However, he says pay day loans should be a last option and people in necessity of quick cash should try alternatives first. Our members provide a tiny sum short-term-loans because there is often a need for them. The changes reduced income for lenders and scaled back their access to capital. Just over half in the borrowers make use of the loans to tap emergency cash to spend for necessities, although most are employed and also have completed post secondary education. With dramatically reduced rates of interest and added time to pay off loans, Albertans could keep more of their hard-earned money," Franco Savoia said. REGINA - It's a quick approach to get cash if you're short before a payday. Typically people have to cover back their loans within a couple weeks, however it varies depending on negotiations with payday loans lenders.