Need cash fast? Find out where to get e-transfer payday loans in Alberta 24/7.
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If you're facing a financial emergency, payday loans in Alberta can help you get the money you need. But while a payday loan is fast and convenient, it's also incredibly expensive. Here's what you need to know about getting e-Transfer payday loans in Alberta 24/7, including lenders, costs and alternatives.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
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It’s easy to get e-transfer payday loans in Alberta 24/7, thanks to flexible application requirements and speedy funding methods. However, payday loans are very costly and should be used as a last resort only.
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How are payday loans regulated in Alberta?
Payday loans in Canada are regulated at the provincial level. Protect yourself as a borrower by knowing your rights when taking out e-transfer payday loans in Alberta. You can find the full details of payday loans regulation on the Government of Alberta website, but here’s the key information.
Maximum loan amount: $1,500
Loan term: 42 - 62 days
Maximum cost of borrowing: $14 for every $100 borrowed
Cooling-off period. Should you change your mind and want to cancel your payday loan, you have two business days to do so without penalty.
Repayment. You can repay the loan in installments instead of a lump sum, according to Alberta’s Consumer Protection Act. If you’re paid weekly or fortnightly, you could, for example, spread out repayments over at least three pay periods.
Prepayment without penalty. You can pay your loan off early without incurring any additional fees.
Lender licensure. The lender must hold a payday lending licence from the Government of Alberta. You can check whether a lender is licensed on the Government of Alberta website or by phoning Service Alberta.
Extra costs if you default. e-transfer payday loans in Alberta can come with a maximum NSF fee of $20 if you fail to make a payment when it’s due. Payday lenders may charge 2.5% per month. Your financial institution may also charge an NSF fee.
Payment collection. Payday loan regulations in Alberta stipulate that lenders can contact you between 7am and 10pm, but they must not:
Make unauthorized account withdrawals
Use threatening, profane or intimidating language
Discuss your debt with anyone other than you, guarantors or authorized representatives
Contact you so often that it could be considered harassment
Arrange wage assignments with you or your employer
No rollover loans. Lenders can’t extend or renew a payday loan with additional fees or provide a new payday loan to pay off an existing one.
Payday loans are an extremely expensive way to borrow money. The maximum amount a lender can charge for e-transfer payday loans in Alberta is $14 per $100 borrowed. That may not sound like too much, but when you factor in the short loan term, the APR is actually very high.
For example, here’s how much it’ll cost you to repay a payday loan with a loan term of 42 days, compared to the cost of borrowing the same amount using a credit card cash advance.
Amount (42 days)
Payday loan cost
Credit card cash advance cost (23% APR + 5% fee)
$300
$42 (122% APR)
$7.94 + $15 = $22.94
$600
$84 (122% APR)
$15.88 + $30 = $45.88
$900
$126 (122% APR)
$23.82 + $45 = $68.82
As you can see, with an APR of 122%, a payday loan in Alberta could end up costing you significantly more than a credit card cash advance.
Interac e-transfer payday loans in Alberta 24/7
Interac e-transfers are a common way to fund online payday loans in Alberta. They’re convenient because they can be sent and received 24/7, even if your bank is closed or it’s outside of business hours. You can often access funds within minutes.
If you opt for an Interac e-transfer payday loan, your lender will issue your funding via a money transfer link sent to your email address. From there, you can select which bank you have an account with and log in to deposit your funds.
While bank direct deposit transfers can take up to a full business day to process, e-transfers are sent to your account immediately. Just make sure your bank supports Interac e-transfers—all major banks do—before you apply.
What to consider before applying for a payday loan
Thinking of applying for a payday loan? Consider the following factors first.
Payday loans are extremely expensive. While it may seem like a convenient way to get cash in an emergency, a payday loan is a very expensive way to borrow. Make sure you consider all the alternatives (we’ve listed several options below) before applying for a payday loan.
It’s easy to get trapped in a cycle of debt. One of the major traps of payday loans is the very short loan term. This can make it difficult to afford your repayments and still cover your essential expenses, which can in turn force you to take out a second payday loan. Before you know it, you can get trapped in a cycle of debt.
Is it essential? Payday loans are a Band-Aid solution and aren’t designed to fix long-term financial problems. If you’re struggling to pay for essential expenses or have substantial financial problems, consider credit counselling.
Can you afford to repay the loan? Use your phone’s calculator app to figure out if you’ll have enough income left over for regular expenses after paying off the loan.
Is the lender legit? The payday loans space is notorious for scammy lenders. So, make sure you only ever deal with a lender that holds a payday loan licence in Alberta. Also keep an eye out for red flags that could indicate a payday loan scam, such as:
Charging an upfront fee
Not being transparent about the total loan cost
Promising guaranteed approval
Charging more than the maximum cost of $15 per $100 borrowed
Payday loan alternatives
Before deciding whether a payday loan is right for you, consider these payday loan alternatives:
Credit card cash advance. A credit card cash advance lets you withdraw cash from your credit limit at an ATM. It’s a quick and convenient way to access funds, but you’ll need to pay a cash advance fee plus interest on the money you withdraw.
Pay advance apps.Pay advance apps let you borrow a small amount with no interest, but you may pay a monthly fee.
Overdraft protection. Check whether your bank account offers overdraft protection. This allows you to pay for small transactions even if there are insufficient funds in your account, allowing you to avoid NSF fees. However, overdraft fees and interest apply.
Line of credit.A line of credit can provide you with an ongoing and convenient way to withdraw funds whenever you need up to a predetermined limit. You only pay interest on what you borrow and not on the entire credit limit.
Installment loan. Installment loans from alternative and online lenders tend to have more lenient eligibility requirements than traditional personal loans. However, you’ll likely pay higher interest rates. Learn more about the best installment loans.
Credit counselling. A credit counsellor can assess your financial situation and offer advice on how to get out of debt and get your finances back on track. Check out our guide on free debt management resources for more information.
What do I need to apply for a payday loan in Alberta?
If you’re interested in applying for a payday loan in Alberta, you’ll need to meet the following eligibility criteria:
Be at least 18 years old
Provide proof of three months of continuous employment
Give proof of address
Have an active chequing account
To complete your application successfully, prepare to submit the following basic information:
Personal details like your name, date of birth, Social Insurance Number and a valid form of ID
Contact details like your residential address in Alberta, email and phone number
Employment and income details
Bottom line
Payday loans are very expensive and should only be considered as a last resort. If you need to take out a payday loan in Alberta, familiarize yourself with local payday lending regulations and make sure you only ever deal with legitimate, licensed payday lenders. Then compare a range of options to find a payday loan that suits your financial needs.
Yes, payday loans are legal in Alberta. Each province has its own regulations that govern payday loan costs and conditions. In Alberta, the Payday Loans Regulation and the Act to End Predatory Lending help protect people who take out payday loans.
Yes, bad credit payday loans are readily available to borrowers in Alberta, and you can usually get fast funding. In the majority of cases, payday lenders tend to focus on a borrower's ability to repay a loan (by checking their employment and income) instead of their credit score.
You can file a complaint with the Service Alberta Consumer Investigations Unit (CIU), which will act on your behalf to conduct an investigation into the payday loan business in question. You can also phone the Service Alberta Contact Centre to start the complaints process.
Yes. Many payday lenders don't require that you undergo a credit check when applying for a loan. Instead of looking at your credit history, they will instead assess whether you earn sufficient income to repay your loan. Learn more about no credit check loans.
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To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
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