If you’re in a financial emergency, you might be thinking about getting a payday loan to tide you over until your next paycheque. While they’re very convenient, payday loans are one of the most expensive ways to borrow money. Here’s where you can find legitimate payday loans in Nova Scotia, how much you can borrow, and fees you can expect to pay, so that you have as much information as possible to make an informed decision.
⚠️ 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.
Quick facts about payday loans in Nova Scotia
Maximum loan amount: $1,500
Minimum loan term: None, but you typically repay on your next payday.
Maximum loan: Up to 62 days
Maximum cost: $15 for every $100 borrowed
Compare payday loans in Nova Scotia
1 - 4 of 4
Can I get payday loans in Nova Scotia?
Yes, you can. Payday loans are legal in Nova Scotia. Each province has its own rules and regulations for licensed payday lenders. In Nova Scotia, the sector is regulated by the Consumer Protection Act and Payday Lenders Regulations to help protect those who take out payday loans. Here are the key rules and regulations surrounding payday loans in Nova Scotia:
You can’t be charged more than $15 for every $100 borrowed.
The maximum charge for a late payment is $40, or up to 30% annual interest if you pay late.
The maximum amount you can borrow is $1,500.
Loans usually must be paid off within 62 days.
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.
You have until the next business day to cancel your payday loan without facing a penalty or providing any reason. This is called a “cooling off period.”
A lender cannot extend or renew a loan with additional fees or provide you with a new payday loan to pay out your existing loan.
The lender must have a sign in its business, or website, showing the full cost of borrowing (calculated based on a $300 loan due after 14 days), including the loan amount and APR.
The lender cannot make you pay for additional services (such as a cash card, bank account or insurance) before giving you a loan.
Payday lenders in Nova Scotia must prominently display their payday lending licence – including their business name, permit number and expiry date – online and in their storefronts.
Payday lenders must not set the repayment due date any earlier than the borrower’s next payday.
Online payday loans in Nova Scotia
Payday loans are readily available online, so Nova Scotians don’t have to head to a storefront to apply for a loan.
How to apply for online payday loans in Nova Scotia
If you prefer securing an online payday loan, simply head to your chosen lender’s website, and navigate to the application page. Most lenders set up quick, easy-to-follow applications that can be completed within 10 minutes, if not less. Once you’ve submitted your application, you should receive a quick decision on your loan request.
Payday loan regulations for online lenders
Bear in mind, online payday loans are subject to identical regulations just like in-store payday loans. For reference, check the list above for the key rules that payday lenders and their customers must adhere to according to the Consumer Protection Act and Payday Lenders Regulations.
Funding options
Successful applicants can receive their online payday loans via INTERAC e-Transfer, or direct deposit. If you opt for an INTERAC e-Transfer payday loan, your lender will issue your funds via a money transfer that is sent to your email address. On the other hand, direct deposits are automatically deposited straight into your bank account with the account information (chequing account number, routing number and institution number) that you provided on your application. Etransfers are typically faster than direct deposits.
Nova Scotia allows lenders to charge up to $15 for every $100 borrowed.
To help you see just how expensive payday loans are compared to other types of debt, check out the table below where we outline the fees you could pay for a payday loan versus a credit card.
Loan amount (over 2 weeks)
Payday loan fee
Credit card cash advance fee (23%)
$300
$51
$6.15
$600
$102
$12.29
$900
$153
$18.44
$1,200
$204
$24.59
$1,500
$255
$30.74
What do I need to apply?
If you’re interested in applying for a payday loan in Nova Scotia, you’ll need to meet the following eligibility criteria:
Be at least 18 years old.
Provide proof of income.
Give proof of address, for example, 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.
Can I get a no credit check payday loan in Nova Scotia?
That depends on the lender. Most payday lenders in Nova Scotia will run a credit check, while others don’t. Instead of a perfect credit score, payday lenders are typically more interested in you having the following criteria:
An active chequing account.
A permanent address (and proof of it).
3 months of continuous employment (and proof of it).
A minimum monthly net income to service loan repayments.
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.
8 questions to consider before applying for a payday loan in Nova Scotia
Because payday loans have very high APRs and quick repayment terms, they should really only be used as a last resort. But with so many payday lenders on the market in Nova Scotia, it can be hard to pick the right one for your needs.
Here’s what to keep in mind before signing up for a payday loan in Nova Scotia:
First and foremost, think carefully about whether you have the means to repay the loan by your next payday without staying in the red. With steep interest rates and more penalties for not repaying your loan on time, payday loans can trigger a snowball of debt if you don’t have a clear exit strategy.
If time is of the essence, zero in on the payday lenders that can fulfill your loan request and issue funds within the day, if not faster. You could go to a storefront to receive cash on the spot or apply online and request an INTERAC e-Transfer.
If you need cold hard cash, you may be better off working with a payday lender with physical store locations in Nova Scotia so you can have the funds issued to you in person. Other borrowers may find it easier to receive a direct deposit or INTERAC e-Transfer, so their funds are sent directly to their bank account.
While some of the best payday loans in Nova Scotia provide quick access to funds, take the time to find out just how much you’ll have to pay in the form of fees. Interest, fees and excess charges drive up the true cost of your loan, so make sure to factor those charges into your decision.
If you don’t have employment income and rely solely on government benefits, you’ll have to do your research and choose from payday lenders in Nova Scotia that accept these funds in their eligibility criteria.
If you’re looking for the best bad credit payday loan, take into account that most lenders accept applications from individuals who don’t have a good credit history. Still, if your credit score is in less-than-perfect shape you’ll need to find lenders that have a minimum credit score requirement that you can qualify for.
Personal loans, credit cards, installment loans and lines of credit are all cheaper options to borrow cash instead of a payday loan. Here’s a look at payday loan alternatives.
The payday loans industry is rife with predatory lenders. Your job is to check on the lender’s credibility, if they’re prominently displaying their lending licence, and if they’re adhering to provincial lending regulations.
How can I tell if a payday loan lender in Nova Scotia is legitimate?
The best way to make sure a payday loan lender is legitimate is to check its credentials with Service Nova Scotia. Look for the following signs to make sure you’re working with a reputable business:
The lender displays a Nova Scotia licence number. A licence is required to be displayed in-shop by the lender. You can also contact Service Nova Scotia on 1-800-670-4357 to check if a lender is licensed.
The lender displays fees. Payday loan 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. Nova Scotia law doesn’t allow payday lenders to give out multiple loans, or allow borrowers to use a second payday loan to pay off the first one.
It provides contracts in the language you use to communicate with your lender. Your lender can’t provide a contract in a language you don’t speak or aren’t comfortable conversing in. For example, if you communicate in French, the contract will need to be in French.
It follows rate and fee regulations. Stay away from lenders who charge more than $15 for every $100 borrowed.
Watch out for unlicensed lenders in Nova Scotia
Online lenders can be a fast and convenient way to deal with short-term financial difficulties, but they come with their own share of risk, since they’re often not regulated by the province of Nova Scotia. When applying online for a payday loan, watch out for the following:
Illegally high interest rates or fees. Some lenders will charge fees above $15 for every $100 borrowed, which means you’ll pay higher than the legal maximum to get your hands on fast cash.
Identity theft. Online lenders might misuse your personal information, 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 customers’ bank accounts to help cover the cost of loan repayment.
Online lenders often operate outside of the province or even the country, making it difficult to track their movements or prosecute them if they do something illegal. That’s why it’s so important to make sure your lender is licensed to operate in Nova Scotia before you borrow money.
How to file a complaint against a payday loan lender in Nova Scotia
You can contact Service Nova Scotia on 1-800-670-4357 to discuss your options for filing a complaint. It will typically conduct an investigation if it believes that a payday loan company has breached Nova Scotia’s consumer protection laws.
Payday loan alternatives in Nova Scotia
Consider your options carefully before borrowing from a payday lender. Here are some alternatives to payday loans:
Nova Scotia assistance programs
Nova Scotia has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.
Income Assistance program helps people in financial need with basic necessities such as food, rent, utilities and clothing.
Affordable Housing program provides subsidized rental housing to low-income families, seniors and individuals who cannot afford other housing options.
Employment Support Services (ESS) offers career counselling advice and assistance to people who are struggling to find or maintain employment.
Disability Support Program (DSP) gives support to individuals with intellectual/physical disabilities or long term mental illness.
Local financial institutions
Many credit unions and local banks have developed low-interest short-term loan programs with more flexible repayment options for those who need a bit of quick financial help. Some institutions even offer credit builder programs which provide smaller loans that can help build up your credit score and ultimately help you get better rates on personal loans.
Credit counselling
If you have an overwhelming amount of debt and aren’t sure how to reign in your finances, you might like to register for Service Nova Scotia’s Debt Assistance Program or another credit counselling program. These programs can help you with budgeting and consolidating your debts.
Bottom line
If you need some fast cash in the short-term, consider your alternatives before taking out a payday loan. If you don’t have another viable option, be sure to shop around for a payday loan in Nova Scotia with competitive terms that abide by provincial laws. Be wary of unlicensed lenders and pay back your loan on time to avoid paying additional fees or interest.
Frequently asked questions
You can only take out one payday loan at a time for a maximum of $1,500.
Roll-over loans are not allowed in Nova Scotia. 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 Service Nova Scotia on 1-800-670-4357, who will act on your behalf to conduct an investigation into the payday loan business in question.
Yes. In Nova Scotia, payday lenders must allow you to pay off your loan early without any penalties.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
Read our guide to payday loan regulations in your province or territory.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
