Calgary Payday Loans - Fees, Limits, Licences & Alternatives

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$500 - $1,000

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3 - 6 months

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$150-$1000

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30.4% APR

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30 Days

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$100 - $1,500

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2 months

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$100 - $1,500

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Up to 2 months

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Up to $250

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0% APR (Has Fees)

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$100 - $1,500

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2 months

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$500 - $1,000

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29.99% - 46.96%

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84 - 120 days

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Common Questions About Payday Loans in Calgary

How are payday loans regulated in Calgary / Alberta?

In Alberta, a payday loan must be $1,500 or less, and the term cannot exceed 62 days. The maximum fee lenders can charge is $14 per $100 borrowed. All payday lenders must be licensed under Alberta's Payday Loans Regulation.

What happens if I default (can't repay on time)?

Lenders may charge additional fees or interest (up to what is legally permissible), but can't exceed the regulated cap. You may face NSF (non sufficient funds) fees if repayment fails. Lenders may also use collection or legal action, though protections in the Consumer Protection Act apply.

Can I repay a payday loan early or cancel it?

Yes. You may repay all or part of the loan at any time without penalties. Alberta law also grants a cooling-off period of two business days - during which you can cancel the loan with no costs.

What is the minimum documentation to apply?

Most lenders in Calgary will ask for:

Government ID
Proof of income (pay stub or bank statement)
Active bank account
Address verification

Because payday lenders look mainly at your ability to repay rather than credit history, applicants with bad credit may still qualify, though at higher cost.

Can I get multiple payday loans at once?

No. Under Alberta's rules, you cannot have more than one payday loan at a time.

How long does it take to get the funds?

Many payday lenders approve in minutes, and funds often land in your bank account the same day - sometimes via e-transfer.

How do payday loans in Calgary differ from other loan options?

Payday loans are short-term and very high cost. If you need more time or a lower rate, a personal loan or credit union loan may be safer. Use the personal loan calculator to compare.

How can I avoid falling into a payday debt trap?

Borrow only what you're sure you can repay
Don't roll over or extend the loan
Use the debt payoff calculator to plan your repayment
Build an emergency fund via the budget calculator

What are the risks of payday lending in Calgary?

Very high effective interest rates
Risk of debt accumulation if repayment fails
Negative impact on credit or bank standing
Rolling over debt leads to excessive costs

What should I check in a Calgary payday lender before borrowing?

That they hold a valid Alberta licence
Clear disclosure of total cost, fees, and repayment schedule
Transparent policies for default, NSF, and cancellation
No hidden fees or forced rollovers

What is a safer first step before applying?

Estimate monthly payments using the personal loan calculator
Review whether a personal loan or credit union option may cost less
Use the budget calculator to see if you can manage repayment
If you proceed, ensure your lender is licensed and compliant, and apply with full understanding

Expert Review & Editorial Standards

This page was researched, written, and reviewed by financial professionals with expertise in Canadian lending regulations. All information is regularly updated to reflect current rates, terms, and regulatory changes.

Reviewed By

Jenna West

Financial Writer & Content Director

Jenna has covered the Canadian FinTech and consumer lending industry since 2017. She specializes in regulatory updates, consumer protection, and helping Canadians navigate complex financial products.

8+ years analyzing Canadian consumer lending
Monitors FCAC and provincial regulatory changes
Specializes in personal loans and alternative lending

Written By

Amy Orr

Financial Content Specialist

Amy is a financial writer with 10+ years covering Canadian, U.S., and U.K. financial markets. She holds a Masters in Finance from the University of Edinburgh Business School and formerly worked in the hedge fund sector.

Masters in Finance, University of Edinburgh
Former hedge fund professional
Published in major financial publications

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Every page undergoes research, expert writing, fact-checking, and review by our Financial Content Director. We verify all rates, terms, and regulatory information against official sources including FCAC guidelines and provincial lending regulations.

Last Updated: October 16, 2025 | Next Review: Ongoing monitoring

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