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Buyers Guide

Payday Loans in Alberta

Payday loans in Alberta can be a life saver. Alberta might pass as the most scenic province in Canada. The province houses two of the world’s oldest national parks, and these are not the only things that make the province inviting. The terrain is beautiful with rugged and jugged looks that will make you want to spend a day outdoors. All-year round, there is a lot of outdoor fun that you can engage in. Winters are very cold in Alberta with a lot of snow while summers are really hot making it easy for you to enjoy barbecues and time along the beach.

Some of the great areas that you can visit in Alberta include:

When you need a fast loan to take care of unforeseen circumstances, it is so easy to fall into the traps of lenders. In Alberta alone, there are more than 220,000 payday loans borrowers. This high number of borrowers has prompted an increase in the number of short-term loan lenders. Not all payday loans in Alberta lenders will offer you the best deal. This is why you need to be careful when applying for a fast loan.

Payday loans in Edmonton, Alberta (and other cities in the province) have their advantages; they are easy to apply with approvals within minutes, they give you quick funds when you have an emergency, and they do not need collateral or a good credit score. This guide takes you through the payday loans scene in Alberta to help you make the right decision when shopping for a payday loan, avoid scams and high fees, and understand the application process.

Do You Qualify for Payday Loans in Alberta?

Alberta is one of the provinces in Canada that regulates payday loans lenders to keep Alberta residents protected. The Act to End Predatory Lending and the Payday Loans Regulation were enacted to keep borrowers protected. Anyone who has a paycheque is eligible to get a payday loan in Alberta. You can apply for payday loans in Alberta online or in payday loan storefronts. All you need to do is show proof of employment and income for the past three months, and you get online payday loans in Alberta.

Some regulations have been put in place to protect borrowers in Alberta. Most of these regulations apply in other provinces, including Ontario and British Columbia. They include:

  • Lenders of payday loans in Alberta online can only charge you $15 interest for every $100 they loan you
  • A lender can charge you additional fees if you fail to honour your loan agreement and pay on time
  • You can only borrow up to 50 percent of your salary and not more than $1,500
  • The minimum loan repayment term is 42 days, and the maximum term is 62 days
  • A lender is only allowed to offer you one payday loan at a time
  • Lenders are not allowed to force you to transfer your payment directly to them, and neither are they allowed to make you sign a form that gives them the privilege of getting your wages directly
  • Lenders cannot roll over your loan into a new payday loan
  • If you change your mind two days after signing the loan agreement, you are allowed to cancel your payday loan without any charges

Before the lender gives you a loan, they will need proof of earnings. In most cases, besides personal details, employment and income details are the only pieces of information payday lenders require.

Most lenders will offer you payday loans in Alberta with no credit check as long as you show proof of three months of income, proof of residency, and you have an active chequing account. Again, payday loans are not secured. Unlike car loans that need collateral, payday loans are offered not on the basis of your credit score and with no collateral.

With such a lenient loaning criterion, everyone with an income can get payday loans in Alberta (including payday loans in Grande Prairie, Alberta) online. However, some lenders may claim to offer payday loans in Alberta no credit check but turn out to be predatory. Granted, you need to watch out and only apply for safe instant loans. If you are not sure you trust online lenders, you can go to traditional lenders.

How to Find Good Online Payday Loans in Alberta

There are many loan places online and many types of online loans. If you have your resolve set on payday loans, shop around the best and most legit deals. Because most lenders offer payday loans in Alberta no credit check, you do not need to check the one with minimum credit score requirements but one who offers the lowest interest rates and minimal fees. You also need to ensure the lender offers benefits such as payday loans child tax benefit Alberta.

When shopping for a loan, consider that:

  • The lender displays their payday license number on their website and in all their physical locations. You can then call Service Alberta Consumer Contact Center on 1-877-427-4088 and asking whether the lender is licensed. You can also search the lender on the Service Alberta Consumer Contact Center’s online database.
  • The lender follows set regulations. This includes not rolling over loans, not offering new loans before the old ones are cleared, not charging more than $15 for every $100 loaned, and following the right process when collecting payment.

Unlicensed lenders might try to win you over by offering you fast loans a very APR, longer terms for your emergency loans and more lenient terms of the agreement. However, these unlicensed instant loans lenders might expose you to identity theft, they may take your wages directly off your bank account, and they may be a bad financial practice that follows no rules. Again, when you are charged more than 391.07 percent APR, you end in a debt cycle that you may not get out off.

Apply through Loans Geeks for Payday Loans in Alberta with No Credit Check

The problem with unlicensed quick loans lenders is that some of them are from outside Alberta, some even outside Canada, In such a case, it becomes challenging to prosecute them if they go against the set payday loan regulations. As such, you need to ensure the easy cash advances lender is licensed to operate in Alberta. One way to do that is to apply for your loan online through Loans Geeks.

Loans Geeks is a platform designed to help you get the best loan deals to deal with your financial issues without plunging yourself into a debt cycle where you always have delinquent accounts. The platform compares top instant cash lenders in Alberta – you can also check out other provinces. For starters, all the lenders compared on this platform are licensed to operate in Alberta, and they follow the set regulations to offer advance payment loans.

Loans Geeks also finds the best deals on interests and fees. When you make your online applications through Loans Geeks, you are assured of the best deals. Instead of just walking into the nearby payday loan store when you are in need of quick cash, check Loans Geeks where you have a wide selection of choices.

Use BBB to Find Good Payday Loans in Grand Prairie Alberta and Other Cities

The Better Business Bureau serving Alberta is a great place to see what consumers have to say about a payday lender and the state of their payday license. Check what other borrowers have to say about the lender; whether they follow regulations, whether they offer payday loans child tax benefit in Alberta, whether they offer payday loans Alberta on disability assistance, their rates, and the leniency of their terms. Consumers will also say whether it has hidden charges.

File a Complaint

If during your search for the right lender for payday loans in Alberta, you come across an illegitimate lender, you can file a complaint with the Consumer Investigations Unit on the Service Alberta platform. This unit will investigate cases where an online payday loans in Alberta lender has breached payday loan regulations.

If, after investigation, the lender is found to have violated consumer protection laws, Service Alberta will take legal action. Lenders that violate the set laws might see their licenses revoked, might be slapped with a huge tax penalty or violation penalty, and may be forced to compensate customers for their loss especially if numerous borrowers have filed complaints.

The Application Process for Payday Loans in Alberta with No Credit Check

Payday loans in Alberta are easy to apply – you hand in your documents, you get an instant decision, and you get funds in your account. Once you meet the eligibility criteria, you are guaranteed payday loan in Canada. You will need to be:

  • At least 18 years old
  • Employed with proof of three continuous months income
  • A resident of Alberta, with a utility bill to prove it
  • With an active chequing account

There are lenders who may not require proof that you are a resident of Alberta. Be wary of these lenders as they may be from outside Alberta or outside Canada. After you meet the eligibility criteria, you will be asked to provide some basic details including:

  • Personal details, such as official name, date of birth, passport ID or driver’s license, and social insurance number
  • Contact details including your residential address, phone number, and email address. You might also be asked to give contact details on one other person to be contacted when you are not available.
  • Employment details, such as your employer, address, your income amount, and proof of past income
  • Chequing bank account details

After submitting your details, your will get safe quick approvals as long as you meet the eligibility criteria. Most lenders will offer you payday loans in Alberta with no credit check. Again, since there is no loan security or collateral involved, the approval process is very fast. Some lenders will offer you a payday loan with no bank statement.

How Late Fees Work for Online Payday Loans in Alberta with No Credit Check

If you do not pay your online payday loans in Alberta before or on the agreed date, the lender will apply additional fees on your loan. However, the lender is not allowed to roll over your loan or offer you a new loan before you clear the first loan.

After that, the lender will try to contact you to find out how you plan to repay the fee. The lender is allowed:

  • To contact you between 7 a.m. and 10 p.m. Alberta time
  • To contact your spouse, relative, or friend to confirm your residential address or your contact details but not to discuss the terms of the loan.
  • To contact your employer and confirm your employment details. Again, they cannot discuss the loan with your employer. When talking to the employer, they might ask for details such as the name of the business, your title, address of the business, and date of your next payday.
  • To contact you at work unless you request otherwise – if you do not want to be contacted at work to discuss loan details, you need to make an arrangement with your lender to contact you elsewhere and stick to that arrangement.

Money lenders might even (indirectly) force you to take part time jobs to repay their loan. The loan funding process is always easy as long as you budget. Even though the lender will take care of your short term loan needs without a credit check, defaulting on your loan might give you a bad credit history. This is especially so when the loan goes to collection.

During the loan collection process, the lender is not allowed to:

  • Withdraw your wages from your account without authorization
  • Use threatening, intimidating, profane, or forceful language
  • Discus your loan with anyone else except you and a guarantor of your choice
  • Call you or those close to you so many times that it could be considered harassment
  • Give misleading information
  • Publish or threaten to publish your inability to service your online loans
  • Force you to sign off your wages to them

Payday lenders can sue you for the loan awarded and the interest. If you take a loan, say payday loans in Alberta on disability assistance, and you fail to pay, the lender will contact you to work out a payment plan. If you still fail to pay your payday loans in Alberta, the lender will either sue you or give your account to a collection agency. The collection agency might seize your property.

Tips for Avoiding Additional Fees with Instant Payday Loans in Alberta

The best way to ensure you are free of exaggerated fees in Alberta is pick the right lender. Loans Geeks will help you pick the lender with the lowest fees and one who does not have any hidden charges. This way, you will only pay your interest after the loan term. Again, a lender with no hidden charges will only apply a small fee if you default on your loan.

The other great way of avoiding additional fees is to repay your loan on time. You can make an advance payment to clear your loan before the agreed date. While making partial payments does not reduce the interest you have to pay, it helps you avoid unnecessary fees and can grant you peace of mind.

To do that, consider:

  • Making partial payments before agreed date
  • Taking a soft loan from a friend to repay the loan if you can’t make the payment
  • Calling the lender to work out a new payment plan
  • Budgeting your money and committing your wages to the lender so you do not use them on other bills
  • You can also negotiate the fees down

Most importantly, only take the loan amount you can afford. The maximum you are allowed to take is 50 percent of your income but that doesn’t mean you can always afford 50 percent of your income.

Again, you need to ensure that you have enough money in your bank account or the bank with charge you a fee for insufficient funds.

Frequently Asked Questions

How do payday loans work in Alberta?

Payday loans in Alberta give you the opportunity to get an advance on your paycheck. This can help you cover unexpected expenses before you get paid.

How to get out of payday loans in Alberta?

The best way to get out of payday loans in Alberta is to repay your loan. If you can’t meet this obligation, work with the lender directly to find a solution.

Who does payday loans in Alberta?

The payday lenders listed on Loans Geeks are among the most reputable in Alberta. We also choose them based on the information you provide us to ensure that you get an accurate quote.

How to consolidate payday loans in Alberta?

To consolidate your payday loans in Alberta, work with a specialized debt consolidation service that will provide you a lump sum to repay the variety of loans you may have?

Who uses payday loans in Alberta?

People from many different backgrounds rely on payday loans in Alberta to help them out of a whole host of financial tight spots.

Which payday loans are easy to get in Alberta?

For the easiest payday loan application process in Alberta, we recommend that you work with the lenders featured on Loans Geeks.

Who does payday loans without a bank account in Alberta?

You will have a hard time finding payday loans in Alberta that do not require a bank account. This is because lenders need your bank account information to collect repayment.

How many payday loans can you get at one time in Alberta?

Provincial law prohibits you from receiving more than one payday loan in Alberta.

How do payday loans check your credit in Alberta?

Most payday loans in Alberta will not require a credit check.

How do payday loans affect credit in Alberta?

Failure to repay your payday loans in Alberta can damage your credit just like any other loan would.

6 Fun Things to See and Do in Alberta

Average Income by Age in Alberta

In Alberta, employment rate stands at 70 percent. The area is a hub or businesses especially in Calgary where national and international banks are so many.

According to a 2017 report, earnings in Alberta by age are as follows:

  • 16 – 24 years: $19,800
  • 25 – 34 years: $53,000
  • 35 – 44 years: $66,700
  • 45 – 54 years: $71,600
  • 55 – 64 years: $58,300
  • 65 and above years old: $47,400

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