Payday Lenders

Overview

We regulated payday lenders under the Cost of Credit Disclosure and Payday Loans Act.

Every payday lender offering loans to New Brunswickers must be licensed – even if they offer their services only online. There are no exceptions for out-of-province companies.

Consumer Protection

We ensure payday lenders are licensed and comply with the law. This includes ensuring compliance with disclosure requirements, maximum cost of borrowing limits, and cancellation rights for the consumer.

Before working with a payday lender, check if they are licensed with the Commission.

What we can do:

• supervise the payday lending industry
• license and regulate payday lenders
• enforce the legal maximum payday loan cost
• investigate complaints and wrongdoing by payday lenders
• take enforcement action when the law is broken

What we cannot do:

• cancel or forgive debt
• provide financial counselling

Resources

Learn more about payday loans at Finfo.ca.