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Yes, payday loans are available in Newfoundland. Payday lenders in the province must adhere to specific regulations governing these types of short-term loans, including maximum borrowing costs, maximum loan amounts, and time frames within which these loans are to be repaid.
Licensed Payday Lenders In Newfoundland: Find A Payday Lender Near You
To find licensed payday lenders in Newfoundland, you can conduct an online search and look for a license number on each lender’s website. Alternatively, you can visit the provincial government’s Digital and Government and Service NL website, which provides a list of valid payday loan lenders and their licenses.
To help you get a head start on finding a licensed payday lender in Newfoundland, consider the following businesses:
| Lender | Loan Amounts | Income Type Accepted | Address |
| Ecash Financial | Up to $1,500 (maximum of 50% of your net pay) | Various sources, including employment benefits | 5 Hallett Crescent, St. John’s, NL A1B 4C4 |
| Loan Express | Up to $1,500 | -Employment income -Child Tax Benefit -CPP -Pension -Disability | Online only |
| MJ Cash For Gold | Up to $1,500 | -Employed income -Pension -Disability | 336 Freshwater Rd #3, St. John’s, NL A1B 1C2 |
| Quik Cash | Up to $1,500 | Not specified | 33 Kenmount Rd, St. John’s, NL A1B 3T3 |
Your Rights As A Payday Loan Borrower In Newfoundland
You have specific rights when you take out a payday loan in Newfoundland. More specifically, payday lenders are required to comply with Payday Loans Regulations under the Consumer Protection and Business Practices Act.
Before applying for a payday loan in Newfoundland, make sure you’re familiar with the following:
| Loan Amounts | Up to $1,500 |
| Loan Terms | Up to 62 days |
| Cost Limits | Maximum fee of $14 per $100 borrowed |
| Cooling-Off Period | 48 hours |
| Rollovers | Not allowed |
| Lender Licensing | All payday lenders in Newfoundland must be licensed in the province |
| Default Charges | Maximum penalty for a bounced cheque or pre-authorized debit: $20 |
How Much Will Your Payday Loan Cost You?
The maximum amount that a payday lender in Newfoundland can charge is $14 per $100 borrowed.
To get an idea of what your loan could cost you, the following chart lists various payday loan amounts and their respective costs:
| Loan Amount | Cost To Borrow | Total Loan Cost |
| $100 | $14 | $114 |
| $200 | $32 | $232 |
| $300 | $42 | $342 |
| $400 | $56 | $456 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
How Fast Will You Get Your Funds?
How quickly you’ll receive the funds from a payday loan can vary. That said, money from a payday loan is typically deposited into your account within 24 hours of loan approval. Some lenders also offer same-day or even instant deposits, depending on the lender and the time of day that you apply.
How Can I Tell If A Payday Lender Is Legit?
To determine the legitimacy of a payday lender, consider the following:
- Are They Licensed? Make sure the lender is licensed in your province. You can find their license number on their website or storefront.
- What Are Their Reviews Like? Conduct an online search for the lender to see what other customers are saying about them. Be sure to look at trusted websites like Trustpilot or the Better Business Bureau (BBB).
- Do They Charge Upfront Fees? Steer clear of payday lenders who ask for fees before you receive the loan. This is a red flag of a possible scam.
Can You Get A Payday Loan On EI?
Yes, you can get a payday loan if you’re collecting Employment Insurance (EI) benefits, depending on the lender. Make sure to inquire with the lender to see if they accept EI as a form of income.
What Happens If You Miss A Payday Loan In Newfoundland?
If you don’t repay your payday loan as per your agreement, the payday lender can charge the following:
- 2.5% interest
- $20 for each bounced cheque or dishonoured pre-authorized debit
The payday lender can also refer your unpaid debt to a collection agency to recoup the funds. In this case, the collection agency can do the following:
- Contact you
- Send collection notices
- Take legal action
That said, collection agencies have rules to follow when it comes to how they deal with you. More specifically, they’re not allowed to do the following:
- Call you without first having sent written notice
- Call your place of employment without your consent
- Call between the hours of 10 pm and 8 am
- Use threatening or coercive language
- Communicate with your family and friends, unless it’s to get your address
How To File A Complaint Against A Lender In Newfoundland
If you believe that you’ve been unfairly treated by a payday lender in Newfoundland, you can file a complaint with the Digital Government and Service NL’s Consumer and Financial Services Division. Download the complaint form and send it to the department in any of the following ways:
| Consumer and Financial Services Division Digital Government and Service NL Government of Newfoundland Labrador P.O. Box 8700149 Smallwood Drive Mount Pearl, NL A1B 4J6 | |
| consumeraffairsaccount@gov.nl.ca | |
| Fax | 709-729-6998 |
Alternatively, you can call and speak to a representative at 1-877-968-2600
Alternatives To Payday Loans In Newfoundland
Payday loans are very expensive and difficult to repay. You may be better off seeking out another option before resorting to a payday loan. Here are some alternatives to consider:
Government Assistance Programs In Newfoundland
The following provincial government programs are available to qualifying individuals who are struggling financially:
| Child Income Support | Learn More |
| Newfoundland and Labrador Prescription Drug Program | Learn More |
| Provincial Home Support Program | Learn More |
| Special Child Welfare Allowance Program | Learn More |
Debt Relief
In situations where your financial health is dire and you’re unable to climb out of your debt, you may need to seek more aggressive solutions, like debt relief. Here are a few options available:
| Program | Description |
| Debt Consolidation Loans | A debt consolidation loan combines multiple debts into a single loan with a lower interest rate, streamlining your monthly payments. |
| Credit Counselling | Credit counselling provides guidance and support to help Canadians manage their debt and improve their financial health. |
| Debt Settlement | Debt settlement involves negotiating with creditors to pay off a portion of your debt, usually for an amount less than the total owed. |
| Consumer Proposals | A consumer proposal is a formal agreement with creditors to repay a portion of your debts over a specific period, usually with manageable terms compared to paying the full amount. |
| Bankruptcy | Bankruptcy is a legal process that provides debt relief to consumers who are unable to repay their debts, often involving the surrendering of assets. |
Learn more: Debt Relief Programs In Canada: What Are Your Options?
Other Ways To Get Cash Quickly In Newfoundland
If your financial difficulties are short-lived and you can still make some bill payments, consider the following options:
- Credit Card Cash Advances: A credit card cash advance lets you withdraw cash from your credit card account, usually at a higher rate than your purchase rate and with additional fees.
- Car Title Loans: A car title loan is a short-term loan that uses your vehicle’s title as collateral, and usually comes with high interest rates and fees.
- Personal Loans: A personal loan provides you with a lump sum of money to be used for various purposes, and is usually repaid with fixed monthly payments over a specific term.
- Small Credit Lines: A credit line is a flexible loan arrangement that lets you borrow up to a certain limit and pay it back as needed. Interest is only charged on the borrowed amount. One company that offers small credit lines that are easy to get approved for is Bree. This service offers interest-free cash advances up to $350 that can be used to cover last-minute expenses or avoid NSF fees.
