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Installment loans in British Columbia
Borrow $300 to $3,000 and repay it in equal amounts on your paydays, over three to four months. Applications with bad credit can still be approved.
The Loans514 team reviewed this page on November 5, 2026. We took the rules from official federal and provincial sources, listed at the bottom. All dollar amounts are examples, for illustration only.
In short
Yes, you can apply from British Columbia with bad credit. Your one Loans514 application reaches lenders in our network, which typically lend $300 to $3,000 for 90 to 120 days at 22% to 32% APR. BC treats any loan above 32% APR as high-cost credit, which only lenders and brokers licensed by Consumer Protection BC may offer or arrange. Compare that with a BC payday loan at $14 per $100: on $500, you'd owe $570 on one payday, while a typical installment loan costs about $25 in interest over seven payments.
How applying works in British Columbia
- Send one application. Use a phone or computer, anywhere in British Columbia. It takes around five minutes.
- A lender gets in touch. Your application goes to lenders in our network. If one can help, it contacts you and asks you to connect your bank through Instant Banking Verification. That's a read-only view of your recent transactions, so you don't send documents.
- Read the offer. You see the rate, each fee and your total repayment before you agree to anything.
- Get paid. The lender deposits the money after you sign, often on the same day.
Loans514 doesn't lend money. Your rate, fees and payment dates are set by the lender that approves you.
High-cost credit in British Columbia
BC has regulated high-cost credit since May 1, 2022. A loan is high-cost when its APR is over 32% and you borrow for personal, family or household use. Any business that offers or arranges this credit in BC needs a licence from Consumer Protection BC. Loan brokers are no exception.
If the APR on your offer is above 32%, the law gives you more protection:
- The agreement must show three things: the APR, the yearly interest rate and the total cost of the credit in dollars.
- You can cancel up to the end of the next business day.
- The lender can't charge fees it didn't disclose. It also can't charge you for paying the loan off early.
- The lender can't make you buy an optional product, like insurance, as a condition of the loan.
- You get a copy of the agreement when you sign it.
Lenders in the Loans514 network usually charge 22% to 32% APR. Ask your lender for the exact APR before you sign. That number tells you whether BC's high-cost credit rules apply to your loan.
Payday loans in BC
- The most a payday loan can cost is $14 per $100 borrowed. Every fee and charge counts toward that.
- You can borrow up to $1,500. You have to repay within 62 days, and the loan can be no more than 50% of your paycheque.
- If you cancel within two business days, you pay nothing extra.
- Only one payday loan at a time is allowed. A lender can't roll your loan over, or lend you more to pay off a loan you already have.
- If you take a third payday loan within two months, you can pay it back in instalments.
- You can repay the full amount any time before it's due, at no extra charge.
Costs in British Columbia
These are typical terms from lenders in our network. We last checked them in November 2026. Your own offer may be different.
- Amount
- $300 to $3,000
- Repaid over
- 90 to 120 days
- Annual rate (APR)
- 22% to 32%Set by the risk of your application
- Membership fees
- May applyPart of the total in your lender's offer
A $500 loan in British Columbia: payday or installment
| BC payday loan | Installment loan, 32% APR | |
|---|---|---|
| Repayment | A single payment on your next payday | 7 payments, one every 2 weeks, over 98 days |
| Payment amount | $570.00 | About $74.98 |
| Borrowing cost | $70.00 | About $24.86 |
| Total you pay back | $570.00 | About $524.86 |
For illustration only. The payday loan is at the $14 per $100 cap. The installment loan is at 32% APR, the high end of the typical range, and leaves out any membership fees.
For lenders in Canada, the Criminal Code caps the annual percentage rate at 35%. Fees and other costs of getting the loan count toward it. The cap has applied since January 1, 2025. Try the calculator with your own amount.
Who can apply
- Age 18 or older, and a Canadian citizen
- A full-time job, or steady income from self-employment
- An online bank account that can be verified
- Not in a bankruptcy or consumer proposal
Your income and recent banking matter most to lenders, so a low score on its own won't rule you out. Apply from Vancouver, Surrey, Burnaby, Richmond, Kelowna, Victoria, Nanaimo and Prince George, or from anywhere else in British Columbia. An application doesn't commit you to anything. You agree to a loan only when you sign a lender's contract.
Check the lender
Consumer Protection BC licenses both payday lenders and high-cost credit lenders. On its site you can check if a lender is licensed or file a complaint.
Free debt help
Borrowing to keep up with other debts? A non-profit credit counsellor can help you make a budget, and may be able to set up lower payments with your creditors. See ways out of a loan cycle.
- The Credit Counselling Society is a non-profit based in BC, with offices across the province. Its counselling is free. You only pay a fee if you join its debt management program.
- Credit Counselling Canada lists more accredited non-profit counsellors.
Before you borrow, look at cheaper options than a payday loan.
Sources
- Consumer Protection BC, High-cost credit products: who needs a licence, the 32% APR line, required disclosures, cancelling and banned practices.
- Consumer Protection BC, Payday loans: the $14 per $100 cap and your rights as a borrower.
- Government of British Columbia, High-cost credit products: when the rules began (May 1, 2022).
- Financial Consumer Agency of Canada, Payday loans: cost limits on payday loans in each province.
- Criminal Code, section 347: the 35% cap on the annual percentage rate.
- Credit Counselling Canada: a list of accredited non-profit credit counsellors.
- Typical terms in our network, as of November 2026. Payments are equal installments. Interest for each period = APR × days in the period ÷ 365.
This page is general information, not financial or legal advice. Each lender sets its own terms, and provincial rules can change. Check your contract and the sources listed here.
Ready to apply in British Columbia?
Fill in one application and we send it to lenders in our network. Nothing is agreed until you sign a lender's contract.