How payday loans work in Martensville
Martensville, north of Saskatoon near Warman, is a fast-growing bedroom community where many residents commute into the city for work.
Every payday loan in Martensville 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 Martensville
| 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 Martensville: what to know
When a small shortfall hits just before payday, borrow only what you need. On a $300 loan, the most you'd pay is $42, and you'll need take-home pay of at least $600 that pay period to qualify under the 50% rule.
Getting your money in Martensville
You can apply from anywhere in Martensville, including Warman, Dalmeny and north Saskatoon. 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 Martensville isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Martensville
Martensville residents can call 211 Saskatchewan for local food and emergency supports, and free non-profit credit counselling is available in Saskatoon or by phone.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.