British Columbia Payday Loans

A payday loan in British Columbia works in the same way it does across all of Canada. The government does provide some oversight and regulation of these payday loans. British Columbia limits loans to $1,000 and you must be at least 19 years to borrow funds. Additionally, the government limits the interest rate that lenders can charge for payday loans, helping to keep borrowers from getting stuck in a debt cycle that might be hard to shake loose.

Payday loans are designed to be very small loans, compared to other types of personal loans. The loan is often paid off in a single or maybe just two installments. You apply to borrow the funds. Once the funds are approved and paid out to you, you can use them however you’d like or need. Once it is time to repay the loan, you do so in a single payment or perhaps over two pay periods. 

Payday loans are tied to your pay periods, or your payday. This is how they get the name. These little loans help bridge the gap from one paycheck to the next, and they are available for adults in British Columbia who can confirm they are at least 19, have a bank account and can show evidence of employment, like a pay stub. For many payday loans, credit is not a factor in the application process.