Payday Loans Edmonton

Payday loans in Edmonton are short-term, high-cost cash advance loans that provide fast funds - typically up to $1,500 - to help cover emergency expenses or cash-flow gaps until your next payday. They are designed for quick access and usually repayable in a single lump sum from your next paycheque

Yes! Many cash loan providers allow you to apply online, offer an instant decision, and then send your full loan amount via direct deposit. You can complete the entire process and receive a loan on the same business day. Many of these companies also offer friendly customer service to help Alberta residents access speedy cash.

Yes, payday loans are legal in Edmonton. Across Alberta, the rules for payday loans (as set by the provincial government) state that the cooling off period for all payday loans is 2 business days, the maximum cost of borrowing is $15 per $100, and the maximum penalty for a returned cheque or pre-authorized debit is $25.

No. Payday loans are sometimes known as no credit check loans, for the simple reason that a credit check is not required. This is especially useful to Edmonton residents with bad credit; the average credit score in Edmonton Alberta is 625 – lower than the national average of 650.

All payday loans in Edmonton require proof of income, but this can come in many forms, including: employment income; child tax credit income (child tax benefit loans); private pension workers compensation; private pension income; private disability income or other non-government disability benefits; predictable binvestment income; employment insurance income; workplace insurance income; and other forms of repeatable, predictable income. Remember, it’s your net income that matters, not the gross amount.

Payday loans have among the highest interest rates of any loans in Canada. This is because of their short term nature, and the fact that you do not need a credit check to get one. The maximum you can be charged for a payday loan in Edmonton is $15 per $100 borrowed. But don’t forget about potential loan fees, including hidden fees, and that the interest quickly compounds if the loan is not paid back on time. Overall this can mean that the effective annual interest rate on a payday loan is over 500%. Don’t be fooled – instant loans come with a hefty price tag!

Payday loans are best used as a short term emergency loan, and because they do not require a credit check and are designed as a stopgap solution between paychecks, they only come in small amounts – up to $1,500. If you need a larger loan amount, you’ll need to look at other types of instant loans.

To apply for a payday loan in Edmonton, you must be able to show some basic personal details, including: • ID showing you are at least 19 years old • Proof of address • Proof of employment income, such as a recent pay stub, or proof of another form of income, such as private disability payments or child tax credit • Bank account details • Contact information • If applying online, an active email address

Very fast. Most lenders (whether you apply online or in person) will provide an almost instantaneous turnaround time. This means you can apply online in just a few clicks, receive instant approval, and get your funds into your bank account in just moments. The entire process can take as little as a few minutes. Their speed is one of the primary attractions of payday loans, as they allow those experiencing a financial emergency an almost immediate solution.