How payday loans work in Saskatchewan
Saskatchewan licenses payday lenders through the Financial and Consumer Affairs Authority under The Payday Loans Act. Every lender that offers loans to Saskatchewan residents, including online lenders, must be licensed by the FCAA.
Since January 1, 2025, a payday loan in Saskatchewan can cost no more than $14 per $100 borrowed, including every fee, under the federal Criminal Interest Rate Regulations. The loan can be up to $1,500 and can't run longer than 62 days.
How much you can borrow in Saskatchewan
A payday loan in Saskatchewan can be no more than 50% of your net pay for the pay period, up to the national maximum of $1,500. With take-home pay of $1,200 per pay period, the most you could borrow is $600.
What a payday loan costs in Saskatchewan
| You borrow | Maximum cost | Total to repay | APR on 14 days |
|---|---|---|---|
| $300 | $42 | $342 | 365% |
| $500 | $70 | $570 | 365% |
| $1,000 | $140 | $1,140 | 365% |
| $1,500 | $210 | $1,710 | 365% |
Your rights as a borrower in Saskatchewan
- Cancellation: You can cancel until the end of the next business day after you receive the money, without paying the cost of borrowing.
- Repeat loans: You can only have one payday loan at a time with a lender, and rollovers aren't allowed.
- Late or missed payments: If a payment bounces, the lender can charge one dishonoured payment fee of up to $20.
- Early repayment: you can repay early without a prepayment penalty.
- Disclosure: your written agreement must show the amount, the total cost in dollars, the APR and every due date before you sign.
- No extras: a lender can't require insurance or charge you anything upfront.
Saskatchewan's cancellation window is shorter than Ontario's or BC's, so read your agreement as soon as you get it. If anything doesn't match what you were told, you have until the end of the next business day to change your mind.
Applying online from anywhere in Saskatchewan
You can apply for an online or e-Transfer payday loan from anywhere in the province, including Saskatoon, Regina, Prince Albert, Moose Jaw, Swift Current, Yorkton, North Battleford and Estevan. The same provincial rules apply whether you live in a large city or a small town, and whether you borrow online or at a store.
To apply, you'll need to be at least 18 (the age of majority in Saskatchewan), have had regular income for three months or more, and have an active Canadian bank account. See how it works for the full process.
How to check a lender's licence in Saskatchewan
Payday lenders in Saskatchewan are licensed and overseen by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA). A legitimate lender will show its licence number on its website and in your loan agreement. If you can't find it, check the regulator's public list before you sign anything, and walk away from any lender that asks for money upfront.
If you're struggling to repay in Saskatchewan
Contact your lender before the due date and ask about a payment plan. A non-profit credit counselling agency can review your budget for free, and FCAA can help if you believe a lender broke provincial rules. Our responsible lending guide lists more options.