If you’re short on cash and need quick access to money, you may consider a payday loan in British Columbia. These are short-term loans for small amounts, usually no more than $1,500. Unlike a standard installment loan, a payday loan must be repaid in one lump sum, typically by your next paycheque.
Payday loans are regulated in BC under provincial government regulations.
| Note: It’s important to note that payday loans in BC can be an expensive form of borrowing because of the high interest rates and fees. So, it’s recommended that you carefully consider alternatives and make sure you understand all costs and terms associated with these loans before applying. |
Where Can I Find Licensed Payday Lenders In BC?
Lenders offering payday loans to consumers in BC, including in-person and online, must be licensed in the province. Before applying for a payday loan, make sure the lender is properly licensed in BC.
To help you find out whether a lender is licensed, you can search the Consumer Protection BC database.
Here are a few licensed payday lenders in BC to help you begin your search:
| Lender | Loan Amounts | Income Types Accepted | |
| Cash Advantage | Up to $1,500 | – Employment income – Child tax benefit – Canada pension – Private pension | – |
| iCash | Up to $1,500 | – Employment income – Unemployment benefits – Government benefits – Social assistance | Learn More |
| Money Mart | $120 – $1,500 | Steady source of income | Learn More |
| Cash Money | Up to $1,500 | – Employment income – Unemployment income – Disability income | Learn More |
| Venue Financial | $50 – $1,500 | All types of income | – |
| Speedy Cash | $250 – $1,500 | – Employment income – Unemployment benefits – CPP or Private Pension – Child Tax Benefit | Learn More |
| Loan Express | Up to $1,500 | – Employment income – Child Tax Benefit – CPP, Pension – Disability | Learn More |
| Pay2Day | Up to $1,500 | Employment income (EI) | Learn More |
| My Canada Payday | Up to $1,500 | Employment income (not self-employed) | Learn More |
| Cashco Financial | Up to $1,500 | Not specified | Learn More |
Can I Get A Payday Loan Online In British Columbia Via e-Transfer?
Yes, you can receive your borrowed funds through an e-Transfer, depending on the lender. In fact, an e-Transfer is the most common way that payday loan funds are sent to borrowers in BC.
As long as you have an email address and bank account, you can access your funds this way. Then, you can access the money directly from your bank account.
Can I Get A Cash Payday Loan Online In British Columbia?
You can get access to the money from a payday loan in several ways in British Columbia, including via cash. The payday lender must have a physical location, and you must visit in person to receive your funds in cash. This is the fastest way to get funded.
Your Rights As A Payday Loan Borrower In BC
As mentioned, payday lenders are required to follow specific payday loan regulations under the Business Practices and Consumer Protection Act. To ensure that you’re treated fairly by a payday lender in BC, get familiar with the following rules that lenders must follow when providing payday loans:
| Loan Amounts | Up to $1,500 (no more than 50% of borrowers’ paycheque) |
| Loan Terms | No longer than 62 days |
| Cost Limits | Maximum fee of $14 per $100 borrowed |
| Cooling-Off Period | 2 business days |
| Rollovers | Not permitted |
| Disclosures | – Statement that payday loans are high-cost loans – Borrower’s cancellation rights – Total amount owed, including interest and all fees – Date that each payment is due |
| Lender Licensing | All payday lenders in BC must be licensed in the province |
| Default Charges | – Interest up to 30% per annum, on the outstanding principal in default – NSF charge up to $20 |
How Much Will You Pay For A Payday Loan In BC?
As noted, the most a payday lender can charge for a payday loan is $14 per $100 borrowed. This is the equivalent of an APR of 365% (with a 2-week repayment period).
To help you get a sense of how much you could potentially pay for a payday loan in BC, we’ve listed a few loan amount examples and their associated costs in the chart below, assuming a 2-week repayment term:
| Loan Amount | Cost To Borrow | Total Loan Cost |
| $100 | $14 | $114 |
| $200 | $28 | $228 |
| $300 | $42 | $342 |
| $400 | $56 | $456 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
What If You Don’t Pay Back Your Payday Loan In BC?
When you take out any type of loan, including a payday loan, you’re required to pay it back by the due date specified in your loan contract. If you miss your payment due date, you could face certain consequences.
That said, there are rules and limitations that payday lenders must abide by when it comes to the types of penalties they impose on borrowers who are late making payments:
| Maximum Penalty Fees | Up to 30% of the default amount per year |
| Maximum NSF Fees | Up to $20 for bounced cheques or pre-authorized debit |
| Collections Actions | Lenders may not: – Harass you or your family in an effort to recoup overdue payments – Communicate with you until at least 5 days after the collection agency sends you written notice about your overdue debt – Communicate with your employer as a means of reaching you, with certain exceptions – Contact you outside business hours or on weekends/holidays |
How To File A Complaint Against A Payday Lender In BC
If you feel that you’re being mistreated by your payday lender, you can file a complaint with Consumer Protection BC:
| By Mail | Consumer Protection BC PO Box 9244 Victoria, BC V8W 9J2 |
| By Telephone | 1-888-564-9963 |
| By email | operations@consumerprotectionbc.ca |
Alternatives To Payday Loan Alternatives In BC
Considering how expensive payday loans are and how difficult it can be to repay them in such a short period of time, you may want to look at other options before applying.
Government Assistance Programs In BC
The BC government offers a few programs that provide financial assistance to residents experiencing financial difficulty:
Debt Relief Programs In BC
Relying on payday loans to deal with your recurring debt issues is unsustainable, expensive, and potentially dangerous. If you’re at risk of drowning in debt and are unable to get yourself out of the situation on your own, several options are available to help relieve you of mounting high-cost debt:
| Credit Counselling Services | Credit counselling agencies provide financial advice, education, and assistance to those facing financial difficulties. Their main goal is to help people better manage their debt and come up with a plan to regain control of their finances. |
| Debt Consolidation | Debt consolidation involves merging several debts into one loan or payment, often with a lower interest rate or easier repayment terms. The goal is to streamline debt management and reduce the cost of borrowing. |
| Debt Management Plans (DMP) | A DMP is a structured repayment program that involves negotiating with your creditors to reduce interest rates, eliminate late fees, and consolidate multiple debts into one payment. |
| Consumer Proposal | A consumer proposal is a legal debt relief option that can help reduce unsecured debt. It is a formal process administered by a Licensed Insolvency Trustee (LIT) who negotiates with your creditors to repay a portion of your outstanding balance, extend the repayment period, or both. |
| Bankruptcy | Bankruptcy is a legal process that helps to eliminate unsecured debt and is also administered by an LIT. You may have to surrender some assets to help repay creditors. It is often considered a last resort for dealing with unmanageable debt. |
Other Ways To Get Quick Cash In BC
In addition to payday loans, there are other options available that can help cover urgent expenses:
Credit Card Cash Advances
A credit card cash advance allows you to withdraw money from your credit card, similar to taking out a short-term loan. Cash advances usually come with higher interest rates compared to regular credit card purchase transactions, as well as a cash advance fee. Interest starts to accrue immediately. The amount you can withdraw is limited to a percentage of your total credit limit.
Personal Loans
A personal loan is a type of loan that can be used for a variety of purposes and can be secured (backed by an asset) or unsecured (not backed by an asset). You’ll receive a lump sum of money that you pay back in fixed installments over a set term.
Car Title Loans
A car title loan is a type of secured loan where your vehicle is used as collateral. You must own your vehicle outright and provide the lender with the title until the loan is repaid. Keep in mind that if you fail to repay the loan, the lender can repossess your car to recoup the loan amount.
Small Credit Lines And Advances
Companies like Bree and Nyble offer small cash advances and credit lines of credit that provide immediate access to cash when the need arises.
- Bree: Bree’s small cash advances are meant to help you steer clear of bank overdraft fees if your account is a bit short. No credit check is involved, and you can access up to $500.
- Nyble: Nyble’s small lines of credit are available for up to $250. No interest is charged, and repayments can be used to build a positive credit profile. You can pay back the money whenever you can with flexible repayment terms.
