Cash advance company licence : obtain a licence to provide pay day loans to borrowers in Alberta

Cash advance company licence : obtain a licence to provide pay day loans to borrowers in Alberta

An online payday loan means:

  • any development of cash by having a principal of $1,500 or less and a term of 62 times or less manufactured in trade for a post-dated cheque, a pre-authorized debit or the next re payment of the same nature, however for just about any guarantee, suretyship, overdraft security or safety on property and never via a margin loan, pawnbrokering, a personal credit line or a charge card.

There is certainly a 1 or 2-year certification charge, payable to your federal Government of Alberta.

  • For one-year licences – a licensing cost of $1,000 for the licence as well as the location that is first $500 for every single extra location specified in the application
  • For 2-year licences – a licensing fee of $2,000 for a licence while the very first location plus $1,000 for every extra location specified from the application

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