Payday Loans

How it works

A payday loan is a loan of $1,500 or less. The term of the loan cannot exceed 62 days. The maximum fee a payday lender can charge is $15 per $100, which includes all fees and charges related to the loan. A lender can charge additional fees if the loan isn't paid on time.

Download the tipsheet (PDF format) on Payday Loans.

Payday Lending Report

The Payday Lending Report is provides an overview of payday loan statistics during 2017, as reported by licenced lenders. An Act to End Predatory Lending was fully implemented in November 2016, meaning this report reflects the first full year of operations under the new legislation.

Read the report now.

How is a payday loan calculated?

Click here to access our Payday Loan Calculator. On it, you can enter the loan amount, fee and term (in days) to determine how much payday loan will cost to pay back.

Payday Loans Regulation

The  Payday Loans Regulation regulation applies to every payday lender who offers, arranges, or provides a payday loan to a borrower in Alberta, either from a business location or on the Internet.

All payday lenders must have a Payday Loan licence. See if a payday lender is licensed.

Contact this service

780-427-4088
(Edmonton and area)

1-877-427-4088
(toll-free in Alberta)

8:15 am - 4:30 pm (Monday to Friday, closed statutory holidays)