Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 6 – 84 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
Looking for flexible loan options in British Columbia? Whether you’re covering unexpected expenses or planning a big purchase, several loan options are available to help you bridge the financial gap. Read on to discover how loans in BC can help you reach your financial goals.
What Types Of Loans Are Available In BC?
Several loan options are available to BC residents, each of which is suitable for specific purposes and financial profiles. Here are a few common financing options in BC:
Personal Loans
Personal loans are lump-sum amounts loaned out by lenders and repaid over a set term with fixed payments. They’re suitable for larger expenses, like home renovations, car repairs, or debt consolidation.
Personal Loan Features
- Loan Amounts: $500 — $35,000+
- Interest Rate: 9.99% — 35%
- Loan Terms: 3 months — 5 years
Learn more: Personal Loans British Columbia
Lines Of Credit
Lines of credit provide flexible access to funds up to a set limit, allowing you to borrow and repay as needed. Interest is only charged on the amount you use, making them suitable for ongoing or unexpected expenses without the need to re-apply for a loan.
Line Of Credit Features
- Loan Amounts: $5,000 — $100,000+
- Interest Rate: Variable; tied to the lender’s prime rate
- Loan Terms: Flexible; no set term
While standard credit lines may come with interest and require a credit check, a couple of options are available to those with poor credit who may otherwise be unable to qualify:
| MoneyUp | MoneyUp offers fast, no-credit-check credit lines to help users manage short-term financial issues. |
| Nyble | Nyble provides a small, no-interest credit line up to $250 to help users avoid overdraft fees. |
No-Interest Cash Advances
No-interest cash advances let you borrow money quickly with no credit check and no interest on the fund borrowed. A few popular options include the following:
| Bree | Bree offers instant cash advances up to $500 with no interest and no credit check to help Canadians cover expenses between paycheques. |
| KOHO Cover | KOHO Cover lets users access short-term funds instantly to prevent overdrafts. |
Payday Loans
Payday loans are small, short-term, high-interest loans designed to provide quick cash until your next payday. They’re easy to qualify for but come with hefty fees and may be difficult to repay within such a short time period.
Payday Loan Features
- Loan Amounts: Up to $1,500
- Interest Rate: $14 per $100 borrowed
- Loan Terms: Between 14 & 62 days
Learn more: How To Get A Payday Loan In British Columbia
Looking To Apply For A Loan? This Is What Lenders Look For
Lending criteria can differ depending on the loan provider, but most lenders typically consider the following factors:
- Residency: You must reside in the province where the lender operates.
- Income: Proof of sufficient income is required to ensure you can make loan payments on top of your regular expenses.
- Employment: Typically, lenders ask that you’ve been employed for at least 3 months. That said, some lenders, like payday lenders, will accept other steady sources of income, such as government benefits or pensions.
- Credit Inquiry: Many lenders will check your credit to gauge your financial reliability, though some may not require a credit check.
| Can You Get A Loan With Bad Credit? Yes, it’s possible to secure a loan with poor credit by applying through alternative lenders instead of traditional banks. These lenders either don’t conduct a credit check or accept bad credit, making their loans accessible to bad credit borrowers. Learn more: Personal Loan Eligibility Requirements For Bad Credit Lenders |
How Do I Apply For A Loan?
Follow these steps when you’re ready to apply for a loan in BC:
Step 1: Choose Your Loan Type
Determine the type of financing that you need, whether it’s a personal loan, payday loan, or a line of credit, for instance. Consider your financial needs and credit profile to ensure you choose the option that fits best.
For example, if you require a larger amount and have a good credit score, a personal loan might be the right choice. But if you need fast cash for a smaller expense and your credit is poor, a payday loan could be more suitable.
Step 2: Review Eligibility Criteria
Before applying, check the lender’s requirements, which usually include proof of income, employment status, banking details, and credit score. Make sure you meet these criteria to improve your chances of approval and avoid unnecessary rejections. You can quickly check your credit score for free using Loans Canada’s CompareHub tool.
Step 3: Compare Lenders
Take time to shop around and compare offers from different lenders. Using online comparison tools can help you evaluate interest rates, repayment terms, fees, and funding speed to find the best deal for your situation. Loans Canada can help in this way.
Step 4: Submit Your Application
Once you’ve chosen a lender, complete their application and submit it, along with the required documents, such as government-issued ID, proof of address, banking information, pay stubs, or an employment letter.
Step 5: Wait For Approval
After you’ve submitted your application and documents, wait for the lender’s decision. Approval times vary depending on the lender. Some online lenders provide decisions within minutes, while traditional lenders may take several days.
Step 6: Receive Your Funds
If approved, you’ll receive your loan funds via e-Transfer or direct deposit. Many online lenders offer same-day funding, while others may take a day or two to send the money.
Learn more: How To Apply For A Loan
Is It Possible To Guarantee Loan Approval?
Legitimate lenders never guarantee you’ll be approved for a loan. Anyone who offers this promise is likely a scammer.
That said, you can take certain steps to increase your chances of loan approval:
- Lower Your Debt-To-Income (DTI) Ratio: Try to keep your DTI ratio under 35% of your monthly income. This ratio measures your debt relative to your income and is calculated by dividing your monthly debt payments by your gross income, and multiplying by 100.
- Use A Cosigner: If you’ve been denied a loan because of bad credit or weak income, a trusted friend or family member with stronger finances can cosign the loan and help improve your approval odds.
- Work With Lenders That Fit Your Situation: Some lenders work with all types of credit or income, while others have stricter requirements. Make sure you’re applying with a lender that matches your financial profile.
| Dealing With Bad Credit? Take time to build your credit score before applying for a loan in BC. Use secured credit cards, credit-builder loans, or report your rent payments to the credit bureaus using rent reporting services to help improve your credit history. |
How To Find A Trustworthy Lender In BC
With so many scams out there, it’s important to be careful when searching for a lender in BC. If you’re offered a large loan with a low interest rate and no credit/income assessments, it’s likely a sign of a scam.
| What Should You Do If You’ve Been A Victim Of Fraud In BC? If you’re a British Columbia resident and you’ve fallen victim to fraud, or if you want to know more about some ways of protecting your personal information, visit Consumer Protection BC at: Mail: #307-3450 Uptown Blvd PO Box 9244 Victoria, BC V8W 9J2 Telephone: 604-320-1667 / 1-888-564-9963 Fax: 250-920-7181 Email: info@consumerprotectionbc.ca |
Where Can I Apply For A Loan In Person In BC?
Alternative lenders tend to make their loans available online. However, some of them also have physical locations for those who prefer to work with lenders in person:
| Fairstone | — 5540 Cambie St., Vancouver, BC V5Z 3A2 — 2950 Douglas St., Unit 150, Victoria, BC V8T 4N4 — 3355 North Rd., Unit 160, Burnaby, BC V3J 7T9 — 7 – 2121 Springfield Rd., Kelowna, BC V1Y 7X1 Find a Fairstone branch near you. |
| easyfinancial | — 535 Victoria Ave. N, Cranbrook, BC V1C 6S3 Find an easyfinancial branch near you. |
| LendDirect | — 1251 Main St, Vancouver, BC V6A 4G5 — 1483 Douglas St Unit 101, Victoria BC V8W 2G1 — 2570 King George Boulevard Suite 109, Surrey, BC V4H 1H5 — 6935 120th St. Suite 200, Chilliwack, BC V2P 2N6 Find a LendDirect branch near you. |
Thinking About Applying For A Loan? Keep These Points In Mind
Before you apply for a loan in BC, consider the following factors that can impact both your approval chances and your long-term financial health:
Is A Loan The Right Choice For You?
Think carefully about whether borrowing is necessary for your situation right now. Loans can be helpful for big purchases, emergencies, or essential costs like rent, but using credit for things like vacations or luxury items could add unnecessary financial strain.
Have You Compared Loan Offers?
It’s wise to shop around for the best rates and terms. Doing so could save you a ton of money over the loan term.
Did You Get Pre-Approved?
Many lenders offer pre-approval, so you can see your options without affecting your credit score.
Do You Have A Bank Account?
Most lenders require you to have a bank account for deposits and repayments. If you don’t have one, consider opening a free account with an online bank like Simplii Financial, Tangerine, or Neo Financial. Otherwise, you may need to look into no bank account loans, which not many lenders offer.
How Much Will The Loan Cost?
Total loan cost is dependent on 3 key factors:
- Loan term: Longer terms typically mean more interest paid overall.
- Interest rate: The rate you’re charged plays a direct role in how much you’ll pay overall.
- Loan amount: The more you borrow, the more you’ll need to repay.
How Much Does A Personal Loan, Payday Loan, Or Line Of Credit Cost? A Comparison
Below is a comparison that highlights the cost differences for a $1,000 loan when using a personal loan, payday loan, or line of credit:
| Loan Type | Interest Rate | Loan Term | Required Payment | Total Cost |
| Personal Loan | 11.99% | 12 months | ~$89/month | ~$1,068 |
| Payday Loan | $14 per $100 borrowed* | 2 weeks | ~$1,140 lump sum | ~$1,140 |
| Line of Credit | 17.99% | Revolving (flexible) | ~$92/month (minimum payment) | ~$1,104 (if paid over 12 months) |
*in all provinces except Quebec and the territories.
| Note: Calculate your total loan cost quickly using this online loan calculator. |
Need More Financial Assistance? These Financial Assistance Programs Can Help
Bottom Line
A loan can help you finance many expenses, from small items like groceries to big-ticket items like home upgrades. Getting a loan in British Columbia is possible no matter what your credit is, as many alternative lenders work with bad credit borrowers. Just be sure to check your lender’s requirements before applying.
