the total splits across your paydays.
| You borrow | Most it can cost | Total you repay | Each of three instalments | Each of two instalments (monthly pay) |
|---|---|---|---|---|
| $100 | $14 | $114 | $38 | $57 |
| $300 | $42 | $342 | $114 | $171 |
| $500 | $70 | $570 | $190 | $285 |
| $1000 | $140 | $1140 | $380 | $570 |
| $1500 | $210 | $1710 | $570 | $855 |
Round figures split evenly in the table; a lender may adjust the last instalment by a few cents, inside the $10 rule. Nothing is collected before the first instalment falls due, so there is no charge on the day the money lands.
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Placing the Three Instalments on an Edmonton Pay Calendar
The lender places the instalments on the paydays it sees in your deposits, choosing dates that keep the whole term between 42 and 62 days, which usually means a payday only a few days after you sign is skipped and the plan starts on the one after it.
Take a health care aide at the Grey Nuns paid every second Thursday who signs for $500 on a Monday. If Thursday's cheque is three days away, the plan more often starts two weeks later and runs three cheques from there, with $190 leaving the account each time and the last debit about seven weeks out.
A member of the garrison at CFB Edmonton or a plant operator paid twice a month gets the same three instalments on a mid month and month end pattern. Someone on a single monthly cheque, as some school board and university staff are, repays in two instalments: $600 borrowed becomes $684 back as two debits of $342.
How Much a First Payday Loan in Edmonton Usually Is
A first payday loan in Edmonton is usually far below the $1500 ceiling, because Alberta has no rule tying the amount to a share of your pay, and lenders instead size the loan to the deposits they see over about 90 days, holding each instalment to a size the account has carried before.
Two Edmonton bills fit that size. A vehicle towed after a seasonal parking ban is declared means the tow, the impound day and the ticket, all due at once. A transit pass that renews on the first while the paycheque lands on the third is the other, and a small loan bridges the two days.
A frayed block heater cord and a new battery for a truck that does the Highway 2 run to Nisku every morning come nearer $400, still inside what a steady biweekly deposit supports. Repairs that run past $1500 belong on the installment loans Edmonton page.
Who Qualifies for Payday Loans Edmonton Lenders Approve
You qualify for payday loans Edmonton lenders approve when you are 18 or older, live at an Alberta address, earn employment income from a full time or part time job paid into a chequing account in your name, and can be reached by phone and email. The lender reads your deposits for size and regularity; a credit score is not the deciding test.
A warehouse picker in the northwest industrial area paid weekly, a cleaner on nights at the Misericordia and a clerk at a provincial office downtown all show a lender the same thing: money landing on a schedule.
Approval is never certain. Deposits too small or too irregular to carry three instalments, a run of NSF returns, or another payday loan still open cause most declines, and the bad credit loans Edmonton page explains what lenders read when the score is low.
Cancelling Within Two Days: How Alberta Counts It
You can cancel an Edmonton payday loan at no cost until the end of the second day after the lender gives you a copy of the agreement, or if the lender is closed on that second day, until the end of the next day it is open, by sending written notice and returning the money you received.
Count it from the copy, not from the e-transfer. Sign on a Tuesday evening and receive the agreement by email that night, and the window runs through the end of Thursday. Sign on a Friday with a lender that does not open weekends, and the second day is Sunday, so the right carries to the end of Monday.
The agreement must arrive with a cancellation notice form, by email if you agreed to that. Cancelling costs nothing: no interest, no fee. Return the full amount and keep a copy of the notice.
Rollovers, Fees Before the First Instalment and Early Payout
Alberta bans rollovers outright: a lender may not extend or renew a payday loan for a charge, may not write a new payday loan to pay out an existing one, and may not arrange any other credit for you while your payday loan is open. A wage assignment, where the lender collects straight from your employer, is banned too.
The lender also may not collect anything before the first instalment falls due, and you can pay off all or part of the loan at any time without a charge or penalty. Paying $200 down on a $500 loan shrinks the remaining instalments; the $14 per $100 already charged stays as it was.
The province's payday loans page lists these protections in plain terms, and Service Alberta's Consumer Investigations Unit takes complaints about a lender that ignores them.
If an Instalment Bounces: 2.5% a Month and One Fee
A payday loan in default in Alberta carries interest of 2.5% a month, simple and never compounded, plus one fee per dishonoured payment in an amount set by the Director. On a $342 balance that is $8.55 a month, so the cost of falling behind is real but capped.
After a debit bounces the lender may retry it once within 30 days for the same amount plus the permitted fee. Any further attempt needs your fresh written consent. Your own bank's NSF charge comes on top, so call the lender before a thin payday.
A lender that breaks these sections of the Act can collect only the principal, and collection stops three years after your last payment or written acknowledgment. Section 124.61 of the Consumer Protection Act sets the default rule.
One Licence Per Location, Shown on the Lender's Site
Every payday lender serving Edmonton holds a payday loan business licence for each location it lends from, issued by Service Alberta and Red Tape Reduction, and an online lender must display that licence near the top of its site so an Alberta borrower can find it before applying.
A licence is registration, not a government endorsement. Before you sign one of the payday loans Edmonton lenders offer, match the name on the licence to the name on the agreement, check that the disclosed cost is at or under $14 per $100, and confirm that the agreement lays out instalments rather than one debit.
The lenders reached through the Loans Edmonton homepage are licensed for Alberta and fund by Interac e-transfer; the e-transfer loans Edmonton page covers how quickly the money lands on a weekday, an evening and a weekend.
Apply with an Alberta licensed lenderPayday Loans Edmonton FAQ
Can I get a payday loan in Edmonton that is due in one payment?
No. Alberta requires every payday loan agreement to carry an instalment plan of at least 42 days over at least three paydays, so a single debit is not a lawful Alberta payday loan. If you want the loan gone sooner, you can prepay the balance at any time at no charge.
I am paid monthly. How many instalments will I have?
At least two, each on a payday, within $10 of each other. On $400 the total is $456, so two instalments of $228. The term still has to run at least 42 days.
Does the $14 per $100 grow if the loan runs the full 62 days?
No. The cap is on the total cost of borrowing for the loan, whatever its length inside the 42 to 62 day range. $500 costs $70 whether the third instalment is six weeks or nine weeks out.
What happens if my employer changes my payday after I sign?
Call the lender before the scheduled debit. Instalments in Alberta are tied to paydays and may not fall before the payday they relate to, and most lenders will move the date when asked in advance rather than let a debit bounce.
Can a lender offer me a line of credit or a second loan while my payday loan is open?
No. Alberta bars a payday lender from arranging any other form of credit for you while a payday loan is outstanding, and from replacing one payday loan with another. Wait until the final instalment clears.
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