How payday loans work in Meadow Lake
Meadow Lake, in northwest Saskatchewan, is a hub for forestry, agriculture and the surrounding First Nations and Métis communities.
Every payday loan in Meadow Lake 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 Meadow Lake
| 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 Meadow Lake: what to know
Forestry work can be seasonal or affected by mill schedules. Lenders need about three months of regular deposits, so if work has just started or recently slowed, you may be offered less or declined. Borrow based on the paycheques you're sure to receive.
Getting your money in Meadow Lake
You can apply from anywhere in Meadow Lake, including Rapid View, Pierceland, Loon Lake 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 Meadow Lake isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Meadow Lake
Meadow Lake residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available by phone or online anywhere in the province.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.