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- Loans up to $50,000
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- Apply once, get multiple options
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.
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.
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.
To qualify for a payday loan in British Columbia, you must meet the following criteria:
To verify your identity and financial status, you may be required to submit any one of the following documents:
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 Amount | Total Interest | Total Repayment |
$1000 | $150 ($15 per $100 borrowed) | $1,150 $1,000 (originally borrowed funds) + $150 (interest on the loan) |
There may be other charges to cover in addition to the interest, including the following:
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.
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 Amount | You can borrow up to $1,500 with payday lenders, however, the amount cannot exceed 50% of your net pay. |
Max Term | Payday loans must be repaid within 62 days |
Interest | $15 per $100 borrowed. |
Cooling Off Period | All lenders must give you the right to cancel your payday loan contract within 2 business days of approval without penalty. |
Roll Over Law | No 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 Rules | All 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 License | All lenders in British Columbia and Canada, in general, must have a business license validated by their provincial government |
Default Consequences | NSF Fee |
Click here to learn more details about your rights when it comes to payday loans.
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:
Almost always! But even more so when you’re in these types of situations:
For some differences between personal, private and payday loans, check this out.
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:
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!
To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.
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