If you’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.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
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.
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 – $35,000
APR
10.8% – 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.
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 – $50,000
APR
6.99% – 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 — 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.
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 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
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 – $10,000
APR
12.99% – 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.
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 – $15,000
APR
18.9% – 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.
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 – $20,000
APR
19.99% – 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.
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 – $50,000
APR
14.9% – 46.7%
Term
24 - 120 months
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
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
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 – $100,000
APR
9.99% – 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.
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 – $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
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 – $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 — 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. You’ll have an amount you’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 you’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 lender’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 can’t be higher than 60%.
Length of term. The longer the term, the more you’ll pay in interest. But the shorter the term, the more you’ll fork out for monthly payments. Your goal is to get the shortest loan term possible, but you don’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 lender’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. Let’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 doesn’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 driver’s licence to verify that you meet the age requirements.
Steps to apply online
Choose a lender. Choose a lender based on its loan amounts, interest rates, fees, eligibility requirements and reputation. Remember you’re not just limited to lenders with physical locations in BC.
Fill out the application. You’ll need to provide basic personal and financial information, such as your phone number, address, birthdate, employment and income.
Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
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)
Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing its terms and conditions.
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 lender’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
Interest rates depend on a borrower's personal factors, but the range is typically 18% - 47%.
Yes, some lenders offer installment loans with no credit check, but expect to pay higher rates and receive lower loan amounts. Also be sure to apply to a legit lender.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Find out how to take out an installment loan in Ontario and compare lenders today.
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