Each year, thousands of Nova Scotians borrow money from payday lenders. These loans are called payday loans because they are usually due to be repaid on the borrower’s next payday.
Payday loans are very expensive. Due to the high cost of these loans, they are very closely regulated by government. Payday lenders must hold a license and must meet a number of requirements.
Did you know under the Nova Scotia regulations...
- Every payday lender has to post a sign showing the cost of borrowing, total to repay and annual percentage rate for a $300, 14 day loan?
- The total cost of borrowing on payday loans is capped at $31/$100?
- The most a payday lender can charge for a default on a loan is $40?
- You cannot be charged a penalty for early repayment of a payday loan?
- You have 24 hours after taking a loan to change your mind without penalty? You must give written notice to the lender and return the outstanding balance of the loan.
Questions or complaints about payday loans in Nova Scotia can be directed to:
Service Nova Scotia and Municipal Relations
1-800-670-4357
askus@gov.ns.ca
Registrar of Credit
Service Nova Scotia and Municipal Relations
P.O. Box 1003, Halifax Nova Scotia B3J 2X1
The following links provide important information about payday loans in Nova Scotia.
Legislation
Resources
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