Compare e-Transfer payday loans in BC

These lenders offer e-Transfer payday loans in BC 24/7 with fast funding and easy approval.

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Carmen Chai

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Stacie Hurst

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Fact checked
Payday loans are easy to get in a pinch but come with a high cost and should only be a short-term solution for covering financial gaps. Here's where to apply for payday loans in BC 24/7 and what you need to know before signing on the dotted line, including costs, terms and maximum amounts.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
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Product CAFSL Loan Amount Loan Term APR Speed Serviced Provinces Offer Table description
GoDay Payday Loan
GoDay logo
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
Go to siteMore Info
iCash Payday Loan
iCash logo
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
AB, BC, MB, NB, NS, ON, PEI
24/7 instant approval and e-Transfer funding.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.
Go to siteMore Info
Wagepay Wage Advance Loan
Wagepay logo
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
BC, ON
Lower and transparent fees. No late or NSF fees.
Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.
Go to siteMore Info
Money Mart Payday Loan
Money Mart logo
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
AB, BC, MB, NS, NT, ON, SK, YT
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
More Info
Cash Money Payday Loan
Cash Money logo
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, MB, NL, NS, ON, SK
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
More Info
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Can I get a payday loan in British Columbia?

Yes, payday loans are legal in BC. But before you apply, learn about the payday loan regulations in BC to protect yourself as a borrower.

  • Borrowing limits: The maximum amount you can borrow is $1,500. You can’t borrow more than 50% of your paycheque.
  • Maximum term: The maximum term for this type of loan is 62 days.
  • Cost: You can’t be charged more than $15 for every $100 borrowed.
  • No mandatory add-ons: A lender is not allowed to sell you insurance for your loan nor can they require or require it.
  • No upfront payment: You should never pay money upfront to cover a deposit to secure your payday loan.
  • No rollover loans: You can only take out one payday loan at a time. Rollover loans are not allowed in BC, so you can’t pay off one payday loan with another one.
  • Cooling-off period: Should you change your mind and cancel your payday loan, you’ll have 2 days to do so without facing a penalty. This is called a “cooling off” period to cancel your loan.
  • Payment collection: Payday lenders in BC can’t ask you to sign a form that transfers your wages directly to them.

Overall, e-Transfer payday loans in BC are meant to cover short-term cash shortages between paycheques. If you take out a payday loan, make sure you have adequate funds to repay it on time to avoid extra fees and charges.

How can I apply for e-Transfer payday loans in BC?

If you’re interested in applying for payday loans in BC, you’ll need to meet the following eligibility criteria:

  • Be at least 19 years old
  • Provide proof of continuous employment
  • Give proof of address (such as a utility bill)
  • Have an active chequing account

To complete your application successfully, prepare to submit basic information like:

  • Personal details, such as your name, date of birth, Social Insurance Number and valid ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

How much do payday loans in BC cost?

Payday loans are notorious for coming with high interest charges. British Columbia regulations allows lenders to charge up to $15 for every $100 borrowed, which is one of the lowest rates for payday loans in Canada, but one of the highest annual rates for loans.

Payday lenders in BC can’t loan you more than 50% of your paycheque, and the loan agreement must list all of the charges, terms and conditions of the loan. While the longest term you can take on a payday loan is 62 days in BC, most lenders require that you pay back the loan by your next payday.

Example costs

If your net pay is $1,000, the most you can borrow is $500, or 50% of this. If your loan term is 14 days, you’d repay $15 for every $100 borrowed for a total cost of $75. This represents an APR of 391.07%.

Since most payday lenders in BC require that you borrow a payday loan for at least 7 days, the maximum APR you’ll face (with a 7-day payday loan) is 782.14%. However, the APR goes down the longer your term.

How do payday loans compare to other types of debt? Here’s how much you could pay for an e-transfer payday loan in BC versus a typical credit card cash advance.

Loan Amount (2 wks)Payday loan feeCredit card cash advance cost (23% APR + 3% fee)
$100$15$0.88 + $3 = $3.88
$300$45$2.65 + $9 = $11.65
$600$90$5.29 + $18 = $23.29
$900$135$7.94 + $27 = $34.94
$1,200$180$10.59 + $36 = $46.59
$1,500$225$13.23 + $45 = $58.23

Can I get instant payday loans in BC?

Yes, it’s possible to get instant e-Transfer payday loans in BC 24/7 online or in-store. With an instant payday loan in BC, lenders expedite the application process, providing quick approval and instant processing so you can get funded in just minutes after approval. Lenders that provide instant loans in BC include:

For a seamless process, make sure you’re eligible for the payday loan and that you’ve provided all the documentation required. If you’re missing details, your lender will circle back to you, which can delay the application.

Documents you may need to provide include the following:

  • Proof of identification, such as a driver’s licence or passport
  • Proof of income like recent pay stubs or bank statements

Online payday loans in BC

If convenience is important to you, you may prefer to apply for payday loans from the comfort of your home. The majority of payday lenders provide the option of applying for loans online, while a select few add in-person and over-the-phone services. Online e-Transfer payday loans in BC are subject to the same provincial regulations as in-store payday loans.

If you prefer to apply for a payday loan completely online, simply check on the lender of your choice’s website and navigate to the application page. Most lenders have quick, easy-to-follow applications that can be completed and submitted within 5 to 10 minutes. Compare online payday loans in BC.

Are there online payday loans in BC with no credit check?

It really depends on the lender. In many cases, online payday lenders run a credit check, while others don’t. A credit check is a key step for a lender to determine whether you can manage your loan repayments.

How are e-Transfer payday loans in BC paid out?

You can receive the funds from your BC payday loan in various ways, depending on your individual preferences and the payday lender you choose. Payday lenders may provide these options:

  • Interac e-Transfer. Across the board, e-transfer payday loans in BC are the most common. Once approved, funds are sent via an Interac e-Transfer directly to your bank account.
  • Cash. If your lender has a physical location close to you, you can head over, apply and receive a payday loan in cold hard cash.
  • Prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account, handing the card to you in person or mailing it to your home.

How can I tell if a lender in British Columbia is legit?

The best way to make sure payday loans in BC are legit is to check lenders’ credentials with Consumer Protection BC. Look for the following signs to make sure you’re working with a reputable business:

  • The lender displays a British Columbia licence number. Contact Consumer Protection BC to check if a lender is licensed in the province. They should also display their license number online and at all physical locations.
  • The lender displays costs. Payday loan lenders must display the rates borrowers are charged.
  • Rollovers and multiple loans aren’t allowed. British Columbia law doesn’t allow payday lenders to give out multiple loans.
  • Consumer protection laws are followed. Stay away from lenders who charge more than $15 per $100 borrowed in BC.

Watch out for unlicensed payday loan providers in BC

The internet has made it easier than ever to access payday loans. If you’re thinking about taking out an online payday loan in BC, make sure that you’re dealing with a licensed business, be aware of potential risks, and read the fine print to make an informed decision about your loan.

  • Illegally high rates or fees. Some lenders will charge more than $15 for every $100 borrowed, which means you might end up paying much more for your loan that you would with a legitimate lender.
  • Identity theft. Scammy online lenders might sell your personal information to third-parties, putting you at risk of identity theft or a hacked bank account.
  • Payments withdrawn without your permission. Disreputable lenders may resort to illegal ways of getting repayment from borrowers, including making unauthorized withdrawals or garnishing wages.

How to file a complaint against a lender in BC

You can contact Consumer Protection BC to discuss your options for filing a complaint. You can start a complaint by filling out an online form or by touching base with a customer service agent. The organization will typically conduct an investigation if they believe that a payday loans company has breached British Columbia’s consumer protection laws.

Payday loan alternatives in British Columbia

Before taking out e-Transfer payday loans in BC, try the following alternatives. These sources of funding can help solve immediate money shortages, while keeping you out of long-term debt.

British Columbia assistance programs

British Columbia has a number of programs that can provide some much-needed relief to residents and newcomers who are struggling to make ends meet financially.

  • The BC Employment and Assistance program helps people in financial need with monetary support and employment assistance. For more information, visit the BCEA website.
  • Affordable and subsidized housing in BC helps cover the cost of housing for low-income individuals and families.
  • Disability assistance in BC gives financial support to individuals 18 years of age or older who are severely mentally or physically impaired.

Local financial institutions

Many credit unions and local banks have short-term loan programs to compete with payday loan providers. These programs offer lower costs and processing fees to eligible candidates. Some institutions even offer credit builder programs, which provide small loans to help build your credit score and provide short-term financial relief with longer repayment terms.

Credit counselling

If you’re struggling under the weight of unpaid bills, then you might like to consider a credit counselling program. These programs provide free debt and credit help. The Credit Counselling Society of BC is one option that can help you with budgeting and consolidating your debts.

Bottom line

If you need to get your hands on money now, some lenders provide e-Transfer payday loans in BC 24/7. Familiarize yourself with payday loan regulations in British Columbia to make sure you’re aware of lending rules like the maximum amount of fees you can be charged. Be wary of unlicensed lenders, and pay back your loan on time to getting hit with additional fees.

Compare payday lenders in British Columbia

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.
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Written by

Writer

Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio

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