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As one of Canada’s more populous provinces, Saskatchewan is home to residents in every financial situation. As accidents and unexpected bills seem to pop up at the most inconvenient times, it’s no surprise that payday loans are one of Saskatchewan’s most commonly researched financing solutions. However, payday loans in Saskatchewan come with soaring interest rates that can easily end up burdening the borrower. The best solution to getting short term financing in Saskatchewan is an online personal loan. Online loans in Saskatchewan offer decent interest rates and manageable payment periods that will suit any financial situation. The application is online and takes just two minutes to complete.
Saskatchewan installment personal loans also offer fast approval and access to funds in a matter of hours, instead of waiting weeks with a traditional loan.
If you’ve considered applying for a payday loan in Saskatchewan, check out Smarter Loans’ database of best personal loan providers in the province. You can apply directly from their page, or fill out a form here to let us help you find the best lender for your situation.
To apply for a payday loan in Saskatchewan, you must be able to show:
With over a million residents, Saskatchewan has a busy loans market with lots of payday lenders. This includes companies such as Cash Money, EasyFinancial, 514 Loans, Cashco, Cashfloat, GoDay, DMO Credit, 310Loan, and many more. Some of these companies have physical locations, while many others have online processes.
No. The benefit of getting a payday loan is that a credit check is not required. This is especially useful to Saskatchewanians, whose average credit score of 642 is slightly lower than the national average of 650.
All payday loans in Saskatchewan require proof of income, but this can come in many forms. Any regular, predictable influx of funds can count, including: employment income; child benefit income; disability income; retirement income; investment income; employment insurance income; workplace insurance income.
Payday loans have among the highest interest rates of any loans in Canada. The maximum you can be charged for a payday loan in Saskatchewan is $17 per $100 borrowed. But don’t forget about potential fees, and that the interest quickly compounds. Overall this can mean that the effective annual interest rate on a payday loan is over 500%.
Payday loans are best used for short term emergency cash, and because they do not require a credit check and are designed as a stopgap solution between paychecks, they only come in small amounts – up to $1500.
Yes, payday loans are legal in Saskatchewan. Across the province, the rules for payday loans (as set by the provincial government) state that the cooling off period for all payday loans is 1 business day, the maximum cost for borrowing $100 is $17, and the maximum penalty for a returned cheque or pre-authorized debit is $25. Together this ranks Saskatchewan as about average in terms of Canadian payday loan affordability. However, the province does have some of the most solid consumer protections for those taking out payday loans, including restrictions to stop payday lenders from rolling over your loan, garnishing wages, or harassing you for payment.
There are some alternatives to payday loans that might better suit your needs. For example, if you’re seeking a payday loan because you have a low credit score, consider a bad credit loan. These do have higher interest rates than standard loans, but are still cheaper than payday loans. You may also consider a secured line of credit or an installment loan. Or, if possible, see if you can find a guarantor for a personal loan. All of these options will save you money over a payday loan.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
