Home / Installment loans by province / New Brunswick
Installment loans in New Brunswick
Borrow $300 to $3,000 and repay it in equal amounts on your paydays, over three to four months. Applications with bad credit can still be approved.
The Loans514 team reviewed this page on November 5, 2026. We took the rules from official federal and provincial sources, listed at the bottom. All dollar amounts are examples, for illustration only.
In short
Yes, New Brunswickers with bad credit can apply. Your Loans514 application goes to lenders that typically lend $300 to $3,000 over 90 to 120 days at 22% to 32% APR. You can already repay a loan early in New Brunswick without a penalty, and the Consumer Protection Act passed in 2024 will require high-cost lenders, installment lenders included, to be licensed once it takes effect. A payday loan can cost $14 per $100: $570 due at once on $500.
How applying works in New Brunswick
- Send one application. Use a phone or computer, anywhere in New Brunswick. It takes around five minutes.
- A lender gets in touch. Your application goes to lenders in our network. If one can help, it contacts you and asks you to connect your bank through Instant Banking Verification. That's a read-only view of your recent transactions, so you don't send documents.
- Read the offer. You see the rate, each fee and your total repayment before you agree to anything.
- Get paid. The lender deposits the money after you sign, often on the same day.
Loans514 doesn't lend money. Your rate, fees and payment dates are set by the lender that approves you.
New Brunswick's rules for installment loans
Under New Brunswick's current cost of credit law, you can repay what you still owe on a loan at any time. There's no prepayment charge or penalty. The federal 35% APR cap, which includes fees, also applies to every installment loan.
The province passed a new Consumer Protection Act in June 2024. Its high-cost credit rules cover installment loans as well, but the Act isn't in force yet. The government will set a start date once the detailed rules are final. The Financial and Consumer Services Commission (FCNB) took comments on draft rules until June 17, 2026. Once the Act is in force:
- All high-cost lenders will need a licence from FCNB, including online lenders.
- Agreements will need to be in writing and signed. The lender will need to walk you through the key terms.
- You'll be able to cancel within 48 hours of getting the first advance. Sundays and holidays won't count.
- Lenders won't be allowed to charge undisclosed fees, deduct anything from the amount you borrow, or require you to buy insurance.
Under the draft rules, a loan would be high-cost credit if its APR is more than 22 percentage points above the Bank of Canada rate. The rules aren't final yet, so check with FCNB before relying on them.
Payday loans in New Brunswick
- The federal limit is built into New Brunswick's regulation. A payday loan can cost no more than $14 per $100 borrowed.
- You can cancel within 48 hours. Sundays and holidays don't count.
- Lenders can't roll a loan over or give you a new loan to pay off an existing one. They also can't lend to you while you have an unexpired loan with them.
- A loan can't be more than 30% of your net pay during its term.
- If you default, the penalty can't go above 2.5% a month, not compounded. Each bounced payment can add up to $20 more.
- A lender can't take security or an assignment of your wages, or make you buy another product. Every location and website needs a licence.
Costs in New Brunswick
These are typical terms from lenders in our network. We last checked them in November 2026. Your own offer may be different.
- Amount
- $300 to $3,000
- Repaid over
- 90 to 120 days
- Annual rate (APR)
- 22% to 32%Set by the risk of your application
- Membership fees
- May applyPart of the total in your lender's offer
A $500 loan in New Brunswick: payday or installment
| New Brunswick payday loan | Installment loan, 32% APR | |
|---|---|---|
| Repayment | A single payment on your next payday | 7 payments, one every 2 weeks, over 98 days |
| Payment amount | $570.00 | About $74.98 |
| Borrowing cost | $70.00 | About $24.86 |
| Total you pay back | $570.00 | About $524.86 |
For illustration only. The payday loan is at the $14 per $100 cap. The installment loan is at 32% APR, the high end of the typical range, and leaves out any membership fees.
For lenders in Canada, the Criminal Code caps the annual percentage rate at 35%. Fees and other costs of getting the loan count toward it. The cap has applied since January 1, 2025. Try the calculator with your own amount.
Who can apply
- Age 18 or older, and a Canadian citizen
- A full-time job, or steady income from self-employment
- An online bank account that can be verified
- Not in a bankruptcy or consumer proposal
Your income and recent banking matter most to lenders, so a low score on its own won't rule you out. Apply from Moncton, Saint John, Fredericton, Dieppe, Riverview, Miramichi, Edmundston and Bathurst, or from anywhere else in New Brunswick. An application doesn't commit you to anything. You agree to a loan only when you sign a lender's contract.
Check the lender
The Financial and Consumer Services Commission (FCNB) licenses payday lenders. You can search the list of licensed payday lenders, check other licences with the FCNB licence search, or call 1-866-933-2222. To complain, use the online form.
Free debt help
Borrowing to keep up with other debts? A non-profit credit counsellor can help you make a budget, and may be able to set up lower payments with your creditors. See ways out of a loan cycle.
- Serving Atlantic Canada, Solve Your Debts is a member of Credit Counselling Canada. Its former name was Credit Counselling Services of Atlantic Canada.
- Ask what a counsellor charges before you choose. The Financial Consumer Agency of Canada says reputable agencies don't charge for a first meeting.
Before you borrow, look at cheaper options than a payday loan.
Sources
- New Brunswick, Cost of Credit Disclosure and Payday Loans Act and Regulation 2017-23: rules for payday loans and for repaying early.
- New Brunswick, Consumer Protection Act, 2024: the high-cost credit rules, which aren't in force yet.
- FCNB, Consumer Protection Act and consultation on draft rules (February 17, 2026).
- Financial Consumer Agency of Canada, Payday loans: cost limits on payday loans in each province.
- Criminal Code, section 347: the 35% cap on the annual percentage rate.
- Credit Counselling Canada: a list of accredited non-profit credit counsellors.
- Typical terms in our network, as of November 2026. Payments are equal installments. Interest for each period = APR × days in the period ÷ 365.
This page is general information, not financial or legal advice. Each lender sets its own terms, and provincial rules can change. Check your contract and the sources listed here.
Ready to apply in New Brunswick?
Fill in one application and we send it to lenders in our network. Nothing is agreed until you sign a lender's contract.