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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

A Guide To Personal Loans In British Columbia

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
📅
Updated On: October 3, 2025
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9.99% – 34.95%
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If money is a bit tight, then a loan might be what you need. But not all loans are created equal, and not all financing options may be suitable for you. If you’re contemplating a personal loan in British Columbia, read on to find out all you need to know about these loans and whether they’re a good fit for you.


What Is a Personal Loan?

A personal loan is a type of financing where you receive a lump sum from a lender and pay it back in regular installments. Here are a few key features of personal loans in British Columbia:

Borrowing LimitsUp to $35,000, though you may qualify for higher amounts with a cosigner or collateral.
Interest Rates9.99% — 35%, depending on your credit score and the lender’s criteria.
Loan Terms3 months — 5 years, though some lenders may offer longer terms.
Expenses You Can CoverPersonal loans are versatile and can be used for just about any expense. Here are a few examples:Utility billsMedical expensesVehicle repairHome upgradesTravel

Are You Eligible for a Personal Loan?

Eligibility requirements vary by lender, but most will expect you to meet the following:

  • Residency: You need to be a resident of Canada and British Columbia; newcomers or temporary residents may face extra requirements.
  • Age: You must be the age of majority in your province, which is 19 in BC.
  • Income: Regular, verifiable income that meets the lender’s minimum threshold is essential.
  • Debt-To-Income (DTI) Ratio: Lenders prefer DTI ratios under 32% for approval.

Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan

What Credit Score Is Needed For A Personal Loan?

Lenders in BC typically review your credit score during the approval process. A score of 660 or higher provides the best chances for approval and lower rates. That said, some lenders may still consider applicants with lower scores, often at higher interest rates, which can increase the total cost of borrowing.

Learn more: What Credit Score Is Needed for a Personal Loan?

Can You Get A Personal Loan With Bad Credit?

Yes, it’s possible to secure a personal loan even if your credit is less than perfect. While banks tend to have strict criteria, there are private lenders who specialize in loans for people with poor or limited credit history.

These alternative lenders evaluate your overall financial situation rather than relying solely on your credit score. Other factors play a key role in the lender’s approval process, such as: 

  • Income
  • Employment stability
  • Current debt load

Keep in mind, however, that loans from these sources usually come with higher interest rates and fees than you’d find at a traditional bank.

Learn more: How To Get A Bad Credit Loan In British Columbia


Where Can You Get A Personal Loan In BC?

Personal loans are available from banks, credit unions, and private lenders.

BanksTraditional banks offer competitive interest rates and flexible terms, but you’ll need strong credit and financial stability to qualify. The approval and funding process can also take longer.
Credit UnionsCredit unions often provide more personalized service and may have lower rates or more flexible approval standards. However, membership is required.
Private LendersPrivate lenders are accessible to a wider range of applicants, including those with bad credit or those needing fast access to funds. While approval is easier and funding is often quick, you’ll pay higher rates and fees compared to banks.

Can I Get a Personal Loan Online?

Yes, you can apply for a personal loan online in BC, depending on the lender. Today, most lenders offer the option to complete your application digitally.

  • Fairstone: Personal loans can be accessed both online and at physical Fairstone branch locations.
  • easyfinancial: You can get both in-person and online loans in BC with easyfinancial.
  • Spring Financial: Personal loans are offered exclusively online with Spring Financial, with no branch offices.
  • LoanMeNow: Only online personal loans are offered by LoanMeNow; there are no physical locations.

Is It Better to Apply for a Loan Online or In Person?

Applying for a personal loan online is often more convenient for several reasons:

  • Flexibility: You can submit an application from any location, at any time. Many lenders process and review applications within 24 hours.
  • Faster Processing: Online lenders frequently use automated systems, resulting in quicker approval and funding.
  • Comparison Shopping: Online comparison platforms provide pre-approval and loan quotes, simplifying the comparison process and helping you find the best fit for your situation.
Despite these advantages, visiting a lender in person might be preferable if you value personalized assistance or need help with the application process.

How Do I Apply For A Personal Loan In BC?

Step 1: Get Pre-Approved

Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.

Step 2: Choose A Lender

Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.

Step 3: Gather All Required Documents And Apply

You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.

Step 4: Wait For Approval

Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.

Learn more: How To Apply For A Loan


Important High-Cost Credit Personal Loan Regulations In BC You Should Know About

BC is one of the few provinces in Canada with high-cost credit regulations in place. In BC, a high-cost credit lender is one that charges at least 32% annual percentage rate (APR).

The High-Cost Credit Products Regulation under the Business Practices and Consumer Protection Act governs high-cost credit products and lenders to ensure that consumers are treated fairly.  

Max Interest RateIn BC, there is no maximum interest that a high-cost credit lender can charge, as long as the APR does not exceed 35%, as per Section 347 of the Criminal Code.
Fee CapsWhile there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR.
Do Lenders Require A License?High-cost credit lenders must be licensed in BC and comply with requirements under the Business Practices and Consumer Protection Act. This license number must be clearly displayed on the high-cost credit lender's storefront or website.
Debt Collection RulesWhen collecting debt, high-cost credit lenders have rules to follow under the Business Practices and Consumer Protection Act. Lenders cannot: 
- Collect a debt payment before the due date.
- Require information that would give the lender direct access to a borrower's bank account.
- Use account information for any purpose other than to process a pre-authorized payment.
- Use threatening, intimidating or coercive language in an attempt to collect unpaid debt.
- Communicate with the borrower's family, neighbours, friends, or employer in a manner that is considered harassment.
- Collect debt payments until the borrower has been informed in writing.
- Communicate with a borrower to collect a debt until five days after written notice has been provided.
Source: BC Business Practices and Consumer Protection Act

Have You Been Treated Unfairly By A Lender? Reach Out To Consumer Protection Offices In BC

If a lender has treated you unfairly and violated consumer protection laws in BC, you can contact Consumer Protection BC. This office is the provincial body that oversees business practices for businesses, including lenders, and helps inspect and investigate the lender’s actions in your case.

  • Mail: PO Box 9244 Victoria, BC V8W 9J2
  • Telephone: 1-888-564-9963
  • Email: operations@consumerprotectionbc.ca

Want To Improve Your Chances Of Loan Approval? Do These Things First

To increase the likelihood of getting approved for a personal loan in BC, consider the following actions:

Pay Off Some Debt

Your debt load will play a role in your ability to get approved for a personal loan in BC. The lower your debt, the better your chances of loan approval. Take some time to pay down your debt before applying for a loan to increase your chances of approval.

Use A Loan Comparison Platform

You can quickly compare loan providers and loan products across Canada by using an online loan aggregator, like Loans Canada. The loan amounts and interest rates that populate are based on your personal and financial information.

Get Pre-Approved

During the pre-approval process, your lender will assess your finances to provide you with an estimate of the loan amount you may qualify for and the interest rate you will be charged. Getting pre-approved will help you understand your eligibility for a loan.

Secure The Loan With Collateral

A secured personal loan is backed by collateral, such as a vehicle, piece of equipment, property, etc. The asset acts as security for the lender and can help those with credit issues get approved for a loan. However, do note that if you default on your loan, the lender has the right to seize the asset to pay off the remainder of your loan.

Use A Cosigner

If you have poor credit or don’t have an asset to offer as collateral, a guarantor loan or cosigner loan could be a good alternative option. Here, someone who has better credit and finances than you will cosign the loan, which will help you qualify for the loan. This provides the lender with extra security because if you default on a payment, your cosigner or guarantor will be responsible for the payment.

Get A Stable Job

Stable employment is typically a requirement for lenders. If you’re struggling to find work, consider enlisting the services of an employment agency. Here are a few reputable firms in BC: 

Employment AgencyServices Offered
STRIVE Recruitment– Direct resume uploading and job application
– Online job board
– Online resources to optimize your candidacy and job search efforts
McNeill Nakamoto Recruitment Group– One-on-one resume review
– Interview preparedness sessions
– Online job board
– Temporary staffing solutions
Express Employment Professionals– ExpressJob app
– Online job search function
– Training resources for career development
– Access to commonly-used forms

How Much Will A Personal Loan Cost You In British Columbia?

The cost of your personal loan will depend on a number of factors, including your interest rate, term length, and loan amount.

  • Interest Rate: Your interest rate is one of the main factors that affect the cost of your loan. The higher your rate, the more interest you’ll pay, and vice versa.
  • Term Length: Generally speaking, the longer your term length, the more interest you’ll pay over the course of your loan. It is recommended that you choose a shorter term if you can afford it.
  • Loan Amount: The amount you borrow will also impact the amount of interest you pay. When taking out a loan, never borrow more than you can comfortably repay.
Pro Tip: Use this online personal loan calculator. To calculate your personal loan payments and total loan cost.

When Is A Personal Loan A Good Choice?

A personal loan may be suitable for you in the following scenarios:

  • You Want Versatility With How You Use The Funds: Money from a personal loan can be used for almost any purpose, unlike car loans or mortgages.
  • You Can Secure A Low Rate: These loans often feature lower interest rates than most credit cards, making them a more cost-effective borrowing option.
  • You Want Flexible Repayment Options: Personal loans offer a range of repayment schedules, from monthly to weekly. Plus, they come with terms that can range from 3 months to 5 years or longer.

Learn more: Pros And Cons Of A Personal Loan


When Might A Personal Loan Not Be Right For You?

A personal loan may not be ideal in the following scenarios:

  • You Have Unpredictable Income: If you have unstable income, fixed payment obligations with a loan could put you at risk for missed payments.
  • You Have A Small, Minor Expense: If you only need to cover a minor expense, it’s usually better to avoid taking on debt, since borrowing for small or non-essential purchases can create long-term financial challenges.

Other Financial Assistance Programs In BC

Other assistance programs are available in BC in addition to the government programs mentioned:

Rent AssistanceBC Housing’s Rental Assistance Program provides eligible low-income families with financial assistance to help cover the cost of rent. 
Utility AssistanceBC residents who have difficulty covering their electrical or gas bill payments may be eligible for a utility supplement
Food BanksDozens of food banks are scattered throughout the province of BC to provide food products to families who struggle to pay for groceries
Crisis SupplementBC residents who face emergency situations may be eligible for a one-time payment to prevent immediate physical danger to themselves or the removal of a child. An emergency or disaster supplement is also available.

Bottom Line

A personal loan can be a useful financial tool if managed properly and responsibly. If you’re looking to apply for a personal loan in British Columbia, find a reputable lender that you’re comfortable working with. Shop around for an interest rate and payment plan that fits into your budget and ultimately, choose a loan you can afford.


FAQs

Can I get a no credit check personal loan in British Columbia?

Yes, if you have bad credit and would like to avoid having your credit checked, there are many online lenders who’d be willing to lend to you based on other financial factors, like income level, employment stability, debt-to-income ratio, and more.

Can I get a bad credit personal loan in British Columbia?

There are many alternative lenders in British Columbia who offer personal loans to individuals with bad credit. As long as you have a steady income and a reasonable amount of debt, then you can qualify for a personal loan.

How do I improve my chances of getting a personal loan in British Columbia?

You can increase your chances of approval in a number of ways. For one, you can work on improving your credit score by reducing your debt and making on-time payments. You can also improve your chances of being approved by offering an asset to secure the loan. The added security you provide to the lender will also allow you to negotiate better rates and terms.

How will I get the money from my personal loan?

While this depends on your lender’s regulations, your loan funds will likely be deposited directly into your bank account.

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