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Buyers Guide

Payday Loans in New Brunswick

It is easy to get payday loans in New Brunswick thanks to the payday loan regulations set by the government. The province, which is one of the four Atlantic Provinces in Canada, boasts of magnificent scenery, rivers, national parks, and lakes where locals and out-of-towners can enjoy. New Brunswick is considered bilingual according to the Canadian Constitution, with two-thirds of the population being Anglophones and a third being francophone. You can enjoy upcountry life in New Brunswick, with only half the people living in urban areas.

The province of New Brunswick regulates payday loans and loan places to ensure that consumers are protected when they apply for loans. In 2008, New Brunswick laid out a regulation framework to control payday license and payday lenders. Due to these regulations, it is straightforward to access payday loans in New Brunswick, the loans are approved in less than five minutes, and lenders cannot harass you during loan collection. Even though payday loans are high interest loans, the government has made them cheaper (than earlier interest rates) and more accessible.

Do You Qualify for Payday Loans in New Brunswick?

You qualify for payday loans in New Brunswick, Canada, if you have an income (and have had it for the past three consecutive months), are a resident of New Brunswick (and you can show a utility bill as proof), and you have an active chequing account. Most money lenders will consider all Canadians eligible for payday loans in New Brunswick. In that case, all you have to do is provide a form of identification to show that you are a resident of Canada.

When taking a loan in New Brunswick, you are protected by the Payday Loans Act and The Cost of Credit Disclosure. These two documents ensure that you not only get safe, quick approvals, but you are also immune from harassment by lenders.

The lender and the borrower have to follow some rules as follows:

  • You can only take 30 percent of your net income, and that should not exceed $1,500
  • The quick funds’ lender will only charge you $15 for every $100 payday loan you take
  • You will need to repay your loan on or before your next payday, which is between 2 and 4 weeks
  • The maximum term for payday loans in New Brunswick, Canada is 62 days
  • You can cancel your loan within 48 hours after application

No Credit Check Loans in New Brunswick

When you apply for a fast loan, you will get an instant decision without the lender checking whether you have a bad credit history. Instead, the lender will be interested in you having three months of continuous income (which shows your ability to repay the loan). Unlike other types of online loans that take so long to process, online payday loans in New Brunswick take only a few minutes. Short-term loans lenders online use software that checks out the details you provide before approving a loan. As such, the application process is fast.

However, because the eligibility criteria for online loans are simple, you need to be careful when applying for a loan not to fall prey to predatory lenders.

Because of unforeseen circumstances, you might need to apply for easy cash advances. However, note that payday loans are high-interest loans with no minimum credit score requirements. As such, take your time and pick a lender that offers you the best deal.

Online Payday Loans in New Brunswick

If you search for “Payday loans in New Brunswick, Canada,” online, you will have more than a few thousand results. You can also see a Google Map showing you the location of payday loan storefronts. From the results, you can pick a nearby payday loan store and apply for your loan. However, an easier way to apply for a loan is to submit online applications where you do not need to leave the comfort of your home. While there are so many lenders, you need to pick the right lender to ensure you do not lose your money to a predatory lender.

Is The Lender Licensed?

You can check whether a lender is licensed by contacting the Financial and Consumer Services Commission and request to know the license status of a particular lender. Lenders are required to follow the Payday Loans Act to get a payday license to operate in New Brunswick. Lenders licensed in other provinces are not allowed to operate in New Brunswick. If you apply for instant cash to take care of your financial needs from a lender not licensed to operate, the government might not be able to protect you.

For a payday lender to offer online payday loans in New Brunswick, they need to follow, among others, the rules listed below.

  • The lender needs to be licensed with the Financial and Consumer Services Commission
  • Should follow all the rules and regulations in the Payday Loans Act failure to which the commission will take legal action against the lender
  • Should display a poster online showing the rates they charge
  • Should not offer more than one payday loan to a consumer or extend or renew a loan for a consumer at an additional cost
  • Should not provide a loan amount more than 30 percent of the borrower’s net income or more than $1,500
  • The lender should not ask the borrower to have insurance before loan approval

There are many more rules for payday lenders to ensure that consumers are not financially exploited. As a borrower, you need to read all the rules on the commission’s website to help you make an informed decision when borrowing.

You can file a complaint against a lender you feel does not follow set regulations. Such a lender will face a huge tax penalty and may even lose their license to operate. Also if you need car loans or other personal loans, you have to be careful of lenders.

Get the Best Rates on Loans Geeks

Besides checking whether a lender is licensed to operate in New Brunswick, you need to ensure that a lender offers the best rates online. Loans Geeks is a platform that compares all lenders in New Brunswick to show you those that offer the best rates. When you apply for a loan through Loans Geeks, you get the best rates, and you are safe from predatory lenders. On the platform, you can see lenders who do not offer safe instant loans on the basis of your credit score, those that do not consider your bank statement, and many more categories.

Check Out Consumer Reviews on Better Business Bureau New Brunswick

You can check out what consumers have to say about a lender on BBB New Brunswick. Most lenders are listed on BBB, making it easier to see how they handle their borrowers. After confirming that a lender is licensed, head to BBB and confirm that the quick loans lender does not have negative reviews. Lenders with negative reviews should be ruled out and lenders with a high number of positive reviews considered.

Applying for Payday Loans in New Brunswick

If you satisfy the eligibility criteria for instant loans in New Brunswick, the rest of the application process will only take a few minutes. To apply for emergency loans, you need:

  • To be at least 19 years old
  • Provide proof that you have been employed for three continuous months
  • Show proof of address, say by showing a utility bill
  • Have an active bank chequing account with a Canadian bank

Once you have satisfied the eligibility criteria, you will be asked to provide details for your loan to be approved and consequently processed. The process is the same whether you are applying for payday loans Saint John, New Brunswick, or payday loans Moncton, New Brunswick. Some of the details you are required to provide include:

  • Personal details such as name, date of birth, and a means of identification (Social Insurance Number and ID)
  • Contact details such as email address, phone number, and residential address
  • Employment details and income
  • Bank account details

Once your fast cash advance has been approved, the lender will present you with a signed loan agreement that you are supposed to verify and sign. Unlike traditional lenders who would take a lot of time before approving a loan, you can have your loan in your bank within a few minutes.

Once you have signed the loan agreement, the lender is supposed to give you a copy and the lender needs to go through the agreement with you. The law requires that specific information (as outlined below) is included in the payday loan contract so that you understand your obligations before signing the contract.

Before signing the loan agreement, ensure you know the amount of loan you are applying for, the cost of the loan, APR for the loan, whether you can make a direct deposit, advance payment, and when you will pay the loan. This way, you can plan the loan funding process and know whether you will need to take part-time jobs or tap into your RRSP to pay the loan.

The document you receive from the lender must include:

  • Lender’s business name, physical address, telephone and fax numbers, email address, and license number
  • Your name, residential address and phone number
  • Amount of loan you are borrowing
  • When a loan payment is due
  • Term of the loan (which must not exceed 62 days)
  • Date and time the cash card is cash advance is received
  • A statement saying that payday loans are high-cost loans
  • The cost of the loan as an annual percentage rate – the lender, should not charge you more than $15 for every $100 borrowed
  • A list of commissions, fees, charges, penalties, and interests that add up to the total cost of the loan
  • Cancellation details and a statement informing you of your right to cancel
  • A form that you can use to give a short notice when you need to cancel your loan
  • A receipt that the lender will use to acknowledge the money you returned if you cancel a loan

Canceling Payday Loans in New Brunswick, Canada

The law allows you to cancel a payday loan within 48 hours after application. This duration does not include Holidays and Sundays. For instance, if you take payday loans, Saint John, New Brunswick, on Tuesday noon, you have up to Thursday noon to cancel the loan. After canceling the loan, the lender will not apply any interest, penalty, or charges on the loan.

You can also cancel a loan any day (without penalties, interests, or charges) if the lender failed to notify you of your right to cancel on the loan contract or of the notice they provided does not meet the legal requirements.

To cancel payday loans, Moncton, New Brunswick, you need to notify the lender in writing and return all the money the lender gave you. The loan contract will come with a form that you can use to cancel the loan. Upon canceling the loan, the lender will provide you with a receipt to show that you have returned all the money they had given you. The lender will not charge you anything for canceling a loan. If you had already paid interest to the lender, the lender must give you a refund immediately you cancel the loan.

How Late Fees Work for Payday Loans in New Brunswick

If you fail to pay your loan on the agreed date, the lender will charge additional fees as allowed by the law. However, the lender cannot offer an extension, a new loan, or rollover the loan you already have at a fee. The lender may also:

  • Call you to arrange a new payment plan
  • Try to cash a post-dated cheque or pre-paid debit, if one was involved during the loan agreement. If the lender tries charging your bank account and there is no money if you bank account, your bank will charge you insufficient funds or overdraft fee
  • Sell your loan to a collection agency. the collection agency will either sue you or seize your property
  • Sue you for failing to honor the terms of the loan

However, during the loan collection period, it would be considered bad financial practice for the lender to:

  • Publish any information regarding your loan, or threaten to publish the information
  • Talk about the loan with anyone other than you, a lawyer whose details you provide, or a credit reference bureau
  • Call you, your spouse, or your relatives so many times that it amounts to harassment
  • Give you misleading or falsified information or documents
  • Threaten, intimidate, or harass during calls

After taking care of your short term loan needs, you need to start making arrangements to pay the loan.

Tips for Avoiding Additional Fees with Payday Loans in New Brunswick

To ensure that the lender does not charge you additional fees when your cash flow is low, ensure that you pay your loan on or before the agreed date. Lenders agree advance payment paid in equal installments. You can agree with the lender to repay the loan in equal installments. However, if you cannot repay the loan on the agreed date, try one of the following options.

  • Call the lender and negotiate a new payment plan that allows you to come up with a plan and a budget to clear your delinquent accounts
  • Call the lender before the payment date is due and negotiate down the additional fees
  • Use your credit card (which offers lower annual percentage rates) to pay your payday loans or pay your bills and use your income to your loan
  • Take a loan from a friend or family and repay the loan
  • Take a salary advance to repay the loan. This is ideal if your income does not accommodate the loan and your monthly expenses
  • Dig into your savings or your retirement account and repay the loan

Failure to repay a payday loan can see the fees ballooning out of control and placing in a debt cycle you may never break.

Conclusion

Payday loans Moncton, New Brunswick, and all other regions in New Brunswick, are easy to apply. When you are in need of quick cash to take care of your financial issues, perform your due diligence and get the best payday lenders for your loan. Picking the best lender will save you from predatory lenders who might take advantage of you when you are on a financial quick-fix.

5 Fun Things to do in New Brunswick

  1. Experience nature at Wood Buffalo National Park
  2. Visit the Great Slaves Lake
  3. Take a walk along the banks of Hay River
  4. Enjoy fun activities along Mackenzie River
  5. Hike the Nahanni National Park Reserve

Average Income by Age in New Brunswick

According to Statistics Canada, below are the incomes of New Brunswick Residents as at 2017:

  • 16 – 24 years: $17,500
  • 25 – 34 years: $41,000
  • 35 – 44 years: $52,200
  • 45 – 54 years: $54,000
  • 55 – 64 years: $43,700
  • 64 years and above: $33,600

Map of New Brunswick

YouTube Video of New Brunswick

Frequently Asked Questions

Can I get a payday loan in New Brunswick on social assistance?

Yes! Most payday lenders will only consider that you have income and you are a resident of New Brunswick.

Can I get multiple payday loans in New Brunswick?

No! You cannot get multiple loans from a single lender since the law does not allow this.

What happens if I can’t repay my payday loan?

The lender with charge additional fees on your loan, contacts you to arrange how you will pay your loan, sell your loan to a collection agency, or sue you.

Can I get a payday loan if I previously filed for bankruptcy?

Yes. If your current financial status meets the eligibility criteria for payday loans in Saint John, New Brunswick, or your area of residence, you will get a loan.

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