Borrowing in Summerford, Newfoundland and Labrador

Summerford, Newfoundland and Labrador, recorded a population of 805 in the 2021 Census; the rules that govern a loan signed there are provincial.

The Newfoundland and Labrador rules that apply

Consumer credit in Newfoundland and Labrador is licensed by the provincial or territorial regulator, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators.

A payday advance in Newfoundland and Labrador falls under a provincial licensing regime, and the cost of borrowing is capped at $14 per $100 advanced according to the federal Payday Lending Regulations (SOR/2024-114).

This is a small community by population, inside the lowest band used on this site, and the provincial framework applies without variation.

How borrowing works locally

A credit file is compiled by private agencies from information lenders and other creditors report.

A shorter term raises each payment and lowers the total interest, which is the trade every schedule makes. Interest on a line of credit accrues only on the drawn portion, not on the unused limit.

The census figures for Summerford

The 2021 Census counted 805 residents in Summerford. Its land area is 16.0 square kilometres.

The arithmetic gives 50.2 people per square kilometre.

Among covered Newfoundland and Labrador places, Summerford sits at rank 96 by population.

Summerford sits at rank 96 among the 322 Newfoundland and Labrador places here, with 805 residents in the 2021 Census.

Products compared here

These are two of the 20 products described on the site, and each has a national page as well as the provincial rules.

• Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.
• Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.

The land area recorded for Summerford is 16.0 square kilometres, and the population is 805 residents in the 2021 Census.

Summerford ranks 96 by 2021 Census population among the covered places in Newfoundland and Labrador.

Summerford sits at rank 96 within Newfoundland and Labrador in this data set, and the provincial rules apply as they do elsewhere.

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

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

Summerford is one of 322 covered Newfoundland and Labrador places, counted at 805 residents with a land area of 16.0 square kilometres.

Summerford appears in the census record with 805 residents, and the density of 50.2 people per square kilometre follows from it.

At 805 residents in the 2021 Census, Summerford is listed alongside the other covered places in Newfoundland and Labrador.

For Summerford, the two census fields above are the only local statistics used anywhere on the page.

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

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

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

Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.

Compare the disclosure on any agreement against the provincial ceiling, and treat the census figures as the only local statistics on the page.