Newfoundland and Labrador sends roughly one in sixty personal loan applications Smarter Loans receives, enough to report the province's headline figures and not its credit mix. This report covers the year to July 2026, drawn from 1,358 applications, against the national figures over the same period. Lenders serving the province are on the Newfoundland and Labrador personal loans page; this is the data behind it.
What applicants ask for
Across Smarter Loans personal loan applications from August 2025 to July 2026, Newfoundland and Labrador against the national figure:
- Average request: $2,577. Against $2,604 nationally.
- Applications for $1,500 or less: 72 percent. Against 71 percent nationally.
- Consolidation request: $7,948. Against $6,659 nationally.
View as table
| Newfoundland and Labrador | $2,577 |
| Canada | $2,604 |
Source: Smarter Loans personal loan applications, August 2025 to July 2026.
Newfoundland and Labrador asks for close to the national average and consolidates more than any other province.
The largest consolidation requests in Canada
Across Smarter Loans applications from Newfoundland and Labrador from August 2025 to July 2026:
- Consolidation request: $7,948. The largest of any province.
- Saskatchewan, next highest: $7,123.
- National figure: $6,659.
Both are provinces that borrow modestly day to day, which fits a pattern seen across the data: where everyday borrowing is small and spread across several products, the balance that eventually gets consolidated is larger.
Where the data stops
Newfoundland and Labrador's credit band figures fall below the reporting floor: only two of the five bands reach one hundred applications, and the standard for publishing a provincial credit mix is at least three. No band figures are published for the province, and nothing should be read into that absence beyond sample size. Business and auto applications from the province likewise fall below the floor.
The rules that apply in Newfoundland and Labrador
Payday lending in Newfoundland and Labrador is capped at $14 per $100 borrowed, per Digital Government and Service NL, which lowered the provincial cap from $21 in December 2022, ahead of the federal rule. Loans are limited to under $1,500 and 62 days, and lenders must be licensed. Newfoundland and Labrador is one of the four provinces, with Ontario, Prince Edward Island and Quebec, where TransUnion keeps a bankruptcy on file for seven years after discharge rather than six, per the Financial Consumer Agency of Canada.
What this means if you are borrowing in Newfoundland and Labrador
If your request is around $2,500, you are the typical applicant from the province and the lenders on the Newfoundland and Labrador personal loans page underwrite that file daily. If you are consolidating, the data says you are likely combining more than most Canadians; our guides to what Canadians owe when they consolidate and how to consolidate debt with a personal loan cover matching the loan to the expensive balances rather than the whole total.
Frequently asked questions
How much do people in Newfoundland and Labrador borrow with a personal loan?
An average of $2,577 across 1,358 Smarter Loans personal loan applications from the province from August 2025 to July 2026, just under the national average of $2,604.
How much do people in Newfoundland borrow to consolidate debt?
An average of $7,948 across Smarter Loans applications from August 2025 to July 2026, the largest consolidation request of any province and well above the national $6,659.
What is the payday loan limit in Newfoundland and Labrador?
$14 per $100 borrowed, on loans under $1,500 and up to 62 days, from lenders licensed by Digital Government and Service NL. The province lowered its cap from $21 in December 2022.
Why is there no credit score data for Newfoundland?
Fewer than three credit bands reached one hundred applications, which is the floor for publishing a provincial credit mix. The absence reflects sample size, nothing else.
About this data
Figures are drawn from Smarter Loans personal loan applications from Newfoundland and Labrador between August 1, 2025 and July 31, 2026, 1,358 in total. Credit band figures are not published because fewer than three bands reached one hundred applications. National comparators use all provinces over the same window. Amounts are requested at application, not funded. Averages are used throughout. More of our data is at Smarter Loans Research. Smarter Loans has connected more than 2 million Canadians with financing since 2016.
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The Smarter Loans Editorial Team produces in-depth, original content to help Canadians navigate borrowing, credit, and personal finance with confidence.
