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Payday Loans in Calgary

To the west of Calgary is Vancouver, which is one of the most dazzling cities in Canada. To the east is Toronto, another dazzling and wealthy city. These two big cities overshadow Calgary, making its beauty understated. The city is busy with activities and beautiful for Calgary, Alberta residents, and out-of-towners. You can get payday loans in Calgary with ease, and you can enjoy much more that the city has to provide. Its large population is composed mainly of young people with the average age of residents in the city standing at 35.7 years. The young generation in the fifth largest city in Canada means that you will have a good night out.

There are about 120 languages spoken in Calgary. When in this city, you will enjoy its laid-back atmosphere and its open spaces – two phenomena that saw the city being nicknamed “cow town.” Below are places you can visit while in Calgary:

  • The Calgary Tower
  • The Calgary Zoo
  • Heritage Park Historical Village
  • The Calgary Stampede
  • 17th Ave, Calgary
  • Head Smashed In Buffalo Jump
  • Calgary Statue
  • Calgary Saddledome
  • Calaway Park
  • Royal Tyrrell Museum

The government of Alberta regulates the Calgary payday loans scene. For Calgary residents, getting a payday loan only requires them to have an income and access to the internet. Most of the payday lenders operate online, but payday loan storefronts are still available. Payday loan regulations have made it easier for residents to access loans; walk into a nearby payday loan store with your documents, and you have a loan. Even better, access payday loans lenders online and get an instant decision on your loan. The government regulates both in-store and online lenders. Another advantage of these loans is that you do not need to have a good credit score. While some lenders will check your credit score, a low score will not stop you from access a loan.

This guide takes you through the payday loans scene in Calgary, Alberta, to help you steer clear of predatory lenders.

Do You Qualify for Payday Loans in Calgary?

The eligibility criteria for payday loans in Calgary allow most residents to access loans. You only need be:

An adult of at least 18 years

  • Employed or with a continuous stream of income – you will need to show your income for the past three months
  • Be a resident of Alberta and show proof of that through a utility bill – most short term loans lenders offer payday loans to all Canadian residents, and you do not have to live in Calgary or the larger Alberta province necessarily
  • Have an active chequing account with a Canadian bank

A few lenders will perform a credit check before offering you a loan. However, bad credit history will not stop these lenders from providing you a loan. Other types of loans might be provided on the basis of your credit score but payday loans in Calgary, Alberta do not consider your credit score. Most lenders offer payday loans with no bank statement.

How Much Can You Borrow with Payday Loans in Calgary No Credit Check?

The government of Alberta only allows you to borrow 50 per cent of your income or $1,500 – whichever is less. For the loan awarded, you will need to pay $15 for every $100. However, the lender might charge additional fees for loans not repaid on time. You will be allowed a loan repayment period of 42 days, which can be stretched to 62 days.

One lender can only offer you one loan at a time. For you to get another loan, you will need to repay the loan you already have. Again, lenders cannot roll over your loan into a new loan – payday loan regulations in Alberta do not allow that.

How to Find Good Payday Loans in Calgary Online

You can apply for payday loans in Calgary online or in stores. Online loans are easy to apply since you can do it from the comfort of your home. Again, it is easy to compare payday loans in Calgary online. Instead of walking from one lending shop to the next comparing rates, you can just perform a simple search to see the best lenders.

Ensure the Lender is Licensed

The government of Alberta requires that all payday lenders are licensed and renew their licenses every year. Licensed lenders are easy to regulate. If a licensed lender goes against Payday Loan Regulations, which are enforced by Service Alberta, necessary legal action will be taken. The business might lose its license to operate, face huge tax penalty, or even be forced to repay borrowers for damages which might be caused by bad financial practice.

To see if a business is licensed, visit Service Alberta website. There, you can enter the name of the business, the license type, and the municipality. This will show you the license number of the business. Avoid taking a loan from a business not licensed to operate in Calgary, Alberta. Lenders licensed to operate in other provinces or outside Canada might not follow the set regulations for emergency loans.

Watch Out for Red Flags

When comparing instant payday loans in Calgary, keep a keen eye on red flags before your financial needs put you in a debt cycle. Some of the red flags to watch out for include:

  • Loan places that no one knows – If an online loans lender is not known, reconsider using their services. Quick fund lenders that operate without adverts, not listing their business on Better Business Bureau, and you have never heard anyone mentioning them, should be avoided. Unless a business is new, businesses that operate in darkness might be preying on you and your financial issues.
  • Instant Loan Lenders with high interest rates – If an instant cash lender in Calgary charges more than $15 for every $100 borrowed, avoid them. Again, lenders who do not show their interest rate on their website or on their adverts as required by law should be avoided too.
  • Quick loans lenders who avoid questions – Before you settle on a payday lender, you need to ask the right questions including interest rates on easy cash advances, additional charges, funding process, advance payment, and direct deposit among others. If a fast cash advance lender avoids questions, reconsider taking a loan with them.
  • Loan contracts have minimal details – Lenders are supposed to provide all details about a loan on the loan contract. Before you sign, you need to see details such as name of the lender, their address, loan amount awards, total cost of the loan, date loan is taken, additional charges that may be incurred, date of first payment or date the loan is due, and many more. If a contract is missing some details, the lender is shady and should be avoided.

Compare Loan Rates on LoanGeeks

A good lender needs to not only have a payday license but also offer a low APR. The $15 per $100 borrowed rate is the maximum a lender should charge. However, due to the increasing competition, lenders offer lower rates – some do not even have additional charges besides the interest rate. LoanGeeks compares interest rates offered by different licensed fast loan lenders. This helps you steer clear of predatory lenders helps you choose the best rates. Applying though LoanGeeks will keep you safe.

Is the Business Listed on BBB?

A business listed on BBB Calgary is not afraid of being reviewed. Consumers on BBB tell it as it is – bad business will get lots of negative reviews while good businesses get praises. BBB also gives accreditation to businesses that have shown exemplary performance. The platform also rates companies based on the reviews given by consumers. Before you take a loan, search for a business on Better Business Bureau.

If you take your time to choose the best Calgary payday loans in Calgary, AB, you are sure to not only get the best rates but also stay safe from bad loans. If you have a low credit score, search for payday loans in Calgary with no credit check.

How Late Fees Work for Payday Loans in Calgary, AB

Lenders of payday loans in Calgary, Alberta follow the instant payday loans in Calgary regulations. They will offer you safe quick approvals for loans and they will not harass you if you fail to pay back the loan in time. As a consumer, you are protected by the government. If you fail to honor the terms of your loan agreement, the lender can:

  • Charge you additional fees as outlined on your loan contract
  • Contact you to ask on your plans to repay the loan
  • They can sue you for failing to repay a loan – suing is only an option if you have defaulted for many months and you are not available on phone
  • Seize your property if that was one of the terms of the payday loan – again, seizing of property comes after so many failed negotiations
  • Sell the loan to a collection agency – collection agencies will either seize your property to recover the loan or sue you

Before seizing of property and suing come into play, you have the option to repay your loan. If you are available when the lender contacts you, the lender will likely want to negotiate for a new payment plan. Lenders are not allowed to offer you a rollover or a new loan before repaying the one you already have. As such, your only play is to negotiate a new payment plan.

How Should the Lender Contact You for Repayment of Your Instant Payday Loans in Calgary?

Unlike traditional lenders, money lenders online will keep in touch with your during the whole duration you have their loan. The lender is allowed to:

  • Contact you between 7 am. and 10 pm.
  • To contact those close to you to ask for your address or your phone number but not to discuss any details about the loan
  • To confirm your employment details and your income from your employer without discussing any details related to the loan

These financial quick-fix lenders will contact you even when you are at work unless you request them not to. Again, if you are sued for late fees, you should request the lender to contact your lawyer for any details related to the loan. You can avoid defaulting on your loan by taking part time jobs or budgeting for your short term loan needs to ensure you only take a small loan.

Even after you are offered Calgary payday loans in Calgary, AB, the lender is not supposed to harass you. During the frequent calls the lender might make if you default on your loan, the lender is not supposed to:

  • Threaten or intimidate you
  • Force you to sign of your wages to go directly into their accounts on payday
  • Give you false or misleading information
  • Call you or those close to you so many times that you feel harassed
  • Discuss loan details with anyone else other than you or your guarantor
  • Publish details about your loan or threaten to publish them
  • Withdraw money from your account without your authorization

Tips for Avoiding Additional Fees with Payday Loans in Calgary, AB

Payday loans in Calgary with no credit check are not supposed to balloon into unmanageable loans or get you into a debt cycle you cannot get out of. However, unforeseen circumstances might force you into a debt cycle. When you are in need of quick cash, you can get a payday loan on short notice without worrying about minimum credit score requirements. However, once you have the loan, you need to ensure you do not default and as such do not incur extra fees. Below are your options.

Repay the Loan on Time

When you repay your loan on time, you will only pay the loan amount and the cost of borrowing with no additional costs. To repay your loan on time, you need to budget your income to ensure there is enough money on payday to take care of your needs and repay the loan. You can also source for money from friends and relatives, RRSP account, from a cheaper personal loan, or from any other source that will not incur as much fees as a late repayment of your payday loan would.

Consider a Consumer Proposal

If you still cannot pay your loan after many months of trying, you need to consider a Consumer Proposal. This is an easy way of settling your debt where instead of filing for bankruptcy, you come up with a plan to get out of debt over a period of about five years. This is a suitable option for borrowers whose loans have grown out of control.

Consider Payday Loans Alternatives

Small personal loans from a bank or a credit union can help you repay a payday loan. The good thing about personal loans is that they are not as expensive as payday loans. However, most of the personal loans you might have access to either needs a good or average credit score or collateral or both. These small personal loans, such as car loans, are repayable over a period of a few months giving you enough time to keep your cash flow in order.

You can also use your credit card to take care of your monthly bills as your income pays instant payday loans in Calgary. However, this is just a temporary solution and you will clear your credit card debt once you repay your payday loans in Calgary online.

Negotiate a New Payment Plan or an Extension

If you feel that you will default on your payday loan, call the lender before the payment date is due and request that the payment date be extended. You can also request for a new payment plan that you and the lender are comfortable with. Some lenders of payday loans in Calgary with no credit check will accept to reduce the fees charged for late repayment or scrap the fees altogether.

Conclusion

Calgary payday loans in Calgary, AB are easy to access. However, you need to ensure that a lender operating in Calgary is licensed to operate in Alberta. With so many online lenders and payday storefronts in Calgary, getting duped into bad debt cycles is easy. Take your time and pick the right lender.

Frequently Asked Questions

How do payday loans work in Calgary?

You can use a payday loan in Calgary to get an advance on your upcoming paycheck and meet financial obligations today.

How to get out of payday loans in Calgary?

If you can’t repay your payday loans in Calgary, let the lender know as soon as possible to avoid fees as much as possible. If you don’t think you will ever be able to repay the loan, work with a debt counselor. The debt will not go away on its own, so be proactive in dealing with it.

Who does payday loans in Calgary?

Payday loans in Calgary are plentiful. Loans Geeks has sorted through the mass to help you find the most reputable lenders.

How to consolidate payday loans in Calgary?

A specialized debt consolidator in Calgary can provide you a lump sum to meet your financial obligations.

Who uses payday loans in Calgary?

People from all walks of life use payday loans in Calgary to cover emergency costs.

Which payday loans are easy to get in Calgary?

Not only are the loans featured on Loans Geeks reputable — they are also easy to apply for and receive.

Who does payday loans without a bank account in Calgary?

You are unlikely to find a reputable payday loan in Calgary that does not require you to provide your bank account details.

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

You can only receive one payday loan in Calgary at a time.

How do payday loans check your credit in Calgary?

Payday loans in Calgary do not usually require credit checks.

How do payday loans affect credit in Calgary?

If you don’t repay your loan, it will impact your credit score just like any other. Using the loan properly will not generally have a negative impact.

5 Fun Things To Do In Calgary

Average Income by Age in Calgary

Being the fifth largest city, Calgary is a great place for businesses. National and international companies have branches in the city upping the employment rate significantly. Below are the average incomes by age in the city.

  • 16 – 24 years: $
  • 25 – 34 years: $
  • 35 – 44 years: $
  • 45 – 54 years: $
  • 55 – 64 years: $
  • Above 65 years: $

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