How payday loans work in Saskatoon
Saskatoon is Saskatchewan's largest city, home to the University of Saskatchewan and a workforce spread across healthcare, mining head offices, agri-business and the trades.
Every payday loan in Saskatoon 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 Saskatoon
| You borrow | $500 |
|---|---|
| Maximum cost ($14 per $100) | $70 |
| Total to repay | $570 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $1,000 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 Saskatoon: what to know
Saskatoon winters are hard on vehicles, and a repair often can't wait. Before you sign, remember Saskatchewan gives you only until the end of the next business day to cancel, which is shorter than in Ontario or BC. Read your agreement as soon as it arrives.
Getting your money in Saskatoon
You can apply from anywhere in Saskatoon, including Stonebridge, Nutana, Lawson Heights and the Sutherland 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 Saskatoon isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Saskatoon
Saskatoon residents can call 211 Saskatchewan for local emergency supports. Free non-profit credit counselling from Credit Counselling Canada member agencies is available in person or by phone. Students should check with the University of Saskatchewan or Saskatchewan Polytechnic financial aid office about emergency bursaries first.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.