Borrowing in Spring Lake, Alberta

A loan taken out in Spring Lake is governed by Alberta's licensing rules, and the 2021 Census counted 711 people in the community.

How borrowing works locally

A prepayment privilege allows a borrower to pay more than the scheduled amount, sometimes with a charge attached.

A consumer proposal or a bankruptcy is administered by a licensed insolvency trustee rather than by a lender. Adding a co-signer puts a second file in front of the lender and adds a second person to the obligation.

Products compared here

Among the 20 products compared here, these two are commonly used for the purposes described.

• Secured loans: Borrowing against an asset, which lowers the price but puts the asset at risk if you default.
• Business lines of credit: A revolving operating limit for a business, and why it behaves differently from a term loan.

The census figures for Spring Lake

Statistics Canada's 2021 Census gives Spring Lake a population of 711. Statistics Canada lists 2.3 square kilometres of land for the community.

That gives a density of 311.8 people per square kilometre, rounded to one decimal place.

The community is the 223rd largest place in the province within this census set.

Spring Lake is one of 361 places listed for Alberta, ranked 223 by population and measured at 2.3 square kilometres.

The Alberta rules that apply

Consumer lending in Alberta is licensed provincially or territorially, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position appears.

In Alberta, payday lending operates under a licensed provincial regime, and the federal Payday Lending Regulations (SOR/2024-114) record a maximum cost of borrowing of $14 for each $100 advanced under SOR/2024-114.

Small places are covered the same way as large ones: census figures for the place, and the provincial position on lending.

Readers comparing Spring Lake with another community can use the same four census fields.

Spring Lake ranks 223 by 2021 Census population among the covered places in Alberta.

Spring Lake sits at rank 223 within Alberta in this data set, and the provincial rules apply as they do elsewhere.

For Spring Lake, the two census fields above are the only local statistics used anywhere on the page.

Spring Lake appears in the census record with 711 residents, and the density of 311.8 people per square kilometre follows from it.

The Spring Lake page follows the same structure as every other place page, with population, land area, density and rank.

Where a figure for Spring Lake could not be verified, the page names the publisher instead of printing a number.

The land area recorded for Spring Lake is 2.3 square kilometres, and the population is 711 residents in the 2021 Census.

Nothing on the Spring Lake page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

At 711 residents in the 2021 Census, Spring Lake is listed alongside the other covered places in Alberta.

Spring Lake is one of 361 covered Alberta places, counted at 711 residents with a land area of 2.3 square kilometres.

The density figure for Spring Lake, 311.8 people per square kilometre, is calculated from the population and land area above.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.

Compare the disclosure on any agreement against the provincial ceiling, and treat the census figures as the only local statistics on the page.