Borrowing in Makkovik, Newfoundland and Labrador

A loan taken out in Makkovik is governed by Newfoundland and Labrador's licensing rules, and the 2021 Census counted 365 people in the community.

Products compared here

Each product below has its own page, and the Newfoundland and Labrador position applies to all of them.

• Business loans: Commercial borrowing, what lenders read in a business file, and how the assessment differs from personal credit.
• Instalment loans: A fixed number of fixed payments, sized larger and longer than a payday advance.

How borrowing works locally

A secured product gives the lender a claim on a named asset, which is why its price is usually lower than an unsecured equivalent.

A lender may ask for proof of address, and a permanent address is a standard requirement for consumer credit. Provincial licensing decides who may lend, and federal rules add a ceiling where a licensed payday regime exists.

The Newfoundland and Labrador rules that apply

Consumer lending in Newfoundland and Labrador is licensed provincially or territorially, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position appears.

The federal Payday Lending Regulations (SOR/2024-114) count Newfoundland and Labrador among the provinces with payday lending rules, where the published maximum cost of borrowing is $14 per $100 advanced under SOR/2024-114.

At the small end of the census range, the community still borrows inside the province's licensing system.

The census figures for Makkovik

The 2021 Census counted 365 residents in Makkovik. Land area for Makkovik is 3.0 square kilometres in the same census.

The calculated density is 123.7 people per square kilometre.

Among covered Newfoundland and Labrador places, Makkovik sits at rank 196 by population.

Makkovik is one of 322 places listed for Newfoundland and Labrador, ranked 196 by population and measured at 3.0 square kilometres.

The land area recorded for Makkovik is 3.0 square kilometres, and the population is 365 residents in the 2021 Census.

Makkovik ranks 196 by 2021 Census population among the covered places in Newfoundland and Labrador.

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

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

Makkovik is one of 322 covered Newfoundland and Labrador places, counted at 365 residents with a land area of 3.0 square kilometres.

Makkovik sits at rank 196 within Newfoundland and Labrador in this data set, and the provincial rules apply as they do elsewhere.

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

Makkovik appears in the census record with 365 residents, and the density of 123.7 people per square kilometre follows from it.

At 365 residents in the 2021 Census, Makkovik is listed alongside the other covered places in Newfoundland and Labrador.

The density figure for Makkovik, 123.7 people per square kilometre, is calculated from the population and land area above.

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

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

The 2021 Census of Population published by Statistics Canada is the source for population and land area; the federal Payday Lending Regulations (SOR/2024-114) are the source for payday rules.

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