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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 63.4% | $505 |
| Instalment, $1,500 and above | 36.6% | $5,751 |
Alberta requires a high-cost credit licence for any product at or above 32% APR, which covers most lending to borrowers with damaged credit. The register is public and takes a minute to check. A lender quoting a near-cap rate without one is a reason to stop.
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.
Four gates, in the order lenders apply them.
Income type comes first. 11 of 13 lenders serving Alberta accept any income type, including benefit income such as AISH. The rest require employment or self-employment. This field decides more applications than credit score does.
Income floor is absolute. Most lenders publish a minimum monthly income, most commonly $1,200 per month. Below a lender's floor, nothing else compensates.
Credit is more flexible than expected. 8 of 13 lenders serving Alberta approve applicants below a 560 credit score. A decline is one lender's threshold, not the market's.
Banking history can replace credit history. Lenders that connect read-only to your account assess deposit regularity rather than your file, approve applications a bureau score would decline, and fund fastest.
Worth checking before borrowing. Each costs less than any loan.
Any credit product at 32% APR or higher. Alberta was the first province to license this band, in 2019, and lenders in it owe you extra disclosures and cancellation rights. With the federal cap now at 35%, Alberta's high-cost band is a narrow three-point window, but several of the lenders serving Alberta price within it.
35% APR, fees included, under the federal criminal rate. Alberta layers its high-cost licence on top from 32% up, so anything you are offered between 32% and 35% should come from a lender in Service Alberta's registry with that licence class.
Yes. Most of the lenders serving Alberta accept fair or poor credit, and approve without a credit check. Alberta's oil-cycle economy means lenders here are more accustomed to income volatility than in most provinces; recent bank statements showing current income matter more than an old credit event.
