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.
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.
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.
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.
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:
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.
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.
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.
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 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:
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:
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:
During the loan collection period, the lender is not allowed to:
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.
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:
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.
Below are the average incomes of Edmonton residents as at 2017 according to Statistics Canada
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Yes. As long as you earn at least $750 every month, you can access payday loans in Edmonton, AB
The payday loan regulations do not allow a lender to offer you multiple loans.
The lender might sue you for the amount owned or sell the loan to a collection agency.
Yes. You only need to have proof of income and you will be offered a loan.