Calgary payday loan lenders include MoneyMart with 25 locations in the city, as well as Quik Loans Ltd., with 2 cash advance storefronts.
According to Service Alberta surveys, an estimated three per cent of
Albertans use payday loans, and most do so for emergencies and
unexpected shortfalls in personal finances.
Typically, a payday advance is a short-term, small-dollar amount loan, taken for a period up to the borrowers next payday, when the loan is paid back.
Because of the high annual percentage rates (APRs) of interest these loan products have, they are not suitable as financial solutions to long-term money problems.
There are several possible alternatives to payday lending, including taking a salary advance from your employer or a small consumer loan from a credit union, and you should research whether these other options suit you better.
As is the case with most other provinces in Canada, Alberta regulates the payday loan industry very closely, and you should read through the applicable legislation, including "Alberta Regulation 157/2009 Fair Trading Act (Payday Loans) Regulation, 2009", to fully get a grasp of your rights as a consumer.
These rules regulate a lot of aspects of cash advance lending in the province, including (but not limited to) limits on borrowing costs and prohibitions on certain payday lending practices (especially rollovers).
A good place to find a reputable payday lender for your needs in Alberta is one of the members of the Canadian Payday Loan Association (CPLA).
Among their members is MoneyMart, the country's largest payday lender in terms of stores (around 454).
In Calgary, Moneymart operates a total of 25 stores within 20 km of the city, according to the service's official website and their "Store Finder" tool.
Another good alternative is Cash Money, which operates a total of 9 stores within 25 km of Calgary, and many additional outlets throughout Alberta.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
| Terms & Conditions | Copyright 2012 © Vippi-opas.com