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Payday loans Saskatoon
Payday loans in Saskatoon: A detailed guide
By the end of 2020’s first quarter, Canadian household debt has crept up to a staggering $2.33 trillion. Of this, consumer credit and non-mortgage loans accounted for $802.1 billion. Over a fifth of this, or $171.5 billion, came from the country’s financial sector.
Such non-housing loans include auto loans, credit card debts, and personal loans. Personal loans, in turn, may include payday loans Saskatoon residents often apply for.
If you’re in need of some financial aid yourself, you may be wondering if payday loans are a good option.
So, what are these loans anyway, how exactly do they work, and how much will they cost you in the long run?
This guide will answer all these questions, so be sure to read on.
Payday loans in Canada
There are an estimated1400 payday loan outlets throughout the Great White North. However, many payday lenders now also operate online, so they can be even easier to apply for. They have such relaxed lending rules that two million Canadians take them out each year.
Payday Loan Requirements
Most payday lenders only require borrowers to provide proof of income and employment. You must also be Canadian, and you must have a valid bank account. Lenders need the latter as this is where they’ll deposit the loan funds.
As the borrower, you may permit pre-authorized debits as part of your loan contract. This means that the lender can legally “withdraw” your loan payment from your bank account.
If you can provide all these requirements, you’re more than likely to qualify for a payday loan.
Minimal Loan Amounts
Payday loans are small unsecured loans, usually capped at $1,500. It’s because of this restriction that they come with a very short repayment term.
However, in many Canadian provinces, repayment for payday loans can be no more than 62 days. Still, most lenders set a 14-day deadline for repayment. They usually offer longer repayment terms only to repeat Saskatoon payday borrowers.
The High Costs of Payday Loans
According to the Canadian Government, the cost of a payday loan is similar to a loan with a 500% to 600% interest rate. If you can’t pay it back on time, lenders can impose many other surcharges, like late fees. There’s also the cost of failed pre-authorized debits or “bounced” checks
A recent report found that 56% of Saskatchewan residents owed $20,000 in non-mortgage debt. This represents the highest consumer debt per person in Canada.
Moreover, Saskatchewan payday loan borrowers are also struggling to pay back their debts. Even more so than the average Canadian, as 7.35% of the province’s consumers are delinquent. By contrast, the average nationwide delinquency rate only sits at 5.61%.
With that said, taking out a payday loan can make your finances even harder. Again, that’s because you’d most likely need to pay it back within a couple of weeks. If you can’t, then your total loan cost will go up significantly.
514loans is offering a better online loan solution than your conventional payday loan. Larger loan amounts are possible due to a cheaper cost of borrowing and longer terms.
Instant Same Day Approval Even With Bad Credit
Online Payday Loans Saskatoon
Payday loans go by several names, one of which is “cash advance” loans. That’s because they are like an advance for the salary you’ll get on your next pay date. The due date may not be the same as the date of your next paycheck, but in most cases, you will only get a loan for 14 days.
Today, most borrowers in need of fast cash prefer dealing with companies that are offering online loan services. Online companies offer a faster and more efficient service than a physical payday loan shop.
The entire loan application process can be completed from just about anywhere and from any device. This eliminates any travel and/or any type of documentation from the borrower. Furthermore , most online companies do not do credit checks.
514loans is aiming to offer a better user experience. Our automated loan management system can process your request in no time regardless of your credit history. Your application is evaluated using the information you provide when you apply online, as well as the data on your IBV (instant banking verification).
Before you apply make sure that:
1) You are a Canadian citizen
2) You are over 18 years old
3) You have an active bank account
4) You have a full time job
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Instant Payday Loans Saskatoon
The fact that instant loan companies don’t carry out credit checks is the main reason many Canadians rely on them. Since they don’t need to pull a borrower’s credit report, they can process loans quickly. So long as the borrower meets the basic requirements, lenders can fund their loan on the same day.
It’s also because of this that many refer to them as “bad credit loans.” Indeed, instant loan providers market their services specifically to Canadians with poor credit. Anyone who needs quick access to funds, whether they have bad or great scores, can easily apply for an instant loan online
The application process at 514loans is designed to satisfy borrowers who need quick cash and consists of 3 simple steps:
1) Online Application
2) Instant Approval
3) Money in your Bank Account
Please note that Instant approval does not mean that you cannot get refused. Our lender reserves the right to refuse any applicant who is deemed as high risk.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
If you need immediate access to funds, consider our 3 month loan instead. With this, you’d have at least 90 days to pay back your loan. You may even qualify for a repayment term of 120 days!
That means you have much more time to repay the loan and avoid delinquencies. Since you have a longer repayment term, you can also keep unwanted “fees” like late payments at bay and keep a healthy credit score. In addition, you have the option to choose how many times in a month you’d want to make loan payments. This allows you to align your payment schedule with the frequency of your salary.
Our lender charges 22% to 32% in annual interest. This does not include our membership fees. Please refer to the example below for a detailed description of our total cost of borrowing:
Loan Amount: $500
Loan term: 3 months
Number of payments: 6
Frequency of payments: bi weekly
Payment amount: $123.00
Total cost of borrowing: $738
It is important to also note that this is an approximate example and your loan may differ slightly from what is shown above.
Frequently Asked Questions
Are payday loans legal in Canada?
Yes payday loans are legal and are used by millions of Canadians in need of a rapid loan solution. Payday loans are an expensive form of non-prime financing and should only be used when the borrower has no other options.
How much should a $500 payday loan cost?
Considering most payday loan providers charge $15 per every $100 borrowed, $500 will cost $575.00 after a two week period. This is equivalent to an APR (annual percentage rate) of 390%.
What is an IBV?
An IBV (instant bank verification) provides us with view only permissions to the data of your banking transactions. The process uses Bank level security and protects both the lender and the borrower from fraud and identity theft. It also allows us to expedite the underwriting process and provide a better user experience to all customers. IBV’s are extremely attractive to experienced borrowers and have become standard practice with online lenders worldwide.
Choose 514Loans for Your Smarter Alternative to Payday Loans
While there are many payday loans Saskatoon residents can apply for, they aren’t a good choice. They’re exorbitant, and they can make your life even harder because of their high rates.
If you need access to funds today, go with your smarter option, which is a short-term installment loan. With far lower rates and longer terms, they’re a much better alternative to payday loans.
Ready to get that money you need as soon as possible? Then please know that our team here at 514Loans is ready to help. Apply for your loan today!
Proudly serving Canadians with no credit check installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
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514loans - Payday Loan Alternative