How Applying Works on Loans Saskatoon

What to have ready

You need four things before you start: a Canadian chequing account your pay lands in, your employer's name and pay schedule, a working mobile number and email, and government photo identification.

Step 1: the application form

The apply button on any page of this site opens the application platform we work with, where a five minute form asks for your address, employer, pay frequency and banking details. Nothing on this site collects that information. Applying is free, and the match itself does not put a hard inquiry on your credit file.

Step 2: income verification

Most lenders confirm income through instant bank verification: you log in to your online banking through a secure read-only connection, the lender sees about 90 days of deposits and debits, and the connection closes. It takes about a minute, it cannot move money, and the lender never holds your password. Uploaded pay stubs and statements work instead, but a person has to read them, so add a business day.

Step 3: the lender match and the offer

The platform sends your application to licensed lenders whose rules your income, amount and province fit, and any lender that wants your business sends an offer with the cost in dollars. This is where the two products differ.

A payday offer states the amount, the fee, the total and the due date. In Saskatchewan the fee cannot exceed $14 per $100, so a $300 offer must show $42 in fees and $342 to repay. Compare the line against the payday cost table on the homepage and the payday loans Saskatoon page.

An installment offer states the APR, the monthly payment, the number of payments and the total cost, and the APR must sit at or under 35%. Compare it against the installment table on the homepage and the installment loans Saskatoon page, and untick any optional insurance.

Some applicants receive one of each. Take the one that fits the bill: a $400 battery is a payday loan, a $2200 furnace repair is an installment loan.

Step 4: e-signature and funding

You sign the agreement on your phone and the lender sends the money by Interac e-transfer, which lands within minutes when autodeposit is on and waits for you to accept it by email when it is not. Payday lenders mostly send during weekday business hours. Installment lenders review the credit file first, so their money usually arrives the same business day or the next. No lender sends at 3 a.m.

How long the whole thing takes

A form done at 10 p.m. Friday usually waits for Monday.

If no lender makes an offer

A decline is usually about the income or the account rather than the credit score. The common causes are no regular employment deposit, an account opened in the last few months, a run of NSF charges, or a payday loan already outstanding. Fix the one that applies, wait one pay cycle, and apply again. The bad credit loans Saskatoon page lists the real hard stops.

Your rights after you sign

Under Saskatchewan's The Payday Loans Act you can cancel a payday loan at no cost by returning the principal by the end of the next business day, and the lender cannot roll the loan over or issue a second one while the first is open. Those rights come with the lender's licence from the Financial and Consumer Affairs Authority of Saskatchewan, which takes complaints when a lender breaks them.

An installment loan runs under its own agreement and the federal 35% ceiling; check its prepayment clause before you sign. The about page explains how this site earns its fee and why that fee never comes from you.

More Saskatoon Loan Guides

• Payday Loans Saskatoon: $100 to $1500 by E-Transfer at $14 per $100
• Installment Loans Saskatoon: $500 to $10000 Over 3 to 60 Months
• Bad Credit Loans Saskatoon: Approval on Income, Not Your Score
• Cash Loans Saskatoon: $100 to $10000 Funded Today by E-Transfer
• Online Loans Saskatoon: Apply From Anywhere in the City, Funded by E-Transfer
• Loans Saskatoon: Payday or Installment, Which One Fits Your Need (main guide)