Can You Get A Payday Loan In New Brunswick?
Yes, you can get a payday loan in New Brunswick. However, these types of loans are typically limited to $1,500 with a term of no longer than 62 days. They’re available to borrowers with all types of credit, including those with bad credit who are ineligible for traditional personal loans from banks.
| Warning: Payday loans come with extremely high rates and short repayment periods, which can make them very expensive and difficult to repay. Be sure to consider alternative options to avoid financial strain. |
Can I Get An Instant Payday Loan In New Brunswick?
Yes, you can get an instant payday loan in New Brunswick. Many lenders in the province offer quick approval and funding.
Even if you don’t receive the funds immediately, they’re still typically available within hours or on the same business day. Funds are typically sent via e-Transfer or direct deposit.
Licensed Payday Lenders In New Brunswick: Find A Payday Lender Near You
It’s important to make sure the payday lender you’re working with is licensed to provide these short-term loans in New Brunswick. Licensed lenders will display their license number in their physical storefront or on their website.
You can also find a list of licensed payday lenders by visiting the Financial and Consumer Services Commission of New Brunswick website.
There are only a handful of licensed payday lenders in New Brunswick, including the following:
| Lender | Loan Amounts | |
| Speedy Cash | Up to $1,500 | Learn More |
| Loan Express | Up to $1,500 | Learn More |
| GoDay | $100 – $1,500 | Learn More |
Your Rights As A Payday Loan Borrower In New Brunswick
As a payday loan borrower in New Brunswick, you have certain rights as protected by law. The following chart outlines the specific lender rules and consumer rights surrounding payday loans in New Brunswick:
| Loan Amounts | Up to $1,500 (maximum of 30% of your net pay) |
| Loan Terms | Up to 62 days |
| Cost Limits | Maximum fee of $14 per $100 borrowed |
| Cooling-Off Period | 48 hours (excluding Sundays & holidays) |
| Rollovers | Not allowed |
| Lender Licensing | All payday lenders in New Brunswick must be licensed in the province |
| Default Charges | $20 maximum penalty for a bounced cheque or pre-authorized debit |
Are You Eligible For A Payday Loan?
To be eligible for a payday loan in New Brunswick is easy. You’ll typically need to meet the following criteria:
- Proof Of Income: You must generate some form of income, whether it’s from a job, government benefits, or a pension. Each payday lender has their own income requirements.
- Photo ID: You’ll need to show the lender a valid government-issued ID, such as a driver’s license or passport.
- Bank Account: You need an active bank account for the lender to deposit the money and withdraw loan repayments. However, some payday lenders may offer funding via a reloadable prepaid card or direct cash if you don’t have a bank account.
How Do I Apply For A Payday Loan In New Brunswick?
To apply for a payday loan in New Brunswick, follow these steps:
Step 1: Find A Licensed Payday Lender
Make sure the payday lender is licensed to provide these high-cost loans in New Brunswick.
Step 2: Gather Required Documents
Get relevant documents ready for the application process, such as proof of income, photo ID, and bank account information. If you’re not currently working and are collecting government benefits, you will need to provide documents supporting this non-employment income.
Step 3: Complete And Submit The Application
Fill out the loan application on the lender’s website. Approval typically takes no more than 24 hours.
Step 4: Receive The Funds
Shortly after applying for your payday loan and submitting your documents, the lender will send you a loan contract if you’re approved. The funds will be deposited into your bank account minutes after approval, usually through an Interac e-Transfer. You may also receive your funds in cash (if you apply in person) or on a prepaid debit card.
How Much Will You Pay For A Payday Loan In New Brunswick?
In New Brunswick, the most a payday lender can charge you is $14 per $100 borrowed. Further, you’re not allowed to borrow any more than 30% of your net pay from your last pay stub, up to a maximum of $1,500.
To help you get a picture of what your loan could cost you, the following chart lists different payday loan amounts and their corresponding costs:
| Loan Amount | Cost To Borrow | Total Loan Cost |
| $100 | $14 | $114 |
| $200 | $28 | $228 |
| $300 | $42 | $342 |
| $400 | $56 | $456 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
What Happens If You Miss A Payday Loan In New Brunswick?
If you miss a payday loan payment, your lender can charge you interest and late fees, which will increase the total amount you owe. In addition, the lender may contact you to collect payment, but they’re not allowed to harass you or contact your employer.
Here are the specifics regarding restrictions on what payday lenders can do when it comes to late or missed loan payments:
| Maximum Penalty Fees | Up to 2.5% per month on the outstanding balance |
| Maximum NSF Fees | Up to $20 for a late payment |
| Collections Actions | Payday lenders can contact you to collect payment, but they’re not allowed to do the following: – Harass or intimidate you – Call outside permitted hours – Contact others without your permission |
How To File A Complaint Against A Lender In New Brunswick
If you’ve been unfairly treated by a payday lender in New Brunswick, you can file a complaint online to the Financial and Consumer Services Commission of New Brunswick. Provide all available documentation and a description of the issue.
Can I Get A Payday Loan Online In New Brunswick Via e-Transfer?
There are a few ways to receive your funds from a payday loan in New Brunswick, including via Interac e-Transfer. In fact, this is the most common way for payday loan borrowers to receive their funds.
Once your loan application is approved, the funds will be sent to you through e-Transfer minutes later. Then, you can deposit the money right into your bank account. This is one of the quickest ways to get your borrowed funds. You can even receive the money after typical business hours.
Can I Get A Cash Payday Loan Online In New Brunswick?
If you want to access your borrowed funds in cash, then you’ll need to visit a brick-and-mortar payday lender in New Brunswick. This is another great way to get instant access to money immediately after being approved for a payday loan.
Can I Get A Payday Loan Online In New Brunswick Loaded Onto A Prepaid Credit Card?
A unique way to receive your borrowed funds from a payday loan is to have the money transferred to a prepaid credit card linked to your payday loan account. Some borrowers may choose this method because they don’t have an active bank account or may simply not want to use it.
Prepaid debit cards are usually associated with major credit card companies like Visa and Mastercard. You can use the card anywhere that accepts these brands, both in-store and online. Moreover, you may even be able to use prepaid cards loaded with payday loan funds to pay your bills.
You can access these cards in person from a payday lender or have them mailed to your home.
Alternatives To Payday Loans
If you’re looking for alternative ways to cover an expense, consider the following options:
If you’re still able to make some bill payments despite your current financial struggles, the following options may be worth considering:
| Financial Product | What It Is |
| Credit Card Cash Advance | Allows you to withdraw money using your credit card, usually with higher interest rates compared to regular purchase rates. |
| Personal Loan | A lump sum of money borrowed from a lender, repaid with interest in regular installments over a set term. |
| Credit Line | A flexible loan that lets you borrow up to a set limit, repay it, then borrow again, similar to a credit card. Nyble offers a zero-interest credit line of up to $250, which can also be used to build credit. |
| Car Title Loan | If you own a car outright, you can apply for a loan using your car’s title as collateral. With it, you can borrow up to a certain percentage of the car’s present market value. |
Need More Financial Assistance?
If you’re struggling to stay afloat due to mounting debt, look into government and city financial assistance programs. 211.ca is a great resource to help you find programs that can help alleviate some of your financial burdens.
That said, if you’re debt is unmanageable, consider speaking with a credit counsellor. A credit counsellor provides guidance to those seeking help with debt management, budgeting, and improving their financial situation. They can also offer debt relief programs to help you reduce or eliminate their debt, such as:
- Debt Management Program (DMP)
- Debt Settlement
- Consumer Proposals
- Bankruptcy
Is A Payday Loan The Right Choice For You?
Payday loans are an expensive way to borrow money and are not a good option for most consumers. Before you apply for a payday loan in New Brunswick, remember that Loans Canada is always here to offer you better plans and prices. We can set you up with the right financial aid tool for all your needs.
