Loans New Brunswick

📅 Last Updated: November 3, 2021

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

Filters

Loans Canada

Amount: Up to $50,000
Rate: Prime to 46.96%
Term: 3-60 months

APPLY NOW

iCash - Best Quick Option

Amount: Up to $1,500
Rate: 15% - 17%
Term

APPLY NOW

Fora - Best Overall

Amount: $1,000 - $15,000
Rate: 19.9% - 34.9%
Term: Varies

APPLY NOW

Spring Financial - Best User Experience

Amount: Up to $35,000
Rate: 9.99% - 46.96%
Term: 9 - 78 Months

APPLY NOW

Fairstone Financial - Best For Homeowners

Amount: Up to $60,000
Rate: 19.99% - 39.99%
Term: 6 - 120

APPLY NOW

Bree - Best Interest-Free Option

Amount: Up to $350
Rate: No Cost!
Term: -

APPLY NOW

Mogo Finance - Highest Approval Chance

Amount: Up to $5,000
Rate: 9.9% - 47.72%
Term: -

APPLY NOW

easyfinancial

Amount: $500 - $100,000
Rate: 9.99% - 46.96%
Term: Varies

APPLY NOW

LoanMeNow - Best For Low Credit

Amount: $500 - $1000+
Rate: 28% to 32%
Term: 3 Months

APPLY NOW

SkyCap Financial - Best Alternative Option

Amount: $500 - $10,000
Rate
Term

APPLY NOW

Nyble - Best Credit Building Help

Amount: $250
Rate: No Cost!
Term: -

APPLY NOW

goPeer

Amount: $1,000 - $25,000
Rate: 7.5% - 31.5%
Term: 36 - 60 months

APPLY NOW

New Brunswick is one of the three maritime provinces in Canada. It’s also the only constitutionally bilingual province. With a population of just under 750,000 residents, New Brunswick is ranked as the 8th most populated province in the country. One of the four original provinces of Canada, New Brunswick was officially made part of the Canadian Federation in 1867, along with Quebec, Nova Scotia, and Ontario. Where New Brunswick differs from the other two maritime provinces (Prince Edward Island and Nova Scotia) is that it’s the only one that is not completely surrounded by water. Fredericton, the province’s capital, is the third largest city in the province and is the location of the annual Harvest Jazz & Blues Festival, which attracts jazz, blues, and rock artists from all over the world.

Loans Tips

If you’re a resident of New Brunswick, here are a few tips that you can use when you’re looking to apply for a loan:

It’s best not to apply for too many loans at once, as doing so could have a negative impact on your overall credit score.
Before applying for a loan in New Brunswick, think about what type of payment term will best suit your needs. For instance, with a shorter-term loan, your monthly payments will be higher, but you will pay less overall. because your payment period will be shorter.
Make sure that you choose a legitimate lender in New Brunswick. Check out consumer reviews and look for the lender in the Better Business Bureau database.
Before signing any contracts with your chosen lender, always read every document over carefully for any inconsistencies.
Ask about secured loans first, they might be better suited to your situation.
It’s always in your best interest to make your loan payments on time and in full. If not, you could be charged a large penalty, be given a higher interest rate, or the property you’re financing might be seized as collateral (for homes, cars, and other assets).

You can also consider a guarantor loan.

Loans For All Your Needs in New Brunswick

One thing about loans? There are numerous kinds, all relating to different financial situations. Whether it’s to pay off your car, your home, or your business, there are lenders out there that will supply you with the loan you need. These are the types of loans that are the most frequently used by the average New Brunswick citizen:

Debt consolidation loans
Business loans
Personal loans
Emergency loans
Home renovation loans
Medical loans
Wedding loans
Student loans
Tax debt loans
Car loans
Bridge loans
Vacation loans
Repair loans

Ever wonder how much it will cost you to raise a child in Canada? Check out this infographic.

Increasing Your Chances of Getting Approved in New Brunswick

True, getting approved for a loan can often be difficult, especially if you don’t have a favourable credit score. Having bad credit can make lenders in New Brunswick think that you’re at risk of defaulting or going bankrupt, so approving you might be a bad idea. However, there are measures you can take that will increase the likelihood of you getting the approval you need, such as:

Requesting a credit check before you apply.
Paying off any debts you might already have.
Your financial situation might be different from everyone else’s. So, choosing the right lender to suit your needs is important.
Before applying, make sure that taking out a loan is the right option for you.
It’s best to have all your information up to date and ready to go.
Take your time and search around before you commit to one lender.
Banks are not the only lenders you’ll come across, so look at other organizations if your bank rejects your application.
Dealing with an online lender might work in your favour, so keep an open mind.

Click here to learn about bad credit loans in New Brunswick.

Protecting Your Personal Information

The unfortunate truth is that there are multiple ways for an identity thief or fraudster to steal your personal information. Once they’ve done this, your finances can be damaged and take a long time to repair. If a thief manages to get a hold of your Social Insurance Number, for instance, they can steal your identity, then open credit accounts and take out loans in your name. For this reason alone, it’s crucial to have your information properly protected.

For more information about fraud and identity theft in New Brunswick, contact the Financial and Consumer Services Commission.

Financial and Consumer Services Commission

Kings Place (King Tower)

440 King Street

Fredericton, New Brunswick E3B 5H8

Telephone: 506-453-2659

Toll-Free: 1 866 933-2222

Fax: 506-444-4494

Email: info@fcnb.ca

Website: www.fcnb.ca

Dealing With Fraud in New Brunswick

Fraud is one of the most serious crimes that any person may have to deal with in their lifetime. As mentioned above, fraudsters and identity thieves are clever. In fact, they can use the most basic personal information to gain access to both your bank and credit accounts. If you’re receiving your mail in an unlocked mailbox, someone can use your name, address and postal code to pretend they are you. If you accidentally throw out a pay-stub from your paycheck, they can find your SIN (Social Insurance Number) and also use it to access your banking information. Fraudsters can even learn about you by using websites like Facebook and Instagram, so be careful what you’re posting online.

Read this for an introduction to debit card fraud.

Your credit is also at risk if you don’t take the proper precautions and a thief gains access to one or all of your credit accounts. Your credit score could be impacted badly and prevent you from getting approved for the financial products you need in the future. Some of the more common types of fraud are:

Credit Card Fraud
Identity Theft
Credit Fraud
Loan Fraud

Remember, it’s in your best interest to review your accounts on a regular basis and keep an eye out for any suspicious activity. Actually, there are a few warning signs that you can watch for, such as:

If one or more of your lenders contacts you to let you know that you’ve been approved or rejected for a loan that you never applied for.
The same goes for credit card companies and banks. If they inform you that you’ve been approved or denied for a card, or service that you didn’t apply for in the first place, your identity may have been stolen.
If you already have existing credit cards, but your monthly statements have stopped showing up in the mail, someone might be stealing them and using your information.
If your statements are still showing up, but unusual purchases that you don’t remember making are listed on the bills, it’s another sign that a thief might have your credit card information.
If a collection agency informs you that you haven’t been making payments for a loan that you never applied for, someone might be using your identity to open loans in your name.

Frequently Asked Questions

How do I qualify for an online loan in New Brunswick?

In general, an online lender in New Brunswick will evaluate your credit score, income, debt-to-income ratio and more to determine approval. If you have bad credit, you can still get a loan if your income is high and your debt is low. However, the amount you are approved for, the rate you’re charged and the terms you receive are solely dependent on the lender.

Can I get a bad credit loan in New Brunswick?

Yes, while it may be difficult to convince your bank or credit union to lend you money, many online and payday lenders are more than willing to fund your needs. Unlike banks and credit unions, online and payday 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 (CCB) to get a loan in New Brunswick?

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 (CCB), Canada Pension Plan (CCP), Employment Insurance (EI) and any other non-traditional sources of income are usually accepted. However, do 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?

When you’re searching for a loan in New Brunswick, you’ll notice that many lenders have varying terms for different types of loan products. No matter which product you choose, the length of your loan term should be based on how much you can afford. 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. As such, if your lender is willing to provide you with a loan term between 2 and 5 years, choose the shortest length that you can still afford comfortably.