Personal loans in Saskatchewan up to $50,000

You can use personal loans in Saskatchewan to borrow between $500 and $50,000. Loans are offered by banks, credit unions and alternative lenders, and the amount you can borrow depends on your credit score and income.

Read this guide to find out about your personal loan options in Saskatchewan and how to choose a loan that’s right for you.

Compare personal loans in Saskatchewan

How to compare personal loans in Saskatchewan

Make sure you consider the following factors when comparing personal loans:

Loan type

If you take out a secured loan, you’ll need to put up an asset (such as your car) as collateral. This will allow you to access a lower interest rate and potentially a higher amount than an unsecured loan, but you risk losing your asset if you default on the loan.

APR

The annual percentage rate combines the interest rate and loan fees into a single figure that shows the true cost of a loan. Use the APR to compare multiple loans from different lenders.

Loan term

Terms commonly range from 3 – 60 months, but shorter or longer loan periods are available from some lenders. Remember that choosing a longer term means your monthly payment will be more manageable, but it also means you’ll pay more interest over the life of the loan.

Loan amount

Check the lender’s minimum and maximum loan amounts to find out whether they suit your needs. For example, some banks have minimum personal loan limits of $1,000 or $3,000, so you’ll need to consider other options if you want a small loan.

Other fees

Check the fine print to find out whether there are any other fees that apply, such as NSF, late payment or prepayment penalties.

Repayment schedule and flexibility

Can you choose a weekly, bi-weekly or monthly repayment schedule? If you want to pay your loan off early, can you do so without penalty?

Eligibility criteria

Check the lender’s eligibility requirements that you’ll need to meet to qualify for a loan. These may include a credit score above a specified threshold, minimum monthly income requirements and having been employed in the same job for three months or more.
Turnaround time.

If you need money fast, find out how long it takes to apply, get approved and get funded. Some online lenders can offer approval and funding within 24 hours, but the process tends to take longer with banks and credit unions.

Lender legitimacy

Finally, make sure you only ever deal with a legitimate lender. Make sure they’re registered in your province, read reviews from other customers, and watch out for warning signs that could indicate a loan scam (like promising guaranteed approval to all applicants).

What are the interest rates for personal loans in Saskatchewan?

Personal loan interest rates in Saskatchewan currently range from 6.99% to 46.96%. The Bank of Canada raised its benchmark rates several times in 2022 and again in January 2023, prompting increases in personal loan rates.

The rate you’ll get on your loan will depend on factors such as your credit score, your income and your debt-to-income ratio.

Do I qualify for a personal loan in Saskatchewan?

The requirements you’ll need to meet to qualify for a personal loan vary substantially between lenders. That said, these are the key areas lenders may consider when assessing your application:

• Credit score. As a general rule, you’ll need a credit score of 660 or higher to get a personal loan from a bank or credit union. Online lenders have more lenient criteria and can accept borrowers with a fair or bad credit score under 660.
• Income. Next, lenders will consider whether you earn enough money to afford to repay what you borrow. Check the lender’s minimum monthly or yearly income requirement before you apply — you’ll generally need to earn $1,200 or more a month to qualify.
• Employment. Lenders will also want to make sure you have a reliable source of income, so you’ll seem like a less risky borrower if you’ve held down the same job for a long period of time. You may need to have been employed in the same job for a minimum period (i.e., three months) to qualify, but some lenders also accept government benefits as a form of income.
• Debt-to-income (DTI) ratio. Your DTI ratio shows how much of your current income goes toward paying off your existing debts. The lower your ratio, the better your chances of getting approved. Lenders want to see a DTI under 40%, but online lenders of bad credit loans are more flexible.
• Other requirements. You’ll also generally need to:
  • Be a Canadian citizen or resident.
  • Be 18 years or older.
  • Have an active bank account.
  • Have a valid phone number.

How to apply for personal loans online in Saskatchewan

It’s quick and easy to apply online for a personal loan. Here’s what you need to do:

1. Check your credit score. Check your credit score so you know which lenders may be willing to offer you a loan. You may also decide to take steps to improve your credit score to increase your chances of approval.
2. Compare lenders and loans. Compare loans from reputable lenders to find the best options. Consider the interest rates offered, fees, terms, and loan amounts.
3. Get pre-approved. Get personal loan pre-approval from the most suitable lenders so you can compare your options. It’s possible to get a quote within minutes from some lenders without it having an impact on your credit score.
4. Submit your application. Provide your name, contact details, and income and employment information.
5. Submit your supporting documents. Provide any supporting documentation the lender requests, such as proof of ID, bank statements or pay stubs.
6. Review your loan offer. Make sure you review the loan contract carefully to make sure all details are correct before you sign on the dotted line.
7. Get funded. The funds will be sent to your account via e-Transfer or direct deposit.

How much will a personal loan cost?

The cost of personal loans in Saskatchewan depends on a few key factors:

• The APR. The higher the APR, the more it will cost to repay your loan.
• The loan term. Choosing a shorter term means your monthly payment will be higher but the loan will cost you less in total to repay.
• The loan amount. Make sure you only ever borrow what you can afford to repay.

To give you an idea of the cost involved, let’s look at the example of a $5,000 loan over 12, 24 and 36-month terms.

Loan amount	Loan term	APR	Monthly payment	Total cost
$5,000	12 months	8.99%	$437.23	$5,246.81
$5,000	24 months	8.99%	$228.40	$5,481.62
$5,000	36 months	8.99%	$158.98	$5,723.11
$5,000	12 months	18.99%	$460.76	$5,529.11
$5,000	24 months	18.99%	$252.02	$6,048.45
$5,000	36 months	18.99%	$183.25	$6,597.17

Use the personal loan calculator below to work out how much it’ll cost to pay back your loan.

Can I get a personal loan in Saskatchewan with bad credit?

Yes. Many online lenders will look past your credit score when deciding whether or not to offer you a loan. They’ll focus on your income and employment instead — if you have a steady source of income and an acceptable DTI ratio, they may be willing to offer you a loan.

However, if you’ve got bad credit, lenders will offer you higher interest rates than what lenders with good to excellent credit can access. That’s why if you don’t need a loan right away, it makes sense to pay down existing debt and improve your credit score before you apply for a loan.

Unfortunately, predatory lenders also target unsuspecting borrowers who are experiencing financial hardship. That’s why it’s important to make sure you’re dealing with a legit lender before you apply for a bad credit personal loan.

Must read: Best bad credit loans in Saskatchewan

How to find a legitimate personal loan lender in Saskatchewan

There are several simple things you can do to make sure you’re dealing with a reputable lender, such as:

• Check if they have an established presence. Does the lender have a physical address, a valid phone number and a working email address? Are they licensed to offer loans in Saskatchewan? Are they Better Business Bureau accredited?
• Avoid lenders that promise guaranteed approval. A responsible lender will assess your financial situation before offering you a loan, so steer clear of any loan provider that claims to offer guaranteed approval.
• Recognise the signs of scams. Make sure you can spot other red flags that could indicate a personal loan scam. These include charging an upfront fee, not being transparent about the total cost of a loan, and pressuring you into signing a contract.
• Read customer reviews. Check out independent review websites to find out what other borrowers have to say about the lender. Are they happy with the services it offers, or do they have legitimate complaints?

Frequently asked questions

• Are there personal loans with no credit checks in Saskatchewan?

  Yes, some lenders offer no credit check loans in Saskatchewan. These lenders will focus on your income and existing debts rather than your credit score when assessing your ability to repay a loan.

• What can I use a personal loan in Saskatchewan for?

  Lenders typically don't place any limitations on how you use your loan amount. For example, you might want to take out a personal loan to make home improvements, pay medical bills or buy a car.

• What credit score do I need to get a personal loan in Saskatchewan?

  The credit score you need depends on the lender. Banks and credit unions typically require a credit score of 660 or more, but online lenders often have less strict eligibility requirements. Some online lenders also specialize in bad credit loans, so you can still get a loan even if you have poor credit or limited credit history.

• How long does it take to get a personal loan in Saskatchewan?

  If you apply with an online lender, it's possible to get approved and funded within 24-48 hours. Expect a longer personal loan processing time if you apply for a loan from a bank or credit union. If your need is urgent, you can apply for emergency loans.

• Will I get a fixed or variable interest rate on personal loans in Saskatchewan?

  Fixed-rate and variable-rate loans are available, so make sure you understand the pros and cons of each option before you apply. A fixed rate protects you from extra costs due to any interest rate rises, but it means you'll miss out on savings if the benchmark rate drops. On the flipside, variable loans allow you to take advantage of falling rates, but it also means your loan rate could increase.