License
- No person shall offer, arrange or provide a payday loan without a license.
Cost of a Payday Loan
- The maximum amount of a payday loan is $14 for every hundred 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
- A Payday loan cannot be more than 30% of the borrower’s net pay.
- No payday lender shall provide a second loan to a customer when one is still outstanding.
Prohibited Practices
A Payday lender must not:
- Require or request that the borrower insure a payday loan
- Give another payday loan if you already have an outstanding loan with us.
- Ask for collateral as security for a payday loan.
- Require or accept an assignment of wages.
- Require or use a borrower’s personal information for any purpose other than providing a payday loan.
- Additional fees: A Payday lender cannot charge any fees other than the ones listed above under “Cost of 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.
Need a Payday Loan in New Brunswick? Loan Express Makes It Easy
Getting the funds you need shouldn’t be complicated when you’re faced with a sudden expense. Loan Express offers fast, secure payday loans for New Brunswick residents with approvals in just minutes and no hidden surprises.
Why New Brunswick Borrowers Trust Loan Express
- Quick Online Approvals: Apply from home 24/7 365, get approved fast & receive your E-transfer within 2 mins.
- Upfront Costs, No Guesswork: We’re transparent about what you borrow and repay.
- No Bundled Offers or Gimmicks: We focus on payday loans, nothing more.
- Fully Licensed and Compliant: Our lending practices meet all regulations in New Brunswick and have a high approval rate for our borrowers.
Whether you live in Moncton, Fredericton, Saint John, or anywhere in between, Loan Express makes payday loans simple, clear, and accessible.
Apply online today for a stress-free experience built around your needs and backed by local compliance.