FAQ’s

  • What is a payday loan anyway?
    A payday loan is a loan taken out for two weeks, or "until your payday". It's a great way to cover unexpected bills, car repairs, kids' expenses, or just to have some extra money in your pocket.
  • Aren't payday loans just for those on welfare or unemployment?
    Quite the opposite! According to a 2007 survey by the Canadian Payday Loan Association, the average age of a payday loan customer in New Brunswick is 39 years of age, 76% are employed full time, 59% have a post secondary education, and 50% are married. These are hardworking people just like you!

  • Do you do a credit check?
    No! At NCC we know that not everyone’s credit is perfect…who’s is? All you have to do is meet our basic requirements, and that’s it.

  • Do you accept permission to debit (PAD) forms instead of cheques?
    No. We require two blank cheques in order to process your loan. As well your home branch must be from within Fredericton or Oromocto.
  • Why do you need my SIN number?
    We keep your SIN number in your file for your own protection. It distinguishes you from someone else with your name.

  • Who sees my information and where is it stored?
    At NCC we take your privacy very seriously. You can rest assured that your information is kept strictly confidential. In fact, the only time your file is touched is when you come in to take out a loan. If at any time you wish to stop borrowing from us, we will gladly dispose of all your financial information. Unlike other lenders, we keep your information confidential and don’t share it with third parties. Once you give us your private information, it stays right here in our office.
  • I’ve heard payday loan companies charge outrageous fees. Is this true?
    We can't speak for other lenders out there. Many use a tiered system where the fee keeps changing depending on the amount you borrow, and charge a brokerage fee. This is why those other lenders are so expensive.

    At NCC we charge a flat fee of $25 per $100, per two week period. We don't think it's fair to mislead our clients, and we want you to know up front what your loan with us is going to cost you.

    Just to show some perspective, here is a quick example of our fees on a $100 payday loan versus the penalties otherwise accrued with your bank or such.

    $100 NCC payday loan with a $25 fee = 650% APR
    $100 bounced cheque with $40 NSF  fees = 1,040% APR
    $100 credit card balance with a $37 late fee = 965% APR
    $100 utility bill with $46 late/reconnect fee = 1196% APR.

    Every month many people pay 25% and more interest on items such as credit cards, store cards, and lines of credit. And that’s with carrying a balance of often thousands of dollars. A payday loan with NCC is only for a two-week period, and has a far smaller balance.

  • How do I pay my loan back?
    At NCC we believe in giving you choices! While other providers will only deposit your cheque as a method of payment, we give you 5 great ways to pay back. This is after all your loan, shouldn't you pay it back the way that's most convenient for you? We can take care of your payback for you by depositing your cheque or debiting the funds directly out of your account, hassle free. Or, you can come into our office and pay by cash, debit or money order.