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Buyers Guide

Payday Loans in Nova Scotia: Everything You Need To Know

Nova Scotia is one of the Maritime Provinces in Canada. With 5,400 lakes, magnificent sandy beaches, scenic mountain hiking trails, and great food, Nova Scotia is an excellent place for residents and out-of-towners. There is a myriad of fun things to do and see with or without payday loans in Nova Scotia. There is no point in mainland Nova Scotia that is more than 67 kilometres from the ocean. Cape Breton and Sable Islands are part of the province further making it fun to live in or tour.

Some of the exciting places to visit in Nova Scotia include:

The payday loans scene in Nova Scotia is well regulated to keep you, the borrower, protected from predatory lenders. The payday loan regulations also make it conducive and profitable for money lenders to survive in the province. While the province cut interest rate for payday loans in Nova Scotia from $22 to $19 for every $100 loaned, the scene is still flourishing making it easier for borrowers of quick funds to get access to loans.

Unlike traditional lenders, payday lenders today will offer safe, quick approvals for payday loans. This ensures you have your loan within minutes of applying whether you have good credit or not. Some fast loan lenders will offer payday loans with no bank statement. This guide takes you through the payday loans scene in Nova Scotia to ensure you are safe from predatory lenders online.

Do You Qualify for Payday Loans in Nova Scotia?

Lenders in Nova Scotia will offer you a payday loan without a credit check. This way, even if you have a bad credit history, you will get a loan as long as:

  • You’ve had a paycheque for at least 3 continuous months
  • You are a resident of Nova Scotia and you have a utility bill to prove that
  • You have an active chequing account

It is easy to meet the eligibility criteria for payday loans seeing that all you need is a paycheque. You do not have to prove that you are a responsible borrower since you can get payday loans In Nova Scotia no credit check.

The government of Nova Scotia protects borrowers and lenders of online payday loans in Nova Scotia. For that, the province has set regulations and borrowing limits as shown below.

  • You can only borrow up to 50 percent of your monthly income and that should not exceed $1,500
  • The borrower can only charge you $19 for every $100 loaned
  • Loans should be repaid within 62 days from the date of signing the agreement
  • You cannot get a new loan before repaying the previous loan

How to Find Good Bad Credit Loans in Nova Scotia

The best payday  lenders are not those who offer payday loans child benefit in Nova Scotia but those who are licensed and follow set regulations. A lender might offer all types of online loans including payday loans in Nova Scotia on disability assistance but if they are not licensed, they might expose you to identity theft or charge you exorbitant interest rates.

Payday License

Service Nova Scotia licenses payday lenders. For a lender to be licensed, they need to follow all the rules on the Consumer Protection Act and any other regulations set by the province. For a lender to get, keep and renew their license, they have to follow all the regulations. Payday loans in Nova Scotia online are regulated the same way as payday loan storefronts. These lenders have to renew their licenses every year lest they face a huge tax penalty or lose the license all together.

Before applying for instore or online payday loans in Nova Scotia, contact Service Nova Scotia through their website or call them at 1 800-670-4357 or at 902-424-5200 to confirm whether a lender is licensed. Avoid short-term loans lenders not licensed in Nova Scotia.

Apply for Online Payday Loans in Nova Scotia Through Loans Geeks

Instead of the struggle of checking individual online payday loans in Nova Scotia lenders, you can apply for a loan through Loans Geeks. The best part about applying for a loan through Loans Geeks is that all the lenders on the platform are licensed. Loans Geeks ensure that you get the best loan rates to take care of your financial issues. Besides payday loans, the platform also shows lenders for other loan alternatives. You are guaranteed payday loan in Canada from a licensed lender as long as you have an income.

Check Out Lenders on BBB Nova Scotia

Before applying for a loan, you can check out the lender on Better Business Bureau Nova Scotia. BBB lists businesses in the area and then consumers review them. Avoid loan places with more negative than positive reviews.

The Application Process for No Credit Check Loans in Nova Scotia

Safe instant loans are easy to apply. Because most lenders will offer loans with no credit check, online applications can take between a few minutes to one hour. The eligibility criteria requires that:

  • You show proof of income for three continuous months
  • Have an active chequing account
  • Show proof of residence with a utility bill

You will be required to provide:

  • Personal details including name and a form of identification
  • Contact details such as phone number and residential address
  • Bank details

Most lenders offer payday loans in Nova Scotia with no credit check and without a bank statement. This way, the information above will be enough. Before applying, the lender is mandated to provide you with:

  • Their contact details
  • Contact details for Service Nova Scotia
  • The date the loan was taken
  • Total amount of money borrowed
  • Total money to be repaid
  • Amount and due dates of money to be repaid in installments
  • Details about fees and charges including the total cost of taking a loan
  • The annual percentage rate
  • Charges to be repaid in case your default on the loan
  • Interest payable in case the loan is extended
  • Your rights
  • Details on how to cancel a loan
  • A copy of the loan agreement

Before you apply for instant loans, ensure that the details provided are clear and are written in a language you understand. Both the instant cash lender and the borrower have to sign the agreement. If the lender decides to give you a cash card instead of direct deposit to your account, he must give you all the terms and conditions of the card and any charges involved.

How Late Fees Work For Payday No Credit Check Loans in Nova Scotia

The total cost of borrowing emergency loans is the total amount borrowed plus interest and other charges. This amount is shown on your easy cash advances contract. Most lenders will only charge the allowed $19 per $100 interest rate but others will have additional fees including:

  • Administration fees
  • Commissions
  • Cheque cashing fees
  • Pre-authorized debit fees
  • Broker or agent fees
  • Cash card loading and issuing fees
  • Cash card transactions fees

All these charges and fees must be shown on your fast cash advance contract. The total cost of borrowing should not be more than $19 for every $100 borrowed. This means that a loan of $300 can only accrue charges of not more than $57 at the end of the loan period. However, if you do not repay your loan on time, the lender is allowed to add a default penalty of $40 and an interest rate of up to 60 percent of the initial interest rate.

Loan Cancellation Period

You are given a cooling-off period for quick loans where you can cancel if you change your mind. If you applied your loan in a nearby payday loan store, you have a day to cancel the loan without any charges. If you applied your loan online, you have two days (48 hours) to cancel your loan without any charges.

You are also allowed to cancel a loan anytime of the lender did not tell you about cancellation rights or if the lender did not give you all the information he was supposed to give you.

If you do not manage to pay your loan before or on the agreed day, the lender might:

  • Charge an interest as specified on your loan agreement
  • Charge a default penalty of up to $40
  • Sell the loan to a collection agency
  • Sue you for the debt owe
  • Seize your property
  • Give your details to a credit report
  • Take money from your paychecks (referred to as garnishing your accounts)

The collection agency can also sue you or seize your property. If the lender or the collection agency sues you, you will need a lawyer or a licensed insolvency trustee.

How are the Lenders Supposed to Contact You?

During the loan collection period, the lender is not allowed to:

  • Make loan collect calls to you
  • Call you when you have written to them asking that they contact your lawyer
  • Give you false or misleading information
  • Pretend to represent the sheriff or the police
  • Threaten, intimidate or abuse you
  • Harass you, your friends or your relatives with multiple calls every day
  • Call you on a Sunday or before 8:00 a.m. and after 9:00 p.m. on any other day
  • Ask you to sign your wage to go directly to them

Early Repayment

You are allowed to repay your loan early without any charges. If the lender charges you a fee, you have the right to claim a refund or file a complaint with Service Nova Scotia. Before repaying the loan you have taken, you are not allowed to take another loan.

Other things the lender is not allowed to do include:

  • Asking you to buy insurance before they grant you a loan
  • Requiring collateral for payday loans – you might be asked for security for personal loans and car loans but not for payday loans. The lender should also not force you to sign a document that says you can lose your property if you fail to repay a loan.
  • Request you to give a post-date or undated cheque where you give an amount more than the total cost of the loan
  • Give you a new loan or roll over the loan you already have before repaying the money you owe them
  • Set the repayment date before your next payday
  • Charge a fee or penalty for early repayment. If you are charged a fee for repaying early, file a complaint and have the fee refunded.
  • Request you to sign off your wage to go directly into their accounts on payday. Your employer should not submit your pay to the lender.
  • Grant rollover a loan. The lender can allow a different payment plan but they cannot give an extension or a new loan before the previous loan is repaid.

Ensure you understand the terms of the loan before you sign the contract. This way, you can be safe from predatory lenders who might want to charge you exorbitant fees.

Tips for Avoiding Extra Fees with Payday Loans in Nova Scotia

The best way to ensure no fees are added to your payday loans in Nova Scotia online is to make advance payment on your loan or to pay on time. However, if you are not able to repay the loan on time, you will have a couple of options to reduce the fees levied on your loan.

  • Call the lender and inform them you are not able to repay your loan. Whether you took payday loans in Nova Scotia on disability assistance or you have payday loans child tax benefit in Nova Scotia, most lenders will agree to make a new payment plan for you. Calling beforehand will see the lender being lenient on loan default charges.
  • Negotiate the rates down to ensure you pay the minimum amount possible. Here, some lenders might consider your credit score before lowering the rates for you. While there are no minimum credit score requirements for payday loans, with a good credit score, you can negotiate the rates down.
  • Request help from friends to repay the loan before it accrues any charges and goes into delinquent accounts

Before taking a loan, you need to budget your income to ensure that you only take the loan you can afford to repay at the end of the 62 days period. The maximum amount you are allowed to borrow is $1,500 which might be way over what you can comfortably afford. Again, before you take a loan, compare different lenders to ensure that you pick the lender with the least additional fees and charges and one whose interest rate is low. If a lender has a string of additional fees, avoid them.

Frequently Asked Questions

How do payday loans work in Nova Scotia?

With payday loans in Nova Scotia, you can receive an advance on your upcoming paycheck. This can be helpful for covering unexpected financial emergencies.

How to get out of payday loans in Nova Scotia?

Your best bet for getting out of payday loans in Nova Scotia is to repay on time; barring this, work with the lender directly to create a repayment plan.

Who does payday loans in Nova Scotia?

Lenders featured on Loans Geeks are among the most reliable providers of payday loans in Nova Scotia.

How to consolidate payday loans in Nova Scotia?

You really should only have one payday loan in Nova Scotia. If a lender has given you more than one, they are breaking the law; consider reporting them. If you do not wish to do this, work directly with a debt consolidation service that can provide you a lump sum for meeting your financial obligations.

Who uses payday loans in Nova Scotia?

People from all backgrounds and walks of life use payday loans in Nova Scotia to meet their financial obligations.

Which payday loans are easy to get in Nova Scotia?

The payday loans we feature on Loans Geeks are among the easiest to get in Nova Scotia, in addition to being reputable.

Who does payday loans without a bank account in Nova Scotia?

You are unlikely to find a reputable payday lender in Nova Scotia that does not require a bank account; lenders will use your bank account to collect payment on the due date.

How many payday loans can you get at one time in Nova Scotia?

You can only get one payday loan in Nova Scotia at a time.

How do payday loans check your credit in Nova Scotia?

Most payday lenders in Nova Scotia will not check your credit score.

How do payday loans affect credit in Nova Scotia?

Failing to repay your payday loan can damage your credit much like failing to repay any other type of loan would.

5 Fun Things to Do in Nova Scotia

  • Visit the town of Lunenburg which is named UNESCO World Heritage Site for its charm
  • Visit Grand Pre which is another UNESCO World Heritage Site. Here, you will see technology from the 17th century.
  • Watch tide changes in Hall’s Harbour and enjoy the local lobster pound
  • Go to Nova Scotia’s tidal bore rafting where the surge of seawater creates an adventure that make your visit in Nova Scotia worthwhile
  • Enjoy local wine at the Luckett Vineyard and make a free call from the phone box in the area.

Average Income by Age in Nova Scotia

The economy of Nova Scotia is built on tourism and logging. Though the town is small, it is home to so many national and international financial institutions. The economy of Nova Scotia is growing each day to be at the level of other more developed provinces such as Ontario.

The average income of Nova Scotia residents according to a 2017 report are as follows:

  • 16 – 24 years: $15,100
  • 25 – 34 years: $38,700
  • 35 – 44 years: $52,100
  • 45 – 54 years: $53,500
  • 55 – 64 years: $47,600
  • Above 65 years: $37,300

Map of Nova Scotia

Nova Scotia Travel Guide

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