How payday loans work in Prince Albert
Prince Albert is Saskatchewan's third-largest city and the gateway to the province's north, serving as a hub for healthcare, forestry, government services and many northern and First Nations communities.
Every payday loan in Prince Albert 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 Prince Albert
| 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 Prince Albert: what to know
Travel to northern communities can be expensive and hard to predict. If the trip is for medical care, check whether you qualify for medical travel support before borrowing. If you do borrow, you can only have one payday loan with a lender at a time in Saskatchewan.
Getting your money in Prince Albert
You can apply from anywhere in Prince Albert, including the East Flat, Crescent Heights, the West Hill and surrounding RMs. 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 Prince Albert isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Prince Albert
Prince Albert 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.