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Types Of Loans In Saskatchewan
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:
Personal Loans In Saskatchewan
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 In Saskatchewan
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.
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.
Car Loans In Saskatchewan
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.
Mortgages In Saskatchewan
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.
Student Loans In Saskatchewan
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.
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:
Step 1: Compare Lenders & Choose One To Apply With
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.
Step 2: Fill Out An Application & Provide Documents
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.
Step 3: Submit The Application & Wait For The Loan Offer
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.
Documents Required To Apply For A Loan In Saskatchewan
During the application process, you might have to provide the following information:
1 or more pieces of government photo ID (passport, driver’s license, etc)
Other jobs or incomes (self-employment, government benefits, etc.)
Bank account numbers
Pre-authorized debit form or VOID cheque
Other liabilities (existing debts, investments, etc.)
Supplemental documents (birth certificate, Certificate of Citizenship, etc.)
Additional documents if you have a mortgage, car loan or other large debt
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 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.
Cost Of A Saskatchewan Loan
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.
Interest rate – The interest charged by your lender is the most obvious way to judge the cost of your loan. The high the rate the more expensive your loan will be.
Fees – Some lenders that charge a lower interest rate, may charge you an exorbitant amount in fees instead. Be sure to calculate how much your loan will cost with interest and fees, to see which option is cheaper.
Repayment term – While a longer repayment term provides smaller and more affordable payments, the interest that is accumulated during that time is much higher than a shorter loan term. However, depending on your financial capabilities, you should choose a term that is not just short but, one you can afford.
Estimate Your Monthly Payments
How To Increase Your Chances of Getting Approved For A Loan
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:
Check your credit score before you apply for a loan. That way you’ll know where you stand as a borrower. It can also help you understand which lenders you have a chance of qualifying with.
Get pre-approved before applying. This will help you compare loan offers without any hard credit checks.
If you have any debts, make sure to pay them off as much as you can before applying. Your debt-to-income ratio can play a big part in your approval.
Where Can You Get Financial Assistance In Saskatchewan?
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:
Saskatchewan Assistance Program (SAP) – This program provides assistance to individuals and families who can’t afford basic living costs. You may qualify for the SAP due to valid reasons like unemployment, disability, illness or low income.
Saskatchewan Assured Income For Disability (SAID) – This program offers a similar type of financial support to residents with severe and ongoing disabilities.
Watch Out For Fake Lenders: What Should You Do If You’ve Been A Victim Of Fraud?
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:
Contact The Consumer Protection Division, Financial and Consumer Affairs Authority of Saskatchewan. Their contact information can be found on their website: http://www.fcaa.gov.sk.ca/.
File a report with your local police department. They should have a sector that deals specifically with fraud and identity theft. If not, ask them to direct you to a department that does.
Freeze your credit report. That way any scammer trying to impersonate you will have a harder time opening any credit accounts in your name as lenders won’t be able to access your credit report.
If you’ve fallen victim to credit fraud, contact your credit reporting agency (TransUnion or Equifax) and have them put a fraud alert on your credit file. Since both agencies have slightly different information, you may want to contact both locations
Yes. You may be eligible for a loan in Saskatchewan, even if you don’t have a job. That said, it depends on where you apply and how strong your financial profile is. You must still be earning a regular income, like payments from self-employment, or government benefits. Otherwise, you’ll have a tough time qualifying. Keep in mind that lenders who approve jobless clients may charge higher interest rates for smaller loans.
What’s the difference between getting a loan from a bank and an alternative lender in Saskatchewan?
Unlike a bank, alternative lenders have much more flexible requirements that make loans more accessible. Moreover, when you apply with an alternative lender, the entire loan application process can be completed online. Due to their structure, they are also able to send you your funds much quicker than a bank. However, the downside to alternative lenders is that they often charge higher rates than banks, making them a more expensive option.
Can I get a loan with no credit checks in Saskatchewan?
Yes, there are many alternative lenders in Saskatchewan that are willing to provide loans with no credit checks. Many payday loans, auto title loans and some personal loans don’t require a credit check. However, these lenders will determine your creditworthiness based on other factors including your income level, debt-to-income ratio, employment stability and your overall financial health.