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You repay it in instalments, not all at once. Alberta requires every payday loan to run 42 to 62 days. The agreement must include an instalment plan under Alberta's Consumer Protection Act. So the cost is spread over at least two pay dates rather than taken all at once on your next payday.
| Alberta rule | What it means for you |
|---|---|
| Price | $14 per $100 borrowed, every fee included |
| Largest loan | $1,500 |
| Term | 42 to 62 days, repaid in instalments |
| Late payment | The lender can add a charge |
| Licence | Every payday lender needs an Alberta licence, online or in a store |
The same at every lender: $14 per $100. A $300 loan costs $42. A $500 loan costs $70. The most anyone can pay is $210, on the $1,500 maximum.
Albertans keep it small. About eight in ten small-loan requests from Alberta on our platform are under $1,000, and the average is about $510.
GoDay, iCash, Money Mart and My Canada Payday. All four lend online and pay out within 24 hours, iCash within the hour. Our application reaches all four at once. Three set no minimum credit score. Each holds an Alberta payday loan licence.
They want $800 to $1,500 a month from full-time, part-time or self-employed work. About three in ten Alberta applicants at this size live on benefits, which none of the four lists.
Both cities have their own page, with what people there borrow: payday loans in Calgary and payday loans in Edmonton.
For anything you cannot clear in 62 days, a short-term loan under the 35% federal cap costs less. Every payday lender we work with is on the payday loans in Canada page.
Reviewed by Vlad Sherbatov, Co-Founder and President, Smarter Loans, 3 October 2026. Lender terms checked August 2026. Platform figures cover applications from 1 January to 30 June 2026.
Alberta caps it at $14 per $100 borrowed, every fee included. A $500 loan costs $70.
No. Alberta requires an instalment plan over 42 to 62 days, so you repay in parts across several pay dates.
Alberta caps a payday loan at $1,500. At $14 per $100, that loan costs $210.
The lender can charge an extra fee when a payment is late. Match the instalment dates to your pay dates before you sign.
Yes. Alberta requires a payday loan licence of every lender, online or in a store, and the four lenders serving Alberta through us hold one.
