Compare The Best Providers For Payday Loans Regina November 2021

Written By Bryan Daly
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Afterpay
Varies 0% 6 or 8 weeks
Varies
Spring Financial
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Lendful
$5,000 - $35,000 9.9%+  6 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
LoanMeNow
$500 - $1000+ 28%-32% 3
$500 - $1000+
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Speedy Cash
Up to $1,500 15% - 23% 14 days
Up to $1,500
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Loop
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Dynamic Capital
- - -
-
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Capital
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
SafeLend
Up to $50,000 8.99 + 12 -72
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Alphera Financial Services
- - -
-
Eden Park
- 11.9% - 22.9% Up to 84
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Being a resident of any major metropolitan area of Canada can be expensive. Saskatchewan’s capital city of Regina is not much different. While housing in Regina isn’t as pricey as other cities, typical living costs certainly can be, especially when you consider all the everyday expenses the average Canadian has on their plate. Unfortunately, this is where the idea of payday loans in Regina can become appealing. Not sure what a payday loan is or why they can be so unfortunate? Keep reading.

Click here to learn more about the loan process in Regina.  

Why Would a Regina Borrower Want a Payday Loan?

On the surface, payday loans in Regina may seem pretty appealing because:

  • They are very easy to get
  • They come in relatively small amounts ($1,500 or less)
  • Small loan amounts means you’ll have an easier time paying your balance back
  • No credit check is required. Bad credit borrowers will have no approval problems
  • Only proof of your employment, address, and a chequing account is necessary
  • Your payment period will only be two weeks long
  • Same day approval is common, making them good for critical financial situations

Don’t apply for a loan before you read this!

Why Wouldn’t a Regina Borrower Want a Payday Loan?

As appealing as they seem, there are quite a few ways that even one payday loan can be extremely bad for your financial health, including but not limited to:

  • They come with very high interest rates (as much as 23% in Saskatchewan)
  • Many administrative fees will also apply, making the loan even more expensive
  • Hefty penalties are imposed for borrowers who don’t pay back their loan on time
  • The possibility of predatory lending, scamming, and identity theft is high
  • Since they’re so easy to get, it’s tempting to rely solely on payday loans
  • The resulting payday loan cycle can be very hard to break once you’re stuck in it

Why is Breaking the Payday Loan Cycle So Difficult?

As we mentioned, it can be all too easy for a Regina borrower to succumb to the payday loan cycle. Actually, the reason they got stuck in the cycle and the reason they applied for the payday loan in the first place may be directly linked. Generally speaking, people apply for payday loans in Regina when they have no other option. Maybe they have very bad credit or a low income, causing them to be denied for credit by their bank or other lender. Then again, maybe they’re just unaware of the inherent risks involved with payday loans in Regina and are caught off guard by how appealing they sound.

The payday loan cycle is particularly harmful to those with bad credit and low incomes. Those unsuspecting borrowers don’t fully consider the consequences of their actions and assume that they’ll be able to pay off the loan when their next paycheck rolls around. However, they have other expenses to deal with, so they come up short and miss their payment date. Late penalties then apply. Even if the borrower manages to repay their full payday loan, they may need another one to cover their other unpaid expenses. Therefore, the cycle continues and sometimes never ends.

How to Break The Payday Loan CycleCheck out this infographic for more details about the payday loan cycle.

Why is the Possibility of Scamming and Identity Theft So High?

Again, if a Regina borrower has poor credit and finances, it can leave them vulnerable to many forms of “predatory” lending. The goal of these lenders (usually fake organizations) is to prey upon those who are desperate for cash, often because they can’t get it elsewhere. Maybe they have a financial emergency on their hands (lack of rent, car accident, medical issue, etc.). Whatever the reason, they don’t think things through or research their “lender” properly. That desperation has now caused them to give away their vital financial information. And the result? Identity theft and/or fraud.

Here are some telltale (and illegal) warning signs of predatory lending:

  • They charge more than 23% interest ($23 per $100 borrowed)
  • They charge a deposit before approval for “insurance” purposes
  • They offer “rollovers” (approving a second loan before your first is complete)
  • They don’t have detailed advertisements (displaying all costs)
  • They don’t have detailed loan contracts (displaying any additional loan details)
  • They won’t answer your questions properly
  • They use abusive or otherwise manipulative language and sales tactics
  • They aren’t listed in the Better Business Bureau database
  • They have no real customer reviews or reputable background

Need some debt relief from predatory loans? Look at this.   

What Other Rules Do Legal Payday Loan Lenders Have to Follow?

To know some of the rules that payday loan lenders must follow to operate legally in Regina and the rest of Saskatchewan, simply look at the predatory risks above and assume the complete opposite. For instance, no legitimate lender is allowed to charge more than 23% interest. Every lender must also have advertisements and contracts that display EVERY cost associated with the loan. Additional payday loan rules include:

  • A grace period of 48-hours must be offered, during which you can cancel your loan, free of charge.
  • All lenders must possess a valid business license through the Provincial and Federal governments.
  • No lender is permitted to ask for assignment of wages or automatic deduction from your paycheck.
  • No lender is permitted to contact you more than 3 times per week or discuss your loan with anyone other than yourself.

For more information about your payday loan rights, check this out.

When Would a Personal Loan Be a Better Choice?

Almost always. While the application process is more strict, personal loan approval can acquired through alternative, private, and bad credit lenders, assuming you were denied by your bank or another prime lender.

Personal loans aren’t always beneficial because:

  • A credit check is sometimes necessary
  • Credit checks lead to hard credit inquiries, which can reduce your credit score
  • Interest rates can still be high if you have bad credit
  • Longer payment schedules and larger payments will put you in debt longer
  • Defaulting (short, late, or missing payments) can result in even more debt

Click here to learn about loans in Canada that don’t involve credit checks.

However, personal loans are definitely more beneficial because:

  • You can request much larger credit amounts than any payday loan will give you
  • Bad credit interest rates, while high, are not nearly as expensive as payday loans
  • Payment amounts, frequencies, and schedules are usually up for negotiation
  • They can be very good for your credit when payments are made responsibly
  • Long-term schedules allow for longer, a more responsible credit history
  • Improving your credit gives you better financial strength, as well better approval chances and interest rates for future loan products

Looking for a bad credit personal loan? Read this first.  

What Alternatives Can Help Me Avoid Payday Loans?

The good news for Regina borrowers is that there are a few alternatives to payday loans. While these options are not accessible or appropriate for everybody, they are likely to cause less financial damage than the average payday loan. Here are just a few ways you can avoid that type of damage:

Borrowing From Friends or Family

While not always possible, if your friends and family are more financially stable than yourself, it can’t hurt to ask. Just make sure, if they do accept, that you can afford to pay them back someday in order to avoid any strain on your personal relationships.

Vehicle Title Loans

This option only works if you own a car or other vehicle outright. If so, you can offer your vehicle’s title up as collateral to secure a loan at a more reasonable interest rate. Again, be very careful here, if you can’t afford your payments and don’t at least inform your lender, your vehicle’s title may be forfeit as compensation.

Interested in applying for a vehicle title loan? Look at this.  

Secured Credit Cards

As we said, one of the main reasons you might apply for a payday loan in Regina is because you don’t qualify for other financial products, such as a credit card. If so, a secured credit card might be much easier to obtain, as they are generally reserved for bad credit borrowers. A security deposit equal to your desired credit limit is required for approval. You can then use the card to improve your credit and collect said deposit when your final balance is paid and your card is expired.

What’s the difference between a secured credit card and a prepaid one? Find out here.

Guarantor Loans

Another option for bad credit borrowers is the guarantor loan, which works more or less like a personal loan, in that you would repay it through equally divided installments with interest. The major difference here is that a guarantor with good credit and financial health needs to cosign your loan before approval can be reached. Your guarantor’s financial profile will then be the determining factor, rather than your own. Just make sure that your guarantor is aware that your payments will become their responsibility if you can’t afford them. This means they’ll also end up in debt, potentially harming their own finances and credit.

Can I Get Debt Relief From My Existing Payday Loan Debt?

Of course you can! Since payday loan debt can be terrible for your finances, it’s best to act quickly and eliminate it however you can. Depending on how much debt you actually have, these debt relief services can be very helpful. Here are a few of those solutions, many of which work just fine for Regina borrowers with less favorable finances:

  • Debt consolidation loans and programs
  • Home equity loans and HELOCs (home equity lines of credit)
  • Debt settlements
  • Credit counselling
  • Consumer proposals (only when your debt is becoming unmanageable)
  • Personal bankruptcy (only when you have absolutely no choice)

How Can Loans Canada Help Me?

We’re glad you asked. If you’re looking for a healthier alternative to payday loans in Regina or you’ve been struggling to get rid of the debt they’ve already caused, Loans Canada is your go-to source for affordable solutions. Apply today!    

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