What is the maximum payday loan fee in Alberta?

Alberta allows a maximum fee of $23 per $100 borrowed, which is regulated under the Payday Loans Act administered by Service Alberta.

How long can a payday loan term be in Alberta?

The maximum loan term in Alberta is 62 days.

How many days do I have to cancel a payday loan in Alberta?

You have 2 business days after signing to cancel your payday loan in Alberta with a full refund of any fees paid.

🏔️ Alberta (AB)

PAYDAY LOANS IN ALBERTA

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$23

Max fee per $100

$1,500

Maximum loan

62 days

Max loan term

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Provincial Regulations

PAYDAY LOAN RULES IN ALBERTA

Payday lending in Alberta is governed by the Service Alberta (Payday Loans Act). These regulations protect consumers while maintaining access to short-term credit for those who need it.

Alberta has one of the more permissive payday loan frameworks in Canada, allowing fees up to $23 per $100 borrowed. This translates to an effective annual rate of approximately 596% on a 14-day loan. While legal, borrowers should always compare the full cost of borrowing and consider alternatives when possible. Service Alberta maintains a public registry of all licensed payday lenders.

Key Rules for Borrowers in Alberta

Maximum fee: $23 per $100 borrowed
Maximum loan term: 62 days
Lenders must be licensed with Service Alberta
2-business-day right to cancel after signing — full refund of fees paid
No rollovers or loan renewals permitted
Borrowers can repay the full amount early at any time
Written loan agreement required before any funds are disbursed
Lenders cannot charge more than the regulated maximum under any circumstance

⚠️ Borrow Responsibly

Payday loans are a short-term financial tool, not a long-term solution. If you find yourself repeatedly relying on payday loans, contact a non-profit credit counsellor in Alberta for free financial guidance.

🏔️

Alberta

Capital: Edmonton · Pop: 4.7M

Regulatory Summary

Max fee per $100	$23 per $100
Maximum loan amount	$1,500
Maximum loan term	62 days
Cooling-off period	2 business days
Regulator	AB Gov't

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