How payday loans work in Lloydminster
Lloydminster straddles the Saskatchewan and Alberta border, which runs right through the city. Which province's payday loan rules apply depends on where you live, not where you work or shop.
Every payday loan in Lloydminster 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 Lloydminster
| You borrow | $400 |
|---|---|
| Maximum cost ($14 per $100) | $56 |
| Total to repay | $456 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $800 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 Lloydminster: what to know
If you live on the Saskatchewan side, Saskatchewan rules apply: a single repayment on your next payday, a limit of 50% of your net pay, and until the end of the next business day to cancel. If you live on the Alberta side, Alberta's rules apply instead, with a 42 to 62-day term repaid in instalments. Use your home address on your application so the right rules apply.
Getting your money in Lloydminster
You can apply from anywhere in Lloydminster, including the Saskatchewan side of the city and nearby communities. 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 Lloydminster isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Lloydminster
Saskatchewan-side residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available by phone. If you live on the Alberta side, see our Alberta-side Lloydminster guide.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.