Saskatchewan payday loans give employed residents in the said province a fast and straightforward way to acquire funds that are needed between paydays. In order for people to successfully avail of this service and prevent any trouble that may arise from borrowing a loan, they have to keep in mind a few things.

First of all, the total amount that can be borrowed using payday loans in Saskatchewan is determined by factors such as the monthly net income of an applicant, the length of time he has been working for his current employer, and existing paycheck advances if he has any. Generally, applicants who are taking out a loan can borrow up to a thousand Canadian dollars.

With regard to fees, providers of payday loans in Saskatchewan normally charge their customers an amount that is twenty percent the borrowed money. For instance, if a person takes out a loan worth $200.00, the fee will be $40.00, and the repayment amount will cost $240.00. In terms of the due date, the loan must be paid on or before the payday of the borrower. In addition, this type of loan can be taken for a minimum of five days and a maximum of 18 days.

Lastly, individuals have to be aware that payday loans provide the needed money to finance urgent short-term difficulties only. These loans should never be used as solutions for long-term financial problems. Before deciding to take out a loan, people are advised to discuss their financial situations with non-profit counseling organizations in the province.