Consumer loans: your rights
Consumers taking out loans in Nova Scotia are protected under the Consumer Protection Act and regulations. Lenders of consumer loans must be licensed.
In Nova Scotia, many of your rights as a consumer are protected by legislation that covers consumer loans.
If you ask a lender about taking out a loan, you have the right to be given detailed information that will help you decide whether you wish to apply for the loan. This information must include:
- the total cost of borrowing
- any fees on the loan
- the interest rate you will be charged
Loan brokers or loan agents cannot charge you a fee unless they actually arrange a loan for you. Loan brokers or agents are people who can compare a variety of loans and suggest loan products for you.
All advertising about loan products must be accurate and include the main information about the transaction. Lenders may not distribute false or misleading information.
Lenders cannot ask you to sign away your rights under the Consumer Protection Act.
If a lender does not provide detailed loan information if asked, contact Service Nova Scotia. You can also contact Service Nova Scotia to check if a lender is licensed.