Borrowing in Northern Arm, Newfoundland and Labrador

Northern Arm, Newfoundland and Labrador, recorded a population of 371 in the 2021 Census; the rules that govern a loan signed there are provincial.

The Newfoundland and Labrador rules that apply

Licensing for consumer credit in Newfoundland and Labrador sits with the province or territory, and the Financial Consumer Agency of Canada maintains the public list of provincial and territorial regulators.

The federal Payday Lending Regulations (SOR/2024-114) list Newfoundland and Labrador among the provinces that regulate payday lending, where the federal Payday Lending Regulations (SOR/2024-114) cap the cost of borrowing at $14 per $100 advanced.

The lowest band groups villages, rural municipalities and small towns, all read against the same provincial rulebook.

The census figures for Northern Arm

The 2021 Census counted 371 residents in Northern Arm. Its land area is 24.9 square kilometres.

Population divided by land area produces a density of 14.9 people per square kilometre.

The community is the 194th largest place in the province within this census set.

Compared with the other 322 covered Newfoundland and Labrador places, Northern Arm ranks 194 by population.

Products compared here

Among the 20 products compared here, these two are commonly used for the purposes described.

• Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.
• Payday loans: Small, short-term advances against a pay date, the most tightly regulated product in Canadian consumer credit.

How borrowing works locally

A lender's assessment looks at income, existing obligations, the credit file, and the asset pledged where there is one.

A mortgage is registered against the property, which is what gives the lender its claim. Debt management plans are administered by accredited credit counsellors, and they are not loans.

Northern Arm sits at rank 194 within Newfoundland and Labrador in this data set, and the provincial rules apply as they do elsewhere.

At 371 residents in the 2021 Census, Northern Arm is listed alongside the other covered places in Newfoundland and Labrador.

The land area recorded for Northern Arm is 24.9 square kilometres, and the population is 371 residents in the 2021 Census.

Northern Arm ranks 194 by 2021 Census population among the covered places in Newfoundland and Labrador.

Readers comparing Northern Arm with another community can use the same four census fields.

Nothing on the Northern Arm page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

Northern Arm is one of 322 covered Newfoundland and Labrador places, counted at 371 residents with a land area of 24.9 square kilometres.

The density figure for Northern Arm, 14.9 people per square kilometre, is calculated from the population and land area above.

The Northern Arm page follows the same structure as every other place page, with population, land area, density and rank.

Where a figure for Northern Arm could not be verified, the page names the publisher instead of printing a number.

Northern Arm appears in the census record with 371 residents, and the density of 14.9 people per square kilometre follows from it.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Census figures are from Statistics Canada's 2021 Census of Population, and the payday position is taken from the federal Payday Lending Regulations (SOR/2024-114).

The provincial rules apply wherever a borrower is in Newfoundland and Labrador; a municipal boundary does not change them.