How payday loans work in Estevan
Estevan, in southeast Saskatchewan near the US border, has an economy built on coal-fired power, oil and gas, and agriculture, and has faced uncertainty as coal power is phased down.
Every payday loan in Estevan follows Saskatchewan's Payday Loans Act and is licensed by the Financial and Consumer Affairs Authority (FCAA). You can borrow $100 to $1,500, but no more than 50% of your net pay for the pay period. The cost can't exceed $14 per $100, you can only have one payday loan with a lender at a time, and you can cancel until the end of the next business day.
What a payday loan costs in Estevan
| You borrow | $600 |
|---|---|
| Maximum cost ($14 per $100) | $84 |
| Total to repay | $684 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $1,200 per pay period |
| APR on a 14-day loan | 365% |
Rollovers aren't allowed in Saskatchewan, so a lender can't extend your loan for another fee. If a payment bounces, the lender can charge one dishonoured payment fee of up to $20, and lenders can't charge you anything upfront.
Borrowing in Estevan: what to know
If your hours have dropped or you're between jobs, lenders will see it in your recent deposits, and the 50% rule will lower what you can borrow. Borrow based on the pay you know is coming, not on overtime or your next contract.
Getting your money in Estevan
You can apply from anywhere in Estevan, including Bienfait, Lampman and the surrounding area. Once you e-sign your agreement, your lender sends the loan by Interac e-Transfer. Weekday morning applications are often funded within a few hours; evening and weekend applications usually fund the next business day.
Every lender we work with is licensed by the FCAA, which keeps a public list of licensed payday lenders. If a website offering loans in Estevan isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Estevan
Estevan residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available by phone. If you've lost work, check Employment Insurance and provincial training supports before borrowing.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.