Loans Halifax questions, payday and installment
The rules behind these answers come from the Nova Scotia Regulatory and Appeals Board and the Nova Scotia payday loans rights page.
How much can I borrow on a first loan in Halifax?
Usually $100 to $500, because a lender sizes a payday loan to the deposits it can see and one biweekly deposit rarely supports the $1500 ceiling. An installment loan runs $500 to $10000.
When is a Halifax payday loan due?
On your next pay date, in one debit, never more than 62 days out. For much of Halifax that is the biweekly provincial or federal deposit, so a loan taken the day after one runs about 13 days.
How long do I have to cancel a payday loan in Nova Scotia?
Until the end of the business day after you receive the money, or 48 hours after the advance reaches you for an online loan. Give written notice, return the money and you owe nothing. If the lender never told you about the right, you can cancel at any time.
What happens if my debit bounces?
Your bank charges its NSF fee, and the lender may add a penalty of at most $20 and interest of at most 30% a year on the overdue balance. Nova Scotia has no extended payment plan, so a call before the due date is what avoids all three.
I live in Enfield, Porters Lake or Upper Tantallon. Can I apply here?
Yes. A lender holding a Nova Scotia permit serves any address in the province, whatever the 102 looks like in freezing rain. The address on your ID needs to match your bank statement.
Can a Dalhousie or community college student get a loan?
Yes, at 19 or older with a part time job paid by direct deposit and a chequing account in their own name. The loan will be small because the deposits are small, and student funding does not count as pay.
Will a cruise season or tour boat paycheque count as income?
Yes, when it comes from an employer paying by direct deposit through May to October. The lender sizes the loan to those deposits and wants the due date inside the season.
Does applying hurt my credit score?
Applying through Loans Halifax does not, because the match uses the details you type in. Payday lenders mostly read deposits. An installment lender may record one inquiry once you accept its offer.
