Payday Loans Alberta: Understanding Costs, Fees and Repayment
Anyone considering payday loans Alberta lenders offer should understand one thing before applying: the amount borrowed is not necessarily the amount that will ultimately have to be repaid.
Like any financial product, a payday loan has a cost. Understanding that cost, along with the repayment schedule, can help borrowers decide whether short-term borrowing fits their circumstances.
What Does a Payday Loan Cost in Alberta?
Alberta regulates the amount payday lenders can charge.
Effective January 1, 2025, the maximum payday-loan fee is $14 per $100 borrowed. The province states that this amount includes all fees and charges related to the loan.… Read the rest