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 is not paid on time.
Download the tipsheet on Payday Loans.
Payday Lending Report
The Payday Lending Report provides an overview of payday loan statistics during 2017, as reported by licenced lenders. An Act to End Predatory Lending was fully implemented in November 2016, meaning this report reflects the first full year of operations under the new legislation.
Payday Loans Regulation
The Payday Loans 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. See if a payday lender is licensed.