Payday loans in Saskatchewan

Payday loans are small, high-interest loans designed to cover unforeseen emergency expenses between paycheques. These loans are offered through businesses rather than banks, and can be a quick and easy solution to make ends meet – so long as you can pay them off by the due date. But while they’re convenient and easy to get, they’re expensive and risky.

We’ve designed this guide to help you navigate the ins and outs of cash advance payday loans in Saskatchewan, so that you have as much information as possible to make an informed decision before you sign on the dotted line.

Compare payday loans in Saskatchewan

Payday lender	Loan details	Can I apply online?	Turnaround time
	$100 – $1,500 Term: 5 - 40 days Fee: $17 for every $100 borrowed		As little as 15 minutes with INTERAC e-Transfer	Go to site
	$120 – $1,500 Term: 1 - 62 days Fee: $17 for every $100 borrowed		As little as 1 hour after getting approved	Read review
	$250 – $1,500 Term: Up to 62 days Fee: $17 for every $100 borrowed		24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications	Read review
	$100 – $1,500 Term: Up to 62 days Fee: $17 for every $100 borrowed		As little as 2 minutes with INTERAC e-Transfer	Read review
	$100 – $1,500 Term: Up to 62 days Fee: $17 for every $100 borrowed		Funds will be sent in as little as 15 minutes via Interac e-Transfer	Read review
	$100 – $1,500 Term: Up to 62 days Fee: $17 for every $100 borrowed		Within minutes via Interac e-Transfer	Read review

Can I get payday loans in Saskatchewan?

Yes, payday loans are legal in Saskatchewan. You can get a payday loan in Winnipeg at either physical store locations or through a reputable online payday loan provider like the ones listed above. Each province has its own rules that govern payday loans. In Saskatchewan, the Payday Loans Act helps protect those who take out payday loans.

Payday loan rules in Saskatchewan

• You can’t be charged more than $17 in fees for every $100 borrowed.
• A lender can charge additional fees if you don’t pay your loan by the due date.
• The maximum amount you can borrow is $1,500.
• You can’t borrow more than 50% of your net income.
• Loans must be paid off within 62 days.

• You can’t get a new loan until you pay off your first one.
• Lenders cannot ask you to sign a form that transfers your wages directly to them.
• Roll-over loans are not allowed. This means you can’t roll over what you owe into a second payday loan.
• Should you change your mind (even without a reason) and want to cancel your payday loan, you have until the next business day to do so without facing a penalty.

How much do payday loans in Saskatchewan cost?

Payday loan lenders in Saskatchewan can charge up to $17 in fees for every $100 borrowed. Payday lenders aren’t allowed to give borrowers more than 50% of their net paycheque.

Example: If your previous paycheque is determined to be $1,000, the most you can borrow is $500. If you take out a 14 day payday loan in Saskatchewan from a lender like Cash Money, for example, the chart below shows you the maximum you can be charged.

Can I get online payday loans in Saskatchewan with no credit check?

Yes, it is possible to get online payday loans in Saskatchewan with no credit check from a selection of payday lenders. These lenders will instead be more interested in you having:

• An active chequing account
• A permanent address (and proof of it)
• Proof of three months of continuous income (either employment or benefits)

The lenient criteria for no credit check payday loans in Saskatchewan can be easy to meet. However, some of these lenders might be predatory. That’s why it’s important to do your research and use a reputable lender – whether they do a credit check or not.

How can I tell if a payday loan lender in Saskatchewan is legit?

On top of restrictions on fees and how much you can borrow, lenders offering payday loans in Saskatchewan have to abide by other regulations. Look for the following signs to make sure you’re working with a legit lender.

• The lender displays a Saskatchewan licence number. Lenders in Saskatchewan are required by law to be licensed by the Financial and Consumer Affairs Authority. They should also display their license number online and at all physical locations.
• The lender displays fees. Lenders must display signs on the premises outlining the rates and fees they charge.
• No roll-over loans. Lenders are unable to “roll-over”, refinance or extend your loan. This means you cannot pay off your first payday loan with a second payday loan.
• It provides same-language contracts. This means that if you and your lender communicate in English, your contract must be in English. If it’s French, your contract must also be in French.
• It follows consumer protection laws. Stay away from lenders who charge more than $17 in fees per $100 borrowed.

How to file a complaint against a payday loan lender in Saskatchewan

You can directly file a complaint with Saskatchewan’s Financial and Consumer Affairs Authority by filling out an online form or by calling them at 306-787-5645. The organization will typically conduct an investigation if they believe that a payday loan company has breached Saskatchewan’s consumer protection laws.

If there is evidence of malpractice, they can take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.

Alternatives to payday loans in Saskatchewan

Payday loans in Saskatchewan are an expensive form of debt that should be avoided whenever possible. There are other short-term loan options that are much cheaper like assistance programs, a credit card cash advance, a personal loan or borrowing money from family or friends. The table below shows the fees on a payday loan compared to the typical costs of a credit card or a line of credit.

The only time you should take out a payday loan in Saskatchewan is when you know you can repay the full amount by the required date. Budget your repayments accordingly. If you default on your loan or the loan goes into collections, you’ll receive a negative mark on your credit report that can stay there for up to 6 years.

Find out more about some payday loan alternatives and debt assistance services available in Saskatchewan below.

Saskatchewan assistance programs

Saskatchewan has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.

• The Saskatchewan Assistance Program (SAP) provides income assistance to families and individuals who, for various reasons – including disability, illness, low income or unemployment – cannot meet their basic living costs.
• Discounted bus pass program allows people with lower-incomes access to quality public transportation, in order to work and attend community activities.
• Family Health Benefits offers support for health costs like eye exams, dental work, prescription drugs and other incidentals to those living below a certain income threshold.
• Transitional Employment Allowance (TEA) provides a general living allowance to people looking for work to cover the costs of food, clothing, shelter and transportation.
• Saskatchewan Assured Income for Disability (SAID) is an income support program for people with significant and enduring disabilities.

Local financial institutions

Some credit unions and local banks may offer less expensive small-dollar financing with longer repayment terms. You might want to look into credit builder loans too, which come in small amounts and can help you improve your credit score by reporting every on-time repayment you make to credit bureaus. You also typically have more time to pay it off compared to payday loans in Saskatchewan.

Credit counselling

If you feel like you’re drowning in debt and you’re not making any headway on paying your bills down, it might be time to look into a credit counselling program. The Credit Counselling Society of Saskatchewan is a good place to start if you need help with budgeting and consolidating your debts.

Before you get a payday loan, consider alternatives available to you

How can I apply for payday loans in Saskatchewan?

If you’re interested in applying for a payday loan in Saskatchewan, you’ll need to meet the following eligibility criteria:

• Be at least 19 years old
• Provide proof of 3 months of continuous employment
• Give proof of address (e.g., they can ask to see a utility bill)
• Have an active chequing account

To complete your application successfully, prepare to submit some basic information:

• Personal details, such as your name, date of birth, Social Insurance Number and a valid form of ID
• Contact details, such as your residential address, email address and phone number
• Details about your employment and income

Bottom line

If you need access to emergency cash in the short-term, consider the risks and know your rights before heading to your nearest payday lender. Payday loans in Saskatchewan are notoriously expensive and often throw borrowers into a continuous cycle of debt – so take time to find the best deal or look into cheaper short-term financing alternatives. Be wary of unlicensed lenders and pay back your loan on time to avoid paying additional fees or interest. Read our full guide to payday loans to learn more.

Have more questions about payday loans in Saskatchewan?

• What is the maximum number of outstanding payday loans I can have in Saskatchewan?

  You can only take out one payday loan in Saskatchewan at a time for a maximum of $1,500.

• Do payday loan laws in Saskatchewan permit roll-overs?

  In accordance with Saskatchewan law, roll-overs are prohibited. This means you can't use a second payday loan to pay off your first payday loan.

• Who can I contact if I have a complaint about my payday loan in Saskatchewan?

  You can file a complaint with Saskatchewan's Financial and Consumer Affairs Authority by filling out an online form or calling them at 306-787-5645. They will act on your behalf to conduct an investigation into the payday loan business if they suspect any wrongdoing.

• Can you go to jail for unpaid payday loans in Saskatchewan?

  No, according to federal law in Canada, you can't be arrested for unpaid debt. Plus, it's illegal for a debt collector to threaten you with jail time. So if your lender attempts this, don't feel threatened to comply. You may even be able to report the lender to Saskatchewan's Financial and Consumer Affairs Authority for illegal practices.

  To learn more about what can happen if you default on a payday loan, like whether or not a lender can sue you, read our full guide here.