Payday loans in Nova Scotia
Nova Scotia's maximum payday loan cost has fallen by more than half in the last decade. Here's where it stands now and what it means for a Halifax or Cape Breton budget.
What does a payday loan cost in Nova Scotia? At most $14 per $100 borrowed, the federal cap in force since January 2025. That's down from $31 per $100 a decade ago. Lenders must be licensed in Nova Scotia, you have two business days to cancel without paying the fee, and rollovers are restricted.
A cap that kept falling
Nova Scotia used to allow some of the highest payday fees in Canada. The province's Utility and Review Board brought the cap down to $19 per $100 in 2018, and the federal regulations took it to $14 in 2025. If you borrowed years ago and remember paying much more, today's loans are noticeably cheaper, though still expensive compared with almost any other credit.
Your rights as a borrower
- A written agreement showing the cost in dollars and as an APR
- Two business days to cancel and repay only the principal
- Limits on rollovers and fees for missed payments
- A licensed lender you can check with the province
When the bill is for heat
Oil and electricity are the classic Nova Scotia winter budget-breakers. Before you borrow for a fuel delivery, check the province's Heating Assistance Rebate Program, which helps lower-income households with home heating costs, and ask your fuel supplier about an equal-billing plan. Nova Scotia Power also offers payment arrangements if you call ahead.
Questions from Nova Scotians
Is the payday loan cap in Nova Scotia $14 or $19?
It's $14 per $100. The federal limit that took effect on January 1, 2025 replaced Nova Scotia's earlier $19 cap.
Do Nova Scotia payday lenders need a licence?
Yes. Lenders offering payday loans to Nova Scotians must be licensed by the province, including online lenders.
Can I cancel a payday loan in Nova Scotia?
Yes, within two business days of receiving the money. Return the principal and you won't owe the fee.
Nova Scotia's figures reflect the federal cap that replaced the provincial $19 limit. Reviewed October 2026.