Looking to get your hands on some fast cash to tide you over until your next paycheque? You might think about taking out a payday loan. But while they’re convenient and easy to get, payday loans are expensive and risky, often throwing borrowers into a cycle of debt.
We’ve designed this guide to help you navigate the ins and outs of cash advance payday loans in New Brunswick, so that you have as much information as possible to make an informed decision before you sign on the dotted line.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Complete list of payday loans in New Brunswick
As of March 21, 2023, there are 5 licensed payday lenders in New Brunswick, according to the Financial and Consumer Services Commission:
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
1. iCash
iCash offers fast payday loans in New Brunswick. It has served more than 500,000 Canadians since its founding in 2014. iCash is also a member of the Canadian Consumer Finance Association (CCFA).
Loan amount: $100 – $1,500
Loan term: 7 - 62 days
APR: Varies by province
Eligibility requirements: $800 min. monthly income
Incomes it accepts: Besides employment income, iCash accepts employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Where to apply: Online
Licence number in New Brunswick: 170060536
What customers say about iCash: Positive customer reviews agree that iCash’s service is fast, reliable and easy to use. Negative reviews expressed frustration regarding trying to find a real person to talk to by phone or by email.
Flexible repayments may let you split your loan into two or three installments
Earn up to 20% cashback for every loan you repay on time
Free app available on Apple and Google Play
Very high interest rate
Short repayment term
Customers indicate it can be difficult to reach the company by email or phone
2. Loan Express
Loan Express offers payday loans in New Brunswick with the option to conveniently apply online 24/7. The company has been offering loans in Canada for over 15 years now.
Loan amount: $100 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Must be of the age of majority in your province or territory, with an active bank account and a steady form of income.
Incomes it accepts (besides employment): Many types, including pension, disability, child tax credit, most other government benefits paid regularly
Where to apply: Online
Licence number in New Brunswick: 200000131
What customers say about Loan Express: Positive customer reviews generally say that Loan Express’ service is fast, professional and easy to use. Negative reviews indicate the company isn’t very helpful when it come to offering solutions for late payments.
Pros
Cons
Apply online and get fast approval
Get funds in as little as 5 minutes
Bad credit accepted
Accepts many types of income
Secure service with bank-level encryption
Very high interest rate
Short repayment term
Must be paid by direct deposit to qualify
Inflexible repayment terms
3. Speedy Cash
Speedy Cash has been established for over 20 years and now operates more than 20 branches across Canada. It doesn’t have any physical branch locations in New Brunswick, but you can still apply for payday loans in New Brunswick through Speedy Cash’s online platform.
Loan amount: $250 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts: Besides employment income, Speedy Cash accepts EI, CPP, private pension, child tax credit
Where to apply: Online
Licence number in New Brunswick: 220051820
What customers say about Speedy Cash: Positive customer reviews comment on quick payments and good customer service. Negative reviews complain about the level of information required to qualify.
Pros
Cons
Fast application and approval time
Accepts bad credit or no credit
Accepts different types of income
Very high interest rate
Short repayment term
No in-person locations in New Brunswick
4. GoDay
GoDay another web-based lender offering payday loans in New Brunswick. It accepts a wide range of non-employment income and offers 24/7 loan approvals.
Loan amount: $100 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts: Besides employment income, GoDay accepts CCB, disability tax credit, OAS, CPP and private pensions
Where to apply: Online
Licence number in New Brunswick: 170059977
What customers say about GoDay: Positive customer reviews mention GoDay’s friendly customer service and quick loan funding. Negative reviewers report slow loan approval times and being disappointed with its customer service.
Pros
Cons
Fast application and approval
Get funding in as little as 2 minutes after approval
Accepts non-employment income
e-Transfer and direct deposit available
Very high interest rate
Short repayment term
Must be paid by direct deposit
First-time borrowers can only access up to $500
5. Money In Your Pocket
Money In Your Pocket is a licensed payday loan lender based in New Brunswick. It does not have any website or online presence, but instead has one physical location in Saint John, New Brunswick.
Loan amount: Likely up to $1,500
Loan term: Likely up to 62 days
Eligibility requirements: Typically a steady source of income
Where to apply: In person
Licence number in New Brunswick: 170060145
What customers say about Money In Your Pocket: Positive customer reviews mention the friendly staff and and good customer service. Negative reviewers discuss limited access to the store due to inconvenient business hours.
Pros
Cons
Friendly staff
Very high interest rate
Short repayment term
Must apply in person
Only one location available
4 fast facts about payday loans in New Brunswick
Maximum loan amount: $1,500
Minimum loan term: 1-2 weeks
Maximum loan term: 62 days
Maximum interest: $15 for every $100 that you borrow
Can I get a payday loan in New Brunswick?
Yes, payday loans are legal in New Brunswick. Each province has its own regulations surrounding payday loans, and in New Brunswick, the Cost of Credit Disclosure and Payday Loans Act help protect those who take out payday loans.
Here are the rules surrounding payday loans in New Brunswick:
You can’t be charged more than $15 in fees for every $100 borrowed.
A lender can charge additional fees if you don’t pay your loan by the due date.
The maximum amount you can borrow is $1,500.
You can’t borrow more than 30% of your net income.
Loans usually must be paid off within 2 – 4 weeks.
The maximum term for this type of loan is 62 days.
You can’t get a new loan until you pay off your first one.
Lenders cannot ask you to sign a form that transfers your wages directly to them.
Roll-over loans are not allowed. This means you can’t roll over what you owe into a second payday loan.
Should you change your mind and want to cancel your payday loan, you have 48 hours (excluding Sundays and holidays) to do so without facing a penalty. You also don’t have to provide a reason for cancelling.
What fees will I have to pay?
Although New Brunswick has laws in place to protect consumers from predatory lending, you’ll still need to pay a maximum of $15 in fees for every $100 that you borrow. Payday lenders can’t give you a loan for more than 30% of your net paycheque and the loan agreement must list all of the charges, terms and conditions of the loan.
Example: If your previous net pay is determined to be $1000, the most you can borrow is $300. If you take out a 14 day payday loan, the chart below shows you the maximum you can be charged.
Net Pay
Max loan
Max charge
Cost of interest
Repayment Amount
APR (%)
$1,000
$300
$15 per $100
$45
$345
391.07%
You have two business days to cancel a contract for a payday loan without having to pay a fee. The comparison below shows the fees you will pay for a payday loan versus a typical credit card.
Loan Amount (over 2 weeks)
Payday loan fee
Credit card fee (23%)
$300
$45
$6.15
$600
$90
$12.29
$900
$135
$18.44
$1,200
$180
$24.59
$1,500
$225
$30.74
Can I get a no credit check loan in New Brunswick?
Most lenders won’t do a credit check when issuing a payday loan in New Brunswick. Instead, they’ll be more interested in you having:
An active chequing account
A permanent address (and proof of it)
Three months of continuous employment (and proof of it)
This lenient criteria can be easy to meet – with the added bonus of not having to prove you’re a responsible borrower. However, some lenders who don’t do credit checks might be more likely to be predatory and illegitimate. This is why it’s important to do your research and use a reputable lender – whether they do a credit check or not.
How can I apply for a payday loan in New Brunswick?
If you’re interested in applying for a payday loan in New Brunswick, you’ll need to meet the following eligibility criteria:
Be at least 19 years old
Provide proof of 3 months of continuous employment
Show proof of address (e.g., they can ask to see a utility bill)
Have an active chequing account
To complete your application successfully, prepare to submit some basic information:
Personal details, such as your name, date of birth, Social Insurance Number and a valid form of ID
Contact details, such as your residential address, email address and phone number
Details about your employment and income
What to know before applying for payday loans in New Brunswick?
If you’re struggling to make it between paycheques, a payday loan has the potential to help you through your financial troubles. But keep in mind payday loans in New Brunswick can be the most expensive solution for your short-term financial problems. You could save big if you opt for other ways to solve your money issues.
If you do decide to take out a payday loan in New Brunswick, it’s important to borrow only as much as you’ll be able to repay and to budget your repayments accordingly. If you default on your loan or it goes into collections, your credit score could go down and it could stay on your report for up to 6 years. Make sure to budget to pay back the loan and use a licensed lender.
How can I tell if a lender in New Brunswick is legit?
The best way to make sure a lender is legit is to check their credentials with the Financial and Consumer Services Commission. Look for the following signs to make sure you’re working with a reputable payday loan lender in New Brunswick.
The lender displays a New Brunswick licence number. A licence is required to be displayed for each location where payday loans are offered to consumers in New Brunswick. Contact the Financial and Consumer Services Commission at 1-866-933-2222 to check the licence status of a payday lender.
The lender displays fees. Lenders must have posters showing the rates they charge. Signs must be posted in both official languages and must be visible to borrowers.
It doesn’t allow roll-overs or multiple loans. New Brunswick law doesn’t allow payday lenders to give out multiple loans or to allow borrowers to use a second payday loan to pay off their current one.
It provides contracts in the language you use to speak with your lender. This means that if you and your lender communicate in English, your contract must be in English. If it’s French, your contract must also be in French.
It follows rate and fee regulations. Stay away from lenders who charge more than $15 in fees per $100 borrowed.
Watch out for unlicensed lenders
Online lenders can be a quick and easy, but unlicensed online lenders can be problematic for a number of reasons. Watch out for the following:
Illegally high interest rates or fees. It can be difficult to “read between the lines” on contracts, meaning you might end up paying much more than $15 in fees per $100 borrowed.
Identity theft. Lenders that operate online aren’t accountable to provincial governing bodies, which means they may misuse your personal information, including putting you at risk of identity theft or a hacked bank account.
Funds taken from your bank account without your permission. Unlicensed lenders have been known to illegally withdraw money from customer’s bank accounts to help cover the cost of loan repayment.
Unlicensed lenders can operate out of New Brunswick – or even outside of Canada – making it difficult for the province to prosecute them. That’s why it’s so important to make sure your payday loan lender is licensed to operate in New Brunswick before you sign a contract and borrow money.
How to file a complaint against a payday lender in New Brunswick
You can contact the Financial and Consumer Services Commission (FCSC) toll-free at 1-866-933-2222 to discuss your options for filing a complaint. The FCSC will conduct an investigation on your behalf if they believe that a payday loan business has breached New Brunswick’s consumer protection laws.
If the FCSC finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.
Payday loan alternatives in New Brunswick
Payday loans in New Brunswick are one of the most expensive ways to access a loan. If you’ve had no luck asking family or friends for a helping hand, you might like to consider these other programs and lenders before you settle for a payday loan.
New Brunswick assistance programs
New Brunswick has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.
Social assistance program provides low-income individuals with financial assistance to cover expenses like food, clothing and rent.
Affordable Housing program provides subsidized rental housing to low-income families, seniors and individuals who cannot afford other housing options.
Disability support program helps people with disabilities who are in financial need pay for living expenses, like food and housing.
Local financial institutions
Some credit unions and local banks offer less expensive small-dollar financing amounts with longer repayment terms. You could also look into credit builder loans, which come in small amounts and can help you improve your credit score by reporting every on-time repayment you make to credit bureaus. You also typically have more time to pay it off.
Credit counselling
If you’re swimming in debt or can’t seem to reign in your personal finances, you might like to look into a credit counselling program. These can help you make a budget and manage or consolidate your debts. Before you get a payday loan, consider alternatives available to you
Bottom line
If you’re considering taking out a payday loan, familiarize yourself with the laws of New Brunswick to make sure you’re aware of the maximum amount of fees you can be charged, as well as other lending rules. But consider other personal financing options before applying for payday loans in New Brunswick, since they can be extremely expensive.
Have more questions about payday loans in New Brunswick?
You can only take out one payday loan at a time for a maximum of $1,500.
Roll-over loans are not allowed in New Brunswick. This means you can't roll what you owe on a payday loan into a second payday loan. You can't get another payday loan from the same lender before paying your first loan in full.
You can file a complaint with the Financial and Consumer Services Commission toll-free at 1-866-933-2222, who will act on your behalf to conduct an investigation into the payday loan business in question.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
Read our guide to payday loan regulations in your province or territory.
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