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Buyers Guide

Payday Loans in Saskatchewan

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.

Do You Qualify for Online Payday Loans in Saskatchewan?

Saskatchewan short-term loans lenders have simple eligibility criteria. To apply for a loan, you only need:

  • to be a resident of Saskatchewan,
  • show proof of income for the past three months,
  • and have an active chequing account with a Canadian bank

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.

No collateral is needed, such as in car loans or other personal loans, when applying for payday loans.

How Much Can You Borrow through Payday Loans in Saskatchewan?

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.

Lenders are Protected When Offering Payday Loans in Saskatchewan

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:

  • You enter into a loan agreement in payday loan storefronts anywhere in Saskatchewan.
  • You make online applications for easy cash advances while you are in Saskatchewan.
  • You enter into an instant cash agreement over the phone or through fax while still in Saskatchewan.

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. 

How To Find Good Payday Loans in Saskatchewan

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:

  • The lender displays fees and license number on their homepage (for online fast cash advance lenders) or a wall in their reception (for instore lenders). This way, you can verify the license number from the list above.
  • The lender does not charge more than $17 per $100 borrowed. Note that, $17 is the maximum a fast loan lender should charge. The fee should be inclusive of all charges. On websites and receptions, the lender is required to display what a specific loan amount would cost you for two weeks.
  • The lender does not offer a loan that is more than 50 percent of your net pay, does not provide loan renewals or rollovers, and offers you a signed copy of your loan contract.

Check Consumer Reviews on BBB Saskatchewan

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.

Apply for Online Payday Loans in Saskatchewan through Loans Geeks

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.

The Application Process for Payday Loans in Saskatchewan

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:

  • Have an income and show proof of that income for the last three continuous months
  • Show proof of residence – either Saskatchewan or Canadian residence using a utility bill
  • Have a chequing account with a Canadian bank that has been active for at least three months

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.

Do You Need a Good Credit Score?

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.

Pre-Contract Disclosures with Payday Loans in Saskatchewan

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:

  • Says payday loans are high cost loans – this is to say that the loans will not rectify your credit score.
  • Explains all amounts on the contract including rates, fees, penalties, or any other charges that may be levied on your loan
  • Informs you of your right to cancel a loan without any additional charges and without providing a reason any time before the end of business day a day after the day you signed your loan agreement.
  • Includes a cancellation form that borrowers can use to give the lender a written notice expressing their interest to cancel a loan agreement
  • Includes a receipt that indicates the amount you return to the lender after cancelling the loan agreement
  • Provides you with contact details for Contact Counselling Canada

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:

  • Name and address of the lender
  • Name and address of the borrower
  • Date and time the contract is signed
  • Date and time the loan is awarded and released
  • All fees involved including the principal amount and the total cost of the loan – these fees should not be more than $17 for every $100 you borrow

How Late Fees Work for Payday Loans in Saskatchewan

If you fail to pay your loan on the agreed date, as indicated on your loan contract, the lender will charge you:

  • Default interest which is 30 percent per annum on the principal loan amount
  • An NSF charge of up to $25 if a pre-authorized debit card or cheque was dishonored

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.

Collection Practices with Online Payday Loans in Saskatchewan

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 will attempt to get funds from the PAD for the amount outlined on the PAD and on the date set on the PAD agreement.
  • If the initial attempt is dishonored, the lender will make another attempt within 30 days after the first attempt.

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:

  • Collect an amount more than the borrower owes or charge additional fees to cover their collection efforts
  • Charge you, the borrower, for the cost of telephone calls, emails, or telegram made during the loan collection process
  • Use false court documents to threaten or intimidate you into paying the loan
  • Make telephone calls to you, your spouse, friends or relatives, for so many times that you feel harassed
  • Make calls to you demanding payment on a Sunday or on holidays. All calls should be made on any other days between 8.00 a.m. and 9.00 p.m.
  • Feed you misleading or false information, directly or indirectly
  • Threaten to give or give your employer, friends, or relatives, any information involving the loan or your failure to pay. The lender should not release any information that may adversely affect the chances of employment opportunities for you or those close to you
  • Make demand for payment without indicating the name and address of the lender, the amount owed, and the position of the person making the payment demand
  • Harass other people on call in a bid to locate you

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.

Tips to Avoid Additional Fees with Payday Loans in Saskatchewan

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:

  • Making a monthly budget that shows how you will repay your online payday loans in Saskatchewan and meet your other financial issues.
  • Use your credit card to pay some of your bills so you can have enough cash flow to make payment.
  • Dig into your RRSP account or take a small loan from a friend to take care of your short term loan needs and pay your loan on time.
  • Call the lender and explain the unforeseen circumstances that may make you default on your loan. Some lenders will, on short notice, halt charging additional fees or lower the charges for you.
  • You can also consider credit counselling Canada where you are shown how to handle your debts when you are in need of quick cash and your loan is due.

Conclusion

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.

5 Fun Things To Do In Saskatchewan

Average Income by Age in Saskatchewan

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.

  • 16 – 24 years: $19,600
  • 25 – 34 years: $48,900
  • 35 – 44 years: $60,500
  • 45 – 54 years: $64,400
  • 55 – 64 years: $55,900
  • Above 65 years: $39,500

Map of Saskatchewan

Frequently Asked Questions

How do payday loans work in Saskatchewan?

With payday loans in Saskatchewan, you can receive an advance on your paycheck to help you cover unexpected emergencies or other financial obligations.

How to get out of payday loans in Saskatchewan?

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.

Who does payday loans in Saskatchewan?

Loans Geeks has sorted through the wide range of payday lenders in Saskatchewan to provide you the best options.

How to consolidate payday loans in Saskatchewan?

For consolidating payday loans in Saskatchewan, work with a debt consolidator that can provide you a sum of money to meet your financial obligations.

Who uses payday loans in Saskatchewan?

Many different types of people use payday loans in Saskatchewan to meet obligations like car repayments, emergency house repairs, and more.

Which payday loans are easy to get in Saskatchewan?

It is very easy to apply for and receive one of the payday loans listed on Loans Geeks.

Who does payday loans without a bank account in Saskatchewan?

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.

How many payday loans can you get at one time in Saskatchewan?

You can receive only one payday loan in Saskatchewan at a time.

How do payday loans check your credit in Saskatchewan?

Most payday loans in Saskatchewan will not check your credit score.

How do payday loans affect credit in Saskatchewan?

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.

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