How payday loans work in Melfort
Melfort, in northeast Saskatchewan, is known as the City of Northern Lights and serves as a hub for one of the province's most productive farming regions.
Every payday loan in Melfort 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 Melfort
| 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 Melfort: what to know
If a SaskPower or SaskEnergy bill is the problem, ask about an equal payment plan or payment arrangement before borrowing. It spreads the cost at no extra charge, while a payday loan adds $14 for every $100.
Getting your money in Melfort
You can apply from anywhere in Melfort, including Star City, Kinistino, Naicam 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 Melfort isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Melfort
Melfort residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available by phone or online.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.