{"id":979184,"date":"2022-03-25T13:56:43","date_gmt":"2022-03-25T17:56:43","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=979184"},"modified":"2025-12-02T07:11:18","modified_gmt":"2025-12-02T12:11:18","slug":"personal-loans-bc","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-bc","title":{"rendered":"Personal loans in BC: Compare rates &#038; terms"},"content":{"rendered":"<div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li><strong>Loan amounts and terms: <\/strong>Personal loans in BC typically range from $500 to $50,000, with repayment terms between 3 and 60 months. The specific amount and term you qualify for depend on factors such as your credit score, income and current debts.<\/li>\n          <li><strong>Types of lenders<\/strong>: Various institutions offer personal loans in BC, such as banks, credit unions and private lenders. Each lender type has different eligibility requirements, interest rates and approval processes, so it\u2019s essential to compare options to find the best fit for your financial situation.<\/li>\n          <li><div class=\"relative inline-flex items-center\"><strong>Application process<\/strong>: Applying for a personal loan involves submitting personal and financial information, such as proof of income, employment details and credit history. Many lenders in BC offer online applications, providing a convenient and quick way to access funds.<\/div><div class=\"relative inline-flex items-center\">\n      \n\n  \n  <\/div>\n<\/li><\/ul><\/div><h3>Types of personal loans in BC<\/h3><p>You\u2019ll need to choose one loan type out of each of the two 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.<\/p><h4>Unsecured vs secured loans<\/h4><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Loan type<\/th><th>Who\u2019s it best for<\/th><th>How it works<\/th><th>Features<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><a href=\"https:\/\/www.finder.com\/ca\/personal-loans#unsecured\">Unsecured personal loans<\/a><\/td><td>Best for borrowers with good to excellent credit<\/td><td>Qualify based on your credit score<\/td><td><ul><li>Usually borrow $500 to $50,000 if you have good credit, reaching as high as $10,000 for bad credit<\/li><li>Interest can start at 9.75% for good credit borrowers or 18% for bad credit borrowers, and go as high as 35%<\/li><\/ul><\/td><\/tr><tr><td><a href=\"https:\/\/www.finder.com\/ca\/personal-loans#secured\">Secured personal loans<\/a><\/td><td>Best for borrowers with assets who want to lower their rate<\/td><td>Qualify based on your assets, which can be sold off if you default<\/td><td><ul><li>Lower interest rates (usually starting around 6.99%) than unsecured loans<\/li><li>Borrow as much as the equity in your asset<\/li><li>Borrowers with bad credit have a higher chance of approval<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h4>Fixed-rate vs variable-rate loans<\/h4><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Loan type<\/th><th>Who\u2019s it best for<\/th><th>How it works<\/th><th>Features<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><a href=\"https:\/\/www.finder.com\/ca\/personal-loans#cosigned\">Fixed-rate personal loans<\/a><\/td><td>Best for borrowers who want predictable monthly payments.<\/td><td>Interest rates stay the same for your loan term<\/td><td>Consistent monthly payments<\/td><\/tr><tr><td><a href=\"https:\/\/www.finder.com\/ca\/personal-loans#fixed\">Variable-rate personal loans<\/a><\/td><td>Best for borrowers who want to benefit if interest rates go lower during their loan term<\/td><td>Interest rates fluctuate for the duration of your loan term (in line with the Bank of Canada\u2019s prime rate)<\/td><td>More of your payment goes towards the interest if variable rates go up<\/td><\/tr><\/tbody><\/table><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/short-term-loans-bc\" style=\"text-decoration:underline; font-size:0.9em;\">Don't qualify for a traditional loan? Check out BC short-term loans<\/a>\n<\/div>\n<\/article><h3>What makes a successful personal loan application?<\/h3><p>You\u2019ll 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:<\/p><ul><li>Be at least 19 years old (the age of majority in BC)<\/li><li>Be a Canadian citizen or a permanent resident with a valid Canadian address<\/li><li>Be employed and have a steady income<\/li><li>Meet credit score and income requirements<\/li><li>Have a debt-to-income (DTI) ratio at or below 40%<\/li><\/ul><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">How to calculate your debt-to-income (DTI) ratio<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Your debt-to-income ratio is the amount of money you owe each month to pay your debts and bills divided by your monthly income. You can figure out your DTI ratio using these steps:<\/p><ol><li>Add up all your debt payments for the month, including what you pay for rent, credit cards (minimum payments), student loans, alimony, child support and car loans.<\/li><li>Divide the sum of all your monthly debt payments by your gross monthly pay.<\/li><li>Convert that number into a percentage and that is your DTI ratio.<\/li><\/ol><\/div>\n  <\/div>\n<\/li><\/ul><h4>Documents you\u2019ll need to provide<\/h4><p>To apply for personal loans in British Columbia, you\u2019ll usually need to provide the following documents:<\/p><ul><li><strong>Identity documents.<\/strong> Personal identification such as your passport or driver\u2019s licence.<\/li><li><strong>Proof of income.<\/strong> Pay stubs, employment records, tax records, proof of government benefits (such as EI) or other documents.<\/li><li><strong>Debt-to-asset ratio.<\/strong> Lists of assets and debts to make sure you can qualify for funding.<\/li><li><strong>Credit score.<\/strong> Consent for your lender to run a credit check.<\/li><\/ul><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-eligibility\" style=\"text-decoration:underline; font-size:0.9em;\">Am I eligible for a personal loan?<\/a>\n<\/div>\n<\/article><h3>Can you get a personal loan with bad credit?<\/h3><p>You can, but banks and credit unions might be out of reach, so you\u2019ll need to apply to an alternative lender. Be prepared for high interest rates as well. Borrowers with bad credit are charged steeper rates because they\u2019re more likely to default on a loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/bad-credit-personal-loans\/bad-credit-loans-bc\">Learn more about bad credit loans in BC.<\/a><\/p><h3>How to compare personal loans in BC<\/h3><p>Think about the following features when deciding on which personal loan in BC is best for you:<\/p><ul class=\"list-1\"><li><strong>Interest rates.<\/strong> Rates can be fixed or variable and usually range between 6.99% and 35%. Compare multiple lenders to make sure you get the best deal.<\/li><li><strong>Loan amounts.<\/strong> 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.<\/li><li><strong>Turnaround time.<\/strong> Think about how fast you need the money. For a quick turnaround time, you may want to <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/same-day-loans\">consider same-day loans<\/a>.<\/li><li><strong>Loan terms.<\/strong> Loan terms often range from 3 \u2013 60 months. Aim for the shortest term you can afford to keep your interest costs low.<\/li><li><strong>Fees.<\/strong> Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don\u2019t end up with hidden charges.<\/li><\/ul><h3>Steps to apply for personal loans in BC<\/h3><p>Follow these steps for how to apply for a personal loan to qualify for the loan you want.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@m\"><h4 style=\"text-align: center;\">1. Figure out a budget<\/h4><p><img decoding=\"async\" class=\"aligncenter wp-image-914391 size-full\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/coins-canva-100x100-1.png\" width=\"75\" height=\"75\" alt=\"coins\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/coins-canva-100x100-1.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/coins-canva-100x100-1.png?fit=225 225w\" sizes=\"(max-width: 225px) 100vw, 225px\" loading=\"lazy\"><\/p><p>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\u2019t end up paying significant amounts of interest.<\/p><\/div><div class=\"u-grid__col u-1\/2@m\"><h4 style=\"text-align: center;\">2. Compare lenders<\/h4><p><img decoding=\"async\" class=\"aligncenter wp-image-914390 size-full\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingcar-canva-100x100-1.png\" width=\"75\" height=\"75\" alt=\"shopping cart\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingcar-canva-100x100-1.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingcar-canva-100x100-1.png?fit=225 225w\" sizes=\"(max-width: 225px) 100vw, 225px\" loading=\"lazy\"><\/p><p>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 <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-brokers\">personal loan broker<\/a> or by comparing loans manually.<\/p><\/div><div class=\"u-grid__col u-1\/2@m\"><h4 style=\"text-align: center;\">3. Prequalify when possible<\/h4><p><img decoding=\"async\" class=\"wp-image-914388 size-full aligncenter\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingbag-canva-100x100-1.png\" width=\"75\" height=\"75\" alt=\"shopping bag\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingbag-canva-100x100-1.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/shoppingbag-canva-100x100-1.png?fit=225 225w\" sizes=\"(max-width: 225px) 100vw, 225px\" loading=\"lazy\"><\/p><p>Fill out an application to prequalify for different loans to find out what the actual rates you\u2019ll pay will be (rather than the advertised rate). <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-pre-approval\">Getting preapproved for a personal loan<\/a> can give you an idea of where you might find the best deal.<\/p><\/div><div class=\"u-grid__col u-1\/2@m\"><h4 style=\"text-align: center;\">4. Finish the application<\/h4><p><img decoding=\"async\" class=\"wp-image-914388 size-full aligncenter\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/document-canva-100x100-1.png\" width=\"75\" height=\"75\" alt=\"document\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/document-canva-100x100-1.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2020\/03\/document-canva-100x100-1.png?fit=225 225w\" sizes=\"(max-width: 225px) 100vw, 225px\" loading=\"lazy\"><\/p><p>Fill out an application once you\u2019ve decided on the lender that will give you the best rates and conditions for your loan. You\u2019ll usually need to submit contact details and financial information to apply as well as submit to a credit check.<\/p><\/div><\/div><h3>How much are personal loans in British Columbia?<\/h3><p>Personal loan interest rates in BC generally range from 6.99% to 35%.<\/p><p>The overall cost of your personal loan in BC will depend on multiple factors, including<\/p><h4><strong>Credit score<\/strong><\/h4><p>You\u2019ll have a higher chance of getting decent interest rates if you have a credit score above 660. You\u2019ll usually pay higher rates with a lower score.<\/p><h4><strong>DTI ratio<\/strong><\/h4><p>You may get better rates with a low DTI ratio. Many lenders will require a ratio of less than 40%, but you\u2019ll typically pay less interest if your DTI ratio is 20% or under.<\/p><h4><strong>Collateral<\/strong><\/h4><p>You\u2019ll 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.<\/p><h4><strong>Loan term and amount<\/strong><\/h4><p>You\u2019ll 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.<\/p><h4><strong>Fees<\/strong><\/h4><p>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\u2019t charge fees to save money.<\/p><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Interest rates vs APR: What\u2019s the difference?<\/h4><p>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.<\/p><p>APR is the cost of your interest rates plus the fees you\u2019ll 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.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-interest-rates-canada\" style=\"text-decoration:underline; font-size:0.9em;\">Personal loan interest rates in Canada<\/a>\n<\/div>\n<\/article><\/div><\/article><h3>What can you use a personal loan for in BC?<\/h3><p>With the cost of living on the rise \u2013 and Vancouver being named the second-most expensive city to live in Canada, according to Mercer\u2019s 2024 Cost of Living City Ranking \u2013 it\u2019s no wonder BC residents are looking for supplemental financing in the form of personal loans.<\/p><p>Personal loans are a flexible type of financing, and BC lenders generally don\u2019t put restrictions on what you can use the loan money towards.<\/p><h4>Primary reasons for getting a personal loan<\/h4><p>According to data released in the <em>Finder: Consumer Sentiment Tracker Q3 (CSTQ3)<\/em>, the three biggest reasons why Canadians planned to get a personal loan were:<\/p><ol><li><strong>Pay for bills and everyday expenses (34%)<\/strong><\/li><li><strong>Pay off credit cards (31%)<\/strong><\/li><li><strong>Improve their home (24%)<\/strong><\/li><\/ol><h3>Types of lenders in British Columbia<\/h3><p>There are four types of lenders offering personal loans in BC:<\/p><h4>Banks<\/h4><p>Bank loans are provided by Canada\u2019s Big Six banks and other major financial institutions. These loans come with competitive interest rates, but you\u2019ll need a good credit score (660+) and an acceptable amount of income to qualify. You can qualify for lower rates if you secure your loan with an asset.<\/p><ul><li><strong>How it works.<\/strong> Apply for a loan with the bank in person or by submitting your personal information online. If approved, money will be deposited into your bank account as a lump sum and you\u2019ll pay the loan back over a set term (usually 5 years).<\/li><li><strong>How to qualify.<\/strong> You must be a Canadian citizen or resident and be the age of majority in BC. You\u2019ll also need to meet credit score and revenue\/income requirements and have a working bank account.<\/li><li><strong>Sample lenders.<\/strong> BMO, TD Bank, RBC, CIBC, Scotiabank and National Bank.<\/li><\/ul><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><ul class=\"list-1\"><li>Trusted institutions<\/li><li>Great interest rates<\/li><li>Large amounts<\/li><li>Flexible loan types<\/li><li>Can deal with your loan in person<\/li><\/ul><\/td><td><ul class=\"list-12\"><li>High income and credit score requirements<\/li><li>More paperwork required<\/li><li>Longer approval times than private loans<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h4>Credit unions<\/h4><p>Credit unions are membership-only financial institutions that typically offer smaller personal loans in BC than banks. These loans also come with favourable interest rates, but like banks you need a good to excellent credit score.<\/p><ul><li><strong>How it works.<\/strong> Apply for credit union personal loans in BC by filling out an application in person or online. If approved, money will be deposited into your bank account as a lump sum and you\u2019ll pay the loan back over a set term.<\/li><li><strong>How to qualify.<\/strong> You must be a Canadian citizen or resident and be the age of majority in BC. You\u2019ll also need to meet credit score and revenue\/income requirements and have a membership with the credit union you apply with.<\/li><li><strong>Sample lenders.<\/strong> Coast Capital, Vancity, Coastal Community Credit Union, Greater Vancouver Community Credit Union, Island Savings and Community Savings Credit Union.<\/li><\/ul><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><ul class=\"list-1\"><li>Great rates<\/li><li>Flexible repayment terms<\/li><li>Can deal with loan in person<\/li><\/ul><\/td><td><ul class=\"list-12\"><li>Smaller amounts than banks<\/li><li>Membership is required (but anyone can usually join for $5 to $25)<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h4>Private lenders<\/h4><p>Private or alternative lenders are companies that offer personal loans in BC with less strict eligibility criteria. You may be able to apply with bad credit or low income as long as you can prove you\u2019ll be able to make your repayments. You\u2019ll get your funds very quickly (sometimes in less than 24 hours) and there\u2019s less administrative work involved.<\/p><ul><li><strong>How it works.<\/strong> Apply with an online private lender by submitting your personal info online. Upload the required documents and get approved quickly if you qualify. Get your funds deposited into your bank account and make repayments over a set term.<\/li><li><strong>How to qualify.<\/strong> You must be a Canadian citizen or resident and be the age of majority in BC. You\u2019ll need to meet credit score and revenue\/income requirements and have a working bank account. You\u2019ll also need to be comfortable with applying for and managing your loan online<\/li><li><strong>Sample lenders. <\/strong>Spring Financial, SkyCap Financial, Money Mart.<\/li><\/ul><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><ul class=\"list-1\"><li>Easy online application<\/li><li>Large amounts<\/li><li>Fast approval and disbursal of funds<\/li><li>Many available lenders<\/li><li>Bad credit can apply in many cases<\/li><\/ul><\/td><td><ul class=\"list-12\"><li>Potential for fraud<\/li><li>Higher interest rates if you have a low credit score<\/li><li>Online only in most cases<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h4>Peer-to-peer lenders<\/h4><p><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/peer-to-peer-lending\">P2P loans<\/a> are usually offered through an online platform. This platform connects you to other Canadians who want to give you financing and collect interest on the money you borrow. Interest rates for P2Ps are usually lower than banks or private personal loans in BC. Your rates will be lower if you have a good credit score, but you can still apply with bad credit.<\/p><ul><li><strong>How it works.<\/strong> You\u2019ll connect directly with investors via the P2P platform. The site usually sets the rates and terms and enables the transactions. You\u2019ll then receive a lump sum and repay your loan in the same way you would with the bank.<\/li><li><strong>How do I qualify?<\/strong> You must be a Canadian citizen or resident and be the age of majority in BC. You\u2019ll also need to have a decent credit score and a regular source of income as well as a working bank account and be comfortable working entirely online.<\/li><li><strong>Sample lenders.<\/strong> Providers include <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/gopeer-personal-loans-review\">goPeer<\/a> and the r\/borrow subreddit (but be aware that r\/borrow is not regulated in Canada).<\/li><\/ul><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><ul class=\"list-1\"><li>Often lower interest rates than other lenders<\/li><li>Some bad credit loans are available<\/li><li>You\u2019re paying other Canadians rather than financial institutions<\/li><\/ul><\/td><td><ul class=\"list-12\"><li>Few P2P lending platforms<\/li><li>Some may not be regulated by the government<\/li><li>Can take a long time to get funds<\/li><li>Small amounts<\/li><li>Online only<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h3>Bottom line<\/h3><p>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\u2019re willing to pay higher interest rates. To compare more personal loans, <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\">head over to our personal loans guide<\/a>.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Where can I get a small loan in BC?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can get small loans in BC from many online private lenders and some credit unions.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">What credit score do I need to get a personal loan in BC?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You'll usually need a credit score of 660 or above to qualify for traditional personal loans in BC. You may be eligible for fair or bad credit loans if you have sufficient income, are willing to secure your loan with an asset or can enlist a cosigner to help back up your loan in case you default on your payments.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How much can I borrow with a personal loan in BC?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can borrow up to $50,000, but not all lenders go up to this amount. You'll need to do a bit of research to find out which lender can give you the amount you need at a price you can afford.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Will my personal loan repayments improve my credit score?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Your repayments will usually build up your credit score as long as you make them on time. However, your credit score could go down if you make late payments or miss your payments all together. This is why it's essential to make sure you pay on time or inform your lender if you're struggling to make ends meet.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">Can I get a personal loan in BC with no credit check?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You may be able to get a no credit check loan if you secure your payments with your vehicle. That said, most reputable lenders will perform a credit check to determine your loan eligibility.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000005\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000005\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Compare personal loans in BC. Apply online and borrow up to $50,000.<\/p>\n","protected":false},"author":1000,"featured_media":1045351,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[407],"tags":[107302],"asset_tag":[],"class_list":["post-979184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loans","tag-cst-research"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Personal Loans in BC: Compare Rates &amp; Terms | Finder Canada<\/title>\n<meta name=\"description\" content=\"From banks to credit unions to private lenders, you have plenty of options in BC. Compare a wide range of BC personal loans in this guide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-bc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"15 Best Personal Loans in BC | Finder Canada\" \/>\n<meta property=\"og:description\" content=\"From banks to credit unions to private lenders, you have plenty of options in BC. 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