Good news for those who take out a payday loan in Saskatchewan.
The provincial government is announcing the maximum cost of borrowing and the non-sufficient funds fee is being reduced
As it stands right now, the maximum cost of borrowing is 23 percent meaning for every 100 dollars borrowed, you pay 23 dollars more when paying it back,
As of February 15, that will be dropped to 17 percent.
As for the NSF fee, it will be lowered from 50 dollars to 25 and can only still be charged once per loan.
In a news release, the provincial government said the new fee structure brings Saskatchewan’s policies more in line with provinces like British Columbia and Manitoba.
Payday loans are short-term loans of up to 62 days,