Payday Loans New Brunswick - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81683676800 Windmill Microlending$15,000 5.95% Up to 60 months
$15,000
1001666051200 Nyble$20 - $100 0% -
$20 - $100
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
111639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
71637280000 Symple Loans$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
71620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 6 - 60
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
91580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
21580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
101580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $3,200 - -
Up to $3,200
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
91545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
81552262400 Money Mart$1,000 - $15,000 19.90% - 46.90% 12 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 23% -
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548720000 Amber Financial$1,000 - $50,000 4.6% – 49.96% 3 - 60
$1,000 - $50,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
11543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
1001545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 Cashco FinancialUp to $7,000 - 6 – 60
Up to $7,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
1001545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
61545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
41545264000 Mogo Finance$300 – $35,000 9.9% - 47.72% 24 - 60
$300 – $35,000
51545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
141545177600 Magical CreditUp to $20,000 19.99% - 46.8% 12 - 60
Up to $20,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81669852800 Driven$500 - $300,000 - 2 - 24 months
$500 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
51545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
1001545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
1001545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
1001545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
31679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
41632960000 SafeLendUp to $50,000 14.9% + 12 -72
Up to $50,000
61624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
61597104000 Bryden Financing & Auto Sales- 4.99%+ -
-
1001594339200 Alphera Financial Services- - -
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575590400 Cars on Credit Financial- 14.5% to 29.9% -
-
1001575504000 Canada Car Loans- - -
-
21569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
41545264000 Mogo Finance$300 – $35,000 2.20% - 2.54% 36 - 60
$300 – $35,000
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program

Can You Get A Payday Loan In New Brunswick?

Yes, payday loans are available in New Brunswick. 

Payday loans are short-term loans that are typically made for no more than $1,500. They’re available to borrowers with all types of credit, including those with bad credit who are ineligible for traditional personal loans from banks. 

These loans take only a few minutes to apply for and get approved for. Funds are available shortly after, which must be repaid by the time you receive your next paycheque. 

Are Payday Loans Available Online in New Brunswick?

Most legitimate payday lenders allow borrowers to apply online. However, it’s important to be extremely cautious. A physical location can help you partially confirm a creditor’s legitimacy. But, applying for a payday loan online comes with the risk of being scammed. 

Desperate for financial aid, many borrowers in New Brunswick hand over their personal or banking information.  Typically, without checking customer reviews or looking to see if their company shows up in the database at the Better Business Bureau.

Are You Eligible For A Payday Loan?

No examination of your credit report or credit scores is required for a payday loan. Although if you’re concerned about the health of your credit, it’s important to check it on a regular basis. You can check your credit for free using a company like CompareHub

 All you need to be eligible is the following: 

  • A chequing account (some payday lenders may offer funding via a reloadable prepaid card or direct cash if you don’t have a bank account) 
  • You need to be a resident of Canada 
  • You’ve been steadily employed for at least 3 months

How To Apply For A Payday Loan In New Brunswick?

Applying for a payday loan in New Brunswick is quick and easy. Just follow these simple steps:

Complete the lender’s application online. Include information such as your name, contact information, and how much you’d like to apply for.

Submit proof of identity. A driver’s license or passport will help the lender verify your identity, which is required before loan approval. 

Submit proof of income. Your lender will want to make sure you earn enough to cover your loan payment and will require proof of income, such as pay stubs or a letter of employment. If you’re not currently working and are collecting government benefits, you will need to provide documents supporting this non-employment income. 

Provide bank account details. Some payday lenders will want to verify your bank account. Your account will be used for the lender to deposit your funds and access repayment when it’s due. 

Wait for approval. Shortly after applying for your payday loan and submitting your documents, the lender will send you a loan contract if you’re approved. In many cases, approval takes place minutes after application. Be sure to go through the contract carefully before signing it. 

Receive your money. 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 To Calculate The Cost Of A Payday Loan In New Brunswick?

As mentioned, payday loans are among the most expensive loan types. The interest rate that payday lenders charge is often far greater than what you would pay for a typical personal loan from a bank. 

That said, there are limits on what payday lenders can charge for these short-term loans. The rules vary depending on the province or territory. 

In New Brunswick, for example, the maximum interest that can be charged on a payday loan is $15 for every $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 calculate the cost of borrowing, multiply the loan amount by the interest rate charged. For example, if the rate is 15% or $15 on every $100 you borrow, multiply the loan amount by 15%. 

Let’s illustrate how much you could pay for a payday loan based on a handful of loan amounts: 

Loan Amount Loan Cost Per $100Total Interest CostTotal Amount Payable
$500$15$75$575
$1,000$15$150$1,150
$1,500$15$225$1,725

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.

Payday Loan Laws In New Brunswick

New Brunswick has specific laws around payday loans to protect consumers from predatory lenders. Here are some of the key rules surrounding payday lending in NB:

Max Loan Amount $1,500 (No creditor is permitted to grant a loan that equals more than 30% of a New Brunswick borrower’s net pay )
Maximum CostNo creditor is permitted to charge more than $15 per $100 borrowed
Maximum TermUp to 62 days
Loan RolloverNot permitted in NB
Loan Cooling-Off PeriodNew Brunswick borrowers are allowed 48 hours ( not including Sundays & holidays) to cancel their loan agreement without penalty. 
LicenseCreditors must be licensed by the FCNB (Financial and Consumer Services Commission of New Brunswick)
Loan Agreement Every loan agreement must list specific terms, conditions and total costs

What Is A Payday Loan Cycle?

It can be very easy to get stuck in a payday loan cycle due to their ease and convenience. Most payday loan cycles start like this:

  1.  You take out a loan, hoping that you’ll have enough money by your next paycheck to cover the total cost.
  2. With all your other regular expenses, you’re unable to meet the 14-day deadline, adding penalty fees and other charges to your total debt. 
  3. When you manage to pay your debt by the end of the following term, you no longer have any funds to cover ends meet. 
  4. When that happens, you end up getting a new payday loan to cover the costs. In the end, you get stuck in a loop of taking out payday loans and repaying them in order to stay afloat. 

Alternatives To Payday Loans 

If you’re looking for alternative ways to cover an expense, consider the following options:

Accessing Your Home Equity 

If you currently own a home in New Brunswick, dipping into your home equity might be a good way of dealing with your expenses or debts. These loans typically have lower rates because of the security your equity provides. Moreover, your payments may be more affordable because they can be stretched over serval years. You can tap into your home equity by applying for a: 

  • HELOC (home equity line of credit)
  • Home equity loan
  • Cash out refinance

Offering Your Car Title

If you own a car outright, you can apply for a loan using your car’s title as collateral. You can apply for a car title loan to consolidate your debt or cover your expenses. With it, you can borrow up to a certain percentage of the car’s present market value. The amount you qualify for will depend on your lender and your finances. 

Take Out An Installment Loan

An installment loan (a type of personal loan) in New Brunswick allows you to borrow a specific sum of money, then pay it back over time through scheduled payments with interest. While collateral isn’t a necessary offering, it can help you secure more money and a lower interest rate.

Use Your Credit Cards

If you qualify, a credit card can be a safer and more affordable borrowing option. However, since credit cards can also cause a lot of debt, make sure you are able to pay regular bills on time and in full before you go charging every expense to them.

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.

FAQs On Payday Loans In New Brunswick

Can I get a payday loan in New Brunswick if I’m unemployed?

If you are unemployed and receiving alternative forms of income, then you may be eligible for a payday loan. Non-employment income will be considered by some payday lenders. Examples of such incomes can be Employment Insurance (EI), the Canadian Pension Plan (CPP), private pensions, and disability assistance. So long as your income can support the payments and it fits your budget, some payday lenders will be willing to work with you even if you’re unemployed.

What is the maximum interest rate for payday loans in New Brunswick?

The maximum annual percentage rate (APR) for loans in Canada is 60%. However, payday lenders are exempt from this rate and have different limits depending on the province. In New Brunswick, it’s $15 per $100 borrowed. In a two-week period, this amounts to an APR of close to 400%.

Will a payday loan affect my credit score?

The typical payday lender doesn’t conduct credit checks or do any kind of reporting themselves. So, applying for or taking out a payday loan shouldn’t affect your credit. However, if you fail to repay the loan, the payday lender may sell your debt to a collection agency. They will be the ones who report the outstanding debt to the credit bureaus, in turn, negatively impacting your credit score.

What happens if you default on your payday loan?

While payday lenders don’t report your loan payments to the credit bureaus, missed payments could cause the creditor to sell your debt to a collection agency. This could lead to a court case, followed by wage garnishment. Moreover, it can have a severe negative impact on your credit scores.

     

More From Our Experts

What Do You Need To Borrow Money In Canada?
What Do You Need To Borrow Money In Canada?

When you need to borrow money, there are many options to choose from. But finding the right option can be hard. Let's find out which one is right for ...

5 Loans Like Fairstone You Should Know
5 Loans Like Fairstone You Should Know

If you are looking for loans like Fairstone, you can find them on Loans Canada. These Alternative lenders offer secured and unsecured loans.

Unsecured vs. Secured Loan: What’s The Difference?
Unsecured vs. Secured Loan: What’s The Difference?

Unsecured vs. secured loan: do you know which one is the right option for you? Find out which loan best suits your needs.

Payday Loan Debt Relief: Stop The Payday Loan Debt Cycle
Payday Loan Debt Relief: Stop The Payday Loan Debt Cycle

Are you struggling to repay your payday loan debt? Check out these payday loan debt relief options in Canada.

Subprime Loans In Canada
Subprime Loans In Canada

Are you struggling to get a loan due to bad credit? Find out what are subprime loans and how you can get one.

Windmill Microlending Skilled Immigrant Loan Review – 95% Approval Rate
Windmill Microlending Skilled Immigrant Loan Review – 95% Approval Rate

Windmill Microlending offers skilled immigrants of any status a 5.95% interest loan to pay for books, certification and career enhancing

Loans For Immigrants In Canada
Loans For Immigrants In Canada

Have you recently made Canada your new home? Are you looking for loans to help cover important expenses? Find loans for immigrants in Canada.

Can You Get Government Funding For An AZ License In Ontario?
Can You Get Government Funding For An AZ License In Ontario?

An AZ license in Ontario is expensive. Find out if you can get government funding for an AZ license in Ontario.

The Real Cost Of A Buy Now Pay Later (BNPL) Service
The Real Cost Of A Buy Now Pay Later (BNPL) Service

While Buy Now Pay Later (BNPL) services may be convenient, it does come at a price. Here's what can make BNPL services more expensive than you think.

Loan Break for Canadians: Criminal Interest Rate Dropping from 47% to 35%
Loan Break for Canadians: Criminal Interest Rate Dropping from 47% to 35%

Did you know the criminal interest rate is dropping from 47% to 35% APR ? Find out how it will affect your ability to qualify for loans.

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers
Caitlin Wood Priyanka Correia Lisa Rennie Bryan Daly Cris Ravazzano Margaret Johnson Kale Havervold Liz Enriquez Sean Cooper Veronica Ott Corrina Murdoch Chrissy Kapralos

A Team of Experts

Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card