How payday loans work in Yorkton
Yorkton is the largest city in east-central Saskatchewan, a regional hub for agriculture, agri-business, manufacturing and retail.
Every payday loan in Yorkton 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 Yorkton
| You borrow | $300 |
|---|---|
| Maximum cost ($14 per $100) | $42 |
| Total to repay | $342 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $600 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 Yorkton: what to know
Unexpected bills like vet costs or appliance repairs are among the most common reasons to borrow. Ask the provider about a payment plan first. Many offer one at no cost, which is far cheaper than a $14 per $100 payday loan.
Getting your money in Yorkton
You can apply from anywhere in Yorkton, including Springside, Melville, Canora and the surrounding 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 Yorkton isn't on that list, or asks for a fee upfront, don't apply.
Free financial help in Yorkton
Yorkton 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.