Installment loans in BC for good and bad credit

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 installment loans for various types of borrowers. These loans vary in rates, amounts, terms, requirements and other features, so compare your options to find the right fit for you.

Compare installment loans in BC

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Product	Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to siteView details Compare	loading Fetching your data...
Promoted Loans Canada Installment Loan	Finder score 8.6 Great	9.99% - 35.00%	$500 - $50,000	3 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to siteView details Compare	loading Fetching your data...
Promoted LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $2,500	3 - 6 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to siteView details Compare	loading Fetching your data...
LoansLoans.ca Installment Loan	Finder score 6.8 Standard	28.00% - 32.00% + broker fee	$500 - $1,000	3 - 12 months	Note: You may be charged a broker fee up to $300.	Key features: Fast no credit check loan	Go to siteView details Compare	loading Fetching your data...
Fat Cat Loans Personal Loan	Finder score 8.5 Great	6.99% - 35.00%	$300 - $50,000	3 - 84 months	Note: Fat Cat is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform for all credit	Go to siteView details Compare	loading Fetching your data...

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Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

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 35% APR.
• 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.

Tips to get a loan when you have bad credit

• Apply to a loan search platform. This will save you time and effort because you’ll be matched with suitable lenders.
• Demonstrate a stable income. Recurring income shows lenders you have the means to pay back the loan.
• Apply for a small amount only. Lower loan amounts are easier to get approved for.

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

1. 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.
2. Fill out the application. You’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 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

• What are the interest rates of installment loans in BC?

  Interest rates depend on a borrower's personal factors, but the range is typically 18% - 35%.

• Can I get a no credit check installment loan in BC?

  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.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and 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. See full bio

Leanne's expertise

Leanne has written 184 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 394 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards