Saskatchewan is a beautiful province with so many cultural attractions and heritage sites. Better still, the payday loans industry in the province is well regulated to ensure consumers are well protected, and the loans are easily accessible. When there, you will enjoy visiting museums (and there are many of these), art galleries, spas, antique and handcraft shops, archaeological sites, and many more magnificent places.
The province of Saskatchewan protects lenders from lenders who might plan to exploit their ignorance. However, it is still advisable that lenders be careful when shopping for payday loans in Saskatchewan. You need to ensure that the annualized borrowing rate does not go above what the government of Saskatchewan allows. Because payday loan regulations are enforced, borrowers enjoy safe, quick approvals for their online loans or loans from traditional lenders. These loans have no minimum credit score requirements, and the lenders might not even ask for a bank statement.
This guide takes you through everything you need to know before taking payday loans in Saskatchewan, Canada. This will help you stay safe from predatory instant loans lenders.
Saskatchewan short-term loans lenders have simple eligibility criteria. To apply for a loan, you only need:
Just that and you are guaranteed a payday loan in Canada. Better yet, most online payday loans in Regina, Saskatchewan (and other cities in the province) are offered to all Canadians; as long as you are a Canadian, you can get a loan online in Saskatchewan.
The loan you get is payable on your next pay date. The lender cannot ask you to pay your loan before your next pay date unless you misrepresented your income details. The lender will ask you to submit a few documents and details, and then you will get an instant decision on your loan. After the loan is processed, you will get a signed contract outlining all terms of the loan, the lender details, the borrower details, and your rights.
You can only borrow up to 50 percent of your net pay or $1,500 – whichever is less. Again, you are not allowed to take multiple loans or renew your loan after the loan term. Because lenders risk losing their payday license if they offer you a loan of more than 50 per cent of your net pay, they will check your online bank statement or your pay stub to ensure they follow the law. However, for the law to be enforced, you need to borrow only from lenders licensed to operate in Saskatchewan – this way, you can always file a complaint whenever a lender infringes on your borrower rights.
For all loans you borrow, the total cost of credit should not exceed $17 for every $100 you borrow. This cost of credit should include all fees involved in the loan directly or indirectly. The fees include interest, administration and processing charges, applications, commissions, and brokerage fees.
The Payday Loans Act of Saskatchewan was enacted to protect borrowers and makes it easier for lenders to operate smoothly. The Act applies to all payday lenders licensed to operate in Saskatchewan.
The Act applies to you when:
The Payday Loans Act will not protect anyone applying for quick loans outside Saskatchewan. However, there are exceptions to the Act. If you are not sure whether the loan applies to you as a borrower, contact the FCAA office and enquire. While the Act exists, not all lenders will follow it. All licensed lenders, however, must comply with the Act.
Before you start comparing rates offered by different emergency loans lenders, ensure that the lenders are licensed. The government provides a list of licensed payday lenders operating both online and in nearby payday loan store. Check out the list to verify whether the lender you are considering is licensed.
Besides that, you can watch out for signs that the lender is operating within the law. These signs include:
Before you apply for payday loans in Regina, Saskatchewan (and other cities in the province), check out what other borrowers have to say about the quick funds lender. Some lenders will have a valid license but fail to follow the payday loans act. Better Business Bureau Saskatchewan lists companies and then rates them based on customer reviews.
Check what customers have to say about the fees, customer support, collection process, and many other aspects the financial quick-fix lender might have displayed. While the lender does not need to be accredited by BBB, they need to have a good rating and a lot of positive reviews.
Not only do you need to apply for a loan from a licensed lender, but you also need the best loan rates available. To take care of your financial needs and be able to repay the loan, you have to get the best rates. Loans Geeks compares payday loans in Saskatchewan, Canada, to show you the lenders that offer the lowest cost of credit. When you apply for a loan on the platform, you are assured of safety and affordable online payday loans. You can see all types of online loans on Loans Geeks and guides to different loans and loan places. If you have a bad credit history, check out lenders that do not offer payday loans on the basis of your credit score.
It is easy to apply for payday loans in Regina, Saskatchewan. To get safe instant loans, you need to meet the eligibility criteria that require that you:
Most money lenders will only need to see proof of income to approve a loan. Most lenders will approve your application even if you have part time jobs or a business as long as you have continuous income.
You do not need a good credit score to apply for payday loans in Saskatchewan, Canada. Most lenders will either not check your credit score or will not consider it when approving your application. The application process for online loans is automated, you will submit your application, the payday loan software will verify the documents and check your credit score, then approve your loan. This only takes a few minutes. You will then be presented with the loan contract to read and sign. Even though these online lenders consider your credit score, it does not have any effect when approving your loan.
During the application process, you need to understand all the details concerning the loan you are about to apply for. The lender is required by law to provide you with a pre-contract disclosure statement that:
During the application process, the lender is supposed to offer you a contract to sign. This contract should have all the details involving your payday loan including:
If you fail to pay your loan on the agreed date, as indicated on your loan contract, the lender will charge you:
Irrespective of the number of cheques and pre-authorized debits that you dishonored, the lender can only charge you one NSF charge for a single loan. Besides these two charges, the lender cannot charge you any other fees, costs, or penalties for defaulting.
Even if you are unable to pay your loan after more than a month, the lender cannot charge you any fees to roll over your loan or refinance or extend your loan term. Any lender who charges you extra fees might be considered a bad financial practice and may face a huge tax penalty or lose their license.
You can make an advance payment, make a direct deposit, or give the lender permission to direct withdraw funds from your account via a pre-authorized debit (PAD) to avoid delinquent accounts. If you decide to use a PAD:
The lender is not permitted to make more than two attempts to get payment from your bank account using a PAD. Lenders are also required to follow The Collection Agents Act which says that the lender is not allowed to:
The payday lender might sell your loan to a collection agency which follows the same procedure to collect the loan from you. In instances where you fail to pay your loan amount for more than a few months, you might be sued for the amount owed. When the matter gets to court, you will need a lawyer. The loan funding process will be determined and you will be legally bound to the lender and your loan.
You can avoid additional charges by paying your loan on time. If you pay on time, you avoid the default charge and the NSF charge. If you do not pay on time, the default charge will accrue over the months and can make your loan unmanageable.
To ensure you pay on time, consider:
It is easy to access payday loans in Regina, Saskatchewan (and other cities in the province). However, when not checked, these loans can balloon out of control thanks to their high interests. To be on the safe side, consider taking a loan with a licensed lender. You can also compare fees to get a loan with the most affordable APR.
Saskatchewan is a hub for so many businesses. Financial institutions are so many in the area and so are other industries. According to Statistics Canada, below are the incomes of residents of Saskatchewan by age in 2017.
With payday loans in Saskatchewan, you can receive an advance on your paycheck to help you cover unexpected emergencies or other financial obligations.
If you can’t repay your loan, work directly with the lender to minimize any financial penalties against you. If this is not an option, work with a debt or bankruptcy counselor. Lenders will not just disappear, so be proactive.
Loans Geeks has sorted through the wide range of payday lenders in Saskatchewan to provide you the best options.
For consolidating payday loans in Saskatchewan, work with a debt consolidator that can provide you a sum of money to meet your financial obligations.
Many different types of people use payday loans in Saskatchewan to meet obligations like car repayments, emergency house repairs, and more.
It is very easy to apply for and receive one of the payday loans listed on Loans Geeks.
Payday lenders in Saskatchewan will use your bank account to claim repayment and verify your eligibility in some cases. For this reason, you are unlikely to find a reputable payday lender in Saskatchewan that will not ask for your bank information.
You can receive only one payday loan in Saskatchewan at a time.
Most payday loans in Saskatchewan will not check your credit score.
If you don’t repay your payday loan in Saskatchewan, it will impact your credit much like doing the same for any other type of loan would.