Cash Money Payday Loan
Borrow from $100
- Simple application process
- Fast turnaround time
- Extended business hours
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.
Yes, payday loans are legal in Saskatchewan. Each province has its own rules that govern payday loans. In Saskatchewan, the Payday Loans Act helps protect those who take out payday loans.
Here are the rules surrounding payday loans in Saskatchewan:
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
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, the chart below shows you the maximum you can be charged.
|Net Pay||Max loan||Max charge||Cost of interest||Repayment Amount||APR (%)|
|$1,000||$500||$17 per $100||$85||$585||517%|
The table below shows the fees on a payday loan compared to the typical costs of credit card and line of credit fees.
|Loan Amount (over 2 weeks)||Payday loan fee||Credit card fee (23%)||Line of Credit (7% + $5 fee)|
Most lenders won’t do a credit check when issuing a payday loan. Instead, they’ll be more interested in you having:
This lenient criteria can be easy to meet – with the added bonus of not having to prove you’re a responsible borrower. However, some lenders who don’t do credit checks might be more likely to be predatory and illegitimate. This is why it’s important to do your research and use a reputable lender – whether they do a credit check or not.
Payday loans are an expensive form of debt that should be avoided whenever possible. The only time you should take out a payday loan is when you know you can repay the amount in full by the required date – if you don’t think you can, there are other short-term loan options that are much cheaper.
If you do decide to take out a payday loan, it’s important to borrow only as much as you’ll be able to repay and to 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 six years. Make sure to budget for the amount of money you plan to take out, and use a licensed lender.
On top of restrictions on fees and how much you can borrow, Saskatchewan also regulates how payday lenders should act in certain situations. Look for the following signs to make sure you’re working with a legit lender.
The Internet is a haven for unlicensed lenders, and can be a risky way to take out a payday loan. If you’re thinking about taking out a payday loan online, make sure that you’re dealing with a licensed business and be aware of potential risks.
Before you agree to a payday loan contract in-person or online, make sure that your lender is fully licensed to operate in Saskatchewan. Be careful to read your contract in full and and watch out for red flags to avoid running into further financial difficulties along the way.
You can file a complaint directly 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.
There are alternatives to using payday loans that may cost you less. These include social assistance programs, borrowing from credit unions or accessing credit counselling. Find out more about the services on offer in Saskatchewan below.
Saskatchewan has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.
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.
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.
If you’re interested in applying for a payday loan in Saskatchewan, you’ll need to meet the following eligibility criteria:
To complete your application successfully, prepare to submit some basic information:
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 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.
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