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The Ultimate guide to Loans in Alberta
When unexpected expenses arise, Canadians often turn to payday loans. In fact, more than 40 percent of payday loans are used to cover emergencies or unplanned for costs.
A recent study by the Financial Consumer Agency of Canada, though, suggests that Canadians might turn to payday loans because they’re not aware of the other options they have.
In Alberta, you have plenty of choices when it comes to getting a loan fast. Many Alberta loans are actually better choices than payday loans, especially when an unexpected expense crops up.
What options do you have, and which one is best for you? This guide will review the many different choices. Then it will compare different loans in Alberta to help you make the right choice for your situation.
Personal Loans in Alberta
Your first option for loans in Alberta is the personal loan. These are usually offered by financial institutions like banks or credit unions. You may even see some available from online lending platforms.
A personal loan is a loan extended to you for personal use. It’s different from an auto loan, because the money doesn’t have to be used for anything specific.
Personal loans can be secured or unsecured. An unsecured personal loan has no collateral, which means it usually has a higher interest rate attached to it. Secured loans do have collateral, which allows the lender to give a lower rate.
Personal loans can take some time to apply for and receive. This is often because the lender performs a credit check. If you don’t have a good credit history, you may not receive a loan.
If you have poor credit, then you may not get a good interest rate. You may also not qualify for as much loan as you need.
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Another option you may have available is a credit card cash advance. If you have a credit card, then you can take your unused credit and turn it into cash.
Credit card cash advances have a poor reputation. Credit card companies typically charge higher interest on cash advances. They also don’t offer a 21-day grace period, which means interest starts accumulating right away.
Still, a cash advance often costs much less than a payday loan. The cost of a $300 payday loan over 14 days averages $63. By comparison, the credit cash advance will cost you less than $10.
Another reason Albertans may not opt for the credit card cash advance is that they’ve already maxed out their cards. If you don’t have any available credit on the card, you can’t get a cash advance.
It’s probably not a good idea to apply for another credit card just to take a cash advance. If your only other option is a payday loan, though, you might consider it.
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You may also have a line of credit loan available to you. This credit product is similar to a credit card, in that it’s a type of revolving credit.
The lender will extend so much on a line of credit. You can then access these funds as you need them. When you pay money back to the line of credit, it becomes available for you to use again.
Lines of credit often have low interest rates, especially when compared to payday loans. They may even be more affordable than a credit card cash advance. The interest rate is often more comparable to a personal loan.
Like a personal loan, lines of credit can be secured or unsecured. Lenders may also want to perform a credit check before they’ll extend a line of credit to you.
Online Loan Options for Alberta residents
Online loans in Alberta often provide better alternatives to payday loans. You may be able to find personal loans or peer-to-peer lending platforms online.
Another option is the online installment loan. This is a payday loan alternative. It works much like the personal loan, but you won’t need to go through the lengthy approval process.
To get an online installment loan, you’ll need three things:
- A full-time employment
- You must be 18 years of age or older
- Not to be in bankruptcy
Online installment loans offer lower interest rates, which can help you budget more effectively. Lenders are also able to process loans same-day, so you get the cash you need when you need it.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn’t matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our “Example Cost of Borrowing” section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer’s pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders’ fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
If you need money fast and do not want to be subject to the high costs associated with Payday loans then no credit check installment loans may be the right choice for you.
Borrowers are verified through an IBV (Instant Banking verification). Once the verification is complete, they use their own unique set of criteria to qualify applicants.
An IBV (internet banking Verification) is a banking verification system that gives lenders read only permission, to verify a potential borrower’s banking transactions. Previously, lenders relied on paper documentation that created many problems for both the lender and the borrower, including inconvenience, identity theft and fraud. The process utilizes bank level security and has assisted the segment in providing a safer and more efficient environment for all users.
Payday Loans in Alberta as a Last Resort
If you’re all out of options, then you can take a payday loan. Payday loans are quick and easy to get but keep in mind that these loans are often the most expensive option you have. They can also lead to a cycle of debt as you take out more loans to repay previous ones.
Many people use payday loans because they’re accessible. Payday loans providers often offer same-day approval, which is helpful if you need cash fast. They’re also usually for small amounts and are typically paid back in short order. Furthermore, Payday lenders charge $15 per $100 borrowed. This is equivalent to an ABR (annual borrowing rate) of 390%.
Still, almost any other Alberta loan option will cost you less than a payday loan.
Which Type of Alberta Loan Is Best?
Now that you’ve learned all about the different types of loans in Alberta, you’re wondering which one is best for you.
If you have ongoing cash needs, then a revolving credit product like a line of credit or a credit card could be a smart move. If you need just a little bit of cash for an unexpected payment, then your account overdraft protection could be an affordable option.
If you need a larger amount and you have good credit, then a personal loan might fit the bill. If you’re not sure you can qualify for a personal loan or you need cash fast, an online installment loan could be a better choice.
In many cases, an online installment loan is the right solution. It gives you fast access to cash, even if you have no credit history or bad credit. The rates are much lower than payday loans.
With an online installment loan in Alberta, you get the speed of a payday loan with the favorable interest rates associated with other credit options.
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As you can see, there are plenty of different types of Alberta loans. Many of them are more affordable than payday loans as well. If you find yourself needing cash fast, then be sure to check out all your options and remember to be responsible when borrowing money.
Looking for a speedy way to get the cash you need? Apply now for an online installment loan, and you could have your funds within an hour.
Frequently Asked Questions
What is a cash advance?
A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.
A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”
Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.
What are the requirements to get a cash advance?
We like to keep things simple.
- You must be over 18 years of age
- You must be a Canadian citizen
- You must be employed full-time
- You must have an active bank account
- You must not be engaged in a consumer proposal
- You must complete an IBV (Instant Bank Verification)
I am Self Employed. Can I apply for a cash advance?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much money am I allowed to borrow?
Our loans range from $300 to $3000.
However, ou lender’s credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.
When can I expect the funds to arrive?
Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.
What do I need to email or fax in?
You may fax or upload your documents during your application process.
The required documents are:
- A copy of your driver’s license
- A proof of residence (any most recent utility bill with your name and address indicated on it)
Proudly serving Canadians with no credit check installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
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