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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 |
|---|---|---|
| Cashco | Yes | No credit check, bad credit and non-employment incomes are OK, easy online application |
| LoanExpress | 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 |
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 allows 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 e-Transfer payday loans in BC 24/7 online or in-store. With an instant payday loan in BC, lenders expedite the application process, providing quick approval and instant processing so you can get funded in just minutes after approval. Lenders that provide instant loans in BC include:
For a seamless process, make sure you’re eligible for the payday loan and that you’ve provided all the documentation required. If you’re missing details, your lender will circle back to you, which 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, while a select few add in-person and over-the-phone services. 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, simply check the lender of your choice’s website and navigate to the application page. 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 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.
Many credit unions and local banks have short-term loan programs to compete with payday loan providers. These programs offer lower costs and processing fees to eligible candidates. Some institutions, like KOHO and Nyble, even offer credit builder programs, which provide small loans to help build your credit score and provide short-term financial relief with longer repayment terms.
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 getting hit with additional fees.
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