Last Updated on March 27, 2026 by Robert M
Many people in Edmonton, Alberta are paying more than 500% in annual interest to get a payday loan at a payday company in Edmonton. This is 100% legal in Canada.
A payday loans in Edmonton is a small, short-term unsecured loan. Edmonton, Alberta has many Payday loan companies such as www.moneymart.ca.
A payday loan is just what the name implies. In Edmonton, Alberta you get a payday loan from a lending store and borrow up to $500 to get by until your next payday.
And, wow, will you pay through the nose for it!
If you borrow, say, $300 for two weeks, and repay the loan in full and on time, you will pay as much as $63 in interest. That’s a crazy 21 per cent.
A rate of 21 per cent for two weeks works out to an annual interest rate of 546 per cent. And that’s before compounding and any late-payment fees.
Money Mart, a leading payday lender in the Edmonton, Alberta Area, recently sought to attract new or repeat borrowers with advertisements proclaiming: “Get a $200 payday advance FREE!” Remember nothing is for free?
Personal loan Banks are the best choice in Edmonton, DFF for loans if you have a good credit score. Such banks are www.tdcanadatrust.com , www.nbc.ca , www.rbcroyalbank.com
Another type of loan is what is called a Car title loan. Companies such as Pit Stop Loans, in Edmonton, Alberta charge less than 5% per month. The interest rates are much less expensive than a payday loan company. These companies have No Credit Check, No Job Requirements, 5 year terms, Confidential and you can get your money within few hours. These companies specialize in providing bad credit loans in Vancouver, British Columbia at a fraction of the interest charged compared to a Payday loans in Edmonton.
Remember you get any money loan in Edmonton, Alberta you should check all your options for loans?