Payday loans are easy to get in a pinch. The catch? They charge high interest. Here’s where to apply for payday loans in BC 24/7 and what you need to know before signing on the dotted line, including costs, terms and maximum amounts.
Cash advance apps offer small emergency loans with no credit check, and you can get one as low as 0% APR, making it a cheaper loan than payday loans.
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There’s no single best loan that works for everyone, but popular lenders include the following:
| Lender | Licensed in BC? | Standout features |
|---|---|---|
| iCash | Yes | 24/7 instant loans, bad credit and non-employment incomes are OK, easy online application |
| Loan Express | Yes | No credit check, 24/7 instant loans, established payday lender, easy online application |
| Blue Copper Capital | Yes | No credit check, fast funding, potential to move to a lower-cost loan, easy online application |
Need an instant e-Transfer? Many payday lenders offer it, including those above, as well as these other licensed lenders:
Learn about the payday loan regulations in BC to protect yourself as a borrower:
Overall, e-Transfer payday loans in BC are meant to cover short-term cash shortages between paycheques. If you take out a payday loan, make sure you have adequate funds to repay it on time to avoid extra fees and charges.
If you’re interested in applying for payday loans in BC, you’ll need to meet the following eligibility criteria:
To complete your application successfully, prepare to submit basic information like:
Payday loans are notorious for coming with high interest charges. British Columbia regulations allow lenders to charge up to $14 for every $100 borrowed.
Payday lenders in BC can’t loan you more than 50% of your paycheque, and the loan agreement must list all of the charges, terms and conditions of the loan. While the longest term you can take on a payday loan is 62 days in BC, most lenders require that you pay back the loan by your next payday.
If your net pay is $1,000, the most you can borrow is $500, or 50% of this. If your loan term is 14 days, you’d repay $14 for every $100 borrowed for a total cost of $70. This represents an APR of 365%.
How do payday loans compare to other types of debt? Here’s how much you could pay for an e-transfer payday loan in BC versus a typical credit card cash advance.
| Loan amount (2 wks) | Payday loan fee | Credit card cash advance cost (23% APR + 3% fee) |
|---|---|---|
| $100 | $14 | $0.88 + $3 = $3.88 |
| $300 | $42 | $2.65 + $9 = $11.65 |
| $600 | $84 | $5.29 + $18 = $23.29 |
| $900 | $126 | $7.94 + $27 = $34.94 |
| $1,200 | $168 | $10.59 + $36 = $46.59 |
| $1,500 | $210 | $13.23 + $45 = $58.23 |
Yes, it’s possible to get instant payday loans in BC stores. Licensed lenders with locations in BC include Money Mart, PAY2DAY and Speedy Cash.
For a seamless process, make sure you’re eligible for the payday loan and that you have all the documentation required. Missing details can delay the application.
Documents you may need to provide include the following:
If convenience is important to you, you may prefer to apply for payday loans from the comfort of your home. The majority of payday lenders provide the option of applying for loans online. Online e-Transfer payday loans in BC are subject to the same provincial regulations as in-store payday loans.
If you prefer to apply for a payday loan completely online, navigate to the application page of your chosen lender. Most lenders have quick, easy-to-follow applications that can be completed and submitted within 5 to 10 minutes. Compare online payday loans in BC.
Yes. Some lenders only perform a soft credit check to verify your identity or offer pre-approval, others perform a hard check (which can slightly lower your credit score), while others do not perform a credit check at all. No credit check payday lenders include LoanExpress, Money Mart and My Canada Payday.
That being said, even lenders that do run a credit check will consider more than just your credit score when you apply for a payday loan, such as your income and debts.
You can receive the funds from your BC payday loan in various ways, depending on your individual preferences and the payday lender you choose. Payday lenders may provide these options:
The best way to make sure payday loans in BC are legit is to check lenders’ credentials with Consumer Protection BC. Look for the following signs to make sure you’re working with a reputable business:
The internet has made it easier than ever to access payday loans. If you’re thinking about taking out an online payday loan in BC, make sure that you’re dealing with a licensed business, be aware of potential risks, and read the fine print to make an informed decision about your loan.
You can contact Consumer Protection BC to discuss your options for filing a complaint. You can start a complaint by filling out an online form or by touching base with a customer service agent. The organization will typically conduct an investigation if it believes that a payday loans company has breached British Columbia’s consumer protection laws.
Before taking out e-Transfer payday loans in BC, try the following alternatives. These sources of funding can help solve immediate money shortages while keeping you out of long-term debt.
British Columbia has a number of programs that can provide some much-needed relief to residents and newcomers who are struggling to make ends meet financially.
Credit unions in BC may offer loans to compete with payday loan providers, such as Vancity’s Fair and Fast Loan.
If you’re struggling under the weight of unpaid bills, then you might like to consider a credit counselling program. These programs provide free debt and credit help. The Credit Counselling Society of BC is one option that can help you with budgeting and consolidating your debts.
Related: Explore payday loan alternatives
If you need to get your hands on money now, some lenders provide e-Transfer payday loans in BC 24/7. Familiarize yourself with payday loan regulations in British Columbia to make sure you’re aware of lending rules like the maximum amount of fees you can be charged. Be wary of unlicensed lenders, and pay back your loan on time to avoid getting hit with additional fees.
Compare loans that accept KOHO when you apply for funding.
Some payday lenders accept AISH as a valid source of income. Find out where you can get approved for AISH payday loans.
Check out these lenders in Canada that offer fast loans like Loan Express.
Find out which licensed lenders can e-transfer payday loans in Canada, including those that offer 24/7 funding.
On a limited disability income? You still have options when you need a little extra cash.
Find out where you can apply online for ODSP loans and get funded on the same day.
Currently receiving BC disability assistance and need a loan? Explore your options here.
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