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Borrower beware with payday loans | Globalnews.ca

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REGINA – It’s a quick way to get cash when you’re short before a payday. However, the Saskatchewan government wants people to think twice before borrowing money from a payday loan lender.

In Saskatchewan, lenders can charge up to $23.00 in interest and fees for every one-hundred dollars borrowed. On a four-hundred dollar loan, that adds up to $92.00.

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The loan, plus interest and fees, is due on your next payday and is withdrawn automatically from your bank account. If a loan is defaulted, the lender can charge up to a maximum of 30 per cent per annum on the loan principle and up to $50.00 for a NSF cheque or if a pre-authorized debit is dishonoured.

IN DEPTH: Chequed out: Inside the payday loan cycle

“Sometimes people don’t have a lot of options when it comes to borrowing money,” says Cory Peters, the consumer credit division director for the Financial and Consumer Affairs Authority of Saskatchewan.

“We want to make sure that people are aware of the fees and re-payment timeframes that are associated with payday loans.”

A Global News analysis by Patrick Cain has found a striking correlation between payday lenders and low-income, high-social-assistance areas.

Payday loan stores and welfare rates »

Payday loan stores and welfare rates

Payday loan stores and income »

Payday loan stores and income

The Saskatchewan government has six tips for those using payday loans:

  1. Use a licensed Saskatchewan lender;
  2. Know the costs – frequent use adds up over time;
  3. Loans are due on your next regular payday;
  4. Don’t take out a second payday loan to pay for the first one;
  5. Read the fine print;
  6. If you change your mind, you have until the end of the next business day to return the money and cancel the loan.

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payday loan from – Kathleen Edwards

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JUNO SONGWRITERS’ CIRCLE

Kathleen will be joining the talented Bahamas and a diverse lineup of other 2013 JUNO Award nominees for the annual JUNO SONGWRITERS’ CIRCLE. The special and intimate event, hosted this year by JUNO Award winner Tom Cochrane, will feature some of today’s most talented Canadian singer-songwriters sharing music and stories on stage.

Date: Sunday, April 21 from 12 p.m. – 2 p.m. (CST)
Location: Casino Regina Show Lounge – Regina, Saskatchewan
Tickets: $35.00 & $40.00 (before tax & service charge). For more info, visit www.kathleenedwards.com/shows

CBCMusic.ca will be broadcasting the event in a two-part special on CBC Radio 2, Monday April 22 and Tuesday April 23 at 7:00 p.m. EST (7:30 p.m. in Newfoundland). CBC Radio One will broadcast highlights from the event on April 26 at 2:00 p.m. EST (2:30 p.m. in Newfoundland).

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