Cost and rules
What does a payday loan cost in Saskatoon?
$14 for every $100 borrowed, so $300 costs $42 and is repaid as $342, and $500 costs $70 and is repaid as $570. The cap is federal and applied under Saskatchewan law, so a counter on 8th Street East and a lender on your phone charge the same. The payday loans Saskatoon page works every amount from $100 to $1500.
What does an installment loan cost in Saskatoon?
Between 18% and 35% APR, with the rate set by your credit file and the total set by the term. At 30% APR, $2500 over 24 months is about $140 a month and about $850 in interest. The installment loans Saskatoon page has the payment tables by amount and term.
Which law protects me and who enforces it?
The Payday Loans Act, enforced by the Financial and Consumer Affairs Authority of Saskatchewan, which licenses every payday lender serving a Saskatchewan address. The Act caps the fee, bans rollovers, limits a loan to 50% of your net pay and gives you until the end of the next business day to cancel. The rules section on the homepage lists each protection.
Can I cancel after I sign?
Yes, a payday loan, at no cost, by returning the principal by the end of the next business day. Sign on a Friday evening and the window runs to the close of Monday. The right must be written in the agreement, and the how it works page covers your rights after signing.
Applying and funding
How do I apply from Saskatoon?
Online, in about five minutes: a short form, a read-only bank verification that replaces pay stubs, and an e-signature on an agreement that states the cost in dollars. One application reaches payday and installment lenders at once. The how it works page walks through the four steps.
How fast does the money arrive?
A payday loan usually lands within a couple of hours of signing on a weekday during business hours, by Interac e-transfer. An evening application funds the next business morning. Installment loans take the same business day or the next. The cash loans Saskatoon page has the timing table by hour of day.
Do I have to visit a storefront?
No. The whole route runs on a phone, and the counters along 8th Street East, 22nd Street West and Idylwyld Drive are an option only when you want paper cash in the next hour, at the same $14 per $100. The online loans Saskatoon page covers the online route end to end.
Does it matter that I live in Warman, Martensville or on an acreage?
No. An online lender licensed by the FCAA serves every Saskatchewan address, and the e-transfer does not care which side of the city limits you sleep on. The areas we serve hub covers the distance to a counter and the pay cycles neighbourhood by neighbourhood.
Bad credit and approval
Can I get a loan in Saskatoon with bad credit?
A payday lender decides on the employment deposits in your chequing account, not on your score, so a low score, old collections or a discharged bankruptcy do not by themselves stop the loan. An installment lender reads the file and prices it into the rate, closer to 35% APR for a thin file. All credit is considered and approval is never promised. The bad credit loans Saskatoon page covers the score bands.
How much can I borrow on a first loan?
A first payday loan usually lands between $100 and $500, because Saskatchewan limits it to 50% of the net cheque it comes out of and a new lender starts small. A first installment offer usually sits between $500 and $3000. The 50% of net pay section works the sizing cheque by cheque.
How do I know a lender is licensed?
Search its legal name in the FCAA's list of licensed payday lenders and match it to the name on the agreement. A payday fee over $14 per $100, an installment rate over 35% APR, or any request for money before funding means the lender is not licensed. The online loans Saskatoon page lists what a licensed lender never asks for.
Repaying and problems
When is the loan due?
A payday loan comes out of your chequing account by pre-authorized debit on your next pay date, never more than 62 days out. An installment loan takes one payment a month on the dates listed in the agreement. The pay cycle section shows how the due date lands.
What happens if I cannot repay on time?
The debit bounces, your bank charges an NSF fee and the lender charges the default fee stated in the agreement, but it cannot roll the loan over for a new fee or lend you a second one. Call before the due date and ask for a revised schedule; Saskatchewan does not hand you an automatic extended plan, so you have to ask. The repayment section on the homepage lists every option.
Should I take a second payday loan to cover the first?
No, and a licensed lender cannot write one while the first is outstanding, because the bank verification shows the open debit. If the same gap comes back every cheque, one installment loan that pays the payday loan off and ends in fixed monthly payments is the cleaner fix. The installment loans Saskatoon page works the consolidation numbers.
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