Residents of Newfoundland and Labrador can apply online with lenders licensed under the province’s Payday Loans Regulations. The province had the lowest cost cap in Canada at $14 per $100, and in 2025 that figure became the national limit.
Payday loan rules in Newfoundland and Labrador at a glance
| Cost cap | $14 per $100, including everything collected directly or indirectly |
|---|---|
| Per-loan limit | 50% of your expected net pay for the loan term |
| Loans at a time | One per lender |
| Rollovers | Prohibited |
| Frequent borrowing | 3rd loan within 62 days must be repaid in instalments |
| Default interest | 2.5% a month, not compounded |
| Dishonour fee | One-time $20 per bounced payment |
Summary only, last reviewed October 2026. Source: Newfoundland and Labrador Payday Loans Regulations. The federal $14 per $100 cap has applied across Canada since January 1, 2025.
Instalments on your third loan
If you take a third payday loan within 62 days, the lender must spread repayment over at least three pay periods if you are paid every two weeks or more often, or two pay periods otherwise. No single instalment can be more than 35% of the total owed (50% if you are paid less often). On a $500 loan costing $70, that caps each payment at $199.50.
If you miss a payment
The lender can charge simple interest of 2.5% a month on the overdue amount and a one-time $20 fee for each bounced cheque or pre-authorized debit.
No rollovers, no stacking
A lender cannot roll your loan into a new one, and cannot give you a second loan while you still owe it on the first.
Payday loans across Newfoundland and Labrador: major cities
On the Avalon, in central Newfoundland or in Labrador, funds are sent by e-Transfer to your bank account.
- St. John's
- Mount Pearl
- Conception Bay South
- Paradise
- Corner Brook
- Grand Falls-Windsor
- Gander
- Happy Valley-Goose Bay
- Labrador City
- Torbay
- Portugal Cove-St. Philip's
- Stephenville
- Clarenville
- Bay Roberts
- Carbonear
- Deer Lake