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Best installment loans in BC
Compare rates and terms of some of the top installment loans in British Columbia.
If you’re a British Columbia resident with not so perfect credit and you need to borrow quickly without collateral, an installment loan is worth considering. You have many choices for installment loans in BC, and you can apply and receive funding online within 24 to 48 hours.
In this article we cover some of the best in BC. These loans vary in rates, amounts, terms, requirements and other features, so compare your options to find the right fit for you.
Best installment loans in BC
How we found the best installment loans in BC
To find the best bad installment loans in British Columbia, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
464+
hours invested
112
lenders vetted
4,608
data points analyzed
1. LoanConnect
$500 – $50,000
Loan amount
Loan amount
8.99% – 46.96%
APR
APR
3 - 120 months
Term
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile.
Why it's one of the best
- Save time. Your application will be cast wide and you'll get your results right after you apply.
- Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
- Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
- Pre-approval in five minutes
- Many bad credit loan options
- BBB-accredited with an A+ rating
- Fast funding
- Not a direct lender
- High rates for bad credit
- Miss out on offers from lenders not partnered with LoanConnect
| Loan amount | $500 – $50,000 |
|---|---|
| APR | 8.99% – 46.96% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All provinces |
Most Recommended
LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.2. Spring Financial
$500 – $35,000
Loan amount
Loan amount
10.8% – 46.99%
APR
APR
6 - 60 months
Term
Term
Spring Financial offers fast installment loans. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.
Why it's one of the best
- Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees with headquarters in Vancouver, BC.
- Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
- Get quick funding. If you provide the required documents on time, you can get your installment loan the same day you apply.
- 100% online
- Fast funding via e-Transfer
- No prepayment penalties
- High rates for bad credit
- C- BBB rating, received complaints about the credit builder loan
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 10.8% – 46.99% |
| Term | 6 - 60 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.3. Loans Canada
$300 – $50,000
Loan amount
Loan amount
6.99% – 46.96%
APR
APR
3 - 60 months
Term
Term
Loans Canada is an online loan search platform partnered with over 60 lenders. Fill out one application and get your matches for free.
Why it's one of the best
- Search a large lender network. Loans Canada works with over 60 verified lenders.
- Get approved. Find an installment loan that matches your profile.
- Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
- Easy online application
- Quick deposits
- High loan amounts
- No collateral required
- High rates for bad credit
- No online quotes provided
- Limited to its network
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 6.99% – 46.96% |
| Term | 3 - 60 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All of Canada |
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.4. LoansLoans
$500 – $1,000
Loan amount
Loan amount
28% – 32%
APR
APR
3 months
Term
Term
LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a fee of up to $300 that will be added to your payments.
Why it's one of the best
- Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
- Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
- Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
- No credit check
- Apply online in minutes
- Funding on the same day or next day
- High rates and fees
- Doesn't give enough information about its brokerage fee
| Loan amount | $500 – $1,000 |
|---|---|
| APR | 28% – 32% |
| Term | 3 months |
| Min. credit score | 300 |
| Fees | Late payment fee (2.66% per month), $45 NSF fee, broker fee |
| Turnaround time | Receive funds in less than 24 hours |
| Serviced provinces | All of Canada (except Manitoba) |
5. Skycap Financial
$500 – $10,000
Loan amount
Loan amount
12.99% – 39.99%
APR
APR
9 - 36 months
Term
Term
SkyCap Financial is an alternative lender of installment loans for fair to good credit scores.
Why it's one of the best
- Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
- Get approved fast. Get your installment loan as soon as the same business day.
- Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
- No prepayment penalties
- Apply online in minutes
- Funding on the same day or next day
- People with good credit may get better offers elsewhere
- High rates for lower credit scores
| Loan amount | $500 – $10,000 |
|---|---|
| APR | 12.99% – 39.99% |
| Term | 9 - 36 months |
| Min. credit score | 575 |
| Fees | No fees except $50 NSF fee |
| Turnaround time | 24 hours |
| Serviced provinces | All provinces and territories except Quebec and Nova Scotia |
Most Recommended + Best-Rated
SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.6. Mogo
$500 – $35,000
Loan amount
Loan amount
9.9% – 46.96%
APR
APR
6 - 60 months
Term
Term
Mogo is a Canadian fintech company that offers various financial products, including installment loans.
Why it's one of the best
- Get an instant decision. Get a free quote in three minutes without affecting your credit score.
- Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
- Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
- Convenient mobile app
- No prepayment penalties
- Bank-level security
- High rates for bad credit
- Some negative Mogo reviews online
- Loans are powered by Lendful and easyfinancial
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 9.9% – 46.96% |
| Term | 6 - 60 months |
| Min. credit score | 600 |
| Fees | Non-sufficient funds fee of $20 to $50 |
| Turnaround time | Within 24 hours |
| Serviced provinces | BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU |
Best-Rated
Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.7. Fairstone
$500 – $60,000
Loan amount
Loan amount
19.99% – 39.99%
APR
APR
6 - 120 months
Term
Term
Fairstone has been offering installment loans for decades. Apply online or visit one of over 230 locations across Canada.
Why it's one of the best
- Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
- Get funded fast. Get your installment loan as soon as the same day.
- Work with an established lender. Fairstone has been providing financial services to Canadians for almost 100 years.
- Quick and easy application
- Multiple loan types (unsecured, secured, mortgages)
- Company has an established online presence
- No prepayment penalties for unsecured loans
- High rates for low credit
- Potential for extra fees
- Prepayment penalties for secured loans
- Several negative customer reviews
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 39.99% |
| Term | 6 - 120 months |
8. FlexMoney
$500 – $15,000
Loan amount
Loan amount
18.9% – 46.9%
APR
APR
6 - 60 months
Term
Term
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario.
Why it's one of the best
- Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
- Get your funds fast. Funds should reach your account on the same day or the next day.
- Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
- Make payments weekly, bi-weekly, bi-monthly or monthly
- Easily make extra payments via e-transfer
- A+ BBB Rating
- High rates for bad credit
- No in-person locations
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 18.9% – 46.9% |
| Term | 6 - 60 months |
| Min. credit score | 500 |
| Fees | No application, origination or prepayment fees |
| Turnaround time | Receive funds within as little as 24 hours |
| Serviced provinces | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon |
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.9. Magical Credit
$1,500 – $20,000
Loan amount
Loan amount
19.99% – 46.8%
APR
APR
12 - 60 months
Term
Term
Magical Credit specializes in online installment loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.
Why it's one of the best
- Get a fast loan. Apply online and validate your information with instant bank verification to get a fast decision (with funds sent in a few hours).
- Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
- Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
- Receive funds within as little as 24 hours
- Accepts child tax credit, EI, CPP, OAS, private pensions and more
- Refer-a-friend program
- Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% - 46.8%
- May charge an administration fee
- Must show proof that you've been employed for six months (if applicable)
| Loan amount | $1,500 – $20,000 |
|---|---|
| APR | 19.99% – 46.8% |
| Term | 12 - 60 months |
| Min. credit score | 300 |
| Fees | A single administration fee of $194 |
| Turnaround time | Receive funds within as little as 24 hours |
| Serviced provinces | Canada-wide (excluding Manitoba, Saskatchewan and Quebec) |
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.10. AAR Financial
$1,000 – $50,000
Loan amount
Loan amount
14.9% – 46.7%
APR
APR
24 - 120 months
Term
Term
AAR Financial offers installment loans with flexible loan amounts and loan terms.
Why it's one of the best
- Get approved. AAR Financial says it approves 99% of applications.
- Apply easily. You won't have to step foot outside your home. Apply and sign your documents online.
- Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba. It has BBB accreditation with a B+ rating.
- Flexible loan amounts
- No prepayment penalties for unsecured loans
- High rates
- Several negative reviews
- May request multiple references
| Loan amount | $1,000 – $50,000 |
|---|---|
| APR | 14.9% – 46.7% |
| Term | 24 - 120 months |
| Fees | Fees may include insurance fees, administration fees and NSF/late payment fees. |
| Turnaround time | Within 24 hours |
| Serviced provinces | MB, SK, AB, ON and BC |
11. Money Mart
$500 – $15,000
Loan amount
Loan amount
29.9% – 46.9%
APR
APR
6 - 60 months
Term
Term
Money Mart offers installment loans (and payday loans) to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.
Why it's one of the best
- Get your installment loan fast. Get an instant decision and get your money via Interac e-Transfer, which is one of the fastest methods.
- Apply online or in-store. Get your installment loan online or at one of Money Mart's 500+ store locations.
- Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
- Established lender
- Convenient mobile app
- Accepts non-employment income such as government benefits and private pension
- High interest rates
- Availability in provinces varies in-store and online
- Credit check required for installment loans
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 29.9% – 46.9% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | None |
| Turnaround time | Less than 1 day |
| Serviced provinces | AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT |
12. easyfinancial
$500 – $100,000
Loan amount
Loan amount
9.99% – 46.96%
APR
APR
9 - 120 months
Term
Term
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations.
Why it's one of the best
- Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
- Work with a well-known lender. easyfinancial is one of the biggest lenders of installment loans in Canada.
- Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
- Secured and unsecured loan options
- 2% rate reduction with a co-applicant
- BBB-accredited with an A+ rating
- Steep rates for bad credit
- Many negative customer reviews
| Loan amount | $500 – $100,000 |
|---|---|
| APR | 9.99% – 46.96% |
| Term | 9 - 120 months |
| Min. credit score | 300 |
| Fees | you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees |
| Turnaround time | Approval within 30 minutes |
| Serviced provinces | all provinces |
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.13. 24Cash
$500 – $850
Loan amount
Loan amount
Starting at 22%
APR
APR
90 - 120 days
Term
Term
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion).
Why it's one of the best
- Get approval in one hour. Apply with instant bank verification and get approved quickly.
- Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
- Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
- No credit check
- Lower APRs than payday loans
- No paperwork required via instant bank verification
- Manual review available
- Three months to repay
- Government assistance not accepted as a form of income
- Very expensive
- Small maximum amount
- May not improve your credit score
| Loan amount | $500 – $850 |
|---|---|
| APR | Starting at 22% |
| Term | 90 - 120 days |
| Fees | broker fee of up to $225 |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide except Manitoba, Quebec and Saskatchewan |
14. Vancity
$100 – $2,500
Loan amount
Loan amount
Starting at 19%
APR
APR
2 weeks - 24 months
Term
Term
Vancity is one of the largest credit unions in Canada, serving residents of British Columbia. The Vancity Fair and Fast Loan doesn't involve credit checks. To qualify, you must be a Vancity member and show you're earning enough income to take on a new loan.
Why it's one of the best
- Get a fair rate. Vancity charges 19% APR for this loan, which is a lot lower than other no credit check loans.
- Get fast approval. Fill out the application online and get your loan funds within 10 minutes.
- Get financed by a reputable lender. Vancity has been in business for over 75 years with headquarters in Vancouver, BC. It's regulated by the BC Financial Services Authority (BCFSA).
- 100% online
- No credit check (approval based on income)
- No prepayment penalties
- Flexible payment options
- Lower maximum amount than other lenders
- Credit union membership required
| Loan amount | $100 – $2,500 |
|---|---|
| APR | Starting at 19% |
| Term | 2 weeks - 24 months |
| Fees | No prepayment fees |
| Turnaround time | Within 10 minutes |
| Serviced provinces | BC |
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.Features of installment loans in BC
- Loan amount. The range is usually between $500 and $10,000.
- Loan term. Installment loans are typically repaid within 3 - 60 months.
- Interest rates. The maximum interest rate a lender can charge for an installment loan in BC is 60% (effective annual interest).
- Fixed rate. The interest rate is fixed and will stay the same throughout the loan term.
- Set repayment schedule. You’ll have an amount you’ll pay regularly throughout your loan term. Some lenders may let you choose the frequency of your payments, such as weekly, bi-weekly or monthly.
- Bad credit is OK. If you’re looking for installment loans in BC with bad credit, some online lenders offer loans to borrowers with a credit score below 560-600.
- Fast approval and funding. You can usually get an installment loan within 1 to 3 business days.
What to watch out for
- Interest rates. Interest rates can be steep, especially if you have bad credit.
- Guaranteed approval. Steer clear of installment loan lenders in BC who guarantee approval. Before giving approval, a responsible lender will first examine your finances to make sure you can repay the loan.
- Upfront fees. Legitimate lenders do not ask for upfront fees. If there are fees, they usually come once the loan has been issued.
- Insurance add-ons. Do not let yourself be pressured into buying insurance for the installment loan. Loan insurance adds to the cost of the loan and is completely optional.
How to compare installment loans in BC
With so many choices out there, how do you choose which installment loan you should sign up for? Below are some factors to consider.
- Loan amount. Check the lender’s minimum and maximum loan amounts so you know whether it can fund you the amount you need.
- Interest rates. Try to lock in a low interest rate by comparing lenders and asking them to price match. To find out the true cost of an installment loan in BC, pay attention to its annual percentage rate (APR), as you may encounter lenders who highlight their monthly rate instead of annual. APR is the annual rate of interest and fees charged to borrowers, and legally that rate can’t be higher than 60%.
- Length of term. The longer the term, the more you’ll pay in interest. But the shorter the term, the more you’ll fork out for monthly payments. Your goal is to get the shortest loan term possible, but you don’t want it to be so short that you can no longer afford the payments.
- Repayment flexibility. Some lenders let you pay back your installment loan early without paying any penalties.
- Fees. Check whether the lender charges fees like origination fees (fee to process your loan) or late payment fees.
- Reputation. Read reviews online to see what other people have to say about the lender’s services.
How much will an installment loan cost me?
The cost of your installment loan depends on the loan amount, the loan term and interest rate. Let’s say you need a loan to pay for urgent dental bills. You decide to borrow $3,000 and commit to paying it back over 3 years with a 19.99% interest rate.
Based on these factors, you can expect to pay back $111.48 per month, which amounts to $1,013.12 in interest charged for a total cost of $4,013.12 for your installment loan.
What do I need to apply for installment loans?
Eligibility criteria
You will need to meet the following basic eligibility criteria:
- Be at least 19 years old.
- Be a Canadian citizen or resident.
- Meet the minimum income (varies among lenders).
- Meet the minimum credit score (varies among lenders).
- Have an active bank account.
Documents required
- Proof of income. This doesn’t mean you need to be employed full time, but you may need some sort of income, whether it is disability, a pension or a part-time job. You will need to provide pay stubs or bank statements.
- Valid government-issued ID. Lenders might ask to see your driver’s licence to verify that you meet the age requirements.
Steps to apply online
- Choose a lender. Choose a lender based on its loan amounts, interest rates, fees, eligibility requirements and reputation. Remember you’re not just limited to lenders with physical locations in BC.
- Fill out the application. You’ll need to provide basic personal and financial information, such as your phone number, address, birthdate, employment and income.
- Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
- Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (i.e. government-issued ID) and proof of income (e.g. pay stubs, tax returns, bank statements)
- Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing its terms and conditions.
- Get your funds. Online lenders typically send funds within 24 hours.
Bottom line
Installment loans in BC are an option for those who do not qualify for a bank or credit union loan. Keep an eye on interest rates when comparing installment loans, especially if you have poor credit, because the lower your credit score, the higher your interest rate. Before applying, make sure you meet the lender’s eligibility requirements, and before signing the contract, make sure you review the fine print and understand the costs of your loan.
Frequently asked questions
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