Compare e-Transfer payday loans in Saskatchewan

Can I get payday loans in Saskatchewan?

Yes, payday loans are legal in Saskatchewan. You can get fast e-Transfer payday loans in Winnipeg at physical stores or through reputable online lenders like the ones listed above.

Each province has its own rules governing payday loans. In Saskatchewan, the Payday Loans Act helps protect those who take out payday loans.

Fast facts

How much do e-Transfer payday loans in Saskatchewan cost?

Payday loan lenders in Saskatchewan can charge up to $17 in fees for every $100 borrowed. Payday lenders aren’t allowed to give borrowers more than 50% of their net paycheque.

Example: If your previous paycheque was $1,000, the most you can borrow is 50% of this, or $500. The total you’d repay is $585 ($17 X 5 = $85). With a 14-day repayment term, this represents an APR of 443.21%.

How do e-Transfer payday loans in Saskatchewan compare to other types of funding? Here’s what you could pay for a payday loan versus a typical credit card cash advance.

Can I get e-Transfer payday loans in Saskatchewan 24/7?

Yes, many payday loan lenders in Saskatchewan offer e-Transfer funding. These providers also typically allow you to apply entirely online, which means the full process from start to finish can sometimes be completed within minutes. Some example lenders offering e-transfer payday loans in Saskatchewan are Cash Money, Money Mart and GoDay.

Can I get online payday loans in Saskatchewan with no credit check?

Yes, it’s possible to get online payday loans in Saskatchewan with no credit check from a selection of payday lenders. These lenders will instead be more interested in you having:

• An active chequing account
• Proof of address
• Proof of three months of continuous income (some lenders accept government benefits as well as typical employment income)

The lenient criteria for no credit check payday loans in Saskatchewan can be easy to meet. However, some lenders might be predatory. It’s important to do your research and use a reputable lender—whether or not a credit check is required.

Can I get instant loans in Saskatchewan?

Yes, payday loans are likely going to be the fastest option if you’re looking for instant loans in Saskatchewan. Some payday loan providers have a web-based application process with automated approval available 24/7. Many also offer e-transfer payday loans within minutes of approval. Examples of payday lenders offering instant loans in Saskatchewan include Cash Money and Loan Express.

How can I tell if e-Transfer payday loans in Saskatchewan are legit?

On top of restrictions on fees and how much you can borrow, lenders offering payday loans in Saskatchewan have to abide by other regulations. Look for the following signs to make sure you’re working with a legitimate lender.

• The lender displays a Saskatchewan licence number. Lenders in Saskatchewan are required by law to be licensed by the Financial and Consumer Affairs Authority. Licensing should be displayed online and at all physical locations.
• The lender displays fees. Lenders must display signs on the premises outlining rates and fees.
• No roll-over loans. Lenders can’t rollover, refinance or extend your loan. You cannot pay off an existing payday loan with a second one.
• It provides same-language contracts. This means that if you and your lender communicate in English, your contract must be in English. If it’s French, your contract must also be in French.
• It follows consumer protection laws. Avoid lenders that charge more than $17 for every $100 borrowed.

How to file a complaint against a payday loan lender in Saskatchewan

You can directly file a complaint with Saskatchewan’s Financial and Consumer Affairs Authority by filling out an online form or by phoning the organization. The organization will typically conduct an investigation if it believes a payday loan company has breached Saskatchewan’s consumer protection laws.

If there’s evidence of malpractice, they can take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.

Alternatives to e-Transfer payday loans in Saskatchewan

Payday loans in Saskatchewan are expensive and should be a last resort. Only borrow if you can repay the full amount by the required date. If you default, the loan could go to collections and you could also receive a negative mark on your credit report, which will stay there for up to six years.

There are other short-term loan options that are much cheaper like assistance programs, credit card cash advances, personal loans or borrowing money from family or friends.

Saskatchewan assistance programs

Saskatchewan has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.

• Saskatchewan Income Support (SIS) provides income assistance to people who, for various reasons—including disability, illness, low income or unemployment—cannot meet their basic living costs.
• Discounted bus passes are available to help people on income assistance access quality public transportation to get to work and community activities.
• Family Health Benefits offers support for health costs like eye exams, dental work, prescription drugs and other incidentals for those living below a certain income threshold.
• Transitional Employment Allowance (TEA) provides a general living allowance for people to cover basic costs while looking for work.
• Saskatchewan Assured Income for Disability (SAID) is an income support program for people with significant and enduring disabilities.

Local financial institutions

Some credit unions and local banks offer less expensive small-dollar financing with longer repayment terms. Look into getting a credit builder loan too, which comes in small amounts and can help improve your credit score by reporting on-time repayments to credit bureaus. You also typically have more time to pay it off compared to payday loans in Saskatchewan.

Credit counselling

If you feel like you’re drowning in debt and you’re not making any headway on paying your bills down, it might be time to look into a credit counselling program. The Credit Counselling Society of Saskatchewan is a good place to start if you need help with budgeting and consolidating your debts.

How to apply for e-Transfer payday loans in Saskatchewan

If you’re interested in applying for a payday loan in Saskatchewan, you’ll need to meet the following eligibility criteria:

• Be at least 18 years old
• Provide proof of three months of continuous employment
• Give proof of address (such as a utility bill)
• Have an active chequing account

To complete your application successfully, prepare to submit basic information like:

• Personal details like your name, date of birth, Social Insurance Number and valid ID
• Contact details like your residential address, email address and phone number
• Details about your employment and income

Bottom line

If you need access to emergency, short-term cash, it’s possible to get e-Transfer payday loans in Saskatchewan 24/7 online. But these are notoriously expensive and often throw borrowers into a continuous cycle of debt, so you might want to consider cheaper alternatives like personal loans or Saskatchewan government assistance programs. Stay away from unlicensed lenders, and pay back your loan on time to avoid additional fees.

Frequently asked questions

• What's the maximum number of outstanding payday loans I can have in Saskatchewan?

  You can only take out one payday loan in Saskatchewan at a time for a maximum of $1,500.

• Can I rollover payday loan in Saskatchewan?

  According to Saskatchewan law, loans can't be rolled over. This means you can't use a second payday loan to pay off an existing payday loan.

• Who do I contact if I have a complaint about a payday loan in Saskatchewan?

  You can file a complaint with Saskatchewan's Financial and Consumer Affairs Authority by filling out an online form or phoning the organization. The FCAA will act on your behalf to conduct an investigation into the payday lender if any wrongdoing is suspected.

• Can you go to jail for unpaid payday loans in Saskatchewan?

  No, according to federal law in Canada, you can't be arrested for unpaid debt. Plus, it's illegal for a debt collector to threaten you with jail time. So if your lender attempts this, don't feel threatened. You may even be able to report the lender to Saskatchewan's Financial and Consumer Affairs Authority for illegal practices. Learn more about what happens when you default on a payday loan.

To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.

Written by

Emma Balmforth

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

Co-written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio