How payday loans work in Swift Current
Swift Current is the service centre for southwest Saskatchewan, with an economy built on grain, cattle, oil and gas, and the businesses that serve them.
Every payday loan in Swift Current 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 Swift Current
| 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 Swift Current: what to know
Farm income arrives unevenly, often around harvest or grain sales rather than on a regular payday. Payday lenders want to see regular deposits for about three months, so farm income alone may not qualify. If you farm and are under financial pressure, the federal Farm Debt Mediation Service is free and confidential.
Getting your money in Swift Current
You can apply from anywhere in Swift Current, including surrounding RMs and communities across the southwest. 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 Swift Current isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Swift Current
Swift Current residents can call 211 Saskatchewan for local supports. Farmers can contact the Farm Debt Mediation Service through Agriculture and Agri-Food Canada, 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.