How payday loans work in New Brunswick
New Brunswick regulates payday loans under the Cost of Credit Disclosure and Payday Loans Act, and every lender must be licensed by the Financial and Consumer Services Commission (FCNB). The province's rules have been in force since 2018.
Since January 1, 2025, a payday loan in New Brunswick can cost no more than $14 per $100 borrowed, including every fee, under the federal Criminal Interest Rate Regulations. The loan can be up to $1,500 and can't run longer than 62 days.
How much you can borrow in New Brunswick
A payday loan in New Brunswick can be no more than 30% of your net pay for the pay period, up to the national maximum of $1,500. With take-home pay of $1,200 per pay period, the most you could borrow is $360.
What a payday loan costs in New Brunswick
| You borrow | Maximum cost | Total to repay | APR on 14 days |
|---|---|---|---|
| $300 | $42 | $342 | 365% |
| $500 | $70 | $570 | 365% |
| $1,000 | $140 | $1,140 | 365% |
| $1,500 | $210 | $1,710 | 365% |
Your rights as a borrower in New Brunswick
- Cancellation: You can cancel within 48 hours at no cost. Your lender must give you a cancellation form when you sign.
- Repeat loans: Rollovers are banned, and lenders are limited in how many loans they can give you at once.
- Late or missed payments: If you miss a payment, the lender can charge interest of up to 2.5% per month on the outstanding balance, not compounded, plus one dishonoured payment fee of up to $20.
- Early repayment: you can repay early without a prepayment penalty.
- Disclosure: your written agreement must show the amount, the total cost in dollars, the APR and every due date before you sign.
- No extras: a lender can't require insurance or charge you anything upfront.
New Brunswick's 30% limit means smaller maximum loans than most provinces. If you receive social assistance, check with your caseworker before borrowing, since a loan could be treated as income.
Applying online from anywhere in New Brunswick
You can apply for an online or e-Transfer payday loan from anywhere in the province, including Moncton, Saint John, Fredericton, Dieppe, Miramichi, Edmundston, Bathurst and Riverview. The same provincial rules apply whether you live in a large city or a small town, and whether you borrow online or at a store.
To apply, you'll need to be at least 19 (the age of majority in New Brunswick), have had regular income for three months or more, and have an active Canadian bank account. See how it works for the full process.
How to check a lender's licence in New Brunswick
Payday lenders in New Brunswick are licensed and overseen by the Financial and Consumer Services Commission (FCNB). A legitimate lender will show its licence number on its website and in your loan agreement. If you can't find it, check the regulator's public list before you sign anything, and walk away from any lender that asks for money upfront.
If you're struggling to repay in New Brunswick
Contact your lender before the due date and ask about a payment plan. A non-profit credit counselling agency can review your budget for free, and FCNB can help if you believe a lender broke provincial rules. Our responsible lending guide lists more options.