New Brunswick Loan Agreement

The 19-year-old rule most templates miss

Here’s the detail generic forms get wrong: in New Brunswick the age of majority is 19, not 18. A loan contract signed by an 18-year-old — perfectly binding in Ontario or Alberta — may not hold up here. If you’re helping a teenager with a first car or tuition top-up, that one year matters, and LendRight’s builder is province-aware so the check happens for you.

Three things to settle before the money moves

1. Is it a loan at all? Courts start from the facts, and between close family a transfer can be argued to be a gift. Naming it a loan in writing, before the transfer, closes that door.
2. When and how it comes back. A schedule — even a modest one — turns “eventually” into something enforceable, and each payment restarts the two-year limitation clock under New Brunswick’s Limitation of Actions Act.
3. Who signs, and how. Both parties, both of age (19 here), by e-signature or ink. LendRight sends the borrower a secure signing link for their phone.

If repayment stalls

Most family loans never see a courtroom — the act of signing is usually what keeps everyone honest. But if it comes to it, the Small Claims Court of New Brunswick hears claims up to $20,000, filed through Service New Brunswick, using a process built for people without lawyers. Your signed agreement is Exhibit A. New Brunswick’s limitation rules give you about two years from discovering the default (with a 15-year outer cap), so a dated document also protects your timeline.

What you’ll pay

A New Brunswick lawyer would bill several hundred dollars for the same personal loan paperwork. Save that for situations that genuinely need counsel.