Loans Saskatoon: payday and installment questions answered
The rules behind these answers come from the Financial and Consumer Affairs Authority of Saskatchewan and the Financial Consumer Agency of Canada.
How much can I borrow in Saskatoon on a first loan?
A first payday loan usually lands between $100 and $500 because Saskatchewan limits it to 50% of your net paycheque. Amounts up to $1500 follow after on time repayment. An installment loan starts at $500 and can reach $10000 when your income and credit file support the payment.
How fast does the money arrive?
Most online payday loans in Saskatoon fund by Interac e-transfer within a couple of hours of signing. Completing the bank verification right after applying is what keeps it fast. Installment loans can take until the next business day.
Can I cancel a payday loan after I sign in Saskatchewan?
Yes. Saskatchewan gives you until the end of the next business day to cancel at no cost. Return the principal and the agreement is void. The right has to be written in the agreement itself.
Do payday loans in Saskatoon build credit?
Usually not, because most payday lenders do not report to the credit bureaus. If building a score is part of the goal, a small installment loan with 12 on time payments does that job.
Can I have two payday loans at the same time?
No. Saskatchewan bans a lender from issuing a payday loan to someone who already has one outstanding, and lenders can see the other loan in your bank deposits. A second loan at that point should be an installment loan, or no loan at all.
I live in Warman, Martensville or Corman Park. Does that matter?
No. Online lenders licensed by the FCAA serve every Saskatchewan address, and the e-transfer does not care which side of the city limits you sleep on. A Saskatchewan address is what matters, not a Saskatoon postal code.
Which is cheaper for $1500, payday or installment?
In total dollars the payday loan is cheaper: $210 in fees against about $299 in interest over 12 months at 35% APR. In cash flow the installment loan is easier, because it takes about $150 a month rather than $1710 from one paycheque.
Does applying hurt my credit score?
Applying through Loans Saskatoon does not, because the match is based on the details you enter. Payday lenders mostly verify deposits rather than pull a bureau report. An installment lender may record an inquiry when you accept its offer, which has a small and short lived effect.
