Alberta Payday Loan Fees Explained: Calculate the Real Cost
The most important number in a borrowing decision is not always the amount advertised as available. It is the total amount that must be repaid. Consumers reviewing Alberta payday loan information should understand Alberta’s payday lending fee cap, how charges are calculated, and why a seemingly small fee can represent a high cost over a short period.
The current Alberta payday lending cap
Alberta limits the ordinary payday loan fee to $14 for each $100 borrowed. This maximum took effect on January 1, 2025 and covers the charges related to obtaining the payday loan. Payday loans have a principal limit of $1,500 and terms of no more than 62 days. These rules apply to qualifying businesses serving Alberta borrowers online as well as in person. Other kinds of consumer credit can be priced differently, so make sure you know which product is being offered.