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Payday Loans Burnaby

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Written by Lisa Rennie

Best Payday Loans Burnaby (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
Cash Money
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Speedy Cash
Up to $1,500 15% - 23% 14 days
Up to $1,500
Provider Loan Amount Rate Term (Months) Rating
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Dynamic Capital
- - -
-
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Alphera Financial Services
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

It can happen to the best of us: we pay our bills on time every month, but a surprise expense pops up that we may not be able to fully cover.

With all of life’s expenses, sometimes it can be tough to keep enough money leftover for a rainy day. And when that rainy day comes, we may struggle to come up with the funds needed to make an unexpected payment.

Luckily, there are financial tools available to Burnaby consumers that make money available in the form of a loan. With these loans, we can borrow the money required to pay off whatever expenses we might have. There are plenty of different loans types in Burnaby, and payday loans are one of them.

A unique type of loan, payday loans are meant to help consumers in Burnaby and Canada, in general, out of a last-minute situation, providing quick funds that are then required to be paid back almost as quickly.

Read on to find out more about payday loans in Burnaby and whether or not they’re appropriate loan type for you.

When it comes to payday loans, it’s important to know your rights! Check this out.

What is a Payday Loan?

A payday loan is a loan that is usually made for a small amount – usually for no more than $800 to $1,000. Rather than being paid back in installments, payday loans are usually repaid in full in one single payment.

These types of loans are typically very short-term in nature and are typically paid back by the time the borrower gets their next paycheck, which is why they are named as such.

Payday Loans vs. Installments Loans

Payday Loan Rules in Burnaby

Payday loans have developed a bad reputation over the years. Many lenders have taken the liberty of charging borrowers sky-high interest rates in an effort to profit. As such, the government has stepped in to try and protect Burnaby and Canadian borrowers from potentially predatory lenders.

By law in Burnaby and the rest of the province of British Columbia, payday lender must follow these

rules:

  • Publicly advertise the cost of their payday loans
  • Cannot charge any more than $15 per $100 borrowed, which is the equivalent to an annual interest rate of 391%
  • Allow you to repay the loan over two or three pay periods if this is your third payday loan from the same lender over the last two months
  • Cannot provide you with more than one loan at a time
  • Cannot rollover an existing loan into a new one
  • Cannot make you purchase loan insurance
  • Cannot make you pay for the loan upfront

Payday Loan Interest Rates and Fees

As already mentioned, payday loan rates can be in the three-digit range. More specifically, they can be as high as 391% in BC legally, though some predatory lenders may try to force much higher rates on their customers.

Payday lenders in Burnaby might also have their own set of fees that they charge on top of interest, such as fees for a dishonoured check or pre-authorized debit. It’s important to look at the fine print of the contract so you’re fully aware of all the fees charged and the overall cost of the loan.

How much do payday loans really cost? Click here to find out.

Beware of The Payday Loan Cycle

While payday loans may be able to help cover a last-minute expense, they can also be a trap that many borrowers in Burnaby find themselves unable to get out of.

Payday loans are known to come with extremely high-interest rates, typically in the three-digit range. They must also be paid back in a very short amount of time, leaving borrowers scrambling to come up with the funds to repay their loan. And with the sky-high interest rates that come with these loans, borrowers end up having to pay back a lot more than what they initially borrowed.

In the event that there’s not enough money yet to pay the loan back, many consumers in Burnaby are left in a position to borrow another “rollover” loan to extend the loan and provide more time to repay what’s owed. Unfortunately, this simply adds to the debt pile, making it very difficult for borrowers to ever pay off the full amount they owe.

The cycle can continue for a long time, increasing the debt load and making it very difficult for borrowers in Burnaby to get out of the payday loan cycle for good.

How to Break The Payday Loan CycleCheck out this infographic for even more information about the payday loan cycle.

How to Break Out of the Payday Loan Cycle of Debt

If you find yourself trapped in a payday loan cycle, consider other loan options in Burnaby rather than continuously taking out more and more rollover payday loans.

Personal loans. There are other, safer loan options available in Burnaby, including personal installment loans that are much more affordable and easier to pay off. With a longer repayment period and an installment payment plan, paying off a personal loan can prove to be much easier compared to a traditional payday loan in Burnaby.

Personal loans are different from payday loans in many ways, including the following:

  • Repayment terms – Personal Loans are paid back in installments rather than in one lump sum as is the case with payday loans.
  • Interest rates – Rates associated with payday loans are far higher than those that come with personal loans.
  • Repayment time frame – You have much more time to repay a personal loan – from a few months to over a year – compared to just two weeks with a payday loan.

Credit counselling. You might also want to consider seeking out help from a credit counselling agency in Burnaby that will help you better manage your finances and educate you on how to come up with a workable budget that will make it easier for you to pay down your debt.

Debt settlement. If your debt is out of control to the point that a new budget won’t help much, consider seeking out a debt settlement service. These agencies in Burnaby can help you settle your debt in some way so that you have less debt on your plate to pay down.

Payday Loan Alternatives in Burnaby

There are plenty of other options available to consumers in Burnaby who may find themselves in a financial pickle, including the following:

Installment loan. As already mentioned, an installment loan can be easier to repay thanks to their longer loan repayment periods and their installment payment options. Installment loans also usually come with much lower interest rates, making them a more affordable option compared to traditional payday loans.

Vehicle title loan. If you own a vehicle outright and no longer have a car loan to pay off, you may be able to use your vehicle as collateral for a title loan. In this case, the lender would provide you with a loan in exchange for placing a lien on the title of your car. When the loan is repaid, the lien is removed.

Home equity loan/HELOC. If you’re a homeowner, any equity in your home may be used as a loan source for funds required. As long as you have at least 80% equity in your home (which is the property’s value less any loan amount still owed on the mortgage), you may be eligible to borrow against your home and use your home to secure the loan.

Predatory Lenders: The Warning Signs

While there may be a number of legitimate payday lenders, there are also plenty of predatory lenders out there who prey on consumers. Be sure to get familiar with signs of these types of lenders in order to steer clear of them.

Here are some red flags to look out for:

  • They guarantee approval
  • They require that an upfront insurance fee is paid
  • Their interest rates are through the roof
  • They promote “rollover” loans in case you can’t pay them back the first time around

Is a Payday Loan Right For Me?

Payday loans are very rarely the right choice. That said, there may be a serious emergency that needs attention, and the funds from a payday loan may help. Considering how quickly you can obtain the funds from this type of loan, a payday loan might be a good way to get access to emergency funds required.

As long as you are certain that you will have the money to pay back the loan in two weeks, then perhaps a payday loan can be considered.

For everything, you need to know about debt relief for payday loans, click here.

Situations Where a Payday Loan is a Bad Idea

In most cases, payday loans should not be considered. Instead, other loan options should be sought. Here are some scenarios where a payday loan might be a bad idea:

  • Your monthly bills are already using up your monthly income
  • You need extra money to cover an unimportant expense
  • Your income is not stable

Debt Relief Options to Consider

If you find yourself in a dire financial situation that you can’t get out of, you may want to seek out more drastic measures to alleviate you of your debt.

Rather than continuously taking out payday loans, there are specific debt relief options available to help you finally get rid of your debt. The option that you choose will depend on how much debt you have and the type of debt that you carry, and can include:

Debt settlement – With this option, a representative from a debt settlement agency would negotiate with your creditors on your behalf to reduce or eliminate all your debt owed. Rather than your debt being considered paid, it will be considered “settled,” which is what will show up on your credit report.

Debt consolidation – You can make your debt more affordable by consolidating it. In this case, you would take out one large loan at a lower interest rate than your highest-rate debt to pay off all your outstanding debt. You’ll then be left with one large loan that’s both easier to manage and more affordable.

Consumer proposal – With this option, you would submit a proposal to your creditors to relieve you of your debt. Your creditors must agree to this proposal in order for it to take effect.

Bankruptcy – This is a last resort option and involves you surrendering many of your valuable assets in exchange for being completely relieved of your debt.

Canadian Credit ScoreInterested in what factors affect your credit score? Click here.

What Credit Score Do You Need to Get a Payday Loan in Burnaby?

While many loan options typically require your credit to be checked, such is not usually the case with a payday loan. That’s why they’re so easy to get approved for. Rather than looking at your credit score, lenders will only check out your income and bank account.

Applying For The Right Loan

If you’re in need of fast cash in Burnaby, a payday loan might be an option. However, it’s important that you assess what you need the money for and weigh it against the costs of a payday loan before you apply. If you’re in need of a loan, call Loans Canada today to help you determine which loan option is best for you.

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