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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 63.4% | $505 |
| Instalment, $1,500 and above | 36.6% | $5,751 |
The fee is capped at $15 per $100 borrowed: $75 on a $500 loan over two weeks, repaid in one payment on your next payday. Payday loans are capped at $15 per $100 with a two business day cooling-off period.
High-cost credit licensing applies at or above 32% APR. The regulator is Service Alberta.
A payday loan fits a genuine one-off gap with a repayment your next pay can absorb. If the gap repeats every month, the product that fits is not a payday loan.
Alberta's An Act to End Predatory Lending requires every payday loan to run at least 42 days and be repaid in instalments across two or more pay periods. No other province structures payday loans this way. The fee is the same $14 per $100, but the repayment shock of a single lump-sum payday deduction is gone by design.
$70 in fees, the $14 per $100 maximum, for a total repayment of $570. The difference in Alberta is how you pay it: split across at least two paydays over a minimum of 42 days, rather than one deduction on your next cheque.
Yes, at any time without penalty. Because Alberta loans run a minimum of 42 days, early repayment is more common here than in lump-sum provinces; the fee does not shrink if you repay early, so the main benefit is closing the pre-authorized debits sooner.
