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.
Click here to download a tipsheet (PDF format) on Payday Loans.
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. You can check to see if a payday lender is licensed by clicking here.
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