How payday loans work in Weyburn
Weyburn, in southeast Saskatchewan, is surrounded by oil fields and farmland, and serves as a hub for the energy and agriculture businesses in the region.
Every payday loan in Weyburn 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 Weyburn
| 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 Weyburn: what to know
Seasonal costs like winter tires often arrive in the same month as other bills. If you can, set aside a little each payday from late summer. If you do borrow, you can't take a second payday loan with the same lender until the first is repaid.
Getting your money in Weyburn
You can apply from anywhere in Weyburn, including the surrounding RMs and 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 Weyburn isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Weyburn
Weyburn residents can call 211 Saskatchewan for local supports, and free non-profit credit counselling is available by phone or online.
If you believe a payday lender broke Saskatchewan's rules, you can file a complaint with the FCAA's Consumer Protection Division.