Borrowing in Ramea, Newfoundland and Labrador

This page covers borrowing in Ramea, Newfoundland and Labrador: the census facts, the provincial rules, and the products people compare.

The census figures for Ramea

In the 2021 Census, Ramea had 388 residents. Land area for Ramea is 1.9 square kilometres in the same census.

The calculated density is 208.6 people per square kilometre.

Among covered Newfoundland and Labrador places, Ramea sits at rank 187 by population.

Ramea sits at rank 187 among the 322 Newfoundland and Labrador places here, with 388 residents in the 2021 Census.

The Newfoundland and Labrador rules that apply

Provincial or territorial law decides who may lend in Newfoundland and Labrador, and the Financial Consumer Agency of Canada publishes the list that names the regulator responsible.

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).

Places in the smallest population band are grouped here as small communities, and the pages carry the same census fields and the same provincial rules as the largest city.

How borrowing works locally

Payment history is reported to credit agencies, and that record is what builds or damages a credit file over time.

Interest on a line of credit accrues only on the drawn portion, not on the unused limit. A prepayment privilege allows a borrower to pay more than the scheduled amount, sometimes with a charge attached.

Products compared here

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

• 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.

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

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

Ramea is one of 322 covered Newfoundland and Labrador places, counted at 388 residents with a land area of 1.9 square kilometres.

The density figure for Ramea, 208.6 people per square kilometre, is calculated from the population and land area above.

Ramea ranks 187 by 2021 Census population among the covered places in Newfoundland and Labrador.

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

Ramea sits at rank 187 within Newfoundland and Labrador in this data set, and the provincial rules apply as they do elsewhere.

At 388 residents in the 2021 Census, Ramea is listed alongside the other covered places in Newfoundland and Labrador.

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

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

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.

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