British Columbia



For British Columbia residents, the maximum interest rate for a Payday loan is 15%. It should be noted that the costs associated with these loans may vary, however, most lenders would charge $15 for every $100 borrowed, for a 14 days period. These loans may be easy to obtain and perhaps, quick to repay. However, the associated rates may be much higher than that of a credit card. For example, it will cost $575 and a duration of two weeks to pay back a loan of $500. Borrowers always review their budget before making a conclusion on the amount they should borrow. Since 1982, large lenders have been operating like never before. After 2006, the regulation of payday loans was delegated to the provinces by the federal government. The provinces were required to layout an acceptable regulatory regime.

British Columbia’s regulations for payday loans came into effect in Nov 2009. These fulfill the demand of the federal usury law’s exemption for payday loans. The legislation consists of things related to the regulation mechanics, dimensions for signage, duties of the registrar, and inspection timelines. The regulatory regime of Ontario influenced the overall structure which went into effect first. The legislation ensures the following:

  • maximum interest rate of 23%
  • 30% APR interest on defaulted loans
  • total interest charges of 30% which include penalties
  • a penalty of $20 for a dishonoured payment
  • clear disclosure of all fees
  • after two loans within a 62 day period, the next loan, which is the third loan must be split into 3 payments


Lenders operating in British Colombia include:

My Canada Payday

My Canada Payday is a licensed Payday Lender in British Columbia. They fully understand their customer’s sense of urgency when applying for a Payday loan. By streamlining the lending process, the entire borrowing process happens online. Their customers do not have to waste their time commuting, standing in a queue, and waiting for paperwork to be completed. All that is required is to submit an online application that will get approved in as little as 30 minutes. Returning customers are offered payout by Interac Email transfer allowing them to get paid within a short period.

Instant Payday Canada

Their customers understand how valuable time can be before making a decision. Their customers get their payday loans in as little as 20 minutes. Their services are legally permitted in various provinces across Canada, including, British Columbia, Alberta, Manitoba, and Nova Scotia. Their fees are generally higher when compared to a credit card. However, they are easier to obtain, and generally, they can be acquired with bad credit or no credit at all. To their customers, their greatest competitive advantage is the simplicity of the application process.

Money Mart

Money Mart was created in 1982, in Alberta. As a lending institution, they specialize in different types of financial services. With over 2000 Canadian employees, they operate in more than 500 service locations across the country. By using their website to apply for a loan, you can get approved within two hours. There is a chance that your credit will be checked when you apply for a loan, and it will also have an impact on your loan size. If you have bad credit, Money Mart will approve a smaller loan with a higher rate. Money Mart may be a perfect place to support your finances, however, be sure to do proper research before applying for a loan.

310 Loan

Founded in 1999, 310 Loan has continued to advance into a industry-leading lender that they are today. The company is one of the first companies to give online payday loans and cash advances in Canada. They have a great focus on providing the best online lending experience. 310 Loan strives to provide the best customer service. You can count on them to provide you with a solution for your payday loan needs. As one of the pioneers of online loans in the country, they understand that customers want to get cash as soon as they can, conveniently and with ease.

Please check with Consumer Protection BC for more information about the laws in British Columbia.

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