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Installment loans in Saskatchewan
Borrow $300 to $3,000 and repay it in equal amounts on your paydays, over three to four months. Applications with bad credit can still be approved.
The Loans514 team reviewed this page on November 5, 2026. We took the rules from official federal and provincial sources, listed at the bottom. All dollar amounts are examples, for illustration only.
In short
Bad credit is not a dead end in Saskatchewan. One Loans514 application reaches lenders that typically offer $300 to $3,000 over 90 to 120 days at 22% to 32% APR. Saskatchewan has no separate high-cost credit licence, but its cost of credit rules require the APR and total cost up front, and let you repay early at no charge. A Saskatchewan payday loan can cost up to $14 per $100, meaning $570 due on your next payday for a $500 loan.
How applying works in Saskatchewan
- Send one application. Use a phone or computer, anywhere in Saskatchewan. It takes around five minutes.
- A lender gets in touch. Your application goes to lenders in our network. If one can help, it contacts you and asks you to connect your bank through Instant Banking Verification. That's a read-only view of your recent transactions, so you don't send documents.
- Read the offer. You see the rate, each fee and your total repayment before you agree to anything.
- Get paid. The lender deposits the money after you sign, often on the same day.
Loans514 doesn't lend money. Your rate, fees and payment dates are set by the lender that approves you.
Saskatchewan's rules for installment loans
BC and Manitoba license high-cost installment lenders separately. Saskatchewan doesn't. Here, installment loans fall under The Cost of Credit Disclosure Act, 2002, which gives you these rights:
- The lender must give you a disclosure statement with the APR and the total cost of credit. You get it before you sign or pay anything.
- You can pay off the whole balance whenever you like. There's no prepayment charge or penalty.
- If you repay a fixed loan early, you get back part of the non-interest charges as a refund or credit.
- You can make partial prepayments at least once a month, or on any scheduled payment date.
The federal 35% APR cap applies to every installment loan, and fees count toward it.
Payday loans in Saskatchewan
- Since January 1, 2025, federal law has limited payday loan costs to $14 per $100 borrowed. Saskatchewan's own regulation still shows the old figure of $17.
- A payday loan can be up to $1,500 for up to 62 days. For the length of the term, it can't be more than 50% of your net pay.
- You can cancel up to the end of the next business day after you sign.
- Only one payday loan at a time is allowed. Lenders can't roll it over or refinance it.
- If you can't pay, the lender can charge interest of 30% a year on the unpaid principal. It can also charge a $25 bounced payment fee, but only once per loan, and it can try a pre-authorized payment again only once.
- The due date can't be earlier than your next payday. Every location needs a licence.
Costs in Saskatchewan
These are typical terms from lenders in our network. We last checked them in November 2026. Your own offer may be different.
- Amount
- $300 to $3,000
- Repaid over
- 90 to 120 days
- Annual rate (APR)
- 22% to 32%Set by the risk of your application
- Membership fees
- May applyPart of the total in your lender's offer
A $500 loan in Saskatchewan: payday or installment
| Saskatchewan payday loan | Installment loan, 32% APR | |
|---|---|---|
| Repayment | A single payment on your next payday | 7 payments, one every 2 weeks, over 98 days |
| Payment amount | $570.00 | About $74.98 |
| Borrowing cost | $70.00 | About $24.86 |
| Total you pay back | $570.00 | About $524.86 |
For illustration only. The payday loan is at the $14 per $100 cap. The installment loan is at 32% APR, the high end of the typical range, and leaves out any membership fees.
For lenders in Canada, the Criminal Code caps the annual percentage rate at 35%. Fees and other costs of getting the loan count toward it. The cap has applied since January 1, 2025. Try the calculator with your own amount.
Who can apply
- Age 18 or older, and a Canadian citizen
- A full-time job, or steady income from self-employment
- An online bank account that can be verified
- Not in a bankruptcy or consumer proposal
Your income and recent banking matter most to lenders, so a low score on its own won't rule you out. Apply from Saskatoon, Regina, Prince Albert, Moose Jaw, Swift Current, Yorkton and North Battleford, or from anywhere else in Saskatchewan. An application doesn't commit you to anything. You agree to a loan only when you sign a lender's contract.
Check the lender
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) licenses payday lenders and other lenders. Use FCAA411 to see if a business is licensed or registered. For a problem with a payday loan, phone (306) 787-6700 or file a complaint with the FCAA. For other lenders, start by trying to resolve it with the company. If that fails, complain to the Superintendent of Financial Institutions.
Free debt help
Borrowing to keep up with other debts? A non-profit credit counsellor can help you make a budget, and may be able to set up lower payments with your creditors. See ways out of a loan cycle.
- The Credit Counselling Society is a non-profit with offices in Regina and Saskatoon. Counselling is free. You pay a fee only if you join its debt management program.
- Find accredited non-profit credit counsellors through Credit Counselling Canada. Reputable agencies don't charge for a first meeting.
Before you borrow, look at cheaper options than a payday loan.
Sources
- Saskatchewan, The Cost of Credit Disclosure Act, 2002: your disclosure and prepayment rights.
- Saskatchewan, The Payday Loans Act and Payday Loans Regulations: the rules for payday loans.
- Government of Canada, Criminal Interest Rate Regulations: the federal 14% cost limit for payday loans.
- Financial and Consumer Affairs Authority, Borrowing from a payday lender: no rollovers, and one loan at a time.
- Financial Consumer Agency of Canada, Payday loans: cost limits on payday loans in each province.
- Criminal Code, section 347: the 35% cap on the annual percentage rate.
- Credit Counselling Canada: a list of accredited non-profit credit counsellors.
- Typical terms in our network, as of November 2026. Payments are equal installments. Interest for each period = APR × days in the period ÷ 365.
This page is general information, not financial or legal advice. Each lender sets its own terms, and provincial rules can change. Check your contract and the sources listed here.
Ready to apply in Saskatchewan?
Fill in one application and we send it to lenders in our network. Nothing is agreed until you sign a lender's contract.