Payday Loans Edmonton

In Edmonton, a payday loan is a common method for gaining a little extra cash in the short term. As people are always coming on misfortunes, these loans are incredibly popular, regardless of the average person’s situation or bad credit loan history. These loans are basically what the name suggests, a short term loan to be paid off when you receive your next paycheque. Payday loans in Edmonton work with high interest rates and a system of ‘renewals’ to make a profit on a short term loan. Unfortunately, the system that backs these loans means that if the loan isn’t paid off quickly, the rates can put serious pressure on your finances. As the financial market in Edmonton is constantly expanding, there are now better options available if you’re looking to get approved for a loan. If you are a homeowner in Edmonton, you may be eligible for a home equity loan.

Other alternatives to payday loans are personal loans in Edmonton. Instead of taking the risks associated with a payday loan in Edmonton, there are safer alternative options available. If you’re looking to secure a small loan, these days there are online loans that offer fast access to money with less risk. Our list of lenders will let you know each firm’s terms and conditions, to help you find the best online loan for your situation. We know that you want to get approved and receive your loan money quickly. Take a look at the table of lenders in Edmonton below, and apply from their profile page. You can also apply right here on Smarter Loans, and we’ll help connect you with the right provider.

Frequently Asked Questions About Payday Loans in Edmonton

Where can I get a payday loan in Edmonton?

Home to nearly a million people, Edmonton has an active loans market and plenty of options for payday loans. This includes companies such as Cash Money, Loan Express, GoDay, iCash, EasyFinancial, CashCo, and many more. Some of these companies have physical locations to apply and collect your loan from, while many others have online application forms to make the entire process more convenient.

Are payday loans legal in Edmonton?

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 for borrowing $100 is $15, and the maximum penalty for a returned cheque or pre-authorized debit is $25. Together this makes Alberta one of the cheapest places in Canada to get a payday loan. There are also restrictions in place to stop payday lenders from rolling over your loan, garnishing wages, or harassing you for payment.

Do I need a credit check to get a payday loan in Edmonton?

No. The benefit of getting a payday loan is that a credit check is not required. This is especially useful to Edmontonians, whose average credit score of 625 is lower than the national average of 650.

What counts as employment income for a payday loan in Edmonton?

All payday loans in Edmonton require proof of income, but this can come in many forms, including: employment income; child benefit income; disability income; retirement income, predictable investment income; employment insurance income; workplace insurance income; and other forms of repeatable, predictable income.

What’s the average interest rate on a payday loan in Edmonton?

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, and that the interest quickly compounds if the loan is not paid back. Overall this can mean that the effective annual interest rate on a payday loan is over 500%.

How much can I borrow with a payday loan in Edmonton?

Payday loans are best used for short term emergency cash, 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 $1500.

What documents do I need to get a payday loan in Edmonton?

To apply for a payday loan in Edmonton, you must be able to show:

  • ID showing you are at least 19 years old
  • Proof of address
  • Proof of income
  • Bank account details
  • Contact information
  • If applying online, an active email address

What are my alternatives to payday loans?

Payday loans are expensive, especially if used for more than a week or two. There are some alternatives that might better suit your needs. For example, if you’re seeking a payday loan because you have a low credit score, and won’t qualify for a traditional loan, consider a bad credit loan. These do have higher interest rates than standard loans, but are still cheaper than payday loans. You may also consider a secured line of credit or an installment loan. Or, if possible, see if you can find a guarantor for a personal loan. All of these options will save you money over a payday loan.

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