Payday loans are a form of high-cost credit. It is an advance of $1500 or less for a term of 62 days or less. The payday lender gives you the money in exchange for a post-dated cheque, pre-authorized debit or future payment of a similar nature. The Act says how much a payday lender can advance, what fees the lender can charge, and what lenders can and cannot do. Payday lenders must hold licenses from the Government of Alberta. For more information, see CPLEA’s PayDay Loans tip sheet. Last Reviewed: March 2022