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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

Your Guide To Personal Loans In Saskatchewan

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
📅
Updated On: October 8, 2025
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If you’re facing an unexpected expense, a personal loan can be a practical financial solution. Compared to payday loans, personal loans are more affordable and manageable. You can use the funds for virtually any purpose, from covering utility bills to financing home improvements, with no restrictions. Even if your credit history isn’t perfect, there are still options available. 

This guide will walk you through everything you need to know about securing a personal loan in Saskatchewan.


What Is A Personal Loan?

A personal loan provides a lump sum of money that you repay through regular installments over a fixed term. Interest is charged on the balance, and repayment terms vary depending on the lender and your financial profile.

Personal Loan Features

Consider the following features of personal loans in Saskatchewan before applying:

Loan AmountsUp to $35,000+
Loan Terms9.99% to 35%
Interest Rates3 months to 5 years

Learn more: Best Personal Loans In Canada


What Expenses Can You Use A Personal Loan For?

There are no strict limitations on how you spend the funds. Common uses of personal loan funds include the following:

  • Utility Bills: Cover monthly expenses to avoid interruption of service, or buy out rental contracts for appliances.
  • Education: Supplement tuition and school supplies if provincial student loans aren’t available to you.
  • Vehicle Repairs: Pay for your car’s repairs if they’re not covered by insurance.
  • Travel: Finance a trip through Saskatchewan’s scenic parks if loan repayment is manageable.

Who Is Eligible For A Personal Loan In Saskatchewan?

Eligibility requirements for personal loans may vary, but most lenders look for the following:

  • Residency: You must live in Saskatchewan where your lender operates.
  • Age: You must be 18 years old, which is the age of majority in Saskatchewan.
  • Income: A steady income that meets the lender’s minimum threshold is required.
What Credit Score Do You Need For A Personal Loan?

A credit score of 660 or higher is typically required to improve your chances of loan approval and secure lower interest rates. Scores below 660 may still qualify, but expect higher borrowing costs.

Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan


Can You Get A Personal Loan With Bad Credit?

Yes, many alternative lenders cater to borrowers with poor credit or limited credit histories. These lenders assess your overall financial health, such as income stability and debt levels, rather than relying just on your credit score.

Keep In Mind: Loans from private lenders often come with higher interest rates and fees, so it’s important to compare offers carefully.

Learn more: How To Get A Loan With Bad Credit In Saskatchewan


Where Can You Get A Personal Loan In Saskatchewan?

You have several options when it comes to finding a personal loan in Saskatchewan:

BanksBanks offer competitive rates but require strong credit and financial history. Approval may take longer.
Credit UnionsCredit unions provide flexible terms and lower rates, but require membership.
Private LendersPrivate lenders may be ideal for fast funding and bad credit borrowers. Approval can happen within 24 hours, but rates are typically higher.

Can You Apply For A Personal Loan Online In Saskatchewan?

Yes, most lenders now offer online applications, including banks and alternative lenders. This allows you to apply from anywhere in the province. Applying online is fast, secure, and convenient.

Here are some lenders in Saskatchewan that offer online personal loan applications, some of which operate solely online and some that also offer in-person locations:

FairstoneFairstone operates both online and in person.Learn More
easyfinancialEasyfinancial operates both online and in person.Learn More
Spring FinancialSprig Financial only offers online loan applications. Learn More
LoanMeNowLoanMeNow only offers online loan applications.Learn More

Is It Better To Apply Online Or In-Person?

Online applications offer several advantages over in-person visits:

  1. Convenience: You can apply for a loan anytime, including evenings and weekends.
  2. Speed: Online lenders typically use automated systems that can lead to quicker approvals.
  3. Comparison: You can easily compare rates and terms across multiple lenders.

However, if you prefer personalized advice or have complex financial needs, visiting a branch may be more beneficial.

Learn more: Is It Better To Apply Online Or In Person For A Loan?


How To Apply For A Personal Loan

Step 1: Get Pre-Approved

Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.

Step 2: Choose A Lender

Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.

Step 3: Gather All Required Documents And Apply

You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.

Step 4: Wait For Approval

Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.
What Is Instant Bank Verification?

Instant bank verification allows lenders to verify your income and identity without paperwork. You log into your bank account through a secure portal, and the lender receives a read-only snapshot of your financial activity. This leads to a faster approval process without compromising security.

High-Cost Credit Personal Loan Regulations In Saskatchewan

Currently, there is no framework specifically dealing with high-cost credit loans in Saskatchewan. Some provinces have adopted regulations to govern these expensive loans, but Saskatchewan has yet to implement such regulations. The province only has rules governing payday loans specifically, which are specific high-cost loans that are meant to be repaid in one lump sum rather than in installments. 

Maximum Interest Rate

While high-cost personal loans in Saskatchewan don’t have any regulations on the interest a lender can charge, there are federal regulations. All lenders must respect the criminal interest rate set by the federal government. 

DescriptionCriminal Interest Rate
Annual Percentage Rate (APR)APR factors in all the fees and interest costs.35%

Where Can You Find Consumer Protection Offices In Saskatchewan?

Businesses operating in Saskatchewan must adhere to certain rules in terms of how they deal with consumers. The Consumer Protection and Business Practices Act in Saskatchewan details all consumer protection laws that businesses must follow. These regulations are designed to protect customers and make sure that they are dealt with fairly.

If you believe that you’ve been subject to unfair treatment, you can reach out to the Consumer Protection Division:

  • By telephone: 1-877-880-5550
  • By email: consumerprotection@gov.sk.ca
  • In person: 2365 Albert Street, 4th Floor, Regina, SK

Thinking Of Applying For A Personal Loan? Consider This First

Before submitting a personal loan application, it’s important to understand what lenders look at. More specifically, they assess your financial stability to determine whether you’re likely to make repayments every month. This includes reviewing your income, existing debts, and credit score.

To improve your chances of approval, consider these tips:

Strengthen Your Credit Score

Your credit score reflects your reliability as a borrower. A higher score typically leads to better loan terms and lower interest rates. 

If your score needs improvement, take steps to increase it before applying. You can start by checking your current score using free tools like Loans Canada’s CompareHub.

Consider A Cosigner

Adding a cosigner with strong credit and healthy income can strengthen your loan application. If you’re unable to make payments at some point, the cosigner takes over making loan payments, which lowers the lender’s risk and may increase your approval odds.

Offer Collateral

Securing your loan with an asset, such as a vehicle or property, can make lenders more comfortable approving your loan application. However, it’s important to note that if you default, the lender may repossess the asset to recover their losses.

Reduce Your Debt Load

High levels of debt can negatively impact your debt-to-income (DTI) ratio, making it harder to qualify for a personal loan. Paying down existing balances before applying can improve your financial profile and boost your chances of getting approved.

Learn more: What Is Debt-To-Income Ratio And How To Calculate It?

Maintain Steady Employment

Lenders prefer working with borrowers who earn a consistent income, especially from employment. While some may accept income from pensions or government benefits, having a stable job is often more favourable. 

If you’re currently unemployed, working with a staffing agency may help you find a good job. Here are a few reputable employment agencies in Saskatchewan:

Randstad Canada– Resume writing tips
– Interview assistance
– Career development resources
– Professional recruiters
Robert Half– Online job board
– Interview help
– Salary negotiation guidance
– Online skill training
– Career advice
Adecco Canada– Online job board
– Job fair
– Interview preparation
– LinkedIn profile tips
– Webinars
– Resume writing assistance

What’s The Cost Of A Personal Loan In Saskatchewan?

To figure out how much a personal loan will cost you per month and in total, there are a few key elements that play a direct role:

  • Loan Amount: Larger loans typically result in higher monthly payments and total repayment costs.
  • Repayment Term: Choosing a longer term can reduce your monthly payment, but it often increases the total interest paid. On the other hand, shorter term reduces the total interest cost, though they’ll have to make bigger monthly payments.
  • Interest Rate: Be sure to look at the annual percentage rate (APR), which reflects both the interest and any additional fees.

For a quick and accurate estimate, you can use an online personal loan calculator to see your expected payments and total loan cost.


When Is A Personal Loan A Good Choice?

Personal loans can be a practical solution in several situations:

  • Flexible Use Of Funds: Personal loans aren’t designed for a specific purchase. That means you can put the money towards just about anything.
  • Lower Interest Rates: Compared to credit cards and payday loans, personal loans often come with more favourable interest rates, helping you save on borrowing costs.
  • Flexible Repayment Options: Many lenders offer a variety of payment schedules and term lengths to better suit yoru needs.

When Is A Personal Loan A Bad Choice?

There are scenarios where a personal loan may not be the best financial move:

  • Irregular Income: If your earnings fluctuate, committing to fixed monthly payments could put a strain on your budget and increase the risk of missing payments.
  • Minor Purchases: If you’re using a loan to cover a small or non-essential expense, you could face long-term financial issues if the loan is not managed carefully.

Having Trouble Getting A Loan? Check Out These Other Financial Assistance Programs In Saskatchewan

In addition to the programs mentioned above, there are several financial assistance programs in Saskatchewan available to help cover basic living expenses, including the following: 

Rent Assistance. Monthly Rental Sponsorships are available to renters in Saskatchewan to help offset the cost of expensive rent.

Utility Assistance. The government of Saskatchewan and SaskPower have teamed up to provide residents with the Energy Assistance Program to help low-income residents afford the cost of utilities.

Housing Shelters. The Lighthouse provides several housing options and programs for individuals at risk of becoming homeless. The program also helps those with various addictions and mental health problems overcome their issues so they can achieve independence.

Food Banks. Food Banks of Saskatchewan is a provincial association of food banks across the province that serve residents with food insecurity.

Affordable Housing Initiative. The Silver Sage Housing Corporation runs the Affordable Housing program that provides government-subsidized housing at a set rental amount below current market rates. 


Bottom Line

Personal loans in Saskatchewan can offer fast access to funds with flexible terms tailored to your needs. Whether you’re covering unexpected costs or consolidating debt, personal loans can be a smart financial tool. Just be sure to borrow wisely to avoid unnecessary financial strain.


Personal Loan FAQs

Is my credit score needed to get a loan?

When you apply for a personal loan in Saskatchewan, one of the main elements that your creditor might inspect is your credit score to determine your creditworthiness. Usually, a score of 660 or above will put you in range for the best chances of approval. If your score is below that, you may still receive approval, but your interest rate might be higher than someone with a better score.

How will I receive my funds?

Generally speaking, loan funds can be transferred straight into your bank account via direct deposit. However, make sure to ask your creditor about their specific payment procedure before you agree to anything.

How does a personal loan work?

Personal loans involve borrowing a lump sum of money, which you pay back in installments with interest, plus any fees. Depending on the amount you borrow and your financial capabilities, a personal loan can be repaid in as little as three months to 5 years or more.

How much interest can a personal loan lender charge me?

The interest rate your lender will charge you depends on your creditworthiness. The less financially responsible you are, the higher the rate. However, by law, your lender cannot charge you more than 35% (APR).

How do I get a guaranteed approval?

There is no such thing as a guaranteed approval. All loan approvals are based on your financial profile and credit history. Any lender that tells you it is guaranteed should be avoided.

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