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Payday Loans in Edmonton:  Everything You Need to Know

Edmonton is an amazing city in the heart of the wilderness. You will have a lot to do and see in the city, especially in summer when the sun shines for eighteen straight hours. Plus, winters are amazing seeing the first drops of snow will stop rivers.

Even better, accessing payday loans in Edmonton is easy. While the government of Alberta cracked down on money lenders and reduced the cost of borrowing payday loans, there are still more than one hundred payday lenders in Edmonton. Payday loans are easy to apply for – most of the emergency loans lenders operate online. All you have to do is submit the required documents, get an instant decision, and then check your bank account. Again, payday loans, unlike other personal loans are unsecured loans and most lenders will not perform a credit check before offering you safe quick approvals.

With the cost of borrowing reduced up to $15 for every $100, predatory lenders are on the rise. This guide takes you through the payday lending arena in Edmonton to keep you safe from instant loans lenders who might be preying on your hard-earned cash. Read on to learn more.

Do You Qualify for Payday Loans in Edmonton?

You qualify for a payday loan if you have an income of at least $750 a month and you have had that income for at least three continuous months. Most of the lenders will only consider that and offer you a loan. This is largely the case with online loans lenders who many not consider whether you have a bad credit history. The eligibility criteria might also include a chequing account with a Canadian Bank and proof of residence. The lender might require that you are a resident of Edmonton before your fast loan application is approved but in most cases, you will get a loan as long as you are Canadian.

Borrowing Limits

You are only allowed to borrow up to 50 percent of your net income – this amount should not exceed $1,500. After borrowing, you are offered between 42 days and 62 days to repay the loan. Loan places cannot ask you to repay the loan before you next payday.

Once the lender has approved your instant payday loans in Edmonton, they cannot offer you a new loan before you have paid the loan you owe. Again, the lender cannot offer you an extension for the loan you have at a fee, or rollover your loan and offer you fresh loan terms.

Payday loans in Edmonton, AB, are regulated by the government of Alberta. All the payday loan companies in Edmonton need to be licensed to operate in Alberta and to follow all payday loan regulations as set in the Payday Loan Regulations under the Consumer Protection Act of Alberta.

Where to Find Payday Loans in Edmonton No Credit Check

You can get payday loans in Edmonton no credit check online or in payday loan storefronts. It is easier to compare quick funds lenders online than it is to want in the nearby payday loan store and ask their terms and licensing. Wen searching for payday loans in Edmonton online, you will have access to hundreds of lenders’ websites where you can check licensing and fees. However, most in-store safe instant loans lenders have online sites where they offer payday loans. This makes it easier for you to compare lenders and apply for a loan.

Check Whether a Lender is Licensed

Since you cannot walk into all Edmonton payday loans locations asking for license numbers, you can just collect license numbers online and verify them. Even traditional lenders have an online presence from where you can get their license number. Once you have the license number, all you need to do is visit Service Alberta and search the business. You will be required to enter:

  • Business name
  • License type, and
  • Municipality

You will see whether the business is licensed and the status of their license. Borrowing from a licensed easy cash advances lender will keep you safe at all times. When you need fast cash advance to take care of your financial issues, it is easy to fall for the bad financial practice of predatory lenders. As such, you need to be more careful so your financial issues or need of a financial quick-fix does not see you losing more money. You can also file a complaint against lenders you feel are going against the payday loans regulations.

Compare Short-Term Loans Lenders on Loans Geeks

It will take you time to check the credibility and legitimacy of all payday loan companies in Edmonton. Lucky for you, Loans Geeks has created a list of all instant cash lenders online and placed them in one place for you. Again, Loans Geeks has compared fees charged on payday loans in Edmonton online to ensure you only get the best deal. On the platform, you can search for payday loans, among other types of online loans such as car loans, bad credit payday loans in Edmonton, payday loans on disability assistance, payday loans with no bank statement, and many more loan products. By applying a loan on Loans Geeks, you get the best rates and you are also safe from predatory lenders.

Check Consumer Reviews

The fact that a lender has a payday license does not mean they have the best services. Some of the lenders with a license still offer poor services. Before signing the loan agreement for instant payday loans in Edmonton, ensure that you read what customers have to see about the lender. You can see reviews on Yelp or Better Business Bureau. If a lender has a lot of negative reviews from borrowers, reconsider applying for a loan from that lender.

Payday Loans in Edmonton Online: How to Stay Safe

The best way to guarantee your safety online is to ensure you only apply for a loan from a licensed company. If a company is not licensed, or if a company is not known, you should not give such a company your personal details to avoid identity theft. Some of the signs that say a lender is legit include:

  • The lender displays their payday license number on their in-store premises or online. A lender that displays their license number is not afraid that you will verify the number on Service Alberta.
  • The lender does not allow rollovers for bad credit payday loans in Edmonton. The payday loans regulations in Alberta do not allow lenders to offer multiple loans.
  • The lender offers the loan agreement in a language you understand and does not force you to sign the agreement before reading the fine print. A legit lender will go through the loan agreement with you to ensure you get all the details correct before application.
  • For all payday loans in Edmonton, AB, the lender should not charge more than $15 for every $100 borrowed and this fee accounts for the total cost of borrowing.
  • A lender is also mandated to tell you that payday loans are high interest loans and notify you of your right to cancel a loan 48 hours after application.
  • You can also check what other consumers have to say about a lender before you apply for a loan.

Applying to Payday Loan Companies in Edmonton

The number of payday loan companies in Edmonton reduced significantly between 2016 and 2018 thanks to implementation of stricter rules. Before the rate dropped from $23 for every $100 borrowed to $15 for every $100 borrowed, there were at least 230 payday lenders, online and in stores, operating in Edmonton. The number has since reduced to below 200. Again, some lenders have become stricter and more offer loans on the basis of your credit score. While most lenders still do not have minimum credit score requirements, some will still need to check your credit before approving a loan.

The application process for online payday loans is swift but so are applications in-store.

You will be required to submit:

  • Personal details including your name, age, social insurance number, and a form of identification
  • Contact details including residential address, email address, and phone number
  • Employment details including your employer, your income, and your employer’s contact details
  • Bank account details

When applying for payday loans in Edmonton, Alberta, you will see that different lenders might ask for different details before approving a loan. A Lender that needs to check your credit score will use your Social Insurance Number to check your credit score and make a decision whether to offer you a loan or not.

After the application and approval process, the lender is supposed to give you a copy of the signed loan contract. In that contract, the lender should indicate all loan details including the borrower’s personal details, details about the loan including dates, your right to cancel, and any other details in the payday loans regulations.

The lender is not allowed to:

  • Discount the principal loan amount
  • Grant rollovers
  • Request you to pay your loan in less than a full banking day after you receive your paycheque
  • Charge additional fees other than what is indicated on the loan agreement
  • Withdrawal money from your bank account without your authorization
  • Accept a cheque from borrowers that is not made out to them
  • Take any details from you that would give them, or third parties, access to your bank account unless the details are for pre-authorized loan repayment
  • Chare you more than $25 for dishonoured preauthorized debit card or cheque
  • Enter into another payday loan agreement with the borrower while there is an outstanding payday loan
  • Contact individuals directly to sell them payday loans

How Late Fees Work for Instant Payday Loans in Edmonton

If you fail to repay your payday loans in Edmonton, Alberta, the lender is allowed to call you and collect what is owed or to help come up with a payment plan that works for both of you. However, there are rules on how the lender is supposed to contact you.

A lender can:

  • Contact you any time between 7 a.m. and 10 p.m. Edmonton time
  • Contact those close to you to confirm your residential address, your telephone number, or your employer’s contact
  • Contact your employer to confirm your employment details including your designation, and the date of your next payment
  • Contact you at work and ask you about the loan unless you ask the lender not to
  • If you do not want the lender to contact you at work, you must make other arrangements to be contact elsewhere and be sure to keep the arrangement

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

  • Make unauthorized withdrawals from your bank account
  • Use threatening, intimidating or profane language
  • Discuss your debt issues with anyone other than you, a guarantor, someone you have identified in writing, or your lawyer. For the lender to talk to someone else about the loan, you must give legal consent
  • Call you or those close to you for so many times that the number of calls could be seen as harassment
  • Threaten to sue you where they do not have any legal authority to do so
  • Give false or misleading details
  • Enter into an agreement to take your wages directly from your employer
  • Publish or state intention to publish your failure to pay the loan
  • Charge you more than $25 for a dishonoured cheque or pre-authorized debit

Payday lenders are mandated to keep loan records up to three years after loan repayment. During this period, you can walk into payday loan locations in Edmonton (where you applied for a loan) and they will still have your details.

If the loan funding process is challenging, you cannot make direct deposit or pay through bank, you need to talk to the lender immediately. If you do not talk to the lender, they might decide to sue you for the principal loan amount and the cost of borrowing and any court fees that come with the suit. The lender might also decide to hand your loan over to a collection agency. The collection agency, on the other hand, will file a writ that may see you lose property, have your wages or your bank account garnished (withdrawing money from your account or deducting from your account). Before you loan goes into collection, you need to talk to your lender.

Tips for Avoiding Extra Fees with Bad Credit Payday Loans in Edmonton

Payday loans in Edmonton are high interest loans. As such, you only need to apply these loans if your credit score cannot allow you access to other personal loans. If your credit score allows you access to personal loans, which have relatively less APR, you need to apply these and ditch payday loans. However, if you have to apply for payday loans in Edmonton to take care of unforeseen circumstances, ensure that you pay in time to avoid additional fees. Some options you can try to avoid additional fees include:

  • Make Advance Payment: You will not be charged additional fees if you pay your loan early. You can make arrangements with the lender to pay the loan in three or more instalments. To do this, you might have to take part time jobs to satisfy your short term loan needs and maintain your monthly cash flow.
  • Budget in Advance: Before taking any loan, come up with a budget and ensure that you only take a loan you can afford. When you are in need of quick cash, it is easy to forget to plan and end up with delinquent accounts – take extra care and avoid extra fees.
  • Borrow from your savings or your friends: If you have an RRSP or a savings account, you can borrow some money and pay the loan before it accrues additional fees. Again, you can borrow money from friends, repay bad credit payday loans in Edmonton and then owe your friends.
  • Consider other loan options: You can use credit cards to settle your bills or take other loan options to settle your payday loans in Edmonton, AB, before the loans balloon out of control. Even though you can get payday loans in Edmonton no credit check, you need to build your credit history and get other loan options and credit cards.

Conclusion

You are guaranteed payday loans in Edmonton, Alberta, as long as you have an income of at least $750. All you need is to give a short notice to the lender and your loan will be approved. The Consumer Protection Act keeps you safe from predatory lenders and lenders who go against the act might face a huge tax penalty. With so many Edmonton payday loans locations, all you need is to be careful and apply for a loan only through a licensed lender. Even when applying for payday loans Edmonton online, watch out for predatory lenders.

5 Fun Things to Do in Edmonton

Average Income by Age in Edmonton

Below are the average incomes of Edmonton residents as at 2017 according to Statistics Canada

  • 16 – 24 years: $19,100
  • 25 – 34 years: $50,300
  • 35 – 44 years: $67,200
  • 45 – 54 years: $73,300
  • 55 – 64 years: $58,700
  • Above 65 years: $49,800

Map of Edmonton

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Frequently Asked Questions

Can I get a payday loan in Edmonton if I’m on social assistance?

Yes. As long as you earn at least $750 every month, you can access payday loans in Edmonton, AB

Can I get multiple payday loans in Edmonton?

The payday loan regulations do not allow a lender to offer you multiple loans.

What happens if I can’t repay my payday loan?

The lender might sue you for the amount owned or sell the loan to a collection agency.

Can I get a payday loan if I previously filed for bankruptcy?

Yes. You only need to have proof of income and you will be offered a loan.

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