As of January 1st 2018, no payday lender may offer, arrange, or provide payday loans in New Brunswick, whether online or in person, without being licensed in New Brunswick. Contact FCNB to check the licence status of a payday lender.
A payday loan is a type of short-term borrowing. A payday loan is a loan for a relatively small sum of money at a very high interest rate. The maximum amount you can borrow is $1500. The maximum amount you can be charged is $15 for every $100 you borrow. A payday loan typically has to be paid back on your next payday.
If you are considering a payday loan, here are some things you should know:
Top 10 Things to Know About Payday Loans in New Brunswick
Insurance is optional. It's okay to tell the payday lender that you don't want insurance.
Payday loans are an expensive form of credit. Before getting a payday loan, you should consider other ways to borrow money (e.g., from family or friends, a bank or credit union or your credit card). Learn more about alternatives to payday loans