Loans Lethbridge questions, payday and installment
The rules behind these answers come from the Alberta payday loans page and the Alberta Consumer Protection Act.
How much can a first payday loan in Lethbridge be?
Most first loans land between $100 and $500. Alberta has no rule tying the loan to a share of net pay, so the lender reads your deposits and sizes the loan to what three instalments can carry, with $1500 as the legal ceiling.
Why is my payday loan repaid over three paydays instead of one?
Part 12.1 of Alberta's Consumer Protection Act requires an instalment plan of 42 to 62 days across at least three pay periods for biweekly or semi monthly pay, or two for monthly pay. The total cost stays $14 per $100 either way.
How long do I have to cancel a payday loan in Alberta?
Until the end of the second day after the lender gives you a copy of the agreement, or the next day the lender is open. Hand in written notice and return the money, and you owe no interest and no fee.
I live in Coaldale, Picture Butte or Magrath. Can I apply here?
Yes. A lender licensed in Alberta serves any Alberta address, and the ring towns count the same as the city. Keep the address on your ID matching your bank statement.
Can a University of Lethbridge or Polytechnic student get a loan?
Yes, from age 18 with a part time job paid by direct deposit and a chequing account. Expect a small loan, because the lender sizes it to small deposits, and remember that student loan money is not employment income.
Can I take a second payday loan to pay off the first?
No. Alberta bans rollovers and any new payday loan used to retire an existing one, and a lender may not arrange other credit while your payday loan is outstanding.
Does applying through Loans Lethbridge affect my credit score?
No, the match runs on the details you type in. Payday lenders mostly read deposits rather than the bureau, and an installment lender may record an inquiry once you accept its offer.
