Apply for a payday loan in Alberta
Complete the secure application to get an instant decision. Before you borrow, take a moment to understand exactly what a payday loan costs, the risks involved, and the rules that protect you as an Alberta borrower.
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Payday loans are a high-cost, high-risk product
A payday loan is one of the most expensive ways to borrow money. It is intended only for short-term emergencies, not for ongoing expenses or to cover other debts. Borrowing repeatedly, or taking a new loan to repay an old one, can quickly trap you in a cycle of debt that is very difficult to escape.
- The effective annual cost is far higher than credit cards, lines of credit, or bank loans.
- Missing your repayment date can trigger additional default fees on top of the borrowing cost.
- A short 42–62 day term means the full amount plus fees comes out of a single upcoming paycheque.
- If you rely on payday loans regularly, it is usually a sign a lower-cost option would serve you better.
Before applying, consider lower-cost alternatives: a payment arrangement with the biller, a small advance from your employer, help from a credit union, or free not-for-profit credit counselling. Only borrow what you can comfortably repay in full on your next payday.
What a payday loan actually costs
In Alberta, the maximum a lender can charge is $14 per $100 borrowed, and that figure must include every fee and charge on the loan. Here is what that works out to on a typical 14-day loan, and the annualized rate (APR) it represents.
| You borrow | Term | Cost of borrowing | You repay | Approx. APR |
|---|---|---|---|---|
| $300 | 14 days | $42 | $342 | ~365% |
| $500 | 14 days | $70 | $570 | ~365% |
| $1,000 | 14 days | $140 | $1,140 | ~365% |
Example only, at the Alberta maximum rate. A $14 fee on $100 over 14 days is equivalent to an annual percentage rate of roughly 365%. Your actual cost depends on the amount and term you are approved for. If you repay late, the lender may charge additional fees on top of these amounts.
Alberta payday loan rules
Payday lending in Alberta is regulated under the Payday Loans Regulation and An Act to End Predatory Lending. These consumer protections apply to every licensed lender, whether they operate from a storefront or online:
Maximum borrowing cost
Effective January 1, 2025, a lender can charge no more than $14 per $100 borrowed, and that cap includes all fees and charges related to the loan.
Loan amount and term
A payday loan is for $1,500 or less, and the term cannot exceed 62 days.
No rollovers or concurrent loans
A lender cannot roll over your loan or issue you a new payday loan while you already have one outstanding.
Licensing required
Every payday lender in Alberta must hold a valid payday loan licence. You can confirm a lender is licensed before you borrow.
Late payment
If the loan is not paid on time, the lender may charge additional fees, so it is critical to repay on your scheduled date.
Rules and fee caps can change. Always confirm the current regulations and check whether a lender is licensed directly with the Government of Alberta.