Financial and Consumer Affairs Authority of Saskatchewan (FCAA) wants to remind consumers that if you want to borrow money from a payday loan lender, know the costs before making a decision.

“Sometimes people don’t have a lot of options when it comes to borrowing money,” FCAA Consumer Credit Division Director Cory Peters said.  “We want to make sure that people are aware of the fees and re-payment timeframes that are associated with payday loans.”

In Saskatchewan, payday loan borrowers are charged up to $23 for every $100 borrowed.  Loans are due on your next regular payday and loan agreements must be in writing, dated and signed by the borrower. 

Six payday loan tips will be shared via twitter.com/SKGov and facebook.com/SKGov to help people make informed decisions. 

To learn more about payday loans visit www.fcaa.gov.sk.ca/paydayloans2015.

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