Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Types Of Personal Loans In Saskatoon
When it comes to choosing the right personal loan in Saskatoon, there are two main options available, unsecured and secured personal loans. Let’s take a look at both to help you decide which is the best option.
Unsecured Personal Loans
An unsecured loan is the most common and basic type of personal loan. Both traditional lenders, like banks, and alternative lenders offer this type of loan. Approval is based on credit scores, incomes, employment, and debt levels, and can be slightly more strict. Borrowers with higher credit scores and healthier financial profiles will have an easier time getting approved and will likely be offered more affordable rates.
Secured Personal Loans
A secured personal loan requires the borrower to offer collateral to secure the loan. The most common form of collateral is a vehicle, usually a car that belongs to the borrower. Secured loans can be a better option for consumers with past financial issues or lower credit scores. Because the loan is secured, the lender is protected and therefore may be more lenient with their approval requirements.
Process Of Getting A Personal Loan In Saskatoon
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 Are Saskatoon Lenders Looking For In A Borrower?
In general, there are a couple of different things most lenders want to see before they approve a personal loan:
- Credit History – Lender will want to check out your credit to ensure you have been a reliable borrower in the past.
- Income – Your Saskatoon lenders will also want to check your income level to see how much you can afford.
- Debt Level – Lenders will also want to see your bank statements to see what your financial and debt situation looks like and if you have the ability to repay the loan.
- Employment – Lenders want to see that your employment is stable enough to pay off your loan for the duration of the loan term.
- Loan security – Lenders will also assess whether you are putting anything up for collateral or not. If you add security, your odds of being approved will likely increase.
Of course, every individual lender will have different requirements. So what one lender is looking for in a borrower might not be the same as what another lender will be looking for.
Instant Bank Verification For Personal Loans In Saskatoon
When you apply for a personal loan online, you’ll often come across lenders asking you to sign into your bank account as part of the application process. This is usually done through a secure portal hosted by Plaid, Flinx or Yodlee; who are the major providers of instant bank verification.
Lenders often use the help of these services that provide instant bank verification to save some time when verifying the borrower’s bank and income information. Not only is instant bank verification safe, but it also reduces the lender’s risk.
Cost Of A Personal Loan In Saskatoon
When comparing the cost of your Saskatoon personal loan, you have to consider the interest rate, fees, and loan term. Below is a table that shows how cost can vary when these factors change.
| Loan Amount | Interest Rate (APR) | Term | Monthly Payment | Total Cost |
| $10,000 | 5% | 24 months | $438.71 | $10,529.13 |
| $10,000 | 10% | 24 months | $461.45 | $11,074.78 |
| $10,000 | 15% | 36 months | $346.65 | $12,479.52 |
| $10,000 | 29.99% | 60 months | $323.47 | $19,408.35 |
| $10,000 | 46.96% | 60 months | $434.78 | $26,087.04 |
Rules And Regulations For Personal Loans In Saskatoon
Personal loans from alternative lenders are generally regulated on a federal and provincial level. However, in Saskatchewan, there is no framework specifically dealing with high-cost credit loans. That said, there are federal interest rate caps alternative lenders must abide by:
| Description | Criminal Interest Rate | |
| Annual Percentage Rate (APR) | APR factors in all the fees and interest costs. | 47% |
| Effective Annual Rate (EAR) Or Annual Percentage Yield (APY) | EAR/APY factors in all the fees and interest costs, but it also factors in the effect of compounding interest. | 60% |
*Note: As part of the 2023 Budget, the Canadian government will reduce the APR criminal interest rate from 47% to 35% APR starting 2025.
How To Increase Your Chances Of Getting A Personal Loan In Saskatoon?
There are many ways to increase your chances of getting approved for a personal loan in Saskatoon.
- The Lender You Choose – Each lender will have different requirements about who they work with and how much they are willing to lend. Choosing a lender whose minimum requirements you already meet can increase your chances of approval.
- Your Credit Health – The better your credit, the less risky you will be in the eyes of a lender. So if you have high credit, lenders may be more willing to lend to you. Similarly, you need to show you have the ability to repay a loan. So having an income high enough to cover the loan payments is also key to getting approved for the loan.
- Consider A Secured Loan – If you put up your car, home, or another valuable possession as collateral, lenders will be more willing to lend you money as it’ll reduce your risk level. This is because they can take possession of the collateral if you fail to make your payments.
Can You Get A Loan On Employment Insurance In Saskatoon?
Yes, you can obtain a personal loan while receiving EI benefits. While lenders usually favour applicants with a steady job and healthy earnings, some lenders may allow unconventional sources of income like EI, disability, Canada Child Benefit (CCB) payments, and other non-traditional income sources.
Nevertheless, you should understand that the interest rate on your personal loan will be significantly greater if you are currently receiving EI or some other benefit. This is because collecting EI instead of earning a conventional income heightens the risk for the lender.
Places To Help You Get A Job In Saskatoon
If you need a loan but don’t have a job to secure one, there are many staffing agencies in Saskatoon to help you find work. These services connect individuals seeking employment with companies looking to fill vacant job positions.
Here are a few employment agencies in Saskatoon to help you get started on your search for a new job:
Adecco Saskatoon
Adecco Saskatoon is a nationwide employment agency that provides workforce solutions to both employers and job seekers in Saskatoon. The personnel office offers job search and placement services for temporary and permanent employees by matching the right candidates to job openings.
The Adecco Saskatoon recruiting team specializes in industrial, professional, administrative, accounting, hospitality, marketing, sales, manufacturing, transportation, and warehouse positions. Their technical recruitment solutions are designed to optimize job matching and placement to help candidates find the right job quickly.
Some of the features of Adecco Saskatoon include the following:
- Online job board
- Job fair
- LinkedIn profile assistance
- Webinars
- Resume writing assistance
Aplin
Aplin is an award-winning staffing agency that has been in the employment industry for over 45 years. The company employs a team of recruiters who help job seekers find employment by carefully reviewing the skillset of each candidate and pairing them with the right employer and job opening.
Some of Aplin’s employment agency features include the following:
- Online job board
- Job alerts
- Career advice
- Online resume added to an internal database
- Job search tips and checklists
Express Employment Professionals Saskatoon
Express Employment Professionals places people in all kinds of jobs across Saskatoon. The team emphasizes on building professional relationships with the local workforce and helping unemployed residents find the right job. The staffing agency helps candidates find a wide variety of employment, from short-term work to permanent full-time employment.
The following are some key features of Express Employment Professionals:
- Online job board
- Career development training resources
- Job matching assistance
- Commonly used forms
- Quick and simple hiring process
Where Can You Find Hamilton Government Employment Assistance Offices?
If you’re looking to find employment or training services offered in your community, the Findhelp.ca website is a great resource. Here are some non-profit employment assistance services in Hamilton, some of which are funded (fully or partly) by the government of Canada and the government of Ontario:
- Ministry of Immigration and Career Training SaskJobs Career Services Office – 225 – 1st Avenue North, Saskatoon, SK
- Adult Basic Education (ABE) program – Available at various institutions across Saskatchewan
- Education and Training Incentive (ETI) – Available at various post-secondary institutions
- Saskatoon Open Door Society – 100 – 129 3rd Ave N. Saskatoon, SK, S7K 2H4
- Employee and Family Assistance Program (EFAP) – 3301 8 St E, Saskatoon, SK S7H 5K5
Financial Assistance Offered In Saskatoon
| 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 |
Other Financial Assistance Programs In Saskatoon
While you’re looking for a job, several services are available to provide you with financial assistance to help cover all of life’s expenses:
Rent assistance. The government of Saskatchewan’s Ministry of Social Services offers the Saskatchewan Housing Benefit, a monthly payment for eligible renters to help cover rent and utilities costs. Singles and couples are entitled to up to $150. Those with one dependant can get up to $200, and renters with two or more dependants can receive up to $250.
Emergency homeless shelter. The YWCA Saskatoon runs the Saskatoon Crisis Shelter and Residence, which provides up to 30 days of emergency shelter for women and children in need of a safe place to stay. The shelter is supervised 24 hours a day, 7 days a week, and offers programs for parenting, fitness, nutrition, and culture.
Food bank. The Saskatoon Food Bank and Learning Centre operates an emergency food bank that provides up to three days of food once every two weeks for Saskatoon residents. There is also a learning centre that provides various self-help and life skills programs.
Energy assistance program. The government of Saskatchewan has teamed up with SaskPower to provide residents with the Energy Assistance Program, which is meant to help low-income homeowners and renters save money, energy, and water.
Income support. The Saskatchewan Income Support program is offered through the Ministry of Social Services to low-income or unemployed residents in need of financial help to cover the cost of basic necessities.
Where Can You Find Consumer Protection Offices In Saskatoon?
Businesses in Saskatoon are required to comply with specific rules that dictate how they treat consumers. The provincial Consumer Protection and Business Practices Act outlines consumer protection laws that are imposed on businesses in their dealings with consumers. These regulations are established and enforced to protect customers and ensure that all business dealings are conducted fairly.
Consumers who feel that their rights have been infringed upon can speak with a representative from the Consumer Protection Division at 1-877-880-5550 or by email at consumerprotection@gov.sk.ca. The office is located at 2365 Albert Street, 4th Floor, Regina, SK.
