Saskatchewan

Overview

Saskatchewan is one of the smaller provinces, having a population of only 1,053,960 in 2011.  Compared to the other provinces, Saskatchewan has been fairly slow in enacting payday loan legislation.  At this point they still have not completed licensing for all existing store based payday lenders, and there are only a tiny handful of lenders who are legally operating online only.

Rates

The Province of Saskatchewan has just recently put legislation regarding payday loans into effect, capping interest at 23%. They are essentially following the lead of British Columbia and Alberta, and their laws bear a striking similarity to the other western provinces.  Like Ontario, overdue interest on payday loans may be charged at a rate of 59% per annum.  Only one dishonourment fee per loan may be charged, however, which is an innovation designed to protect consumers that no other province has yet adopted.

Major Cities

  • Saskatoon
  • Regina
  • Prince Albert
  • Moose Jaw
  • Yorkton
  • Swift Current
  • North Battleford

 

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