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A price cap, a pay limit and no rollovers. The province caps the cost at $14 per $100 lent. A lender cannot lend more than half your net pay for the term, or roll a loan over. The same lender cannot give you a new payday loan while you have one outstanding.
The Consumer Protection and Business Practices Act defines a payday loan as $1,500 or less for 62 days or less. You can cancel for any reason until the end of the second day after you get your copy of the agreement. If you default, the lender's charges are capped too, as the table shows.
| Newfoundland and Labrador rule | What it means for you |
|---|---|
| Price | $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 from the same lender | Not while you have one outstanding; 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 |
The price fell by a third. Until December 2022, a lender could charge $21 per $100. From December 15, 2022, the cap is $14. On a $300 loan, that is $342 to repay instead of $363. Anything still quoting $21 per $100 in the province is out of date.
Small amounts. Almost half of requests under $1,500 from the province on our platform are under $500, averaging about $240. Nearly four in ten are for $500 to $999. About a third are to catch up on bills.
| Amount asked for | Share of requests from the province | Average request |
|---|---|---|
| $100 to $499 | 46.6% | $241 |
| $500 to $999 | 38.0% | $549 |
Smarter Loans platform, 474 applications from Newfoundland and Labrador for $100 to $1,499, 1 January to 30 June 2026. The $1,000 to $1,499 group is too small to report.
One, online. It lends $100 to $1,500, pays out within the hour of approval, considers a score under 560 and wants $1,000 a month in income. The personal loans in Newfoundland and Labrador page lists the twelve personal lenders that serve the province, and our application reaches them too.
For anything you cannot repay within the term, a short-term loan under the 35% federal cap costs less. Every payday lender we work with is on the payday loans in Canada page.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans, 4 October 2026. Lender terms checked August 2026. Platform figures cover applications from 1 January to 30 June 2026.
The province caps it at $14 per $100 lent. A $500 loan costs $70.
Yes. It was $21 per $100 until December 15, 2022, when it came down to $14.
Yes. You can cancel for any reason until the end of the second day after you receive your copy of the agreement, at no charge.
One lender in our network does, online, and it pays out within the hour of approval.
Almost half of requests under $1,500 from the province are under $500, averaging about $240. Figures are from Smarter Loans applications, January to June 2026.
