Loans Saskatchewan, Canada

Find Financing, Leasing and Loan Providers in Saskatchewan, Canada.

Saskatchewan is known to be the sunniest province in Canada, but when financial problems arise, things can look gloomy. Don’t worry, you are not alone, because getting a personal loan, business loan, agriculture, car or equipment loan in Saskatchewan has never been easier.

With Smarter Loans online directory, you can find trusted providers of financing and loans in Saskatchewan who are ready to help you to deal with all your financial needs.

Whether you are looking to purchase new machinery, buy a boat, go on a trip or hire new employees for your business, here you can find the right solution provider for you, even if you have a less than perfect credit score.

Smarter Loans connects you with only the best, highly reputable companies in Saskatchewan, so that you can get the money you need fast and easy. Choose one of the lenders from the table below, and click “Apply Now” to get redirected to the company’s application form. If you want to save time and have us find a suitable lender for you, you can simply “Pre-Apply” with Smarter Loans and our team will go to work for you. Finding any type of financing or loan in Saskatchewan just got a lot easier.

Frequently Asked Questions About Loans in Saskatchewan

How do I get a loan in Saskatchewan?

Getting a loan in Saskatchewan starts with finding a lender you can apply to – i.e. a company with the product you need, and whose eligibility requirements you meet. All lenders have slightly different rules about who can get a loan with them, but there are three absolutes across all lenders:

  1. You must be at least 18 years old
  2. You must be a resident of the province
  3. You must have an active bank account

After these basics, lenders will have varying policies regarding minimum credit score (a common threshold for approval is a score of 600), proof of income, and amount of existing debt. Once you’ve found a lender whose criteria you meet, you must complete a loan application form, remembering to include all of the supporting documentation that’s asked for. The loan provider will then process your application and, if you’re successful, release your loan to you.

How much can I get a loan for in Saskatchewan?

The amount you can borrow with a Saskatchewan loan depends on your personal financial circumstances. Factors such as your credit score, income level, and amount of existing debt will influence the loan size a lender is comfortable with. The type of loan you apply for also has an impact – you can borrow much more with a secured loan than with an unsecured loan, and some loans (like mortgages) are much larger than others (like auto loans). Generally, unsecured personal loans max out at around $50,000.

What kind of loan can I get in Saskatchewan?

Saskatchewans have no shortage of options when it comes to loans, and regardless of the need, there is financing geared to help. Commonly used loans across the province include:

  • Mortgages
  • Auto loans
  • Truck/trailer loans
  • Bad credit loans
  • Personal loans
  • Credit cards
  • Commercial loans
  • Home equity lines of credit
  • Payday loans
  • Installment loans
  • Same day loans
  • Title loans
  • Debt consolidation loans

What you need a loan for will dictate the best type of loan for you. Some loans (like mortgages) are very purpose-specific, while others (like personal loans) can be applied to much more general uses.

Where can I get a loan from in Saskatchewan?

Saskatchewan’s million-plus residents have quite a few options when it comes to choosing a loan provider, including:

How do I choose the right loan provider in Saskatchewan?

Every lender has their own advantages and disadvantages, so choosing the right one for you is a matter of considering your priorities. Do you need a loan immediately, or can you wait a few weeks for the paperwork to be processed? What matters more: a lower interest rate, or reputability? How much can you pay in fees?

Traditional lenders like banks and credit unions have slower processing times, but they also have a steady range of standard loans with competitive interest rates for those with good income and credit. However, they’re not as helpful for those who need flexibility. Alternative lenders can offer more competitive rates on niche loan products, but they may not be as accessible if you live outside of Saskatoon or Regina. Online lenders have fast processing times and convenience, but it’s more important that you check out their reputability, as there are some predatory companies in this space.

What credit score do I need to get a loan in Saskatchewan?

The average credit score across Saskatechewan is 650 (a little lower in Regina, at 642), and a standard requirement for many loan companies is a minimum credit score of 600. So if your score falls below this 600 threshold, you may run into some trouble accessing a loan through your bank or credit union. However, there are still options, as many alternative lenders have more flexible credit score requirements. There are even dedicated bad credit providers who cater specifically to those with historically poor credit. Just bear in mind that if this is you, you will have to pay more in interest.

Can I get a business loan in Saskatchewan?

There are over 150,000 businesses in Saskatchewan, and as any one of them will tell you, access to affordable commercial financing is crucial. Whether you need funds for a new enterprise, equipment purchase, working capital, vehicles, inventory, or something else entirely, getting a business loan starts with your paperwork.

Every lender is a bit different, but as a general rule you will need the following:

  1. A business history lasting at least two years, including bank statements and tax returns
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

If you don’t meet these criteria (for example, if you are starting a new venture) there are still loan options for you – you just might need to find a specialist lender who is experienced helping businesses like yours. There are also possibilities for financing via the federal and provincial government.

Can I get a mortgage in Saskatchewan?

Qualifying for a mortgage is an involved process – after all, this is probably the single biggest loan you will ever take out! Most mortgage lenders will want to see at least the following:

  • Proof of Canadian residency
  • ID showing age of majority (18 in Saskatchewan)
  • Proof of sustained income (usually for a minimum of 2 years)
  • Proof of continued employment
  • Your credit history
  • Size of your down payment and its origin

The Canadian government requires a minimum down payment of 5% of the property’s purchase price. The average house price in the province is $281,100 (about $20k higher in Saskatoon and $35k higher in Regina), so this equates to an average down payment of at least $14,055. Assuming you meet all of these conditions, the amount you can borrow will depend on your credit score and income level.

Elite Trusted Lenders

These companies are recognized for their excellent service, product offering and financial literacy education for all Canadians.