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Payday & Short-Term Loans · Calgary

Payday and Short-Term Loans in Calgary

Reviewed by the Calgary Lending editorial team · Last updated · How we write and check our guides

Quick answer

In Alberta, payday loans cost up to $14 per $100 borrowed, are capped at $1,500, run 42 to 62 days, can be repaid in instalments, and can't be rolled over. They are still the most expensive way to borrow, so try a pay advance, payment arrangement or instalment loan first.

A payday loan is a small, short-term loan meant to be repaid out of your next paycheque. It is fast and easy to qualify for, and it is also the most expensive way to borrow on this site. Read this page before you take one.

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How payday loans work in Alberta

Payday lenders in Alberta must hold a provincial licence and follow provincial rules that cap what a payday loan can cost, give you a repayment period of several weeks with the option to repay in instalments, and ban rolling one payday loan into another. Federal law exempts payday loans that follow these provincial rules from the 35% APR criminal interest rate, which is why their cost, expressed as an annual rate, is far higher than any other loan here. The Government of Alberta publishes the current rules and lets you check a lender's licence.

Try these first

  • Ask your employer for a pay advance.
  • Call the company you owe and ask for a few days or a payment plan. Utilities and phone carriers often agree.
  • Check whether your bank or credit union offers overdraft protection or a small line of credit.
  • Consider a small instalment loan, which almost always costs less than a series of payday loans.

If you do take one

Use a licensed lender only. Borrow the smallest amount that solves the problem, know the exact repayment date and amount before you sign, and do not take a second loan to repay the first. If you find you need payday loans regularly, a free conversation with a non-profit credit counsellor is worth more than any loan.

Need cash before payday? Call 825-445-5493 or send a one-minute request. It is free, it is not a credit application, and you are under no obligation.

Frequently asked questions

Are payday loans legal in Alberta?

Yes, from lenders licensed by the province, who must follow Alberta's rules on cost, repayment terms and rollovers.

Can I get a payday loan with bad credit?

Usually, yes. Payday lenders focus on income and a bank account rather than credit score, which is part of why they cost so much.

What is cheaper than a payday loan?

Almost everything: a pay advance, a payment arrangement with whoever you owe, overdraft, a credit union small loan, or a short instalment loan.

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Calgary Lending is a free referral service. We are not a lender or mortgage brokerage, we do not make credit decisions or quote rates, and approval is never guaranteed. We may receive a referral fee from the lender or broker we connect you with; it is paid by them, not you. Information on this page is general and is not financial advice.

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