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Compare short-term loans in BC

Get your loan fast and pay it back over up to 24 months.

Short-term loans in BC offer fast and easy access to emergency cash. Bad credit won’t stop you from getting a loan, and you can borrow up to $5,000. But short-term loans can be very expensive to repay, and you’ll need to watch out for scams and sketchy lenders.

If you need an emergency loan, keep reading to learn how to compare short-term loans in BC and find one that’s right for you.

Short-term loans you can get in BC

Compare short-term cash advances in BC

Cash advance providers offer short-term loans ranging from approximately $20 to $350.

You pay no interest on these cash loans, but you may pay a monthly subscription fee.
Loan providerInterest rateLoan amountLoan termKey features

Early Pay

0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance)$20–$350Next pay cycle (61 days max.)Easy to apply, no interest, same-day funding for a small fee, no credit check

Credit Line

0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding$30 – $15030 days, extendableInstant approval, no credit check and funding within 30 minutes with a monthly subscription

Cash Advance

No interest but there’s a mandatory subscription fee starting at $2/month.$20–$250FlexibleEasy application, no credit check, instant access to funds

Compare short-term installment loans in BC

Alternative lenders offer short-term installment loans of up to $5,000 with lenient eligibility requirements. However, watch out for high interest rates and fees.

Loan providerInterest rateLoan amountLoan termKey features
Spring Financial

Installment Loan

10.8% - 46.99%$500–$35,0006 - 60 monthsFast application, same-day funding
Loans Canada

Installment Loan

6.99% - 46.96%$300–$50,0003 - 60 monthsLoan search platform, largest lender network, bad credit is okay

Installment Loan

8.99% - 46.96%$500–$50,0003 - 120 monthsLoan search platform, pre-approval in 5 minutes, bad credit is okay

Installment Loan

29.78% - 44.80% Up to $1,600Up to 36 monthsFast funding, easy application
Loans Loans

Installment Loan

28.00% - 32.00% + broker fee$500–$1,0003 monthsFunding within 24 hours of approval, no credit check

Installment Loan

19.00%$100 – $2,5002 weeks - 24 monthsSmall no credit check loan, fast funding
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.

Compare short-term payday loans in BC

Payday lenders in BC provide fast access to loans of up to $1,500. There are no credit checks and you can get funded in less than an hour, but these types of loans are extremely expensive and often need to be repaid by your next payday.

Loan providerInterest rateLoan amountLoan termKey features

Payday Loan

Varies by province$100 – $1,5007 - 62 days24/7 approval and e-Transfer, accepts bad credit

Payday Loan

Varies by province$100 – $1,500Up to 62 daysInstant approval, same day loan, accepts bad credit

Payday Loan

24%$100 – $1,500Up to 62 daysNo credit check, instant e-Transfer funding 24/7
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

Option 1: Cash advances

Cash advance providers offer interest-free short-term loans that are typically designed to be repaid with your next paycheque. Loan amounts range from approximately $20 to $350, and there are no credit checks to apply.

You typically won’t need to worry about loan fees, but you may need to pay a monthly fee to qualify for an advance. You may also need to pay a small fee to get instant access to funds — otherwise it may take up to three business days to get your money.

Pros and cons of short-term cash advances

  • Easy to apply
  • No credit checks
  • No interest charges
  • More affordable than other options
  • Potential to rebuild credit
  • Small maximum loan amount may not be enough for your needs
  • Membership fee may apply
  • You may need to pay an extra fee to get an instant loan

Am I eligible for a short-term cash advance?

Requirements vary between providers, but you will generally need to:

  • Be a Canadian resident
  • Be at least 19 years old
  • Have an active Canadian bank account
  • Have a recurring income paid into your account

How to apply

Sign up online or via a mobile app. You’ll need to provide your name, date of birth, contact details and bank account information.

Option 2: Short-term installment loans

Installment loans provide a lump sum that you can repay over a term ranging from around 3 - 24 months. Loans of up to $5,000 are available, with rates typically ranging from 18% to 47%, though some lenders may also charge a broker fee. You can apply directly with a lender or compare multiple lenders through a loan search platform.

Some lenders have minimum credit score requirements, but other online lenders are willing to work with borrowers who have bad credit. These lenders will assess your income and employment situation before deciding whether to approve your loan application.

Pros and cons of short-term installment loans

  • Access larger loan amounts of up to $5,000
  • Options for good and bad credit
  • Repay what you borrow in installments
  • Wide range of lenders to choose from
  • High rates for bad credit
  • Some lenders conduct credit checks
  • Watch out for fees
  • Stricter eligibility criteria than payday loans

Am I eligible for a short-term installment loan?

Eligibility requirements vary depending on the lender, but you will generally need to:

  • Be a Canadian citizen or permanent resident
  • Be at least 19 years old
  • Have a source of income and regular employment
  • Have a Canadian bank account
  • Meet a minimum credit score requirement

How to apply

Apply online by providing your personal and contact details, bank account information and employment details. Some lenders will also require you to undergo a credit check.

Option 3: Payday loans

Payday loans in BC are loans of up to $1,500. They’re typically designed to be repaid by your next payday but have a maximum loan term of 62 days. They also have lenient eligibility criteria — rather than checking your credit score, the lender will assess whether you receive sufficient income to afford to repay your loan.

But payday loans are very expensive. In BC, the maximum amount a payday lender can charge you is $15 for every $100 borrowed.

Pros and cons of payday loans

  • Easy to apply online, via an app or in-store
  • You can get funded 24/7
  • Bad credit is OK
  • Get your money in less than an hour
  • Extremely expensive
  • Short repayment period makes it hard to budget to repay your loan
  • High NSF fees and late fees

Am I eligible for a short-term payday loan?

To qualify for a payday loan in BC, you will typically need to:

  • Be a Canadian citizen or permanent resident
  • Be at least 19 years old
  • Have a steady source of income (some lenders accept employment income only, but others accept government benefits and other types of income)

How to apply

Apply for a payday loan online, via a mobile app or in-store. You’ll need to provide your personal and contact details, bank account details, and employment and income information.

Can I get a short-term loan in BC with bad credit?

Yes, you can get a short-term loan if you have bad credit. Payday lenders and cash advance providers typically don’t conduct credit checks, while there are also many installment loan providers that work with bad credit borrowers.

Rather than focusing on your credit score, these lenders will consider your income and existing debts when determining if you can afford a loan. However, the downside of applying for a bad credit loan is that you can expect high interest rates. Learn more about bad credit loans in BC.

How to get approved for short-term loans in BC

These tips will help you improve your chances of getting approved for a loan:

  • Improve your credit score. Disputing inaccurate listings on your credit report, paying down existing debts and taking other steps to improve your credit score will boost your chances of approval.
  • Online bank verification. Many online lenders offer instant bank verification. This allows the lender to verify your income by accessing your bank statement electronically, speeding up the application process.
  • Review your application. A simple error in your application could lead to it being rejected, so double-check that all your details are correct before clicking “Submit.”

How much do short-term loans in BC cost?

The interest rate you get on your loan will depend on factors such as the lender, your credit score, your income and your employment history. The term of the loan will also affect how much it costs to repay, so let’s look at a representative example.

Representative example: Installment loan vs payday loan

Sarah needs a $1,000 loan to pay for urgent car repairs. While a payday loan seems like a quick and easy option, she decides to compare it with installment loans from two different lenders to find the best deal.

As you can see in the table below, the payday loan is clearly the most expensive option — and it needs to be paid back in just 14 days. This results in an APR of 391%,

Installment loan 1Installment Loan 2Payday Loan
Loan amount$1,000$1,000$1,000
Loan term6 months6 months14 days
Interest rate17.99%29.99%$15 for every $100 borrowed
Repayments$175.52$181.54One-off payment of $1,150
Total cost$1,053.12$1,089.27$1,150

Bottom line

There are plenty of options to choose from if you need a short-term loan in BC. But some, especially payday loans, are very expensive to repay. Compare a range of short-term loans in BC before deciding on the right option for you.

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.
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Written by


Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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