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Payday Loans Edmonton

Online Payday Loans in Edmonton

Alberta >> Edmonton

Financial trouble finds us all from time to time. When you find yourself in a tight spot between paychecks, you can find relief through payday loans. Payday loans are small, short-term personal loans that are designed to cover emergencies or gaps between paychecks. If you are waiting for your bonus payment or overtime pay to arrive, but need the cash immediately, payday loans can make that happen. 

Payday loans are different than other conventional loans. While car loans and mortgages are secured loans with collateral, payday loans are guaranteed by nothing other than your promise that you plan to repay the loan. Since it is a very short-term loan, lenders are comfortable making these personal loans to almost everyone, even if they have no credit or bad credit.

How Payday Loans Work in Edmonton?

Payday loans are designed to be small and quickly repaid, typically within a single pay period or a month. At most, they might span two pay periods. These are loans that help cover a needed car repair or pay a bill while you wait for extra pay. They are designed for the emergencies that catch us all from time to time. 

The government knows that circumstances like this are common, but they also want to protect lenders from those who might prey on their hard times. For this reason, there is governmental oversight on payday loans. Edmonton has limits on payday loans to protect the borrowers. You can only borrow up to $1000 and the funds must be repaid within 62 days. Additionally, the fees the lender can charge are capped at $15 per $100 borrowed. 

The amount of fees you’ll pay will vary with the lender you choose and the interest rate of the loan you are approved for. Typically, the greater the risk for the lender, the higher the interest rate on a loan. Therefore, those with bad credit may wind up paying slightly more for a payday loan, but the amount charged is still capped by government oversight.

Who is Eligible? 
canadian man
Canadian Resident
18+ years of Age
Has a Bank Account
Proof of Income

Online Payday Loans Edmonton

You have options when it comes to how you borrow money through payday loans. You can borrow from a storefront location or through online lenders. Loans offered through both locations are subject to the same oversight and lending limits. If you are applying for online payday loans, Edmonton will still limit the amount to $1000 and cap the fees associated with the loan. 

Many borrowers find that applying for an online payday loan is simpler than a storefront location. The entire process can be done from home through the internet. To apply for an online personal loan, you will simply fill out the online application for the lender. You will need to provide evidence that you are at least 19 years of age and your bank account information. The lender may also request information about your employment and paychecks.

Then, if you are approved by the lender, the funds will be sent directly to your bank account. Once the funds arrived, you can use them for any purpose. When it is time to repay the loan, you don’t need to bring funds to a store. Instead, the online lender will simply withdraw the payment directly from your account, streamlining the entire process.

We also Offer Payday Loans for residents of Alberta (Calgary, Edmonton, Red Deer, Lethbridge)