How payday loans work in Moose Jaw
Moose Jaw, west of Regina on the Trans-Canada, is home to 15 Wing Moose Jaw, a large RCAF training base, along with agriculture, healthcare and tourism.
Every payday loan in Moose Jaw 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 Moose Jaw
| 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 Moose Jaw: what to know
If you're a Canadian Armed Forces member or family at 15 Wing, check with the base's military family resource centre about financial support before taking a high-cost loan. For everyone else, borrow the repair cost only, since it's normally due in one payment on your next payday.
Getting your money in Moose Jaw
You can apply from anywhere in Moose Jaw, including Sunningdale, the Palliser area and surrounding 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 Moose Jaw isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Moose Jaw
Moose Jaw residents can call 211 Saskatchewan for local supports. CAF members and families can contact the 15 Wing military family resource centre, and free 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.