Intro
Saskatchewan boasts over one million residents and is the sixth most populous province in Canada. The new provincial minimum wage, which is increasing to $15.00 per hour on October 1, 2024, is not enough to cover the standard cost of living in the province. In Regina, the provincial capital, for example, the living wage is $16.45 per hour. The new minimum wage is already $1.45 per hour lower than what workers require for basic cost of living. Those engaged in low-paid work are often unable to afford the basic necessities of life.
How Can a Personal Loan Help in Saskatchewan?
A personal loan can provide essential assistance in a financial emergency. We do not perform credit checks during our online application process. Bad credit will not stop you from getting a personal loan in Saskatchewan. Apply online now.
Requirements to Obtain a Personal Loan in Saskatchewan
- Must be 18 years of age or older
- Must be a Canadian citizen or permanent resident
- Must provide a valid Canadian bank account that has been active for at least 90 days
- Must have a permanent address
- Must provide proof of income
Instant Bank Verification (IBV) for Personal Loans in Saskatchewan
Instant Bank Verification (IBV) allows the lender to verify the bank account details to make sure the funds reach the correct person and to confirm the income and pay dates provided by the applicant.
Get Approved for a Personal Loan in Saskatchewan!
Here are three useful tips to help you get approved:
- Maintain a stable income
- Minimize active payday loans or short-term loans
- Minimize NSF transactions
Benefits of a Personal Loan
- Cover urgent expenses
- Predictable repayment schedule
Drawbacks of a Personal Loan
- If you miss your payments, you may be charged additional interest and fees
- Potential for NSF charges
What Are the Acceptable Sources of Income to Get a Personal Loan in Saskatchewan?
- Employment income
- Self-employment income
- Financial government assistance
Improve Your Financial Know-How in Saskatchewan
According to a 2023 survey, 81% of respondents in Saskatchewan would have liked to save more money but couldn’t due to rising costs. In fact, Saskatchewan and Manitoba led the country in this regard in 2023. Saskatchewan is also among the provinces most concerned about inflation. Almost three-quarters of respondents said if inflation continues into 2024, they might not be able to cover unexpected costs. Obviously, we all know that inflation has continued into 2024, suggesting a stark reality for most Saskatchewanians.
Despite these harsh realities, it may be possible to improve your financial situation.
One thing you can do is try to upgrade your professional skills. Learn new skills online, such as coding or motion design, graphic design or marketing, and more. It’s never been easier to find resources online, often for free.
Second, you could implement various budgeting techniques to help you save money and pay off your debts. Examples include the following:
- The 50/30/20 budget: spend 50% on necessities, 30% on wants, and 20% on saving and paying off debt.
- The zero-based budget: allocate every single dollar you earn to a specific expense and spending category, so that no dollar goes to waste.
- The pay-yourself-first budget: immediately set some money aside for your savings and paying off debt, and then spend the rest on necessities and wants.
These are just some tools and techniques that you can use to manage your financial situation.
Get a Bad Credit Personal Loan in Saskatchewan
Friendly Lender is here to help. Simply fill out a quick online application and get connected with our online installment lenders in Saskatchewan. No credit check required! Apply online now.
