In Canada, one of the most common ways to arrange instant finance for a short-term period is through cash advance loans. We better know them as payday loans that are meant for a maximum period of 62 days but need to be repaid within the first 2 weeks of availing the same.
Over a period of time, much has already been talked about payday loans in general. But here, we will be discussing such an offering of instant cash loans available in Saskatoon in Canada.
In this blog, you will get to know the detailed information related to payday loans in Saskatoon with respect to funds, terms, rate of interest, and crucial things to consider.
Introduction of Payday Loans in Saskatoon
Financial emergencies can knock on your door at any point in time. It can be struck hard when you are least prepared for it. No way, anyone can prevent the arrival of fiscal urgency. The only way to deal with the same is to pay off the pending expenditures.
But, what if you do not have cash left in the savings account and payday is still to come in a few more days. At such a crucial juncture, resort to the assistance of payday loans in Saskatoon in Canada without thinking much. It is a short-term loan offering that helps you acquire a maximum sum of $1500 against your next paycheque. You have to repay the loan amount by using your next salary cheque and acquire the loan money for a period of the next two weeks.
Another important thing to notice here is that a payday loan is a short term loan offer. So, unlike auto loans, personal loans, or mortgage loans, it does not go with the feature of repaying in small installments. In short, a payday loan in Saskatoon is a one-time settlement financial offer.
Moreover, there is no requirement of security against the loan. Lenders will not ask for the collateral against the loan offer. From the above details, it is clear to state the fact that the payday loan available in Saskatoon is a beneficial financial offer to deal with unexpected financial crises in a hassle-free manner.
However, it is also necessary to know more details of the loan offer, especially in terms of rate of interest and regulated terms and conditions.
Market Research Related to Payday Loan Offering in Saskatoon
Did you know the fact that only 40% of the people in Saskatoon do extensive market research before applying for payday loans? And, the remaining 60% are unaware of the total cost of borrowing, debt ratio, and other terms and conditions.
So, over here, you will get to know the total rate of payday loan borrowing in Saskatoon, average debt, and other relevant details.
|Total No. Of Borrowers||43,000|
|Total Adult Population of Saskatoon||792,400||Rate of Payday Loan Borrowing||5.42%|
Also, look at some of the essential characteristics of payday loan offering in Saskatoon.
|Completed Post-Secondary Education||53%|
|Average Debt in Saskatoon||$26,855|
From the above report, it is clearly evident that the rate of debt is much higher as compared to an annual income of employed professionals in Saskatoon. On the other side, the rate of borrowing is far too less because of having of genuine information regarding payday loan offers.
- 66% of the people find payday loan an easy way to apply and get instant money in the personal bank account.
- 20% find it a convenient way to arrange much-needed cash.
- 23% does not have any source of borrowing.
- 5% structure to repay the loan well on time.
- Only 40% of the people in Saskatoon are aware of payday loan offers.
Regulations on Payday Loans in Saskatoon
Before applying online, it is imperative on the part of borrowers to know the relevant terms and conditions.
- Payday loan lenders in Saskatoon are regulated and licensed by Financial and Consumer Financial Affairs Authority.
- According to the government of Saskatoon, the rate of interest charged on payday loan must be according to $23 per $100 borrowed amount.
- Payday loans are only limited to the 50% of the take home salary of employed professionals in Saskatoon.
- Charging additional fees beyond the allowed rate of interest and lending more than 50% of the net pay during the term of the loan are prohibited.
- The payment of the loan amount must be on the next payday.
- There has to be a loan agreement written, dated, and signed by the borrower.
- Borrower should receive the copy of all the payday loan agreements duly signed along with associated documents as well.
- Payday lenders can only enter into one pre-authorized debit (PAD).
After having the above discussion, it is clear that payday loans in Saskatoon can be the best fiscal offer for employed professionals if handled properly. Of course, instant money is offered to borrowers on the pretext of having far away from payday and no or low balance in the savings account. Simply apply for the loan online and meet all the conditions to get rid of fiscal issues and repay the amount in a swift manner.
Payday Loans Frequently Asked Questions
Have a question? Find answers here with us.
What is the Minimum and Maximum Amount Offering?
The minimum amount offered is $500 and the maximum comes around $1500 under the pretext of a payday loan in Saskatoon. However, there is no guarantee to acquire the amount mentioned. All that depends on meeting the eligibility criteria and after that only you can avail loan amount equal to 50% of your take-home salary.
How to Repay the Payday Loan Amount?
For repayment, you have to get your next paycheque ready for the same. At the time of applying for the loan, you will agree to the point of automatic deduction of the loan money from your next paycheque or you have to give a postdated cheque in favour of the lender.
What is the Process of Utilizing the Loan Amount?
There is no terms and conditions for using the loan money. It's completely your decision to spend the loan amount wherever you like and in whatever amount you like.
What If I Fail to Make the Loan Repayment?
In case of repayment failure, the amount will be carried forward to the next paycheque along with the added sum of late payment charges. The scenario will continue to roll over and the amount also increases if you continue failing the repayment.
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