Does Saskatchewan Have Payday Loans?
If you live in Saskatchewan and are in need of fast cash, a payday loan may be an option. These types of small, short-term loans are available from payday lenders throughout the province.
Usually, payday loans are made for no more than $1,500, and they must be repaid in one lump sum by no later than 62 days, though repayment dates may be as short as a couple of weeks.
Not only do payday loans in Saskatchewan provide funding shortly after application, but the approval process is also very easy. As long as you can prove some form of income, you won’t have to worry about passing any credit score requirements, as these loans typically do not involve a credit check.
| Note: Payday loans in Saskatchewan may provide fast funding and are easier to qualify for, but they’re very expensive and difficult to pay back. You could be looking at APRs in the triple digits, and the full loan amount — including interest — will need to be paid back in one lump sum within a few short weeks. |
Where To Find Licensed Payday Lenders In Saskatchewan
A quick online search will show you that there are several payday lenders across Saskatchewan. But not all of them are licensed. In fact, many are not.
It’s important that you find out if a payday lender is licensed to provide payday loans in Saskatchewan before applying. Licensed lenders are more reputable and adhere to specific payday loan regulations set forth by the provincial government.
Fortunately, the province makes it relatively easy to find a licensed payday lender in Saskatchewan by providing a list on the government website. You can start your search for a licensed lender here.
Otherwise, you can check each lender to see if they are licensed by looking for a license number on their physical storefront or on their website.
Here are a few licensed payday lenders in Saskatchewan to help you start your search:
- Cash Money – 1501 Idylwyld Drive, Saskatoon, SK, S7L1A9
- Speedy Cash – 907 Main St, Moose Jaw, SK, S6H0W9
- Money Mart – 2049 Park St, Regina, SK S4N 6S2
- GoDay (online only)
Your Rights As A Payday Loan Borrower In Saskatchewan
As mentioned, there are specific regulations surrounding payday loans in the province of Saskatchewan. It’s recommended that consumers get familiar with these rules to ensure they’re being treated fairly when applying for a payday loan.
In Saskatchewan, the following apply to payday lenders:
| Loan Amounts | Up to $1,500 |
| Loan Terms | No longer than 62 days |
| Limit On Fees | Maximum fee of $14 per $100 borrowed |
| Cooling-Off Period | Next business day |
| Rollovers | Not permitted |
| Disclosures | – Disclosure that a payday loan is a high-cost loan – All amounts, rates, fees, penalties or other charges – Notice of your right to cancel the loan before the end of the business day |
| Lender Licensing | All payday lenders must be licensed in the province |
| Default Consequences | – Interest up to 30% per annum, on the principal amount in default- NSF charge up to $20 |
How Much Will A Payday Loan Cost?
Each province in Canada has its own maximum payday loan cost that lenders are allowed to charge. In Saskatchewan, the maximum cost for a payday loan is $14 per $100 borrowed, which is the equivalent of an APR of 365%.
We’ve listed several loan amounts below to help you understand how much a payday loan will cost you, depending on how much you borrow (based on a 2-week repayment term):
| Loan Amount | Cost To Borrow | Total Loan Cost |
| $100 | $14 | $114 |
| $200 | $28 | $228 |
| $300 | $42 | $342 |
| $400 | $56 | $456 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
What If You Don’t Repay Your Payday Loan In Saskatchewan?
No matter what type of loan you take out, you’re responsible for repaying the loan amount, plus interest and other fees, by the due date specified in your loan contract. Failure to make payments on time could result in consequences.
That said, payday lenders cannot arbitrarily penalize you for missing payments. There are rules they must follow when it comes to the penalties they enforce when a payday loan goes unpaid.
| Maximum Penalty Fees | Up to 30% of the default amount |
| Maximum NSF Fees | Up to $20 for dishonoured cheques or pre-authorized debit |
| Collections Actions | Lenders may not: – Make more than two attempts to access your bank account to get loan repayment funds – Harass you or your family in an effort to collect on overdue funds – Contact you outside business hours or on weekends/holidays – Collect amounts over what you owe |
How To File A Complaint Against A Payday Lender In Saskatchewan
If your payday lender is treating you unfairly, you can file a complaint with the Financial and Consumer Affairs Authority in Saskatchewan:
| By Mail | Consumer Credit Division 4th Floor, 2365 Albert St.Regina, SK S4P 4K1 |
| By Telephone | (306) 787-6700 |
| By email | fid@gov.sk.ca |
Payday Loan Alternatives In Saskatchewan
Given the high cost and difficulty in repaying payday loans, you may want to consider other options if you’re experiencing financial difficulty.
Government Assistance Programs
The provincial government of Saskatchewan offers several programs designed to provide financial assistance to residents in need:
| Financial Resource | |
| Saskatchewan Income Support (SIS) | Learn More |
| Seniors Income Plan (SIP) | Learn More |
| Saskatchewan Assured Income for Disability (SAID) | Learn More |
| Saskatchewan Temporary Wage Supplement Program (STWSP) | Learn More |
| Family Health Benefits | Learn More |
Debt Relief Programs In Saskatchewan
If you’re taking out payday loans to pay off other debt, you may be at risk of entering a cycle of payday loan debt, which can be extremely difficult to get out of. If you find yourself in this situation, there are options available to help alleviate your high-cost debt:
| Credit Counselling Services | Credit counselling agencies can help you manage your debt, alleviate your debt-related issues, and improve your financial situation. |
| Debt Consolidation | Consolidating your debt involves paying off all your higher-interest loans and replacing them with one, single monthly payment. This simplifies debt management and helps save you money. |
| Debt Management Plans (DMP) | A DMP involves having a credit counsellor negotiate with your creditors to come up with a more affordable plan to repay your debts. |
| Consumer Proposal | A consumer proposal is a legally-binding solution that involves a Licensed Insolvency Trustee (LIT) proposing a new debt repayment plan with your creditors. This typically involves paying a portion of debts in installments, extending your payment term, or both. |
| Bankruptcy | Bankruptcy is a legally-binding arrangement that is administered by an LIT and can reduce or eliminate your unsecured debt. This process will help stop collection calls and actions taken by your creditors to collect overdue payments and should only be considered as a last resort. |
Other Quick Cash Solutions In Saskatchewan
Besides payday loans, other programs are available that can help meet your quick cash needs:
Credit Card Cash Advances
Your credit card may allow you to withdraw money from your credit account, up to your credit limit. While the rate applied to the withdrawn amount may be relatively high compared to other loan options, it will likely be a lot lower than what you would pay on a payday loan.
Personal Loans
A personal loan provides you with a lump sum of money that you then repay in regular installments over a set term. Compared to payday loans, personal loans are easier to pay back and come with lower interest rates.
Car Title Loans
If you have a vehicle and have fully repaid the car loan, you can use an auto title loan to borrow money. Your car’s title is used to back the loan, which reduces the lender’s risk and makes it easier to qualify for at lower rates compared to payday loans.
Small Credit Lines And Advances
Companies like Nyble and Bree offer small lines of credit and cash advances that you can access immediately when money is tight.
- Nyble: Nyble offers up to $250 in credit lines that can be repaid whenever you’re able to. You won’t be charged interest, and you can even use the credit line to build good credit.
- Bree: Bree offers up to $500 in cash advances designed to help you avoid bank overdraft fees. No credit check is involved, and there are no hidden fees.
