Summary
You can get an installment loan in New Brunswick with bad credit. Through CashGo, you apply once and get matched with lenders in our network that typically offer $300 to $3,000, repaid over 90 to 120 days at 22% to 32% APR. New Brunswick law already lets you repay a loan early without a penalty. A new Consumer Protection Act, passed in 2024, will require high-cost lenders, including installment lenders, to be licensed once it comes into force. A New Brunswick payday loan can cost up to $14 for every $100 borrowed: on $500, that's $70 due on your next payday, compared with about $25 spread over seven payments for a typical installment loan.
How installment loans work in New Brunswick
An installment loan is a personal loan you repay in equal, scheduled payments that line up with your pay, whether you're paid weekly, every two weeks, twice a month or monthly. Each payment covers part of what you borrowed plus interest.
You apply once online, from anywhere in New Brunswick. CashGo sends your application to lenders in our network. A lender that can help contacts you and asks you to complete Instant Banking Verification, a read-only look at your recent transactions; you don't need to send ID or paperwork. The lender then shows you the rate, every fee and the total you'll repay, and deposits the money once you sign its contract, often the same day.
CashGo is not a lender. Each lender sets its own rate, fees and schedule.
New Brunswick's rules for installment loans
Under New Brunswick's cost of credit law, which is in force now, you can repay the outstanding balance of a loan at any time without a prepayment charge or penalty. The federal limit of 35% APR, including fees, applies to every installment loan.
New Brunswick passed a new Consumer Protection Act in June 2024 that adds rules for high-cost credit, including installment loans. It isn't in force yet: the government will set a date once the detailed rules are final, and the Financial and Consumer Services Commission (FCNB) consulted on draft rules until June 17, 2026. Once it takes effect, the Act provides:
- High-cost lenders will need a licence from FCNB, including lenders that operate online.
- The agreement must be in writing and signed, and the lender must review its main terms with you.
- You'll be able to cancel within 48 hours of receiving the first advance, not counting Sundays and holidays.
- Lenders won't be allowed to charge undisclosed fees, deduct amounts from what you borrow, or require you to buy insurance.
Under the draft rules, a loan would count as high-cost credit if its APR is more than 22 percentage points above the Bank of Canada rate. Those rules aren't final, so check with FCNB before relying on them.
Payday loan rules in New Brunswick
- A payday loan can't cost more than $14 for every $100 borrowed, the federal limit that New Brunswick's regulation adopts.
- You can cancel within 48 hours, not counting Sundays and holidays.
- Lenders can't grant rollovers or a new loan to pay out an old one, and can't lend to you while you have an unexpired loan with them.
- A loan can't be more than 30% of your net pay during its term.
- If you default, the penalty is capped at 2.5% a month, not compounded, plus up to $20 for each bounced payment.
- Lenders can't take security, require you to buy another product or take an assignment of your wages, and every location and website needs a licence.
What an installment loan costs in New Brunswick
Most lenders in our network offer these terms. They were last reviewed November 2026.
| Loan amount | $300 to $3,000 |
|---|---|
| Annual percentage rate (APR) | 22% to 32% |
| Repayment period | 90 to 120 days |
| Payments | Weekly, every 2 weeks, twice a month or monthly |
| Membership fees | May apply, included in the total your lender shows you |
The same $500, two ways
| New Brunswick payday loan | Installment loan at 32% APR | |
|---|---|---|
| How you repay | All at once on your next payday | 7 payments every 2 weeks over 98 days |
| Each payment | $570.00 | About $74.98 |
| Cost of borrowing | $70.00 | About $24.86 |
| Total repaid | $570.00 | About $524.86 |
Payday loan at the $14 per $100 maximum. Installment example at 32% APR, the top of the typical range, before any membership fees; your lender's figures may differ.
Under the Criminal Code, lenders in Canada can't charge more than a 35% annual percentage rate, including fees and other costs of getting the loan. That limit has applied since January 1, 2025. Estimate payments for your own amount.
Checking a lender and making a complaint
The Financial and Consumer Services Commission (FCNB) licenses payday lenders. You can search licensed payday lenders, check other licences on the FCNB website or call 1-866-933-2222, and submit a complaint online.
Before you sign, read the rate, every fee and the total you'll repay, and ask whether you can pay the loan off early.
Who can apply in New Brunswick
- Be 18 or older
- Have a full-time job or steady self-employed income
- Not be in bankruptcy
- Be a Canadian citizen
- Have an online bank account you can verify
Bad credit doesn't rule you out, because lenders look mainly at your income and recent banking. You can apply from anywhere in the province, whether you live in Moncton, Saint John, Fredericton, Dieppe, Riverview, Miramichi, Edmundston and Bathurst or somewhere else. Applying doesn't commit you to a loan; you only agree to one when you sign a lender's contract.
Free help with debt in New Brunswick
If you're borrowing to keep up with other debts, talk to a non-profit credit counsellor first. Non-profit counsellors offer free or low-cost help: they can work through a budget with you and may arrange lower payments with your creditors.
- Solve Your Debts, formerly Credit Counselling Services of Atlantic Canada, is a member of Credit Counselling Canada serving Atlantic Canada.
- When you choose a counsellor, ask about fees up front. According to the Financial Consumer Agency of Canada, no reputable credit counselling agency charges for a first meeting.
Our guide to payday loan alternatives compares cheaper ways to borrow.
Apply for an installment loan in New Brunswick
One application, matched with lenders in our network. The only check is an online bank verification, and there are no documents to upload.
Sources
- New Brunswick, Cost of Credit Disclosure and Payday Loans Act and Regulation 2017-23: payday loan rules and prepayment.
- New Brunswick, Consumer Protection Act, 2024: high-cost credit rules, not yet in force.
- FCNB, Consumer Protection Act and consultation on draft rules (February 17, 2026).
- Financial Consumer Agency of Canada, Payday loans: provincial payday loan cost limits.
- Criminal Code, section 347: the 35% annual percentage rate limit.
- Credit Counselling Canada: accredited non-profit credit counsellors.
- Typical network terms, last reviewed November 2026. Installment payments calculated with equal installments, interest per period = APR × days in period ÷ 365.
This page is general information, not financial or legal advice. Lenders set their own terms, and provincial rules change; check your contract and the sources above for your situation.