- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Although loan conditions and interest rates will vary from lender to lender, there are plenty of different loans you can apply for as a resident of Saskatchewan, including:
A personal loan (a.k.a. installment loan) allows you to borrow a lump sum of money and repay it over time with interest. If you qualify, you can generally borrow around $1,000 to $35,000 over a payment term of 1 to 5 years, but it depends on your lender, finances and credit. The same idea goes for interest rates, which can range from 4% to 46%.
To get the best rates, having a good credit score can help. As such, before applying for a loan, it’s best to check your credit score.
Most lenders can conduct the entire loan funding and payment process via e-Transfer or direct deposit. Once you have the funds, they can be used to cover any expense.
Payday loans are small loans with easy requirements and fast approval times. They make a great option for people with bad credit, no credit history or lower incomes. Loans usually range from $100 to $1,500, with terms of 14 days. After 2 weeks, the entire amount must be repaid, with interest and fees.
Be careful! Payday loans come with very high rates. They also attract predatory lenders and scammers. Only get a payday loan if you have a real emergency and do research.
Car loans are used to finance new and used vehicles. They’re offered by auto lenders and car dealerships all over Saskatchewan, typically in lump sums of money or in-house financing plans. Similar to a personal loan, you would be borrowing the funds, using them to buy a car, then repaying your debt in fixed installments, with interest and fees.
Car loans are secured against the vehicle, which can reduce the risk for the lender and help you qualify for a lower rate. However, if you default, the lender can repossess your car.
A mortgage is a secured loan you can use to finance a home or other piece of real estate. Since they cost thousands of dollars, most mortgages are amortized over 10 to 25 years, with fixed or variable payment terms of 5 years. Once your term is up, you may be able to do multiple things to your mortgage, such as renewing it or refinance it.
Do note, your lender can foreclose on your home if you miss too many payments. A mortgage is a serious loan that may put lots of stress on your finances.
If you’re a full-time student, you may qualify for a loan from your bank. Student loans are also available through private lenders and the Government of Saskatchewan:
A lot of financial institutions offer loans and lines of credit for students. Similar to government student loan programs, these products generally come with flexible rates and terms, so you can pay your debt after your schooling ends.
Many alternative lenders offer student loans too. Rates can be higher, but requirements are often easier than a bank’s. Even though you may need to start repaying your loan immediately, some lenders allow grace periods.
You can also apply for student loans through your provincial or territorial government. Eligibility and loan amounts are based on the cost of your studies, as well as your household income, dependents, and disabilities (if any).
If you’re looking to qualify for any type of loan in SK, there’s a series of steps you should take to prepare yourself for the application, funds transfer and payment processes:
Depending on where you live, there could be tons of different lenders in your area and online, so take some time to do research. While interest rates and loan conditions are important, you must be especially sure to pick a legitimate business with good reviews.
To apply, you must be comfortable providing information like your age and identity, bank account numbers, and job details. Most creditors 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. Although these effects are temporary, it’s best not to apply for too many new credit products at once.
To apply, you may also need to send copies of certain documents to your lender. Once that’s done, 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). Make sure to fill in your application properly to avoid any delays.
During the application process, you might have to provide the following information:
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 like the offer, just 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.
There are a number of factors you should evaluate to understand which loan is not only the most cost-effective but which loan works best for your situation.
For many people, getting a loan approved is not an easy process, especially if they don’t have favourable credit. If you think you might have trouble getting approved, don’t worry, there are steps that you can take to improve your chances:
If a loan isn’t the right option for you, the Saskatchewan Government offers assistance programs for residents and newcomers who are struggling financially, including the:
There are many scam artists online impersonating lenders. If you’re not careful, they can steal your money and personal information. If you’re a Saskatchewan resident and would like to know more about what can you do if you’ve been scammed, here’s what you can do:
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