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Payday loans in Vancouver

Learn how to get a payday loan in Vancouver.

Payday loans may be expensive but can help cover unexpected short-term expenses in between paycheques. Here’s where you can get payday loans in Vancouver, how much you can borrow, fees you may be charged and how to tell the difference between legitimate payday lenders and scammers.

We’ll also show you alternative loan options and financial assistance programs available in Vancouver to help you get some extra cash and stay on top of your finances.

Quick facts about payday loans in Vancouver

  • Maximum loan amount: $1,500
  • Minimum loan term: 1 – 2 weeks
  • Maximum loan term: 62 days
  • Maximum interest: $15 for every $100 that you borrow
Popular payday loan providers in Vancouver include, GoDay, iCash and Cash Money. Check out our reviews of each to learn more about loan options, eligibility requirements, what to watch out for and more.
⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

GoDay Payday Loan

Apply online and get approved for up to $1,500. Receive your funds in as little as 1 hour.
  • Loan amount: $100 - $1,500
  • Loan term: Up to 62 days
  • Borrowing costs: Varies by Province (Between $15-$19 per $100 borrowed)
  • Bad credit borrowers: OK
GoDay Payday Loan
  • Legitimate lender
  • Fast access to loan
  • Direct deposit of funds
Go to site More info

How much do payday loans in Vancouver cost?

Payday lenders in Vancouver are allowed to charge up to $15 for every $100 borrowed, which is one of the lowest rates in Canada. If you take out a 14-day payday loan, the chart below shows you the maximum you can be charged.

Net PayMax loanMax chargeCost of interestRepayment AmountAPR (%)
$1,000$500$15 per $100$75$575391.07%

How do payday loans compare to other types of loans?

The table below shows the fees on payday loans versus the typical costs of borrowing other types of loans for the same amount.

Loan Amount (over 2 weeks)Payday loan feeCredit card fee (23%)Line of Credit (7% + $5 fee)

How do I apply for payday loan?

You’ll need to meet the following eligibility criteria to apply for a loan in Vancouver.
  • Be at least 19 years old
  • Prove 3 months of continuous employment
  • Give proof of address (e.g., they can ask to see a utility bill)
  • Have a chequing account
You’ll also need to have some basic information on hand to complete your application successfully.
  • Personal details, such as your name, date of birth, Social Insurance Number (SIN) and a valid form of ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

Compare payday loans in Vancouver

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by Province
As little as 2 minutes with INTERAC e-Transfer
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

Compare up to 4 providers

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick & Ontario $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Do payday loans require a credit check?

Typically, payday loan providers don’t perform a hard credit check. But they may perform a soft credit check, which pulls up basic information on your history or borrowing and repaying funds and doesn’t hurt your credit score. Often, you’ll be able to qualify for a loan even if your credit score isn’t up to snuff.

Can I get a no-credit-check loan?

No-credit-check loans often come with higher fees and interest rates but can be tempting if you have a bad or poor credit rating.

Long-term loans – which are used to pay for large purchases like a car, home or vacation – usually require a credit check. So, if you come across a lender offering some form of term loans or installment loan, and no credit check is required, this may be a signal that the lender is unlicensed or operating unethically. For your own security, it makes more sense to look for long-term lenders that at least perform a soft pull on your credit.

No credit check personal loans

Are payday loans in Vancouver regulated?

Yes. It is legal to get a payday loan in Vancouver, however the federal Consumer Financial Protection Action Plan contains regulations that prevent lenders from taking advantage of borrowers. Additionally, every province has its own rules on how much you can borrow with a payday loan and the maximum fees that lenders can charge.

You can’t take out a loan worth more than 50% of your net paycheque. So, if your previous net pay was $1,000, the maximum amount you can borrow is $500.

Payday lenders cannot require or request that you get your loan insured, though you can voluntarily choose to insure it for an extra cost. It’s also illegal for lenders to ask for money to secure a loan, so stay away from any company that wants you to provide money upfront.

BC laws allow you to cancel a payday loan contract within 2 business days without penalty if you change your mind. This is known as a “cooling off period.”

How can I tell if a payday lender in Vancouver is legit?

The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection BC. Look for the following signs to make sure you’re working with a reputable business.

  • The lender displays a British Columbia licence number. Make sure that the business you’re aiming to use displays it’s license number. You can contact Consumer Protection & Assistance at 1-888-564-9963 to make sure the license is legit.
  • The lender displays fees. Payday lenders are required to prominently display rates and fees at physical branches, online and in borrowers’ contracts.
  • It doesn’t allow rollovers or multiple loans. You aren’t allowed to take out more than one loan at a time or roll your loan over to pay for a previous loan.
  • It provides same-language contracts. Your contract is written in a language that you can speak comfortably.
  • It follows consumer protection laws. Stay away from lenders who charge more than $15 per $100 loan.

How to spot a payday loan scam

While some predatory or unlicensed lenders work in Vancouver, the majority set up shop online. The internet has made it easier than ever to get access to payday loans. If you’re thinking about taking out an online payday loan, know the risks and your rights before you agree to the terms of your contract.

  • Illegally high interest rates or fees. Some lenders will offer rates above $15 per $100 of your loan, which means you might end up paying much more for your loan that you would otherwise.
  • Identity theft. Online lenders have been known to work with third-party companies to steal customer’s personal and banking information. Avoid handing over direct deposit information or other information that could put your security at risk.

Check out sites like Trustpilot, the Better Business Bureau and Consumer Protection BC to read customer reviews and find out about complaints and legal actions (if any) against lenders you’re interest in.

How to avoid a payday loan scam

How to file a complaint against a lender

There are 2 ways to file a complaint with Consumer Protection BC: Call 1-888-564-9963 or fill out an online form. The organization will typically conduct an investigation if they believe that a payday loan company has breached BC’s consumer protection laws.

Alternatives to payday loans in Vancouver

If you’re not sure you want to take out a high-interest payday loan, you have other options. Here are some programs and lenders you might want to check out.

Vancouver assistance programs

Vancouver has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.

  • BC Employment and Assistance Program helps people in financial need with monetary support and employment assistance.
  • Affordable Housing program offers a range of housing support programs, as well as affordable and subsidized housing for low-income families and seniors.
  • Disability assistance gives financial support to individuals who are designated as Persons with Disabilities (PWD) in the province.

Local financial institutions

If you don’t qualify for social assistance benefits, you might like to try your local credit union or bank for short-term loans. Some of these institutions are working to counteract payday loan providers by offering low-interest, short-term loan programs to help customers with unforeseen emergency expenses at a fraction of the cost.

Credit counselling

When you’re buried in debt, any measures you take to save money or get your finances in order can feel hopeless. If you need a helping hand, it might be time to consider a credit counselling program for free debt and credit help. Credit Counselling Society of BC is one option that can help you with budgeting and consolidating your debts.

Alternatives to payday loans

Bottom line

If you’re looking for a quick and easy solution to deal with a short-term financial problem, then a payday loan might be just the ticket. If you don’t think that you can pay back your loan on time, look into other alternatives like borrowing through a line of credit from your local bank or taking out a cash advance from your credit card.

Compare payday lenders in Vancouver

Frequently asked questions

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