License
- A payday lender must prominently display a copy of the licence in each location named to which the licence pertains.
- If the payday lender engages in the payday loan business by means of the Internet, the payday lender must display a copy of the licence prominently at or near the top of the introductory page of the website for Nova Scotia borrowers.
Cost of a Payday Loan
- The maximum amount of a payday loan is $14 for every $100 borrowed.
- If you borrowed $200, it would cost $28, and you would pay back $228
- If the loan is not paid on time, overdue interest of 30% per year can be charged.
- A fee of $20 can be charged for an NSF(bounced payment).
Borrowing Rules
A payday loan cannot be more than $1,500.
A payday loan cannot be more than 62 days.
Prohibited Practices
A Payday lender must not:
- Charge any fees other than the ones listed above under “Cost of a payday loan”
- Give another payday loan if you already have an outstanding loan with us.
- Require or accept an assignment of wages
- Ask for collateral as security for a payday loan
- Make a payday loan contingent on the supply of other goods or services.
- This rule means a payday lender can’t force you to buy something else or use another one of their services as a condition for getting a payday loan.
- For example, they can’t say, “We’ll give you the $100 loan, but only if you also sign up for our monthly credit monitoring service.” Getting the loan has to be a separate decision from buying anything else they might offer
Rollovers
There are two types of rollovers and neither one is allowed.
- Imagine you have a payday loan due. Instead of paying it back, you ask the lender to give you more time. But for that extra time, you are charged more fees on top of the overdue interest.
- Imagine you have a payday loan due. You ask the payday lender to give you a second loan. The lender agrees, but takes that money and uses it to pay off the first loan.
Discounting a Payday Loan
“Discounting a payday loan” refers to a practice where the lender deducts the fees or interest charges before giving you the principal loan amount.
Here’s how it works:
- You need: Let’s say you need to borrow $300.
- The lender’s fee: The lender charges a fee, for example, $42 for the two-week loan.
- The “discount”: Instead of giving you $300 and then expecting you to repay $342, they “discount” the loan by deducting the $45 fee upfront.
- What you receive: You would only receive $258 ($300 – $42).
- What you repay: You are still obligated to repay the full $300 on your next payday.
Why is this called “discounting”? It’s called discounting because the cost of borrowing (the fee) is taken “off the top” or “discounted” from the principal amount before you receive it.
Payday Loans in Nova Scotia: Fast, Fair, and Straightforward
At Loan Express, we know that life doesn’t always go according to plan. Whether it’s an unexpected bill or a short-term cash crunch, our payday loans are designed to help Nova Scotians get back on track quickly and confidently.
What Makes Us Different
- Cash In Minutes: When time matters, we deliver. Once approved, you’ll get your e-transfer within two minutes.
- Clear, Upfront Terms: Know exactly what you’ll repay before you commit.
- Licensed and Compliant: We operate in full alignment with Nova Scotia payday loan laws.
What Nova Scotians Should Know
While Nova Scotia has strict rules in place to protect borrowers, navigating the process doesn’t have to be complicated. That’s where we come in. Loan Express simplifies your experience by clearly outlining what you can borrow, how long you have to repay, and what it will cost before you sign.
Whether you live in Halifax, Sydney, Truro, or anywhere in between, you can apply online and receive your payday loan in just a few steps. Our platform is mobile-friendly, secure, and built for ease of use.
Focused on Your Financial Well-Being
Payday loans should be a helpful short-term solution, not a burden. That’s why Loan Express is committed to responsible lending and ensuring your experience is stress-free from start to finish.
Need fast cash in Nova Scotia? Apply today with Loan Express and experience payday loans made simple, safe, and fully compliant with provincial rules.