A: The cost of a loan in Alberta is $15 per $100 borrowed. The interest rate varies depending on the length of the loan. For example on a $300 loan you would pay back $345 on your next pay. The cost of a loan in British Columbia is $20 per $100 borrowed. In British Columbia on a $300 loan you would pay back $360 on your next pay.
A: There is no limit to the number of Payday loans allowed but you cannot have more than one loan at any time. A Payday loan is meant as a short term cash solution. If you are using Payday loans on a frequent basis you should inquire about a personal loan. A personal loan may be better suited to your needs and comes with more competitive rates.
A: No. A Payday loan is paid back in full on or before your next pay day/due date.
A: Yes. We have built our business by delivering excellent customer service. From experience we know how much time can be spent getting to a lender and waiting at the lenders location. We prefer to work on your schedule. You can come to one of our locations or we can meet you anywhere in or around the Calgary and Edmonton areas. We make the process both quick and friendly.
A: Absolutely. Many of our customers start out with a small loan and after establishing a history are able to move into term loans, auto loans, consolidation loans, etc. We are a business built from personal relationships and review every application individually. A good Payday loan history assists us in making an informed decision when/if the time comes for a larger more long term lending solution.
A: You can apply online through the application provided or contact your local office and we will send an application via email or fax. Please call or email us if you wish to discuss your individual needs and requirements prior to applying. We deal with every applicant and loan on a case by case basis. Every application is reviewed individually.
A: Our interest rates on term loans range from 14-33% per year. The majority of our loans are in the 22-27% range. This is competitive with credit cards, consumer lending, and finance companies. Our rates vary based on the term of the loan, amount of the loan, client history, and type of security.
A: Our terms generally range from 6-36 months.
A: Absolutely, unlike traditional lenders we include amortization schedules with your loan documents. This shows your principal and interest payments along with your balance owing each month. This is the amount you would pay, without penalty, should you decide to pay off your loan.
A: There are no processing fees involved in applying for a loan. Upon approval and completion of the loan process there is a $250.00 administration fee for loans up to $3,000.00. A larger administration fee may apply for loans in excess of $3,000.00.
A: Payday loans are currently offered in Alberta and British Columbia. Term loans are available in Alberta. Please see our Payday Loans page for more information.
A: No, a large portion of our loans are to people who are renting. As we deal with every loan individually we pride ourselves on offering good service to everyone, regardless if they are a homeowner or not.
A: No, we review every application on a case by case basis. We make our decisions based on an individual, not solely on your assets. Many of our loans are for vehicles.
A: We accept co-signers. In situations where you are working to rebuild your credit or are starting out this can be a good option.
A: Many factors affect the amount a client is approved for. Because of the different loans we do; this is best discussed individually. The amount varies based on what the loan is for, the security involved, and an applicant’s history.
A: We look at each application individually. We are willing to discuss the situation that caused the poor credit. There are varying levels of poor credit and we do not arbitrarily turn down an applicant based on a credit blemish.