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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

How To Get A Loan In New Brunswick

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
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Updated On: August 18, 2025
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Looking for a loan in New Brunswick? Whether it’s for your home, car, business, or personal needs, several financing options are available to fit your financial needs. Read on to find out more about loans in New Brunswick to help you find and choose the loan and repayment plan that best suits your financial situation.

What Loan Options Are Available In New Brunswick?

Residents of New Brunswick have several loan options to choose from, including the following:

Personal Loans

A personal loan provides a fixed sum of money you repay with interest over a set period. It’s often used to cover big expenses, like debt consolidation, medical bills, or renovations. 

Unlike secured loans, personal loans usually don’t require collateral, making them a flexible borrowing option. However, good credit is required from traditional lenders, especially since there’s no asset of value securing the loan. That said, bad credit personal loans are available from alternative lenders.

Personal Loan Features

Loan Amount$500 — $35,000
Interest Rate9.99% — 35%.
Loan Terms3 months — 5 years

Learn more: Best Personal Loans In Canada

Lines Of Credit

A line of credit is a flexible loan solution that allows you to borrow up to a set limit as needed, similar to a credit card. You can withdraw funds, repay them, and borrow again without having to repeatedly apply. Interest is only charged on the amount withdrawn

Lines of credit are ideal for managing cash flow, covering unexpected expenses, or financing ongoing projects. 

Line Of Credit Features

Loan Amount$5,000 — $100,000+
Interest RateGenerally variable rates, tied to the lender’s prime rate
Loan TermsNo set term; funds may be repaid at any time

Learn more: How Does A Line Of Credit Work?

Zero-Rate Cash Advances

Several financial apps provide small cash advances or lines of credit with no interest. These options let you access quick funds while avoiding interest charges, making them a convenient way to cover urgent expenses.

MoneyUp MoneyUp provides up to $1,000 with no interest or credit check.
NybleNyble offers a credit line of up to $250 with no interest charged or credit check. You can use it to build good credit.
BreeBree offers an instant, interest-free cash advance of up to $500 with no fees or credit checks.
KOHO CoverKOHO Cover offers an interest-free cash advance of up to $250, with no credit checks required (small monthly subscription fee applies).

Payday Loans

A payday loan is a short-term, high-interest loan that is usually due for full repayment on your next payday. It offers quick cash for emergencies, but often comes with very high fees and interest rates. Due to their cost and short repayment window, payday loans should only be used as a last resort.

Payday Loan Features

Loan Amount Up to $1,500
Interest Rate$14 per $100 borrowed
Loan TermsUp to 62 days

Learn more: How To Get Payday Loans In New Brunswick

What Do Lenders Look For When You Apply For A Loan?

When applying for a loan, lenders typically evaluate several key factors, including the following: 

  • Your Credit Score: Your credit history demonstrates your repayment reliability, which is a crucial element when applying for a loan.
  • Your Income & Employment: A stable job and steady income are important to ensure you can make payments.
  • Your Debt-To-Income (DTI) Ratio: Your DTI ratio is a measure of your debt relative to your income and reflects your overall financial health.

Are Loans Available For Bad Credit Borrowers? 

Yes, if you have bad credit, you can still get a loan in New Brunswick. However, you’ll need to apply for a loan with an alternative lender instead of a bank. These lenders accept bad credit and place more emphasis on other factors, like income and debt. Payday loans are perhaps the easiest types of loans to get approved for, as lenders don’t conduct a credit check.  

Learn more: How To Get A Loan With Bad Credit In New Brunswick

How Do I Apply For A Loan?

Applying for a loan in New Brunswick typically involves the following steps:

Step 1: Understand Your Financial & Credit Health

Before applying for a loan, assess your financial strength and credit score. You can quickly find out what your credit score is for free using Loans Canada’s CompareHub tool. Knowing where you stand financially can help you focus on loans that you can qualify for.   

Step 2: Find A Lender

One of the easiest and quickest ways to find a lender is to use a loan comparison platform, like Loans Canada. After entering a few details about your personal information and finances, Loans Canada will quickly populate a list of lenders and their loan offers.

Then, you can compare each lender side-by-side to see which one offers the best deal based on your credentials.

Step 3: Apply

Once you’ve narrowed down your options, you can apply for a loan directly with the lender. Be sure to complete the application in full, and ensure all information is accurate and up-to-date.

You may need to supply various documents to support your application, including the following:

  • Photo ID (driver’s license, passport, etc)
  • Financial information (bank statements, pay stubs, tax returns, etc)
  • Employment information (employment letter, etc)
  • Information about collateral (if applicable)

Step 4: Wait For Approval & Funding

Depending on the lender you apply with, it can take anywhere from a few minutes to a few days to get approved. Online lenders tend to provide the quickest approval notification.

You’ll then receive the funds, which can be provided in various ways, including direct deposit or Interac e-Transfer.

Can I Get Guaranteed Loan Approval?

No legitimate lender will promise loan approval without first vetting you. Even payday lenders will want to verify that you have the financial means to cover your loan repayments, even though no credit check is involved.

If a supposed lender guarantees loan approval, that’s a red flag. Look elsewhere.

How Can I Increase My Chances Of Loan Approval?

While you can’t necessarily guarantee that you’ll be approved for a loan, there are things you can do that may dramatically improve your chances:

  • Monitor Your DTI Ratio: Maintaining a low debt-to-income ratio is essential for financial stability. Aim to keep this ratio below 35%.
  • Consider A Cosigner: If your loan application has been declined because of poor credit or a low income, you might benefit from asking a trusted friend or family member to cosign. This person should have a strong financial profile, which can help improve your chances of loan approval.
  • Select The Right Lender: Many lenders in New Brunswick offer flexibility and work with individuals of various credit profiles. Do some research to find a lender that aligns with your financial and credit situation.
Are You Being Turned Down Because Of Bad Credit?
A low credit score can make it difficult to secure the funding you need, but it’s not impossible. Before applying for a loan, take steps to improve your credit. You can do this by using credit-building tools like secured credit cards or savings loans, or having your rent reported to the credit bureaus with the help of rent reporting services, like Chexy.

Where Can I Find A Reputable Lender In New Brunswick?

Most lenders in New Brunswick are reputable, but some cannot be trusted, especially when it comes to high-cost or bad credit loans. It’s always important to be aware of potential scams to avoid becoming a victim. 

For instance, lenders who demand an upfront payment, guarantee approval, or have no online or physical presence should be steered clear of.  

Consult the Financial and Consumer Services Commission of New Brunswick (FCNB) to verify if a lender is licensed to operate in the province. 

Are You Dealing With Loan Fraud?
If you’ve been the victim of loan fraud, notify the following institutions right away:
– Your bank
– Your credit card provider
– The police
– Credit reporting bureaus
– Any other organizations that may have your personal/financial information

Contact the FCNB for more information:
Kings Place (King Tower), 440 King Street, Fredericton, NB E3B 5H8
Telephone: 506-453-2659 / 1 866 933-2222
Email: info@fcnb.caWebsite: www.fcnb.ca

Where Can I Apply For A Loan In Person In New Brunswick?

If you’re applying for a loan with an alternative lender, you’ll notice that many of them operate exclusively online. However, some lenders outside the traditional lending sphere also offer physical locations that you can visit, including the following:

Fairstone– 30 Wyse St Unit 2, Moncton, NB E1G 0Z5
– 102 Main St Unit 6, Fredericton, NB E3A 9N6
– 307 Connell St Unit 8, Woodstock, NB E7M 1L3
– 30 Plaza Ave Unit 68, Saint John, NB E2M 0C3

Find a Fairstone location near you.
easyfinancial– 165 Main St Unit 116, Moncton, NB E1C 1N6
– 102 Main St #16a, Fredericton, NB E3A 9N6
– 140 Main St Unit 7, Sussex, NB E4E 3E6
– 133 McAllister Dr #3, Saint John, NB E2J 2S6

Find an easyfinancial location near you.
Money Mart– 1229 Prospect Street, Fredericton, NB E3B 3B9
– 1400 Mountain Road, Moncton, NB E1C 0S1
– 378 Rothesay Avenue, St. John, NB E2J2C4
– 408 King George Highway, Miramichi, NB E1V 1L4

Find a Money Mart location near you.

Applying For A Loan? Take These Factors Into Consideration

If you’ve decided to apply for a loan, make sure you’ve considered all angles, including the following:

Is Now The Right Time To Take Out A Loan?

While some financial situations may call for a loan, others don’t. The following are examples of some scenarios where a loan might be appropriate at this time:

  • To Pay Big Expense Upfront: A credit card or personal loan can help you cover large purchases immediately — such as furniture or equipment — without draining your bank account. Then, you can spread payments across a longer period of time, making it easier to manage cash flow.
  • To Cover An Emergency Expense: Having quick access to credit is crucial when unexpected expenses come up, like car repairs or urgent travel.
  • To Cover Rent Or Other Essentials: Flexible financing options can help bridge gaps in income and ensure you cover all your bills, like rent, groceries, or utilities.
  • To Compare Offers & Get Pre-Approved: Shopping around for a loan and getting pre-approved lets you find the best rates and terms, increasing your chances of approval and saving money over time.

Do You Have A Bank Account?

Having a bank account is important when applying for a loan because it shows lenders that you’re financially stable and have a reliable way to receive funds and make loan repayments. It also allows for instant bank verification (IBV), which lenders use to securely and quickly verify your bank account information and your identity.

How can you get a bank account for free?
Opening a bank account is easy, but it’s not always free. That said, if you’re looking to open a bank account without having to pay monthly fees, banking, consider the following free bank account options:

– Simplii™ No-Fee Chequing Account
– Neo Everyday Account
– Tangerine No-Fee Daily Chequing Account
– EQ Bank Savings Plus Account

Learn more: Where Can You Get Free Bank Accounts In Canada?

How Much Do Personal Loans, Payday Loans, & Lines Of Credit Really Cost? 

Check out the following comparison table to see how the total cost of borrowing $1,500 varies across different loan types:

Loan TypeInterest Rate (APR)Loan TermPayment AmountTotal Payment Amount
Personal Loan11.99%12 months~$133/month ~$1,596
Payday Loan$14 per $100 borrowed*2 weeks~$1,710 lump sum ~$1,710
Line Of Credit14.99%Revolving ~$135/month (minimum payment)~$1,620 (if paid over 12 months)
*in all provinces except Quebec, Yukon, Nunavut, & Northwest Territories.

To calculate the exact cost of your loan, use this online loan calculator.

Bottom Line

No matter where you live in New Brunswick, finding the right loan starts with knowing your options. From personal loans to lines of credit, choosing the right program can provide you with access to the funds you need without compromising your financial health. Just be sure to compare rates and understand eligibility requirements. 

Loan FAQs

How do I qualify for an online loan?

Online lenders in New Brunswick will evaluate your income, debt-to-income ratio, and possibly your credit score to determine approval. 

Can I get a bad credit loan?

Yes, while it may be difficult to get a loan from your bank with bad credit, many online and payday lenders loan to borrowers of all credit types. These lenders base your credibility on more than just your credit score. Your income level, job stability, debt-to-income ratio and your overall financial health are all considered when approving you for a loan.

Can I use my Canada Child Benefits to get a loan?

In New Brunswick, many alternative lenders are willing to lend to borrowers who have a non-traditional source of income. Government benefits like Canada Child Benefits, Canada Pension Plan, Employment Insurance, and any other non-traditional sources of income are usually accepted. However, be aware that these loans are usually quite expensive due to the added risk these lenders take.

Should I get a short-term or long-term loan?

While a long-term loan will provide smaller and more affordable payments, you will end up paying a lot more in interest than a short-term loan. With a short-term loan, your monthly payments will be higher, but you’ll pay much less in interest overall.

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