Payday Loans British Columbia - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81683676800 Windmill Microlending$15,000 5.95% Up to 60 months
$15,000
111670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
1001666051200 Nyble$20 - $100 0% -
$20 - $100
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
1001642723200 Pay2Dayup to $1,500 - -
up to $1,500
111639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
71637280000 Symple Loans$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
71620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 6 - 60
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
121589155200 Moves Financial$2,500 15.65% AIR 13 - 26
$2,500
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
91580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
21580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
101580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $3,200 - -
Up to $3,200
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001579219200 Instant Payday Canada- 15% - 19% -
-
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001562198400 Pylo Finance$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
91545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
81552262400 Money Mart$1,000 - $15,000 19.90% - 46.90% 12 - 60
$1,000 - $15,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 My Canada PaydayUp to $1,500 15% - 19% 14 days
Up to $1,500
1001551398400 Mr. Payday$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551398400 Loan Express- - 14 days
-
151546128000 Loan AwayUp to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
101551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 23% -
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
191550534400 FlexFi$2,500 + - -
$2,500 +
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit Club$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548720000 Amber Financial$1,000 - $50,000 4.6% – 49.96% 3 - 60
$1,000 - $50,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
11543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
31545177600 LendingMate$2,000 – $10,000 34.9% - 43% 12 - 60
$2,000 – $10,000
1001545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 514 LoansUp to $3,000 22% - 35% 3 - 4
Up to $3,000
1001545350400 Cashco FinancialUp to $7,000 - 6 – 60
Up to $7,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
1001545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
61545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
41545264000 Mogo Finance$300 – $35,000 9.9% - 47.72% 24 - 60
$300 – $35,000
91568937600 Cash Money$1,500 – $10,000 Varies by province Varies by product (up to 60 months)
$1,500 – $10,000
51545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
141545177600 Magical CreditUp to $20,000 19.99% - 46.8% 12 - 60
Up to $20,000
1001569974400 Speedy CashUp to $1,500 15% - 23% 14 days
Up to $1,500
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81669852800 Driven$500 - $300,000 - 2 - 24 months
$500 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001592438400 Core Capital Group Inc- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581292800 SNAP Financial Group- - -
-
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001578873600 Guardian Leasing- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 First West Credit Union$500,000 - $10,000,000 - -
$500,000 - $10,000,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Dynamic Capital- - -
-
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
1001548633600 AOne Financial SolutionsUp to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
51545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
1001545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
1001545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
1001545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
41632960000 SafeLendUp to $50,000 14.9% + 12 -72
Up to $50,000
61624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001594339200 Alphera Financial Services- - -
-
1001582761600 Go Auto- - 12 - 96
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575504000 Canada Car Loans- - -
-
21569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
71620777600 Spring FinancialUp to $35,000 - -
Up to $35,000
1001575849600 Coast Capital Savings- 1.51% - 6.6% 1 - 10 years
-
1001604016000 Leap Financial$15,000 to $1,500,000 +1.90% -
$15,000 to $1,500,000
41545264000 Mogo Finance$300 – $35,000 2.20% - 2.54% 36 - 60
$300 – $35,000
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Equitable Bank$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
1001577059200 Dominion Lending Center- - -
-
1001577059200 Fisgard Asset Management- -- -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574985600 CMLS Financials$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001574899200 CanWise- 2.23% - 4.45% -
-
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
1001548720000 Bridgewater Bank- - -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Can You Get A Payday Loan?

Yes, payday loans are available to residents of BC, and they’re very easy to get approved for compared to other loan types. 

Payday loans are usually made for no more than $1,500, so they’re only good for small cash needs. They’re also very expensive compared to other types of loans.

Interest fees in BC may be as high as $15 per $100 borrowed. Additional fees may also be charged if you’re late on your repayment. 

What Is A Payday Loan?

Payday loan terms are very short, with maximum terms of 62 days. Because there is such a short window of time to repay your loan, it can be tough to meet this tight deadline. As such, you should only take out a payday loan if you’re certain that you can come up with the funds needed to pay the loan back, plus interest, by the due date.  

If you don’t pay back the loan on time, you can’t take out another payday loan to pay off your old loan. This is known as “rolling over” your loan and is not permitted in BC. You’re only allowed to take out one payday loan at a time. 

This is meant to protect you against the payday loan cycle of debt, which can happen quickly if you’re not careful. 

Can I Get A Payday Loan Online In British Columbia?

There are several online payday lenders available in British Columbia. All you need to do is visit the lender’s website and apply online from wherever you are, at any time. All required documents can also be uploaded directly to the lender’s website. 

The application process is quick and simple, and the funds can be deposited directly into your account or e-transferred in as little as a couple of hours after loan approval. 

Are You Eligible For A Payday Loan In British Columbia?

To qualify for a payday loan in British Columbia, you must meet the following criteria:

  • Be at least 19 years of age
  • Be a Canadian citizen or permanent resident
  • Have a valid address
  • Have an active bank account that can accept direct deposits
  • Have steady employment

To verify your identity and financial status, you may be required to submit any one of the following documents:

  • Government-issued photo ID
  • Social Insurance Number (SIN)
  • Pay stubs
  • Employment letter
  • Utility bill (for proof of address)
  • Banking information

How To Calculate The Cost Of A Payday Loan In British Columbia?

When you take out a payday loan, you’ll need to pay interest on the borrowed funds, which is how lenders earn a profit. As mentioned, payday loans in BC can cost as much as $15 per $100 borrowed. 

To illustrate how much a payday loan in BC may cost you, let’s assume you’re borrowing $1,000 at $15 per $100 borrowed. At this rate, the cost to pay back the loan would be as follows:

Borrowed AmountTotal Interest Total Repayment
$1000$150 ($15 per $100 borrowed)$1,150 $1,000 (originally borrowed funds) + $150 (interest on the loan)

Other Costs To Consider

There may be other charges to cover in addition to the interest, including the following:

  • Late payment fees
  • NSF fees
  • Overdraft fees

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.  

Payday Loan Laws In British Columbia

Payday Loan AmountYou can borrow up to $1,500 with payday lenders, however, the amount cannot exceed 50% of your net pay. 
Max TermPayday loans must be repaid within 62 days
Interest$15 per $100 borrowed.
Cooling Off PeriodAll lenders must give you the right to cancel your payday loan contract within 2 business days of approval without penalty.
Roll Over LawNo lender is allowed to force a “roll over” of your loan, meaning they cannot provide you with another loan to finance your first if you haven’t paid it in full
Contract RulesAll lenders in British Columbia and Canada, in general, must provide you with the exact details concerning your loan, payment process, interest fees, penalty charges, and any other related costs
Lender LicenseAll lenders in British Columbia and Canada, in general, must have a business license validated by their provincial government
Default ConsequencesNSF Fee

Click here to learn more details about your rights when it comes to payday loans.

When Is A Payday Loan A Good Choice?

In truth, there are very few instances when a payday loan is actually a good idea. They should only be used under the following kinds of circumstances in British Columbia:

  • You have a serious financial emergency on your hands that your income or credit cards won’t cover
  • Your credit is so bad that you don’t qualify for any type of credit card, personal loan or other debt relief product
  • You’re 100% certain that by the time your next paycheck arrives, you’ll have enough money to reimburse your lender in full, fees and all

When Is A Payday Loan A Bad Choice?

Almost always! But even more so when you’re in these types of situations:

  • When your other regular expenses would use up most of or your whole paycheck
  • When you do qualify for other, less predatory credit products in British Columbia
  • When the cost you’re trying to cover is not a serious, necessary expense
  • When your income is typically unstable (freelance, commission based, part-time hours, low wage/salary, etc.)

For some differences between personal, private and payday loans, check this out.

What Warning Signs Should I Look Out For in British Columbia?

There are only a few payday loan lenders left in Canada that still qualify as legal businesses. While no payday loan is cheap, some lenders are definitely more predatory than others, especially if they are scam artists preying on desperate people. Here are some several warning signs you should look out for to identify a predatory or fake lender in British Columbia and Canada, in general:  

  • The sales representative won’t give you all the required information. Just because you need very little to be approved, doesn’t mean the lender should simply take your banking information without discussing the terms and conditions of the loan properly. If it seems like your sales representative is sweet talking you and avoiding your questions or important information, walk away immediately.
  • The lender uses forceful sales tactics. Just because payday lenders are businesses, that doesn’t excuse improper, rude behaviour on their part. If the lender is clearly being pushy and aggressive during the application or payment process, it’s a sign that they’re trying to intimidate and take advantage of you.
  • They charge sky high-interest rates and other vague/hidden fees. While almost all payday lenders in British Columbia charge high-interest rates and fees, it’s important not to gloss over these details, even if they appear legitimate. Before you fork over any information, find out exactly what the lender charges and how much your loan will cost by the end of your payment term.
  • They try to get you to “roll over”. The payday loan cycle starts to get worse when you can’t afford to pay your loan back in full within 14 days. If that’s the case for you, the lender might try to offer an extension of your payment period by an additional 14 days. Of course, these offers don’t come free and are illegal in in British Columbia and Canada, in general. It only leads to more hidden fees and more severe debt.

Payday Loans In BC FAQs

I’m unemployed. Can I still get a payday loan?

If you receive a form of income support from the government, you may qualify with some lenders for a payday loan. While it may vary for each provider, lenders may accept alternative incomes like the Canadian Pension Plan (CPP), Employment Insurance (EI), disability assistance, and private pensions. The primary concern is that you’ll be able to make your payments on time. And of course, make sure that you can budget for it.

Will a payday loan hurt my credit score?

Many payday lenders do not check credit reports nor do they report to the corresponding credit bureaus. More often than not, they just want to validate your employment income and make sure that you have a valid bank account. Applying for or taking out a payday won’t necessarily hurt your credit. The exception of course is if you default on your payday loan. It can then go to a collections agency and show up on your credit report as a collections item. Having something in collections can greatly affect your credit rating for the worse.

Why are payday loan interest rates so high?

In British Columbia, payday lenders can charge no more than $15 per $100 borrowed. This actually translates to an annual percentage rate of almost 400%. Credit cards with annual rates of 20% are considered high. The justification for such high rates on payday loans is that they are meant for extremely short terms by comparison. Some borrowers might carry debts on their credit cards for several months. Payday loans on the other hand are meant to be repaid within 2 to 8 weeks maximum. From the payday lender’s perspective, charging a rate like a credit card for such a short term will only earn them under $2 for every $100 exposed. And typically, payday lenders tend to cater to high-risk borrowers. For these reasons, payday lenders are exempt from the usual annual interest rate limits.

Can I Get A Payday Loan Online In British Columbia Loaded Onto A Prepaid Credit Card?

Some payday lenders transfer funds onto prepaid credit cards linked to your payday loan account. You can either pick up the card in person, or the lender will mail it to your home.

Find a Payday Loan Alternative That Works

If you’re looking for an alternative to a payday loan or you’re having trouble dealing with your payday loan debt, Loans Canada can help. We’ll get you matched with the right lender or debt relief service provider in British Columbia. Fill out an application today!

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