Do the Math Before Getting a Payday Loan

GOVTFinancial and Consumer Affairs Authority of Saskatchewan (FCAA) wants to remind consumers that borrowing money from a payday loan lender is costly.

“Life circumstances sometimes leave people looking for ways to get money,” FCAA Consumer Credit Division Director Cory Peters said.  “We want to make sure that people know the costs before making a decision to get a payday loan.”

In Saskatchewan, payday loan borrowers are charged up to $23 for every $100 borrowed.  Loans are limited to half a person’s take-home pay and can’t be due before the next payday.

Payday loan tips will be shared via twitter @SKGov and on Facebook at http://www.facebook.com/SKGov so people can make informed decisions.

For more information about payday loans, visit http://www.fcaa.gov.sk.ca/paydayloans2016.

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