How payday loans work in Nova Scotia
Payday lenders in Nova Scotia need a Payday Lender Permit under the Consumer Protection Act and the Payday Lenders Regulations. The Nova Scotia Utility and Review Board sets the province's rate limits, which now sit at the federal cap of $14 per $100.
Since January 1, 2025, a payday loan in Nova Scotia 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 Nova Scotia
The national maximum is $1,500. How much of that you're offered depends on your take-home pay, since licensed lenders in Nova Scotia must make sure the repayment fits your income.
What a payday loan costs in Nova Scotia
| 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 Nova Scotia
- Cancellation: For online payday loans, you can cancel within 48 hours of receiving or being able to access the money. For store loans, it's until the end of the next business day. There's no penalty either way.
- Repeat loans: Nova Scotia tracks and restricts repeat loans, meaning a new loan taken within 24 hours of repaying the last one.
- Late or missed payments: If you pay late, the lender can charge interest of up to 30% a year on the overdue balance, plus one default charge 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.
Nova Scotia gives online borrowers a longer cooling-off period than store customers: a full 48 hours. Every Nova Scotia loan agreement must also include a cancellation form and contact details for the provincial regulator.
Applying online from anywhere in Nova Scotia
You can apply for an online or e-Transfer payday loan from anywhere in the province, including Halifax, Dartmouth, Sydney, Truro, New Glasgow, Kentville, Bridgewater and Yarmouth. 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 Nova Scotia), 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 Nova Scotia
Payday lenders in Nova Scotia are licensed and overseen by Service Nova Scotia, with rates set by the Nova Scotia Utility and Review Board. 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 Nova Scotia
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 Service Nova Scotia can help if you believe a lender broke provincial rules. Our responsible lending guide lists more options.