Compare e-Transfer payday loans in New Brunswick

Get funding when you need it with these legitimate e-Transfer payday loans in New Brunswick.

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Chelsey Hurst's headshot

By

Emma Balmforth

&

Chelsey Hurst

Edited by

Stacie Hurst

Updated

Fact checked
Looking to get your hands on fast cash to tide you over until your next paycheque? Payday loans are convenient and easy to get but can be expensive and risky, often throwing borrowers into a cycle of debt. Here's what you need to know about getting e-Transfer payday loans in New Brunswick 24/7, including how much you can borrow and what it could cost you.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
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Product CAFSL Loan Amount Loan Term APR Speed Serviced Provinces Offer Table description
GoDay Payday Loan
GoDay logo
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
Go to siteMore Info
iCash Payday Loan
iCash logo
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
AB, BC, MB, NB, NS, ON, PEI
24/7 instant approval and e-Transfer funding.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.
Go to siteMore Info
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Fast facts about e-Transfer payday loans in New Brunswick?

Payday loans are legal in New Brunswick, but each province has its own regulations surrounding terms, amounts, cost and repayment. In New Brunswick, borrowers are protected by the Cost of Credit Disclosure and Payday Loans Act. Here are the rules surrounding payday loans in New Brunswick.

  • Maximum amount: You can borrow up to $1,500 but not more than 30% of your net income.
  • Maximum cost: You can’t be charged more than $15 for every $100 borrowed.
  • Term: Loans usually must be paid off on your next payday but can’t be more than 62 days.
  • No rollover loans: You can’t roll over what you owe into a second payday loan. You must pay off an existing loan before getting another one.
  • Late fees: A lender can charge additional fees if you don’t pay your loan by the due date.
  • Payment collection: Lenders can’t ask you to sign a form to transfer your wages directly to them.
  • Cooling-off period: If you decide to cancel your payday loan, you have 48 hours (excluding Sundays and holidays) to do so for any reason without penalty.

What fees will I have to pay?

Although New Brunswick has laws in place to protect consumers from predatory lending, you’ll still need to pay a maximum of $15 in fees for every $100 that you borrow. Payday lenders can’t give you a loan for more than 30% of your net paycheque and the loan agreement must list all of the charges, terms and conditions of the loan.

Example: If your net pay is $1,000, the most you can borrow is 30% of this, or $300. With a total cost of $15 per $100 borrowed, you’d repay a total of $345. For a 14-day repayment term, this represents an APR of 391.07%.

Curious how e-Transfer payday loans in New Brunswick compare to other types of loans? Here’s how fees compare between a payday loan and a typical credit card cash advance.

Loan Amount (2 wks)Payday loan feeCredit card cash advance cost (23% APR + 3% fee)
$300$45$2.65 + $9 = $11.65
$600$90$5.29 + $18 = $23.29
$900$135$7.94 + $27 = $34.94
$1,200$180$10.59 + $36 = $46.59
$1,500$225$13.23 + $45 = $58.23

Can I get a no credit check loan in New Brunswick?

Most lenders won’t do a credit check when issuing e-Transfer payday loans in New Brunswick. Instead, they’ll be more interested in verifying that you have the basics like an active chequing account, a permanent Canadian address and proof that you’ve been continuously employed for at least several months.

This criteria can be easy to meet, and there’s the added bonus of not having to prove that you’re a responsible borrower. However, some lenders who don’t do credit checks may be predatory and illegitimate. That’s why it’s important to do your research and use a reputable lender—whether or not they require a credit check.

How can I apply for e-Transfer payday loans in New Brunswick 24/7?

If you’re interested in applying for a payday loan in New Brunswick, you’ll need to meet the following eligibility criteria:

  • Be at least 19 years old.
  • Provide proof of three months of continuous employment.
  • Show proof of address (such as a utility bill).
  • Have an active chequing account.

To complete your application successfully, prepare to submit some basic information:

  • Personal details like your name, date of birth, Social Insurance Number and a valid form of ID
  • Contact details like your residential address, email address and phone number
  • Details about your employment and income

What to know before applying for payday loans in New Brunswick?

If you’re struggling to make it between paycheques, a payday loan has the potential to help you through financial troubles. But keep in mind New Brunswick payday loans can be the most expensive solution for short-term financial problems. You could save big if you opt for other ways to solve your money issues.

If you move forward with getting a payday loan, it’s important to borrow only as much as you’ll be able to repay and to budget your repayments accordingly. If you default on the loan or it goes to collections, your credit score could go down and the action could stay on your report for up to six years. Make sure to budget for the loan, and use a licensed lender.

How can I tell if a lender in New Brunswick is legit?

The best way to make sure a lender is legit is to check their credentials with the Financial and Consumer Services Commission. Look for the following signs to make sure you’re working with a reputable payday loan lender in New Brunswick.

  • The lender displays a New Brunswick licence number. A licence is required to be displayed for each location where payday loans are offered to consumers in New Brunswick. Contact the Financial and Consumer Services Commission to check the licence status of a payday lender.
  • The lender displays fees. Lenders must have posters showing the rates they charge. Signs must be posted in both official languages and must be visible to borrowers.
  • Multiple loans and rollovers aren’t allowed. New Brunswick law doesn’t allow payday lenders to give out multiple loans to the same borrower at once. Additionally, borrowers can’t use a second payday loan to pay off a current one.
  • It follows rate and fee regulations. Stay away from lenders who charge more than $15 for every $100 borrowed.

Watch out for unlicensed lenders

Online lenders can be quick and easy, but unlicensed online lenders can be problematic for a number of reasons. Watch out for the following:

  • Illegally high interest rates or fees. It can be difficult to read between the lines in contracts, meaning you might end up paying much more than $15 in fees per $100 borrowed.
  • Identity theft. Scammy lenders may misuse your personal information, including putting you at risk of identity theft or a hacked bank account.
  • Funds taken from your bank account without your permission. Unlicensed lenders have been known to illegally withdraw money from customer’s bank accounts to help cover the cost of loan repayment.

Unlicensed lenders can operate out of New Brunswick—or even outside of Canada—making it difficult for the province to prosecute them. That’s why it’s so important to make sure your payday loan provider is licensed to operate in New Brunswick before you sign a contract and borrow money.

How to file a complaint against payday lenders in New Brunswick

You can phone the Financial and Consumer Services Commission (FCSC) to discuss your options for filing a complaint. The FCSC will conduct an investigation on your behalf if they believe that a payday loan business has breached New Brunswick’s consumer protection laws.

If the FCSC finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.

Payday loan alternatives in New Brunswick

Payday loans in New Brunswick are one of the most expensive ways to access a loan. If you’ve had no luck asking family or friends for a helping hand, you might like to consider these other programs and lenders before settling for a payday loan.

New Brunswick assistance programs

The New Brunswick government has programs to help lower the costs of everyday expenses for residents and newcomers who are struggling to make ends meet.

  • The Social Assistance Program provides low-income individuals with financial assistance to cover expenses like food, clothing and rent.
  • The Affordable Rental Housing Program provides subsidized rental housing to low-income families, seniors and individuals who cannot afford other housing options.
  • The Disability Support Program helps people with disabilities who are in financial need pay for living expenses like food and housing.

Local financial institutions

Some credit unions and local banks offer less expensive small-dollar financing amounts with longer repayment terms. You could also look into credit builder loans, which come in small amounts and can help improve your credit score by reporting every on-time repayment you make to credit bureaus. You also typically have more time than a payday loan to pay it off.

Credit counselling

If you’re swimming in debt or can’t seem to reign in your personal finances, you might like to look into a credit counselling program. These can help you make a budget and manage or consolidate your debts.

Bottom line

If you’re considering taking out a payday loan, familiarize yourself with the laws of New Brunswick to make sure you’re aware of the maximum fees you can be charged and other lending rules. But consider other personal financing options before applying for e-transfer payday loans in New Brunswick, since this is an extremely expensive option.

Compare payday loans in New Brunswick

Frequently asked questions

Stacie Hurst's headshot
To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.
Emma Balmforth's headshot
Written by

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

Chelsey Hurst's headshot
Co-written by

Publisher

Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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