How payday loans work in Regina
Regina is Saskatchewan's capital, with a large provincial public service, Crown corporations, the University of Regina and a strong agriculture and manufacturing base.
Every payday loan in Regina 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 Regina
| 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 Regina: what to know
Annual costs like your SGI vehicle renewal can land at the same time as a big SaskEnergy or SaskPower bill. Ask the utility about a payment arrangement first. If you still need a loan, borrow only the gap, since the full amount is normally due on your next payday.
Getting your money in Regina
You can apply from anywhere in Regina, including Harbour Landing, the Cathedral area, Glencairn and Lakeview. 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 Regina isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Regina
Regina residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available in person 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.