How payday loans work in Humboldt
Humboldt, east of Saskatoon, is a close-knit agricultural city and a service centre for the surrounding farming communities.
Every payday loan in Humboldt 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 Humboldt
| You borrow | $300 |
|---|---|
| Maximum cost ($14 per $100) | $42 |
| Total to repay | $342 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $600 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 Humboldt: what to know
In farm country, household income can depend on the harvest. If your pay is regular, a payday loan is repaid on your next payday. If your income is seasonal, talk to your credit union first, since a small loan or overdraft usually costs much less.
Getting your money in Humboldt
You can apply from anywhere in Humboldt, including Muenster, Bruno, St. Brieux and the surrounding RMs. 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 Humboldt isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Humboldt
Humboldt residents can call 211 Saskatchewan for local supports. Farm families can contact the free Farm Debt Mediation Service, and non-profit credit counselling is available by phone.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.