Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
There are several loan options available in Saskatchewan, but finding the right one for you can be challenging, especially if your credit score is lagging or you have irregular income. Below, we’ll look at various loan options, explain each in detail, and point you in the right loan direction to help you make the best choice for you.
What Types Of Loans Can You Get In Saskatchewan?
Saskatchewan borrowers have multiple loan options to choose from, including the following:
Personal Loans
A personal loan is a type of unsecured loan that can be used for various expenses, like consolidating debt, medical bills, or home improvements. They typically have a fixed interest rate and a set repayment schedule, making monthly payments predictable. Since they’re unsecured, personal loans do not require collateral, but they may have higher interest rates compared to secured loans.
Personal loans are available from banks and credit unions, though you’ll need good credit to qualify. Otherwise, online and alternative lenders also offer personal loans to those with bad credit.
Personal Loan Features
| Loan Amounts | $500 to $35,000+ |
| Interest Rates | 9.99% to 35% |
| Loan Terms | 3 months to 5 years |
Learn more: Best Personal Loans In Canada
Lines Of Credit
A line of credit is a flexible financing arrangement that allows you to borrow up to a certain limit whenever you need money. You can draw from it repeatedly, repay what you’ve borrowed, and borrow again, similar to a credit card. Interest is charged only on the amount you borrow, not the total credit limit.
Credit lines are often used for ongoing expenses or to cover unexpected costs, providing convenient access to funds without having to re-apply for a loan whenever the need for extra money arises.
Lines Of Credit Features
| Loan Amounts | $5,000 to $100,000+, depending on your credit score, income, and lender |
| Interest Rates | Typically variable rates |
| Loan Terms | No set term; they can be paid back any time |
Learn more: How Does a Line of Credit Work?
No-Interest Loans
Several financial apps are available in Saskatchewan that offer small cash advances with no interest, allowing you to quickly access funds while avoiding any interest charges.
Popular No-Interest Loan Products
A couple of easily accessible cash advance options include::
| Bree | Bree offers cash advances of up to $500 to help you cover upcoming expenses without having to turn to expensive payday loans. You can receive the funds within minutes of applying online, with no credit check or no interest required. |
| KOHO Cover | KOHO Cover is a small, interest-free cash advance of up to $250 that helps consumers bridge the gap between paycheques and avoid overdraft fees. |
| MoneyUp | MoneyUp is a financial product that provides borrowers with flexible access to funds up to $1,000, allowing them to withdraw, repay, and borrow again as needed, often used for managing cash flow or unexpected expenses. |
| Nyble | Nyble is a financial platform that offers a no-interest line of credit of up to $250 with no credit check required. Payment activity is reported to the credit bureaus, helping consumers build or rebuild their credit history. |
Payday Loans
A payday loan is a small, short-term loan that allows for quick access to funds shortly after applying. Loan amounts are available for up to $1,500 and must be repaid in a lump sum in no more than 62 days. These loans are easy to get, as they require no credit check and often allow income from non-traditional income sources.
Payday Loan Features
| Loan Amounts | Up to $1,500 |
| Interest Rates | $14 per $100 borrowed |
| Loan Terms | No longer than 62 days |
Learn more: How To Get Payday Loans In Saskatchewan
Applying For A Loan? This Is What Lenders Look For
While different lenders in Saskatchewan may have their own specific loan requirements, the following factors are commonly assessed during the loan application and approval process:
| Residence | You must live in Saskatchewan to apply for a loan in the province. You can typically prove your residency with things like a utility bill or lease agreement. |
| Income | Lenders will require proof of income to ensure you earn enough to manage loan payments alongside your existing expenses. |
| Employment | Most lenders prefer applicants to be employed for at least 3 to 6 months. That said, some lenders may approve loans with non-employment income sources, like EI or pensions, as long as you can show a consistent income. |
| Debt-To-Income (DTI) Ratio | Lenders review your income relative to your current debts to calculate your DTI ratio to make sure your income can support additional loan payments. |
| Credit Check | Many lenders perform a credit check to assess your creditworthiness, though some may not require one. |
Can I Get A Loan With Bad Credit?
Yes, it’s possible to get a loan with bad credit. While traditional lenders require good credit, there are lenders in the alternative lending space that accept bad credit, including payday lenders. In fact, no credit check may even be required, which means you can apply with poor credit or no credit at all.
Keep in mind, however, that these loans come with higher interest rates and fees.
How Do I Apply For A Loan?
If you’re looking to apply for a loan in SK, follow these steps:
Step 1: Compare Lenders
Do some research to find a lender to apply with. You can do this quickly and easily with an online loan comparison platform, like Loans Canada. Simply plug in a few pieces of information about your financial health and your loan requirements, and Loans Canada will populate a list of available lenders.
Step 2: Fill Out An Application & Provide Documents
Complete the loan application, ensuring that all fields are filled out and all information is accurate. You will also need to supply certain documents to support the information in your application, such as:
- Personal Identification
- Government photo ID (passport, driver’s license, etc)
- Name, date of birth & citizenship status
- Social Insurance Number (SIN)
- Proof of address (utility bill, etc.)
- Income & Employment Info
- Current & recent employers
- Wage or salary details
- Other jobs or incomes (self-employment, government benefits, etc.)
- Banking Info
- Bank account numbers
- Pre-authorized debit form or VOID cheque
- Other liabilities (existing debts, investments, etc.)
- Additional Info
- Supplemental documents (birth certificate, Certificate of Citizenship, etc.)
- Additional documents if you have a mortgage, car loan or other large debt
Many lenders will also ask for permission to check your credit report with Equifax and/or TransUnion. This will lead to a hard inquiry on your credit report, which may negatively impact your credit, though these effects are temporary.
Note: Some lenders may use instant bank verification (IBV) services to securely and quickly verify your bank information and identity. This streamlines the application process and reduces the need for manual document submission.
Step 3: Submit The Application & Wait For The Loan Offer
Every lender has different wait times. Some will reply almost instantly, and others may take a couple of business days (or more if you apply on a weekend or holiday).
Step 4: Accept The Loan Offer & Receive Funds
If you qualify, you’ll get an email or phone call with an offer. Read the contract carefully, then factor the costs into your budget. Legitimate lenders will list the Annual Percentage Rate (APR), associated fees, and payment terms.
If you’re satisfied with the offer, sign and submit the agreement (this could be required electronically or in person). Shortly after, you may receive the loan by direct deposit, e-Transfer, or cheque.
Can I Get Guaranteed Loan Approval?
No legitimate lender will guarantee loan approval without some sort of vetting process. Honest lenders will want to make sure you have the financial ability to cover your loan payments, as well as all other existing debt obligations you have.
That said, there are things you can do to improve your odds of loan approval:
- Lower your debt-to-income (DTI) ratio. Your DTI ratio is a measure of your monthly income relative to your monthly debts. You need to have enough money left over after all your bills have been paid to cover additional loan payments. By paying down your debt, you can reduce your DTI ratio and improve your odds of loan approval.
- Get a co-signer. A co-signer is someone with strong credit and income. In the event that you stop making loan payments, the co-signer is required to take over. Adding them to your loan contract can reduce the lender’s risk and therefore, improve your odds of loan approval with a better rate.
- Choose the right lender. It’s important to find out a lender’s specific loan requirements before applying to ensure that you meet their criteria. This will eliminate any unpleasant surprises and boost your chances of loan approval.
Learn more: How To Get Guaranteed Approval Loans For Poor Credit In Canada
| Is Bad Credit Getting In The Way? Before applying for a loan, improve your credit score. Doing so will not only increase your chances of approval, but it will also mean lower rates and better terms. To boost your score, use credit-building products like savings loans, secured credit cards, or rent reporting services. |
How Can You Find A Reputable Lender In Saskatchewan?
Saskatchewan has its fair share of fraudulent lenders looking to steal your money or personal/financial information. If you’re suddenly offered a loan with an unusually low interest rate or are guaranteed approval, especially without demonstrating basic qualifications, chances are it’s a scam. When a deal seems too good to be true, it usually is.
To find a legitimate lender in Saskatchewan, check out this link: fcaa.gov.sk.ca
| Watch Out For Fake Lenders: What Should You Do If You’ve Been A Victim Of Fraud? If you’re a Saskatchewan resident and would like to know more about what you can do if you’ve been scammed, here’s what you can do: – Contact The Consumer Protection Division, Financial and Consumer Affairs Authority of Saskatchewan. – File a report with your local police department. – Freeze your credit report. – Contact your credit reporting agency (TransUnion or Equifax) and have them put a fraud alert on your credit file. |
Can I Apply For A Loan In Person?
Most alternative lenders in Saskatchewan are only available online. However, certain lenders do offer physical stores where you can apply for a loan in person in certain cities. Here are a few examples:
| Locations | |
| Fairstone | – 2176 Victoria Ave. E, Regina, SK S4N 7B9 – 3130 8th St. E, Unit 6, Saskatoon, SK S7H 0W2 – 48 Hochelaga St. W, Moose Jaw, SK S6H 2G1 – 135 15th St. E, Prince Albert, SK S6V 1G1 Find a Fairstone branch near you. |
| easyfinancial | – 2410 22 St W Unit 5B, Saskatoon, SK S7M 5S6 – 2333 Victoria Ave E Unit 1, Regina, SK S4N 1K5 – 1251 Main St N Unit 6-2, Moose Jaw, SK S6H 6M3 – 801 15 St E Unit 935, Prince Albert, SK S6V 0R7 Find an easyfinancial branch near you. |
| Cash Money | – 1501 Idylwyld Dr N, Saskatoon, SK S7L 1A9 – 475 Albert St, Regina, SK S4R 2P1 – 1212 Main St. N, Moose Jaw, SK S6H 3K9 – 210 15th St W, Prince Albert, SK S6V 3P8 Find a Cash Money branch near you. |
| Money Mart | – 510 Circle Drive E., Unit 1, Saskatoon, SK S7K 7C7 – 1005 Albert Street, null, Regina, SK S4R 2P9 – 22 Caribou St E, Moose Jaw, SK S6H 7Y3 – 800 15 Street E, Unit 89, Prince Albert, SK S6V 8E3 Find a Money Mart branch near you. |
Ready To Apply? Make Sure You Consider This
Before applying for a loan in Saskatchewan, there are a few key things you should consider first.
Is Now The Right Time To Take Out A Loan?
Before taking on additional debt, it’s important to consider whether the purpose of the loan justifies the additional payments. There are, however, certain cases when taking out a loan may be worthwhile:
- Spread out the cost of a big expense: If you have a big expense to cover, like a car repair or home upgrade, you can use a loan to cover the cost in full upfront, then spread out the expense over time through smaller installments.
- Emergency expense: Certain expenses simply cannot wait, like a pet emergency, last-minute travel for a family emergency, or unplanned childcare due to illness. In these cases, the cost of a loan may be worth it to ensure these expenses are covered.
- Cover rent or other essentials: If you’ve experienced job loss or reduced income, you may struggle to cover rent, groceries, and other crucial bills during unemployment. In this case, a loan may be worth taking out to ensure you don’t fall behind.
Compare Offers & Get Pre-Approvals
Comparing loan offers can help you find the lowest interest rates and best terms, saving you money over the life of the loan. This step can also ensure that you choose a loan that fits your financial situation.
Pre-approvals give you a clearer picture of what lenders are willing to offer so you can avoid unpleasant surprises. They also strengthen your negotiating power, showing lenders that you’re a serious and qualified borrower.
Do You Have A Bank Account?
Lenders usually require loan applicants to have a bank account for several key reasons. For starters, loan funds are commonly deposited directly into your bank account, and automatic withdrawals from your account are standard practice to make repayment easier and more reliable.
Plus, access to bank activity helps lenders evaluate your ability to repay the loan. Many lenders use instant bank verification (IBV) to quickly and easily verify your financial information, which can speed up the process. Without a bank account, this step wouldn’t be possible.
If you don’t have a bank account, you can easily open one for free. Many online financial institutions – like Spring Financial, EQ Bank, and Tangerine – offer no-fee chequing accounts.
Learn more: Where Can You Get Free Bank Accounts In Canada?
How Much Will Your Loan Cost You?
The cost of your loan depends on the following key factors:
| Interest Rate | Higher interest rates increase the cost of borrowing, raising your monthly payments and total interest. |
| Loan Term | Longer terms mean lower monthly payments, but higher total interest paid; shorter terms cost less overall but come with higher monthly payments. |
| Loan Amount | A larger loan means more principal to pay back, which also increases the total interest paid. |
What’s The Difference In Cost Between Personal Loans, Payday Loans, & Lines of Credit?
The following comparison table demonstrates how personal loans, payday loans, and lines of credit compare for a $1,500 loan:
| Loan Type | Interest Rate (APR) | Term | Payment Amounts | Total Payment |
| Personal Loan | 9.9% | 12 months | ~$132/month | ~$1,584 |
| Payday Loan | $14 per $100 borrowed* | 2 weeks | ~$1,710 lump sum | ~$1,710 |
| Line of Credit | 11.9% | Revolving (flexible) | ~$133/month (minimum payment) | ~$1,596 (if paid over 12 months) |
Note: Use this online loan calculator to calculate your loan costs.
Need More Financial Support? Check Out These Financial Assistance Programs
| 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 |
Bottom Line
No matter what your specific financial needs may be, there are several loan options to choose from in Saskatchewan that may be tailored to your needs. From personal loans, to credit lines, to bad credit loans, borrowing can be both accessible and affordable. Just be sure to compare offers, understand your repayment obligations, and choose the solution that best fits your financial needs and goals.
