Payday Loans Newfoundland, Canada

No matter the stage of your career or where you live, accidents and unexpected bills can easily set you back. If you’re in a situation where you need a short-term personal loan in Newfoundland, there are a few options available to you. Though NL payday loans are relatively common, the attached interest rates make these loans a dangerous option. As the internet becomes a more prominent place for finance, there are many new alternative options to the traditional payday loan. One of the most common and convenient alternatives is the personal installment loan in Newfoundland. Online loans offer the borrower a variety of terms and rates, making it much easier to find the right personal loan for your situation.

Don’t settle for an expensive payday loan in NL. These loans offer fast loan approval with access to funds in a matter of hours, with decent interest rates and payment terms to match your situation. If you’ve considered applying for a payday loan, check out Smarter Loans in-depth database of reputable personal loan providers around Newfoundland.

Take a look at the table of lenders below, and find the provider with an offer that suits your circumstances. You can apply directly from their page, or fill out the form below to let us help you find the best lender for your situation.

Frequently Asked Questions About Payday Loans in Newfoundland


Where can I get a payday loan in Newfoundland?

Although Newfoundland is one of Canada’s smallest provinces, with just 500,000 people, it still has quite a few payday lenders for its residents to choose from. This includes companies such as Instant Cash Canada, Cash 4 You, 310 Loans, Cash Money, EasyFinancial, and many more. Some of these companies have physical locations, while many others have online processes to make loan application and receipt very convenient.

What documents do I need to get a payday loan in Newfoundland?

To apply for a payday loan in Newfoundland, you must be able to show:

  • ID showing you are at least 19 years old
  • Proof of address
  • Proof of income
  • Bank account details
  • Contact information
  • If applying online, an active email address

What’s the average interest rate on a payday loan in Newfoundland?

Payday loans have among the highest interest rates of any loans in Canada. The maximum you can be charged for a payday loan in Newfoundland is $21 per $100 borrowed. But don’t forget about potential fees, and that the interest quickly compounds. Overall this can mean that the effective annual interest rate on a payday loan is over 500%.

Do I need a credit check to get a payday loan in Newfoundland?

No. The benefit of getting a payday loan is that a credit check is not required. This is especially useful to Newfies with a lower-than-average credit score. The average across the province is 664, but anyone with a score of less than 600 might struggle to get a traditional personal loan but you might have more success applying for a bad credit loan instead.

What counts as employment income for a payday loan in Newfoundland?

All payday loans in Newfoundland require proof of income, but this can come in many forms. Any regular, predictable influx of funds can count, including: employment income; child benefit income; disability income; retirement income; investment income; employment insurance income; workplace insurance income.

How much can I borrow with a payday loan in Newfoundland?

Payday loans are best used for short term emergency cash, and because they do not require a credit check and are designed as a stopgap solution between paychecks, they only come in small amounts – up to $1500.

Are payday loans legal in Newfoundland?

Yes, payday loans are legal in Newfoundland. Across the province, the rules for payday loans (as set by the provincial government) state that the cooling-off period for all payday loans is 2 business days, the maximum cost for borrowing $100 is $21, and the maximum penalty for a returned cheque or pre-authorized debit is $20. Together this ranks Newfoundland as about average in terms of Canadian payday loan affordability.

Does Newfoundland protect consumers from payday lenders?

Newfoundland does not enforce some of the same strict consumer protection rules for payday lenders that other provinces do, making it one of the riskier provinces to get a payday loan. Payday lenders are not prohibited from rolling over loans, garnishing wages or enforcing harsh collections, so consumers should be careful when taking out a payday loan.

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