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The province sets both the price and the shape. The province's regulations cap the total cost at $14 per $100 lent, and forbid a lender to lend more than half your net pay for the term, to roll a loan over, or to issue you a new payday loan while you already have one from that lender; if you default, the lender can charge no more than 2.5% a month, not compounded, and a one-time $20 for a dishonoured cheque or pre-authorized debit. The Consumer Protection and Business Practices Act defines a payday loan as $1,500 or less for 62 days or less, lets you cancel without a reason until the end of the second day after the lender gives you your copy of the agreement, bars any fee for cancelling, and requires every payday lender to hold a provincial licence, whether it lends from a store, by phone or online. Borrow $500 and you repay $570 on your pay date; borrow $300 and you repay $342.
| Newfoundland and Labrador rule | What it means for you |
|---|---|
| Cost cap | $14 for every $100 lent |
| Largest loan | $1,500, and never more than half your net pay for the term |
| Longest term | 62 days |
| Cancelling | Until the end of the second day after you receive your copy of the agreement, for any reason and at no charge |
| A second loan | Not from the same lender while you have one outstanding with it; no rollovers |
| Late | No more than 2.5% a month, not compounded, and $20 once for a dishonoured payment |
| Licence | Every payday lender needs a provincial licence, online or in a store |
| On $500 | You repay $570 |
The price. Until December 2022 a payday lender in the province could charge $21 for every $100; from December 15, 2022 the cap came down to $14, and advertisements must state the total cost of borrowing. On a $300 loan that is the difference between repaying $363 and repaying $342. Any page or advertisement still quoting $21 per $100 in the province is out of date.
One payday lender in the Smarter Loans network serves the province, lending $100 to $1,500 at the $14 cap. It lends online, so the application, the decision and the e-transfer happen from your phone, from Happy Valley-Goose Bay to Gander; it pays out within the hour of approving you, considers a score under 560, and wants $1,000 a month in income. One is fewer than in most provinces, and the personal loans in Newfoundland and Labrador page lists the twelve personal lenders that serve the province, priced by APR or by a flat fee rather than by the payday cap; one application reaches both kinds. Every payday lender in the network is on the payday loans in Canada page.
$14 per $100 for two weeks. A short-term loan of $500 over three months at the 35% federal cap costs about $29 in interest, and the payments are spread. The payday loan is cheaper only if you repay it in full on the date; the province forbids rolling it over, so the moment you cannot repay, the cheaper product is the one you should have taken.
Regular income of at least $1,000 a month, from any source that arrives on a fixed date; a bank account it is paid into; your online banking login, because the decision is made on your statements and the repayment is taken from the same account; and a Newfoundland and Labrador address. No interview, no employment letter. On our platform in the first half of 2026, people in the province asked for $467 on average for an everyday advance under $1,500; a request around $450 is the ordinary case, and borrowing the bill rather than the limit is the single cheapest decision.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans. Last reviewed 28 September 2026. Lender figures are the lender's published terms as checked August 2026; the short-term comparison is illustrative. Platform figures cover applications from 1 January to 30 June 2026.
A lender can charge no more than $14 for every $100 lent, the province's cap since December 15, 2022, when it came down from $21. Borrow $500 and you repay $570 on your next pay date.
The province defines a payday loan as $1,500 or less for 62 days or less, and a lender cannot lend you more than half your net pay for the term.
Yes. You can cancel without a reason until the end of the second day after the lender gives you your copy of the agreement, or the next day it is open if it is closed that day, and the lender cannot charge you for cancelling.
The lender can charge interest of no more than 2.5% a month on the default, not compounded, and a one-time $20 for each dishonoured cheque or pre-authorized debit; it cannot roll the loan over.
If you cannot repay in full on your next pay date, yes: a short-term loan of $500 over three months at the 35% cap costs about $29 in interest against $70 for the payday loan, and one application reaches both kinds of lender.
