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Financial and Customer Affairs Authority of Saskatchewan

Financial and Customer Affairs Authority of Saskatchewan

What you ought to understand

For information on your pay day loan choose from your options below.

A loan that is payday a high expense, tiny, short-term loan supplied without safety (no security) to a debtor. The mortgage needs to be a maximum of $1,500 while having a phrase of lower than 62 days.

Know about the total borrowing that is annualized (ABR) of that loan before you consent to make the loan. The ABR calculation ought to include every one of the lender’s charges or costs attached to the loan – interest costs and application, put up, management or any other charges. Even a higher rate credit card’s APR is going to be notably cheaper that the ABR calculated according to a $17 cost to borrow $100 for an online payday loan term. Continue reading »