Payday Loans 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, Focus Cash Loans, Loan Express, GoDay, iCash Loans, Speedy Cash, EasyFinancial, CashCo, and many more.

Some of these companies have physical locations to apply and collect your loan from, while many others let you apply online to make the entire process more convenient. Bear in mind though that you may have access to more customer service in person.

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 an instant 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.

Together this makes Alberta one of the cheapest places in Canada to access speedy cash. There are also restrictions in place to stop payday lenders from rolling over your loan, garnishing wages, or harassing you for payment.

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 or child tax benefit; private pension workers compensation; private pension income; private disability income or other non-government disability benefits; predictable investment 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.