Loans Saint John questions, payday and installment
The rules behind these answers come from the New Brunswick Cost of Credit Disclosure and Payday Loans Act and the Financial and Consumer Services Commission of New Brunswick.
How much can I borrow on a first payday loan in Saint John?
Most first loans land between $100 and $500. New Brunswick caps a payday loan at 30% of the net pay you will receive during the term, so $1500 of biweekly take home pay allows at most $450. Installment loans run $500 to $10000 when the bill is bigger.
When is a payday loan in Saint John due?
In one payment on your next pay date, never more than 62 days out. The hospitals, the City, the Province and the federal offices here pay every second week, so a typical Saint John loan runs about two weeks.
How long do I have to cancel a payday loan in New Brunswick?
48 hours from receiving the money, with Sundays and other holidays not counted. You give written notice and return the advance, at no cost and for any reason or none. The lender must hand you a cancellation form when the loan is made, and if it never told you about the right or was not licensed, you can cancel at any time.
Can a UNB Saint John or NBCC student get a loan?
From age 19, yes, with pay from a full time or part time job landing in a chequing account in their own name. The loan stays small because the deposits are small, and between terms, with no pay arriving, a decline is the likely and honest answer.
The cruise season is over and my tips are gone. Can I still borrow?
Only against pay that is still landing. A lender sizes the loan to the deposits it can see, so November's thinner restaurant cheques support a smaller loan than July's did. If the hours have stopped entirely until the ships return in spring, there is no pay date to bridge to and a decline protects you.
I live in Rothesay, Quispamsis or Grand Bay-Westfield. Can I apply?
Yes. A New Brunswick licence covers every New Brunswick address, so the Kennebecasis Valley towns, the river communities and the Fundy coast out to St. Martins use the same form at the same speed as an uptown postal code. Keep the address on your ID matching your bank statement.
Does New Brunswick require a payment plan if I cannot repay on time?
No. New Brunswick bans rollovers and sets no mandatory payment plan, so the working move is writing to the lender before the due date and asking to move the payment. Default costs are capped at 2.5% a month on the amount in default plus at most $20 per dishonoured payment, and FCNB takes complaints about a lender that breaks the rules.
Does applying through Loans Saint John hurt my credit score?
Not at the matching stage, which runs on the details you type rather than a bureau pull. Payday lenders mostly read deposits. An installment lender may record one inquiry at the point you accept its offer.
