Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 6 – 84 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
Are you having financial troubles and are looking for fast, flexible financing in New Brunswick? Whether you’re covering unexpected expenses, funding a big purchase, or consolidating debt, a personal loan can be a smart solution tailored to your needs. With options for both good and bad credit borrowers, getting approved for a personal loan and accessing the funds you need can be easier than you think.
What Is A Personal Loan?
A personal loan is a type of installment loan that provides a lump sum of money that may be used to cover a variety of expenses. The loan is then repaid over a set term through installment payments, which include both principal and interest.
| Loan Amounts | Up to $35,000+ |
| Interest Rates | 9.99% — 35% |
| Loan Terms | 3 months to 5+ years |
What Kinds Of Expenses Can I Cover With Funds From A Personal Loan?
Funds from a personal loan can be used to cover just about any expense, including the following:
- Utility bills
- Car repairs
- Vehicle maintenance costs
- Home upgrades
- Vacations
- Cosmetic procedures
- Medical expenses not covered under provincial health care plans
- School tuition and supplies
Learn more: Personal Loans
Personal Loan Eligibility: What You Need To Know
While lender set their own criteria, most personal loans in New Brunswick require you to meet a few key requirements:
| Residency | You must be a Canadian citizen or permanent resident. Newcomers or those with temporary status may face extra requirements. |
| Age | You need to be the age of majority in New Brunswick (19 years). |
| Income | A stable, verifiable income that meets the lender’s minimum threshold is essential. |
| Debt-To-Income (DTI) Ratio | Lenders typically prefer a DTI of 32% or lower. |
What Credit Score Do You Need For A Personal Loan?
Most lenders in New Brunswick use your credit score to assess how likely you are to repay a loan. A score of 660 or higher typically gives you the best chance of approval with lower interest rates. If your score falls below that threshold, you may still qualify, but expect to pay higher rates. This can increase the overall cost of borrowing.
Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan
Can You Get A Personal Loan With Bad Credit?
Yes, you can still qualify for a personal loan even with bad or no credit. However, it may be harder through traditional banks. Fortunately, many alternative and private lenders offer personal loans based on your overall financial health, and not just your credit score. Instead, these lenders consider factors like income, employment stability, and debt levels instead of just your credit score.
Just be wary that while these lenders tend to be more flexible with their credit score requirements, they tend to charge higher interest rates to offset the risk. So while loan approval is possible with bad credit, it’s important to understand the total cost of borrowing and compare loan offers carefully.
Learn more: How To Get A Loan With Bad Credit In New Brunswick
Where To Get A Personal Loan In New Brunswick
In New Brunswick, personal loans are available through banks, credit unions, and private lenders, each offering different benefits depending on your financial profile.
- Banks: Personal loans from banks typically come with competitive interest rates and flexible repayment terms. However, strong credit and a stable and sufficient income is required. Plus, the approval process can be slower, with more paperwork involved.
- Credit Unions: Members of credit unions may access lower rates and more personalized service. Membership is required.
- Private Lenders: Those with bad or no credit may have to apply for a personal loan from a private or alternative lender. These lenders not only cater to bad credit borrowers, but also offer fast approvals — sometimes within 24 hours. While convenient, private lenders charge higher interest rates compared to traditional lenders.
Can I Get A Personal Loan Online In New Brunswick?
Yes, most lenders in New Brunswick now offer online loan applications, making it easy for borrowers to apply from anywhere in the province. Whether you’re applying with a bank, credit union, or private lender, digital platforms allow you to compare rates, submit documents, and get approved without visiting a branch.
Here are a few online lenders in New Brunswick available:
| Fairstone | Personal loans are available online and in person. – 102 Main St. Unit 6, Fredericton, NB E3A 9N6 – 1055 Prospect St., Unit 4, Fredericton, NB E3B 3B9 Find a location near you with Fairstone’s branch locator. | Learn More |
| easyfinancial | Personal loans are available online and in person. – 102 Main Street, Fredericton, NB E3A 9N6 – 10 Trinity Ave, Fredericton, NB E3C 0B8 Find a location near you with easyfinancial’s branch locator. | Learn More |
| LendDirect | Personal loans are available online and in person. | Learn More |
Online Vs. In-Person Loan Applications: Which Is Better?
Applying for a personal loan online offers major perks, including the following:
- Convenience: You can apply for a personal loan anytime, from anywhere.
- Speed: Many lenders review applications within 24 hours thanks to automated systems.
- Easy Comparisons. Online platforms let you compare quotes and pre-approvals side-by-side, helping you find the best lender and offer.
That said, if you prefer face-to-face support or have a complex financial situation, visiting a branch may offer more personalized guidance.
How To Apply For A Personal Loan
Step 1: Get Pre-Approved
Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.Step 2: Choose A Lender
Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.Step 3: Gather All Required Documents And Apply
You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.Step 4: Wait For Approval
Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.Learn more: How To Apply For A Loan
| What Is Instant Bank Verification? When you apply for a personal installment loan, your lender will want to verify your bank account information. Often, they’ll do this through instant bank verification (IBV), which makes getting approved easier. Lenders use IBV to quickly confirm who you are and how much money you make, all without the need to see your documents. Instead, you simply log into your bank account through a safe portal provided by a trusted third party. The lender can then securely view your bank information, which helps them check your income and verify your details. |
Important Provincial Rules To Know When Getting A Personal Loan In New Brunswick
In Canada, some provinces have specific rules regarding high-cost loans. However, New Brunswick hasn’t yet put these rules in place. Currently, only BC, Alberta, Manitoba, Quebec, and Newfoundland have rules that govern these expensive loan options, while Ontario has yet to establish any.
In New Brunswick, a bill to create a new Consumer Protection Act has been recently proposed. Bill 16 passed a second reading in November 2023, which would consolidate various regulations covering several requirements under one piece of legislation.
Among other things, the new Consumer Protection Act would include high-cost credit. businesses operating in New Brunswick that offer high-cost credit products would need to be licensed. Further, specific information and disclosures must be included in loan contracts, including information regarding cooling-off periods.
In the meantime, any rules surrounding high-cost credit products in New Brunswick specifically would fall under federal laws and regulations. For instance, lenders cannot exceed the federal Criminal Code interest rate limit of 35% (APR).
| Is Your Lender Treating You Unfairly? Here’s Who To Contact In New Brunswick, businesses must follow certain rules when dealing with consumers. The Financial and Consumer Services Commission of New Brunswick establishes important laws to keep consumers safe and ensure they are treated fairly. If you think a business has treated you unfairly, you can reach out to the Financial and Consumer Services Commission for help: – In person: 85 Charlotte Street, Suite 300, Saint John, NB / 225 King Street, Suite 200, Fredericton, NB – By telephone: 1-866-933-2222 – By email: info@fcnb.ca |
Before Applying For A Loan, Do This
To strengthen your personal loan application, take the following steps before applying:
Strengthen Your Credit Score
Lenders use your credit score to gauge how reliable you are when it comes to repaying loans. A higher credit score can boost your chances of approval and get you a better interest rate. If your score needs a little improvement, start by checking your credit score for free using Loans Canada’s CompareHub tool to see where you stand.
Consider A Cosigner
A cosigner is someone with good credit and financial stability who agrees to back your loan if you’re unable to make payments. This lowers the lender’s risk and can significantly improve your odds of getting approved.
Use Collateral To Secure Your Loan
Secured loans are backed by assets, like a car or home. This gives lenders peace of mind because if you default, they can recoup their losses by selling the asset. However, it’s important to understand the risk of losing the collateral if you miss payments.
Learn more: How Do Secured Personal Loans Work?
Reduce Your Debt Load
Too much debt can hurt your loan application. Before applying for a personal loan in New Brunswick, try to pay down what you owe. This improves your debt-to-income ratio and makes you a more attractive borrower.
Show Stable Income
Lenders want to see sufficient and consistent income. Employment income is usually required, though some lenders may accept government benefits.
If you’re job hunting, consider connecting with a staffing agency. Many in New Brunswick specialize in helping unemployed residents find work and can match you with local employers. Here are a few to consider:
| Integrated Staffing Limited | Learn More |
| Agilus Work Solutions | Learn More |
| Advantage Personnel | Learn More |
| Brickforce Staffing | Learn More |
How Much Will A Personal Loan Cost You?
Before applying for a personal loan in New Brunswick, it’s a good idea to calculate how much it will cost you to help you budget appropriately. To calculate the cost of a loan, consider the following factors:
- Loan amount: The more you borrow, the more you’ll need to pay back. Your monthly payments will reflect your loan amount.
- Loan Term: The length of your loan term will determine how much your monthly payments will be and how much you’ll pay in interest overall. Longer terms typically come with lower payments, but you’ll pay more in interest over the term. Shorter loan terms mean higher monthly payments, but you’ll pay less total interest.
- Interest Rate: The rate you’re charged will directly affect the overall cost of your personal loan. Be sure to consider the APR instead of just the interest rate itself, which provides a more accurate estimate of the actual cost of your loan.
To make calculating your loan cost easy, use this online personal loan calculator from Loans Canada.
When Is A Personal Loan A Smart Choice?
A personal loan can be a wise option when used strategically. Here’s when it might be the right fit:
- Versatility: If you’re looking for a financing option that allows flexibility in how the funds are used — like paying for dental bills or consolidating debt — then a personal loan can be a great solution.
- Lower Interest Rates: Compared to some other loan options and credit cards, personal loans often come with lower interest rates. This makes them a more affordable option for managing larger expenses.
- Flexible Repayment Terms: Personal loans typically offer a range of repayment schedules and loan term lengths, giving you control over how you want to pay off the loan.
Learn more: Pros And Cons Of A Personal Loan
When Is A Personal Loan Not The Best Option?
While personal loans offer many benefits, they’re not ideal for every situation. Here are a few scenarios where you might want to rethink this financing option:
- Unstable Income: If your income fluctuates or isn’t stable, committing to monthly loan payments can be risky. Missed payments can result in penalties, additional interest, and damage to your credit score.
- Covering Small/Non-Essential Expenses: While personal loans can technically be used for small purchases, it’s typically best to use them for major expenses or emergencies. Using borrowed money for minor or leisurely items can lead to unnecessary debt.
Having Trouble Getting A Loan? Consider These Financial Assistance Options
Along with the programs mentioned above, other financial assistance programs are available in New Brunswick to help cover life’s basic expenses. You can quickly and easily find these services using www.211.ca.
Here are a few resources available on the site:
Food Banks
New Brunswick is home to several food banks in cities across the province. Here are a few you’ll find on 211.ca:
- Stanley Just Friends Food Bank: 30 Centennial St, Stanley, NB, E6B 1A8
- Fredericton Community Kitchens: 65 Brunswick St, Fredericton, NB, E3B 1G5
- Greener Village: 686 Riverside Dr, Fredericton, NB, E3A 8C2
- Natoaganeg Community Food Centre: 1 Church Road, Eel Ground First Nation, Eel Ground, NB, E1V 4E6
Utility Assistance
The cost of electricity and gas is becoming too expensive for many New Brunswick residents to afford. To offset these expenses, low-income residents may be eligible for the Emergency Fuel Benefit. This provides up to $550 per year to assist with heating their homes in the winter.
Rent Supplement Assistance Program
Financial assistance is available in New Brunswick through subsidized rents in qualifying rental units to those who need affordable and suitable housing. Eligible low-income households will have their rent reduced to 30% of their household income through the Rent Supplement Assistance Program.
Homeowner Repair Program
The Homeowner Repair Program is available to low-income homeowners who need financial help updating or renovating their homes. The financial assistance from this program comes in the form of a loan. A portion may not have to be paid back.
The maximum forgivable loan per eligible home is $15,000. The forgivable loan amount is based on a sliding income scale and the repairs required, and can be paid back over a 15-year term.
Bottom Line
Personal loans are versatile credit products that you can use to finance virtually any expense. If you need to cover an expense or purchase, a personal loan can be a great option as it offers you the ability to spread your payments, making it more affordable. Apply with Loans Canada to find the best lenders and loans in New Brunswick that meet your financial needs.
