Personal Loans in New Brunswick: An Overview
From Moncton and Saint John to smaller communities across the province, New Brunswickers dealing with an unexpected bill have options beyond high-cost short-term credit. Understanding the rules that protect you is the first step to borrowing safely.
How New Brunswick Regulates Payday and Personal Loans
Payday lending in New Brunswick is governed by the Cost of Credit Disclosure and Payday Loans Act, enforced by the Financial and Consumer Services Commission (FCNB). A payday loan is capped at 30% of your net pay, up to a maximum of $1,500, and no lender — including online lenders serving New Brunswick residents — may operate without an FCNB licence.
Standard installment personal loans, repaid over several months, are instead capped at 35% APR under the federal Criminal Code, the same ceiling that applies across Canada.
What Personal Loans Are Typically Used For in New Brunswick
- Bridging seasonal income gaps for workers in fishing, forestry, or tourism
- Vehicle repairs, important for commuters between Moncton, Saint John, and Fredericton
- Winter heating and home maintenance costs
- Consolidating credit card debt into one predictable monthly payment
- Covering moving or settlement costs for newcomers to the province
How to Apply for a Personal Loan in New Brunswick
- 1Check your credit score for free through Equifax or TransUnion Canada.
- 2Compare offers from a few lenders licensed by FCNB.
- 3Gather your government-issued ID, proof of income, and banking information.
- 4Apply online with a soft credit check that won't affect your score.
- 5Review the full agreement, including the APR and repayment schedule, before signing.
Tips for Borrowing Responsibly in New Brunswick
- Confirm your lender's licence status on the FCNB website before applying, especially for online lenders.
- Remember a payday loan is capped at $1,500 — for larger needs, an installment loan usually fits better.
- Plan for seasonal income swings before committing to a fixed monthly payment.
- Compare the total cost of borrowing across at least two or three lenders.
Serving communities across New Brunswick
E-Loan works with borrowers in 17+ cities and towns throughout New Brunswick, including: