Personal Loans in Alberta

Ready to apply? Enter your email and get up to $35,000 today.

Continue
Approval Within Hours | Same-Day E-Transfers

Receive promotions and updates from Spring Financial. It’s free and you can opt-out at any time. By clicking "Continue" you agree to the terms and conditions and privacy policy.

Google Reviews 4.7 Star Rating
Canadian Lenders Association - Consumer Lender of 2023
Trustpilot 4.5/5.0 12,000+ Reviews

How to Get a Personal Loan in Alberta

In order to obtain Alberta personal loans, you need a few things. The general requirements are a physical address, an income, and a bank account, but they will vary depending on whether or not you’re using alternative lenders for bad credit loans. This is just to apply. Once you have applied, lenders will go over a few things. The first is your credit score.

Credit Score Requirements

In Canada, credit scores range from 300 (poor) to 900 (excellent). Here’s a breakdown of how these credit scores work. If you don’t know what your credit score is, you can find your free credit score online to see where you fall. 

Excellent Credit 760-900
Very Good Credit 725-759
Good Credit 660-724
Fair Credit 560-659
Poor Credit 300-560

To get approved for a personal loan through traditional financial institutions like a bank or credit union, it is recommended to have a good credit score (660 or higher). You can still get a personal loan with bad credit (under 659), but that is often through online lenders instead of traditional lenders.

How it works

1. Fill out our secure online application

Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.

2. Get approved

Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.

3. Receive your funds!

Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!

1. Fill out our secure online application

Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.

2. Get approved

Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.

3. Receive your funds!

Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!

Get a Loan Quote

Types of Personal Loans

There are 3 types of personal loans in Alberta and across Canada: secured, unsecured and payday. Let’s take a look at these 3 different loan options. 

  • Secured loans require collateral on your loan applications, such as a car or a house, to ensure the loan is paid back. If the loan is not paid back in the period of time agreed to or the payments default, the lender can seize the asset that was used as collateral. The most common types of secured loans are home equity loans and auto loans. 
  • Unsecured loans are just cash loans. They do not require any collateral, and you’ll receive the payment upon loan approval. If the payments default on an unsecured loan, the lender has the right to sue you and/ or send you to collections for the remainder of the loan owed. These types of loans are also referred to as consumer loans, long-term financing plans, personal loans, and installment loans.
  • Payday loans are same-day loans, but these loans do not normally require a credit check to get your credit rating. They often have extremely high-interest rates, making them very easy to get, but they can often lead to a cycle of loans that is difficult to get off of.

While you can get all of these types of loans with good credit, you can also get them with a bad credit score. However, with bad credit personal loans, there are usually still minimum credit score requirements that you need to meet. Lenders will also look at your credit report and your overall credit history as a part of their decision-making process. However, to get the best personal loans, you will need a good credit score.

How Much You Can Get From a Personal Loan in Alberta

The amount you are able to get for a personal loan in Alberta depends on what you qualify for and if you’re getting bad credit loans or not. The average personal amount in this province ranges from $ 1000 to $35,000, but in general, personal loans generally range from $500 to $50,000. The amount can be higher than that, depending on if the loan is secured or unsecured. It also depends on if you are getting a personal loan from a bank or a third-party lender. The personal loan rates are also determined by which personal loan providers you’re using.

Frequently Asked Questions

  • What documents do you need for a loan?
  • Do you need to be employed to get a personal loan?
  • What are the monthly payments on a personal loan?
  • What is the average length of a personal loan?
  • What is the easiest type of loan to get?

Personal Loans Vs Payday Loans

One of the main reasons it is recommended to go for a personal loan, even if you need less than $500, is that payday loan interest rates can be over 319%- to 521%. Most personal loans are open-term, so you can pay them off whenever you like, or you can leave the portion of the personal loan that you don’t use in your bank account to make the payments.

Personal loans also have significantly lower interest rates. While they can have interest rates as high as 60%, even with the highest interest rate, a personal loan is still cheaper than a payday loan. It’s also often used for consolidation loans as a way to consolidate all of your debt into one monthly payment and make your monthly payment amounts smaller.

Lastly, payday loan companies do not report to the credit bureau positively. What does that mean? Well, any payments you make to a payday loan company are not reported; they only report if you end up defaulting on your payments. Because of this, no matter how many payday loans you take out and pay back, it does not benefit your credit score in any way. Personal loans, however, do report positively on your behalf and build your credit score.

Why choose Spring Financial?

spring
Max Amount $35,000
Interest Rates From 9.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Bank Loans
Max Amount $50,000
Interest Rates From 9.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Credit Cards
Max Amount $10,000
Interest Rates From $19.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Payday Loans
Max Amount $1,500
Interest Rates From 200-450%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Apply Now
*Information is based on averages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.

About Spring Financial

Apply From Your Device and Say Goodbye to Financial Stress

Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.

Get a Loan Quote