Frequently Asked Questions About Loans in New Brunswick
Do I qualify for a loan in New Brunswick?
To qualify for a loan in New Brunswick, you must be:
- At least 19 years old, with proof of ID
- A resident of the province
- In possession of a bank account
These are the most basic requirements, but there are more complex ones that vary by lender and/or loan type. For example, it’s common for lenders to require a minimum credit score of 600 and to need to see proof of income. Larger loans, like mortgages, have even more stipulations, while smaller loans are generally easier to qualify for. There are lenders who waive certain criteria – for example, some lenders are happy to work with customers with lower credit scores. You will always need to check a specific lender’s eligibility rules to ensure you qualify, before you apply for a loan.
How long does it take to get a loan in New Brunswick?
Not all lenders work at the same speed, and who you go to will dictate whether you are waiting days or weeks for your loan. Traditional lenders, like banks and credit unions, have longer processing times, and it’s common to be waiting a few weeks for a loan through them. If you need to go into a branch to settle your loan details and live in rural New Brunswick, this can narrow your options significantly and compound delays. Luckily, over 75% of New Brunswickers have internet access, and online lenders work quickly, with a typical turnaround time of just a few days. And for those with urgent needs, there are same day lenders (online) available for certain smaller loans.
Where can I get a loan in New Brunswick?
New Brunswick’s small size means that it doesn’t have the breadth of lenders as some of the larger provinces, but there are still options for locals to choose from. Lenders come in many forms, but they all fall into one of four main categories:
- Banks and credit unions
- Online lenders
- Alternative financial companies (including auto loan providers, boat loan companies, etc.)
- Payday lenders
The type of loan you need and your personal financial circumstances will dictate which lender is best for you.
How do I choose the best New Brunswick lender for me?
Choosing the right lender starts with understanding which lenders have the product you need. Not every lender offers every type of loan; there’s no use going to an auto loan company for a mortgage! So have a clear idea of what you need – how much, for how long, what it’s for, and so on. Then you must consider your own personal circumstances – your credit score, income, and existing debts. These factors impact which lenders will approve you.
Once you have a list of New Brunswick lenders who have what you need, and who will work with you, it’s time to compare costs. Consider interest rates, loan term, and all associated fees to find the best deal. And always remember to check a company’s past customer reviews to verify their reputability – a great deal may not be so great if the company has terrible service.
What can I use a loan for in New Brunswick?
New Brunswick’s 750,000+ residents may need a little extra cash for all manner of reasons, and there are loans to cater to every need. You can get a loan to: