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Best installment loans in BC

Compare rates and terms of some of the top installment loans in British Columbia.

If youโ€™re a British Columbia resident with not so perfect credit and you need to borrow quickly without collateral, an installment loan is worth considering. You have many choices for installment loans in BC, and you can apply and receive funding online within 24 to 48 hours.

In this article we cover some of the best in BC. These loans vary in rates, amounts, terms, requirements and other features, so compare your options to find the right fit for you.

Best installment loans in BC

How we found the best installment loans in BC

To find the best bad installment loans in British Columbia, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect

LoanConnect Personal Loan
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$500 โ€“ $50,000
Loan amount
8.99% โ€“ 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

Why it's one of the best

  • Save time. Your application will be cast wide and you'll get your results right after you apply.
  • Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
  • Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
  • Pre-approval in five minutes
  • Many bad credit loan options
  • BBB-accredited with an A+ rating
  • Fast funding
  • Not a direct lender
  • High rates for bad credit
  • Miss out on offers from lenders not partnered with LoanConnect
Loan amount $500 โ€“ $50,000
APR 8.99% โ€“ 46.96%
Term 3 - 120 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds within as little as 24 hours.
Serviced provinces All provinces

Most Recommended

LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

2. Spring Financial

Spring Financial Personal Loan
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$500 โ€“ $35,000
Loan amount
10.8% โ€“ 46.99%
APR
6 - 60 months
Term
Spring Financial offers fast installment loans. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review

Why it's one of the best

  • Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees with headquarters in Vancouver, BC.
  • Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
  • Get quick funding. If you provide the required documents on time, you can get your installment loan the same day you apply.
  • 100% online
  • Fast funding via e-Transfer
  • No prepayment penalties
  • High rates for bad credit
  • C- BBB rating, received complaints about the credit builder loan
Loan amount $500 โ€“ $35,000
APR 10.8% โ€“ 46.99%
Term 6 - 60 months
Min. credit score 500
Fees No fees except $30 NSF fee
Turnaround time Within 24 hours
Serviced provinces All of Canada

Most Recommended + Best-Rated

Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

3. Loans Canada

Loans Canada Personal Loan
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$300 โ€“ $50,000
Loan amount
6.99% โ€“ 46.96%
APR
3 - 60 months
Term
Loans Canada is an online loan search platform partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review

Why it's one of the best

  • Search a large lender network. Loans Canada works with over 60 verified lenders.
  • Get approved. Find an installment loan that matches your profile.
  • Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
  • Easy online application
  • Quick deposits
  • High loan amounts
  • No collateral required
  • High rates for bad credit
  • No online quotes provided
  • Limited to its network
Loan amount $300 โ€“ $50,000
APR 6.99% โ€“ 46.96%
Term 3 - 60 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds within as little as 24 hours.
Serviced provinces All of Canada

Finalist โ€” Best Personal Loan Search Platform category

Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.

4. LoansLoans

LoansLoans.ca Installment Loan
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$500 โ€“ $1,000
Loan amount
28% โ€“ 32%
APR
3 months
Term
LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a fee of up to $300 that will be added to your payments. Full Review

Why it's one of the best

  • Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
  • Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
  • Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
  • No credit check
  • Apply online in minutes
  • Funding on the same day or next day
  • High rates and fees
  • Doesn't give enough information about its brokerage fee
Loan amount $500 โ€“ $1,000
APR 28% โ€“ 32%
Term 3 months
Min. credit score 300
Fees Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)

5. Skycap Financial

SkyCap Installment Loan
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$500 โ€“ $10,000
Loan amount
12.99% โ€“ 39.99%
APR
9 - 36 months
Term
SkyCap Financial is an alternative lender of installment loans for fair to good credit scores. Full Review

Why it's one of the best

  • Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
  • Get approved fast. Get your installment loan as soon as the same business day.
  • Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
  • No prepayment penalties
  • Apply online in minutes
  • Funding on the same day or next day
  • People with good credit may get better offers elsewhere
  • High rates for lower credit scores
Loan amount $500 โ€“ $10,000
APR 12.99% โ€“ 39.99%
Term 9 - 36 months
Min. credit score 575
Fees No fees except $50 NSF fee
Turnaround time 24 hours
Serviced provinces All provinces and territories except Quebec and Nova Scotia

Most Recommended + Best-Rated

SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

6. Mogo

Mogo Personal Loan
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$500 โ€“ $35,000
Loan amount
9.9% โ€“ 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including installment loans. Full Review

Why it's one of the best

  • Get an instant decision. Get a free quote in three minutes without affecting your credit score.
  • Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
  • Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
  • Convenient mobile app
  • No prepayment penalties
  • Bank-level security
  • High rates for bad credit
  • Some negative Mogo reviews online
  • Loans are powered by Lendful and easyfinancial
Loan amount $500 โ€“ $35,000
APR 9.9% โ€“ 46.96%
Term 6 - 60 months
Min. credit score 600
Fees Non-sufficient funds fee of $20 to $50
Turnaround time Within 24 hours
Serviced provinces BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

Best-Rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

7. Fairstone

Fairstone Personal Loans
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$500 โ€“ $50,000
Loan amount
19.99% โ€“ 39.99%
APR
6 - 120 months
Term
Fairstone has been offering installment loans for decades. Apply online or visit one of over 230 locations across Canada. Full Review

Why it's one of the best

  • Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
  • Get funded fast. Get your installment loan as soon as the same day.
  • Work with an established lender. Fairstone has been providing financial services to Canadians for almost 100 years.
  • Quick and easy application
  • Multiple loan types (unsecured, secured, mortgages)
  • Company has an established online presence
  • No prepayment penalties for unsecured loans
  • High rates for low credit
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Several negative customer reviews
Loan amount $500 โ€“ $50,000
APR 19.99% โ€“ 39.99%
Term 6 - 120 months

8. FlexMoney

FlexMoney Personal Loan
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$500 โ€“ $15,000
Loan amount
18.9% โ€“ 46.9%
APR
6 - 60 months
Term
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario. Full Review

Why it's one of the best

  • Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
  • Get your funds fast. Funds should reach your account on the same day or the next day.
  • Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
  • Make payments weekly, bi-weekly, bi-monthly or monthly
  • Easily make extra payments via e-transfer
  • A+ BBB Rating
  • High rates for bad credit
  • No in-person locations
Loan amount $500 โ€“ $15,000
APR 18.9% โ€“ 46.9%
Term 6 - 60 months
Min. credit score 500
Fees No application, origination or prepayment fees
Turnaround time Receive funds within as little as 24 hours
Serviced provinces Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon

Most Recommended + Best-Rated

FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

9. Magical Credit

Magical Credit Installment Loan
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$1,500 โ€“ $20,000
Loan amount
19.99% โ€“ 46.8%
APR
12 - 60 months
Term
Magical Credit specializes in online installment loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review

Why it's one of the best

  • Get a fast loan. Apply online and validate your information with instant bank verification to get a fast decision (with funds sent in a few hours).
  • Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
  • Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
  • Receive funds within as little as 24 hours
  • Accepts child tax credit, EI, CPP, OAS, private pensions and more
  • Refer-a-friend program
  • Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% - 46.8%
  • May charge an administration fee
  • Must show proof that you've been employed for six months (if applicable)
Loan amount $1,500 โ€“ $20,000
APR 19.99% โ€“ 46.8%
Term 12 - 60 months
Min. credit score 300
Fees A single administration fee of $194
Turnaround time Receive funds within as little as 24 hours
Serviced provinces Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

Most Recommended

Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

10. AAR Financial

AAR Financial Personal Loan
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$1,000 โ€“ $50,000
Loan amount
14.9% โ€“ 46.7%
APR
24 - 120 months
Term
AAR Financial offers installment loans with flexible loan amounts and loan terms. Full Review

Why it's one of the best

  • Get approved. AAR Financial says it approves 99% of applications.
  • Apply easily. You won't have to step foot outside your home. Apply and sign your documents online.
  • Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba. It has BBB accreditation with a B+ rating.
  • Flexible loan amounts
  • No prepayment penalties for unsecured loans
  • High rates
  • Several negative reviews
  • May request multiple references
Loan amount $1,000 โ€“ $50,000
APR 14.9% โ€“ 46.7%
Term 24 - 120 months
Fees Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround time Within 24 hours
Serviced provinces MB, SK, AB, ON, BC

11. Money Mart

Money Mart Installment Loan
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$500 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
APR
6 - 60 months
Term
Money Mart offers installment loans (and payday loans) to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review

Why it's one of the best

  • Get your installment loan fast. Get an instant decision and get your money via Interac e-Transfer, which is one of the fastest methods.
  • Apply online or in-store. Get your installment loan online or at one of Money Mart's 500+ store locations.
  • Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
  • Established lender
  • Convenient mobile app
  • Accepts non-employment income such as government benefits and private pension
  • High interest rates
  • Availability in provinces varies in-store and online
  • Credit check required for installment loans
Loan amount $500 โ€“ $15,000
APR 29.9% โ€“ 46.9%
Term 6 - 60 months
Min. credit score 300
Fees None
Turnaround time Less than 1 day
Serviced provinces AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

12. easyfinancial

easyfinancial Personal Loan
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$500 โ€“ $100,000
Loan amount
9.99% โ€“ 46.96%
APR
9 - 120 months
Term
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations. Full Review

Why it's one of the best

  • Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
  • Work with a well-known lender. easyfinancial is one of the biggest lenders of installment loans in Canada.
  • Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
  • Secured and unsecured loan options
  • 2% rate reduction with a co-applicant
  • BBB-accredited with an A+ rating
  • Steep rates for bad credit
  • Many negative customer reviews
Loan amount $500 โ€“ $100,000
APR 9.99% โ€“ 46.96%
Term 9 - 120 months
Min. credit score 300
Fees you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time Approval within 30 minutes
Serviced provinces all provinces

Winner: Best-in-Class

easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.

13. 24Cash

24Cash Installment Loan
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$500 โ€“ $850
Loan amount
Starting at 22%
APR
90 - 120 days
Term
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion). Full Review

Why it's one of the best

  • Get approval in one hour. Apply with instant bank verification and get approved quickly.
  • Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
  • Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
  • No credit check
  • Lower APRs than payday loans
  • No paperwork required via instant bank verification
  • Manual review available
  • Three months to repay
  • Government assistance not accepted as a form of income
  • Very expensive
  • Small maximum amount
  • May not improve your credit score
Loan amount $500 โ€“ $850
APR Starting at 22%
Term 90 - 120 days
Fees Broker fee applies
Turnaround time Within 24 hours
Serviced provinces Canada-wide except Manitoba, Quebec and Saskatchewan

14. Vancity

Vancity Fair and Fast Loan
Finder Award
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$100 โ€“ $2,500
Loan amount
Starting at 19%
APR
2 weeks - 24 months
Term
Vancity is one of the largest credit unions in Canada, serving residents of British Columbia. The Vancity Fair and Fast Loan doesn't involve credit checks. To qualify, you must be a Vancity member and show you're earning enough income to take on a new loan. Full Review

Why it's one of the best

  • Get a fair rate. Vancity charges 19% APR for this loan, which is a lot lower than other no credit check loans.
  • Get fast approval. Fill out the application online and get your loan funds within 10 minutes.
  • Get financed by a reputable lender. Vancity has been in business for over 75 years with headquarters in Vancouver, BC. It's regulated by the BC Financial Services Authority (BCFSA).
  • 100% online
  • No credit check (approval based on income)
  • No prepayment penalties
  • Flexible payment options
  • Lower maximum amount than other lenders
  • Credit union membership required
Loan amount $100 โ€“ $2,500
APR Starting at 19%
Term 2 weeks - 24 months
Fees No prepayment fees
Turnaround time Within 10 minutes
Serviced provinces BC

Finder: Personal Loan Consumer Satisfaction Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards โ€” an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.

Features of installment loans in BC

  • Loan amount. The range is usually between $500 and $10,000.
  • Loan term. Installment loans are typically repaid within 3 - 60 months.
  • Interest rates. The maximum interest rate a lender can charge for an installment loan in BC is 60% (effective annual interest).
  • Fixed rate. The interest rate is fixed and will stay the same throughout the loan term.
  • Set repayment schedule. Youโ€™ll have an amount youโ€™ll pay regularly throughout your loan term. Some lenders may let you choose the frequency of your payments, such as weekly, bi-weekly or monthly.
  • Bad credit is OK. If youโ€™re looking for installment loans in BC with bad credit, some online lenders offer loans to borrowers with a credit score below 560-600.
  • Fast approval and funding. You can usually get an installment loan within 1 to 3 business days.

What to watch out for

  • Interest rates. Interest rates can be steep, especially if you have bad credit.
  • Guaranteed approval. Steer clear of installment loan lenders in BC who guarantee approval. Before giving approval, a responsible lender will first examine your finances to make sure you can repay the loan.
  • Upfront fees. Legitimate lenders do not ask for upfront fees. If there are fees, they usually come once the loan has been issued.
  • Insurance add-ons. Do not let yourself be pressured into buying insurance for the installment loan. Loan insurance adds to the cost of the loan and is completely optional.

How to compare installment loans in BC

With so many choices out there, how do you choose which installment loan you should sign up for? Below are some factors to consider.

  • Loan amount. Check the lenderโ€™s minimum and maximum loan amounts so you know whether it can fund you the amount you need.
  • Interest rates. Try to lock in a low interest rate by comparing lenders and asking them to price match. To find out the true cost of an installment loan in BC, pay attention to its annual percentage rate (APR), as you may encounter lenders who highlight their monthly rate instead of annual. APR is the annual rate of interest and fees charged to borrowers, and legally that rate canโ€™t be higher than 60%.
  • Length of term. The longer the term, the more youโ€™ll pay in interest. But the shorter the term, the more youโ€™ll fork out for monthly payments. Your goal is to get the shortest loan term possible, but you donโ€™t want it to be so short that you can no longer afford the payments.
  • Repayment flexibility. Some lenders let you pay back your installment loan early without paying any penalties.
  • Fees. Check whether the lender charges fees like origination fees (fee to process your loan) or late payment fees.
  • Reputation. Read reviews online to see what other people have to say about the lenderโ€™s services.

How much will an installment loan cost me?

The cost of your installment loan depends on the loan amount, the loan term and interest rate. Letโ€™s say you need a loan to pay for urgent dental bills. You decide to borrow $3,000 and commit to paying it back over 3 years with a 19.99% interest rate.

Based on these factors, you can expect to pay back $111.48 per month, which amounts to $1,013.12 in interest charged for a total cost of $4,013.12 for your installment loan.

What do I need to apply for installment loans?

Eligibility criteria

You will need to meet the following basic eligibility criteria:

  • Be at least 19 years old.
  • Be a Canadian citizen or resident.
  • Meet the minimum income (varies among lenders).
  • Meet the minimum credit score (varies among lenders).
  • Have an active bank account.

Documents required

  • Proof of income. This doesnโ€™t mean you need to be employed full time, but you may need some sort of income, whether it is disability, a pension or a part-time job. You will need to provide pay stubs or bank statements.
  • Valid government-issued ID. Lenders might ask to see your driverโ€™s licence to verify that you meet the age requirements.

Steps to apply online

  1. Choose a lender. Choose a lender based on its loan amounts, interest rates, fees, eligibility requirements and reputation. Remember youโ€™re not just limited to lenders with physical locations in BC.
  2. Fill out the application. Youโ€™ll need to provide basic personal and financial information, such as your phone number, address, birthdate, employment and income.
  3. Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
  4. Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (i.e. government-issued ID) and proof of income (e.g. pay stubs, tax returns, bank statements)
  5. Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing its terms and conditions.
  6. Get your funds. Online lenders typically send funds within 24 hours.

Bottom line

Installment loans in BC are an option for those who do not qualify for a bank or credit union loan. Keep an eye on interest rates when comparing installment loans, especially if you have poor credit, because the lower your credit score, the higher your interest rate. Before applying, make sure you meet the lenderโ€™s eligibility requirements, and before signing the contract, make sure you review the fine print and understand the costs of your loan.

Frequently asked questions

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