Frequently Asked Questions About Payday Loans in Saskatchewan
What documents do I need to get a payday loan in Saskatchewan?
To apply for a payday loan in Saskatchewan, you must be able to show:
- ID showing you are at least 18 years old
- Proof of address
- Proof of income
- Bank account details
- Contact information
- If applying online, an active email address
Where can I get a payday loan in Saskatchewan?
With over a million residents, Saskatchewan has a busy loans market with lots of payday lenders. This includes companies such as Cash Money, EasyFinancial, GoDay, DMO Credit, and many more. Some of these companies have physical locations, while many others have online processes.
Do I need a credit check to get a payday loan in Saskatchewan?
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.
What counts as employment income for a payday loan in Saskatchewan?
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.
What's the average interest rate on a payday loan in Saskatchewan?
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%.
How much can I borrow with a payday loan in Saskatchewan?
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.
Are payday loans legal in Saskatchewan?
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.
What are my alternatives to payday loans?
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.
