- Accepts bad credit borrowers
- Easy online application
- Quotes from multiple lenders
- Access cash within 1-3 business days
There are a number of lenders offering personal loans in British Columbia, including big banks, credit unions, private lenders and peer-to-peer services. You can get a loan with or without collateral, and you can even complete the entire process online.
No single loan is best for everyone, so in this guide we cover the best personal loans in BC for different types of borrowers.
- Accepts bad credit borrowers
- Same day funding
- 100% online
- No prepayment fees
- Accepts bad credit borrowers
- Quotes from multiple lenders
- Pre-approval in 5 minutes
- Funds in as little as 24 hours
Best personal loans in BC
How we found the best personal loans in BC
To find the best personal loans in BC, 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. Spring Financial: Quick private personal loans
Loan amount
APR
Term
Why it's one of the best
- Get a loan from an established private lender. Spring Financial has been providing personal loans since 2015 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 personal 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 | 9.99% – 46.99% |
Term | 6 - 60 months |
Min. credit score | 550 |
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 2023.2. Loans Canada: Loan search platform with a large lender network
Loan amount
APR
Term
Why it's one of the best
- Get access to a large lender network. Loans Canada works with over 60 verified lenders.
- Get approved. Receive personal loan offers that match 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
- High rates for bad credit
- No online quotes provided
- Limited to its network
Loan amount | $300 – $50,000 |
---|---|
APR | 9.9% – 46.96% |
Term | 4 - 60 months |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds in 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 2023.3. LoanConnect: Loan search platform for all credit
Loan amount
APR
Term
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.
- Secured and unsecured options
- 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 – $60,000 |
---|---|
APR | 8.99% – 46.96% |
Term | 3 - 120 months |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds in 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 2023.4. SkyCap Financial: Online personal loans with excellent service
Loan amount
APR
Term
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 personal 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
- Not available in Nova Scotia or Quebec
- High rates for lower credit scores
Loan amount | $500 – $10,000 |
---|---|
APR | 12.99% – 39.99% |
Term | 12 - 60 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 2023.5. easyfinancial: Secured and unsecured personal loans for low credit
Loan amount
APR
Term
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 nontraditional personal 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 - 240 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 2024.6. Mogo: Pre-qualify with no impact to credit
Loan amount
APR
Term
Why it's one of the best
- Get an instant decision. Get a free quote within a few 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
- Loans offered via third-party services (Lendful and easyfinancial)
Loan amount | $500 – $35,000 |
---|---|
APR | 9.9% – 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. goPeer: P2P loans for good credit
Loan amount
APR
Term
Why it's one of the best
- Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
- Easy online application. You won't ever need to visit a branch to provide paperwork.
- Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.
- 100% online
- No prepayment penalties
- Use the loan for any purpose, such as debt consolidation or making a large purchase
- High rates for risky profiles
- Not suitable for bad credit borrowers
Loan amount | $1,000 – $35,000 |
---|---|
APR | 8.99% – 34.99% |
Term | 36 or 60 months |
Min. credit score | 700 |
Fees | Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees |
Turnaround time | Response within 24 hours |
Serviced provinces | All of Canada |
8. Vancity: Credit union loans for good credit
Loan amount
APR
Term
Why it's one of the best
- Get a good rate. Vancity can offer favourable rates if your finances are strong. If your finances aren't the best, Vancity has a small no credit check loan you can apply for.
- Choose between a fixed and variable rate. Get a fixed rate for peace of mind or go with variable if you're okay with your rate going up or down throughout the loan term.
- 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).
- No prepayment penalties
- Flexible payment options
- Fully online for existing Vancity members
- Stricter requirements than many alternative 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 |
Winner — Best Personal Loan Traditional Lender category
Vancity was awarded the Winner award in the Best Personal Loan Traditional Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Vancity scored 86.75% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in 2023.9. Fairstone: Secured and unsecured loans for fair credit
Loan amount
APR
Term
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. Receive your personal loan funds 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, home equity, auto title)
- No prepayment penalties for unsecured loans
- High rates for low credit
- Potential for extra fees
- Prepayment penalties for secured loans
- Some negative customer reviews
Loan amount | $500 – $60,000 |
---|---|
APR | 19.99% – 39.99% |
Term | 6 - 120 months |
Min. credit score | 525 |
10. Get Loan Approved: Fast personal loans with car as collateral
Loan amount
APR
Term
Why it's one of the best
- Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
- Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
- Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.
- No credit check
- No employment requirement
- 24/7 customer service
- Potentially high rates
- Vehicle must be fully paid off
Loan amount | $1,000 – $50,000 |
---|---|
APR | 9.95% – 29% |
Term | 12 - 72 months |
Turnaround time | In as little as one hour |
Serviced provinces | AB, BC, MB, NB, NL, NS, ON, PEI, SK |
11. FlexMoney: Fast online installment loans
Loan amount
APR
Term
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 within one business day.
- Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
- Make payments weekly, bi-weekly, semi-monthly or monthly
- Easily make extra payments via e-transfer
- A+ BBB Rating
- High interest rates
- Minimum income required ($2,000 per month)
- Only employment & pension income accepted
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 2023.12. Magical Credit: Personal loans with flexible criteria
Loan amount
APR
Term
Why it's one of the best
- Get a quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
- 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
- High interest rates
- May charge an administration fee
- You must show income history for six months (if you receive employment income)
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 2023.13. Money Mart: Online loans for bad credit
Loan amount
APR
Term
Why it's one of the best
- Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
- Apply online or in-store. Get your personal 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 bad credit or low income.
- Established lender
- Convenient mobile app
- Accepts different types of income
- High interest rates
- Availability in provinces varies in-store and online
Loan amount | $500 – $15,000 |
---|---|
APR | 29.9% – 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 |
14. BMO: Flexible personal loans for prime borrowers
Loan amount
APR
Term
Why it's one of the best
- Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
- Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
- Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.
- Choose between fixed or variable interest rates
- Secure your loan for a lower rate
- Apply online or at a branch
- Slower process
- Strict eligbility criteria
- Bad credit may not qualify
- More documents required
Loan amount | Starting at $2,000 |
---|---|
APR | Undisclosed |
Term | 1 - 5 years |
15. National Bank: Bank personal loans for good credit
Loan amount
APR
Term
Why it's one of the best
- Work with an established lender. National Bank is one of the Big Six. Apply online or at one of hundreds of branches.
- Flexible. Choose between fixed and variable interest rates. Get flexible repayment terms.
- Competitive rates. If your financial profile is strong, you might qualify for low rates.
- No early repayment penalties for unsecured personal loans
- Apply online or at a branch
- Low rates for applicants with strong credit
- Slower process than alternative online lenders
- Bad credit borrowers may not qualify
Loan amount | Undisclosed |
---|---|
APR | Undisclosed |
Term | 6 - 60 months |
Fees | Varies |
Turnaround time | Varies |
Serviced provinces | All |
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.
Where to get personal loans in British Columbia
There are four types of lenders offering personal loans in BC:
What can you use a personal loan for in BC?
With the cost of living on the rise – and Vancouver being named the second-most expensive city to live in Canada, according to Mercer’s 2024 Cost of Living City Ranking – it’s no wonder BC residents are looking for supplemental financing in the form of personal loans.
Personal loans are a flexible type of financing, and BC lenders generally don’t put restrictions on what you can use the loan money towards.
Primary reasons for getting a personal loan
According to data released in the Finder: Consumer Sentiment Tracker Q3 (CSTQ3), the three biggest reasons why Canadians plan to get a personal loan are:
- Pay for bills and everyday expenses (34%)
- Pay off credit cards (31%)
- Improve their home (24%)
Types of personal loans in BC
You’ll need to choose one loan type out of each of the 2 categories in the table below when you apply for personal loans in British Columbia. For example, you could choose an unsecured fixed rate loan or a secured variable rate loan or any other combination.
Unsecured vs secured loans
Loan type | Who’s it best for | How it works | Features |
---|---|---|---|
Unsecured personal loans | Best for borrowers with good to excellent credit | Qualify based on your credit score |
|
Secured personal loans | Best for borrowers with assets who want to lower their rate | Qualify based on your assets, which can be sold off if you default |
|
Fixed- vs variable-rate loans
Loan type | Who’s it best for | How it works | Features |
---|---|---|---|
Fixed-rate personal loans | Best for borrowers who want predictable monthly payments. | Interest rates stay the same for your loan term | Consistent monthly payments |
Variable-rate personal loans | Best for borrowers that want to benefit if interest rates go lower during their fixed term | Interest rates fluctuate for the duration of your loan term (in line with the Bank of Canada’s prime rate) | More of your payment goes towards the interest if variable rates go up |
What makes a successful personal loan application?
You’ll need to fill out your application correctly and meet certain criteria to successfully apply for most personal loans in BC. Eligible applicants will usually need to meet the following criteria:
- Be at least 19 years old (the age of majority in BC)
- Be a Canadian citizen or a permanent resident with a valid Canadian address
- Be employed and have a steady income
- Meet credit score and income requirements
- Have a debt-to-income (DTI) ratio at or below 40%
Documents you’ll need to provide
To apply for personal loans in British Columbia, you’ll usually need to provide the following documents:
- Identity documents. Personal identification such as your passport or driver’s licence.
- Proof of income. Pay stubs, employment records, tax records, proof of government benefits (such as EI) or other documents.
- Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
- Credit score. Consent for your lender to run a credit check.
How to compare personal loans in BC
Think about the following features when deciding on which personal loan in BC is best for you:
- Interest rates. Rates can be fixed or variable and usually range between 6.99% and 46.96%. Compare multiple lenders to make sure you get the best deal.
- Loan amounts. Figure out how much you want to borrow before you apply. Some personal loans in BC max out at $50,000 while others will limit you to $25,000 or $15,000.
- Turnaround time. Think about how fast you need the money. For a quick turnaround time, you may want to consider same-day loans.
- Loan terms. Loan terms often range from 3 – 60 months. Aim for the shortest term you can afford to keep your interest costs low.
- Fees. Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges.
Steps to apply for personal loans in BC
Follow these steps for how to apply for a personal loan to qualify for the loan you want.
1. Figure out a budget
Do the math to figure out how much you need to borrow and how much you can afford to pay back each month. Aim for the shortest term possible so that you don’t end up paying significant amounts of interest.
2. Compare lenders
Compare multiple lenders and loan types to get a fuller picture of how much you should pay based on your credit score and other personal factors. You can compare lenders using a personal loan broker or by comparing loans manually.
3. Prequalify when possible
Fill out an application to prequalify for different loans to find out what the actual rates you’ll pay will be (rather than the advertised rate). Getting preapproved for a personal loan can give you an idea of where you might find the best deal.
4. Finish the application
Fill out an application once you’ve decided on the lender that will give you the best rates and conditions for your loan. You’ll usually need to submit contact details and financial information to apply as well as submit to a credit check.
How much are personal loans in British Columbia?
Personal loan interest rates in BC generally range from 6.99% to 46.96%.
The overall cost of your personal loan in BC will depend on multiple factors:, including
- Credit score. You’ll have a higher chance of getting decent interest rates if you have a credit score above 660. You’ll usually pay higher rates with a lower score.
- DTI ratio. You may get better rates with a low DTI ratio. Many lenders will require a ratio of less than 40%, but you’ll typically pay less interest if your DTI ratio is 20% or under.
- Collateral. You’ll pay less if you secure your loan with an asset such as your home or vehicle. Just be aware that your assets can be repossessed if you fail to repay your loan.
- Loan term and amount. You’ll pay less interest over time if you take out a smaller loan over a shorter time frame. Larger and longer-term loans will cost more.
- Fees. You may have to pay fees with some lenders that can drive up your overall loan cost. Read your contract carefully before signing to check if there are any fees including loan insurance, late payment fees, a prepayment penalty and origination fees. Choose a lender that doesn’t charge fees to save money.
Interest rates vs APR: What’s the difference?
Interest rates and APR are very similar. The only difference is that interest rates are a standalone percentage that gets added to your loan amount based on factors such as your credit score.
APR is the cost of your interest rates plus the fees you’ll have to pay for your loan. This gives you a better idea of the true cost of your loan. If your loan has no fees, your interest rates and APR should match.
Bottom line
You can take out personal loans in BC if you have a good credit score and decent income. You can also apply for bad credit personal loans in BC with some lenders if you’re willing to pay higher interest rates. To compare more personal loans, head over to our personal loans guide.
Frequently asked questions
More guides on Finder
-
Compare $800 loans in Canada with fast decisions
Compare $800 installment and payday loans in Canada for fast approval, funding and flexible terms.
-
Crisp Loans: Pros, cons & alternatives
Your guide to the features, fees, rates, benefits and drawbacks of Crisp Loans.
-
5 loans like Prudent Financial Services
Compare loans like Prudent Financial Services to find the right lender for your financial situation.
-
Loan Lender Financial review: Should you apply?
Is Loan Lender Financial legit? Find out in this review.
-
7 loans like Fig Loans
Explore Canadian lenders that offer competitive alternatives to Fig Loans.
-
Loans like Lendly
Explore loans and cash advance alternatives to Lendly in Canada.
-
$750 loans in Canada with fast funding
Compare $750 loan options for Canadian borrowers with good or bad credit.
-
Christmas loans to pay for holiday expenses in 2024
Compare personal loans for Christmas. Apply online and get your funds within 24 to 48 hours.
-
No credit check loans in Canada: Get fast funding
Compare a variety of no credit check loans in Canada.
-
6 fast and easy loans in Canada: Apply online
Here are 6 easy loans to get in Canada, but watch out for high interest rates.