BC-Loans review
- APR Range
- 22.00%
- Loan Amount
- $500 - $750
- Loan Term
- 90 - 120 days
Our verdict
Fast loans of up to $750 with no credit checks.
BC-Loans is a brokerage firm that offers access to loans of $500–$750. The loan can be paid back in installments over a term of 90 - 120 days, and there are no credit checks. However, you'll need to watch out for high interest rates and a brokerage fee. In addition, the available loan amount may not be suitable for your needs.
Best for: Borrowers with bad credit who need a small loan
Pros
-
Quick and easy application process
-
Bad credit accepted
-
Same-day funding
Cons
-
Small loan amounts won't suit everyone
-
Not available in all provinces
-
Doesn't accept some forms of income
What is BC-Loans?
BC-Loans is an online brokerage. It connects borrowers who have poor credit or no credit history with lenders that offer installment loans ranging from $500 – $750.
The money you borrow must be repaid over a loan term of 90 - 120 days, with the length of the term varying depending on your payroll frequency.
Is BC-Loans legit?
Yes. Founded in 2013, BC-Loans has an active online presence and plenty of positive customer reviews. It is a division of Dominion Broker Inc., which can be found in Canada’s business registry.
Summary of BC-Loans installment loans
| Feature | Details |
|---|---|
| Loan amount | $500 – $750 |
| Loan term | 90 - 120 days |
| Interest rate | 22.00% |
| Fees | Brokerage fee applies. $45 insufficient funds fee and $25 deferred payment fee |
| Loan type | Unsecured installment loan |
| Basic eligibility requirements | Must be 18 years of age or older and earn at least $1,200 per month |
| Available in | British Columbia, Alberta, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Yukon, Northwest Territories and Nunavut |
What we like about BC-Loans
- Quick and easy application process. You can apply online for a loan within minutes. Once you’re approved, the funds are sent to your account the same day.
- Instant verification. BC-Loans uses instant verification to access a “view-only” version of your bank account. This allows them to assess your income and speeds up the application process.
- No credit checks. You won’t need to undergo a credit check to qualify for a loan. Learn more about no credit check loans.
- Longer repayment terms than a payday loan. Depending on how often your income is paid, you can repay your loan over a period of 90–120 days. This is a longer term than a payday loan, which makes it easier to budget for repayments.
- Deposit options. If you’re a new customer, the funds are sent to your account by instant deposit or direct deposit. Returning customers also have the option of an e-Transfer (for a fee).
What to watch out for
- Low loan amounts. First-time borrowers with BC-Loans are limited to amounts of $500, while the maximum amount the lender offers is $750.
- High interest rates. The APR on loans ranges from 22.00% , so it’s worth shopping around to find out if you can find a lower interest rate from other lenders.
- Fees. You’ll need to pay a brokerage fee when you take out a loan with BC-Loans. Fees also apply if you have insufficient funds or if you need to defer a loan repayment.
- Not available in all provinces. BC-Loans does not offer loans in Saskatchewan, Manitoba, Newfoundland and Labrador or Quebec.
- Not a direct lender. Be aware that BC-Loans is a broker, not a lender, so you don’t borrow directly from BC-Loans.
Alternatives to BC-Loans
Summary of BC-Loans reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | B- |
| BBB customer reviews | 1 out of 5 stars, based on 2 reviews |
| Trustpilot score | 4.6 out of 5 stars, based on 2,937 reviews |
| Customer reviews verified as of | February 6, 2023 |
Am I eligible for a loan?
You’ll need to satisfy the following criteria to qualify for funding from BC-Loans:
- Be 18 years of age or older
- Earn over $1,200 per month from an employer
- Be a Canadian citizen
- Be paid by direct deposit or cheque in a Canadian bank account that has been active for at least three months
- Not be planning to declare bankruptcy or to enter into a consumer proposal
- Have little or no NSF transactions
- Have a low short-term debt ratio
How to apply for a BC-Loans installment loan
Here’s what you need to do to apply for a loan:
- Head to the BC-Loans website and click “Apply for a loan”.
- Enter your name, email address and phone number.
- Provide your date of birth, gender and SIN.
- Enter your address.
- Provide your income information and frequency.
- Enter your bank account details and select how you would like to receive your funds.
- Provide the details of your safety contact and submit your application.
How can I contact BC-Loans?
You can contact BC-Loans by phone, email or by filling out an online form. Its customer service team is available Monday to Friday.
Bottom line
If you’ve got bad credit and you’re looking for a small loan of $750 or less, BC-Loans is worth a closer look. However, make sure to compare BC-Loans with a range of other lenders to find the lowest rate and loan terms that suit your needs.
Frequently asked questions about BC-Loans
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