If you have never used a payday loan before, the process can seem unfamiliar. You may have questions about how much you can borrow, how much it costs, what information you need and how repayment works.
For Albertans researching payday loans Alberta providers, learning the basics before applying can make the process easier to understand.
What Is a Payday Loan?
A payday loan is a form of short-term credit.
Under Alberta’s rules, a payday loan is generally a loan of $1,500 or less with a term of no more than 62 days. Payday lenders must be licensed to offer, arrange or provide payday loans to borrowers in Alberta.
The short repayment period is one of the main characteristics that separates payday loans from many traditional forms of borrowing.…
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