Finder makes money from featured partners, but editorial opinions are our own.

Best personal loans in BC

Whether you need to borrow a small or large amount, find out the top personal loans in BC.

There are a number of lenders offering personal loans in British Columbia, including big banks, credit unions, private lenders and peer-to-peer services. You can get a loan with or without collateral, and you can even complete the entire process online.

No single loan is best for everyone, so in this guide we cover the best personal loans in BC for different types of borrowers.

Flexible Terms

Go to site
All credit scores
  • Accepts bad credit borrowers
  • Easy online application
  • Quotes from multiple lenders
  • Access cash within 1-3 business days

Fast Financing

Go to site
No prepayment fees
  • Accepts bad credit borrowers
  • Same day funding
  • 100% online
  • No prepayment fees

Competitive Rates

Go to site
Low interest rates
  • Accepts bad credit borrowers
  • Quotes from multiple lenders
  • Pre-approval in 5 minutes
  • Funds in as little as 24 hours

Best personal loans in BC

How we found the best personal loans in BC

To find the best personal loans in BC, 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. Spring Financial: Quick private personal loans

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $35,000
Loan amount
9.99% – 46.99%
APR
6 - 60 months
Term
Spring Financial offers fast personal loans for all credit scores. If you don't qualify for a personal 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 private lender. Spring Financial has been providing personal loans since 2015 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 personal 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 9.99% – 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.

2. Loans Canada: Loan search platform with a large lender network

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$300 – $50,000
Loan amount
9.9% – 46.96%
APR
4 - 60 months
Term
Loans Canada is an online loan search platform with a large network of lenders. Fill out one application and get your matches for free. You can get a secured or unsecured personal loan.

Why it's one of the best

  • Get access to a large lender network. Loans Canada works with over 60 verified lenders.
  • Get approved. Receive personal loan offers that match 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
  • High rates for bad credit
  • No online quotes provided
  • Limited to its network
Loan amount $300 – $50,000
APR 9.9% – 46.96%
Term 4 - 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.

3. LoanConnect: Loan search platform for all credit

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $60,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several personal loan offers based on your unique profile. It's been in business since 2016 and is BBB accredited with an A+ rating.

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.
  • Secured and unsecured options
  • 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 – $60,000
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.

4. easyfinancial: Secured and unsecured personal loans for low credit

easyfinancial Personal Loan
Finder Award
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 - 120 months
Term
easyfinancial helps Canadians access financing when banks or credit unions aren't an option. It offers secured and unsecured personal 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 nontraditional personal 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.

5. Mogo: Pre-qualify with no impact to credit

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans. Loans are available for good and bad credit.

Why it's one of the best

  • Get an instant decision. Get a free quote within a few 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
  • Loans offered via third-party services (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.

6. goPeer: P2P loans for good credit

goPeer Personal Loan
Finder Score:
★★★★★
Go to site Read review
$1,000 – $35,000
Loan amount
8.99% – 34.99%
APR
36 or 60 months
Term
goPeer is a peer-to-peer lending platform offering unsecured personal loans. Rather than borrowing from a direct lender, you'll borrow from multiple investors. People with strong finances are more likely to get approved since they have less risky applications.

Why it's one of the best

  • Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
  • Easy online application. You won't ever need to visit a branch to provide paperwork.
  • Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.
  • 100% online
  • No prepayment penalties
  • Use the loan for any purpose, such as debt consolidation or making a large purchase
  • High rates for risky profiles
  • Not suitable for bad credit borrowers
Loan amount $1,000 – $35,000
APR 8.99% – 34.99%
Term 36 or 60 months
Min. credit score 600
Fees Origination fee varies
No application or prepayment fees
Turnaround time Receive a response within 24 hours of your loan application
Serviced provinces All provinces

7. Vancity: Credit union loans for good credit

Vancity Fair and Fast Loan
Finder Award
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$100 – $2,500
Loan amount
Starting at 19%
APR
2 weeks - 24 months
Term
Vancity is one of the largest credit unions in Canada, serving residents of British Columbia. It offers small and large personal loans for different types of borrowers.

Why it's one of the best

  • Get a good rate. Vancity can offer favourable rates if your finances are strong. If your finances aren't the best, Vancity has a small no credit check loan you can apply for.
  • Choose between a fixed and variable rate. Get a fixed rate for peace of mind or go with variable if you're okay with your rate going up or down throughout the loan term.
  • 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).
  • No prepayment penalties
  • Flexible payment options
  • Fully online for existing Vancity members
  • Stricter requirements than many alternative 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

Winner — Best Personal Loan Traditional Lender category

Vancity was awarded the Winner award in the Best Personal Loan Traditional Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Vancity scored 86.75% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in 2023.

8. Fairstone: Secured and unsecured loans for fair credit

Fairstone Personal Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $60,000
Loan amount
19.99% – 39.99%
APR
6 - 120 months
Term
Fairstone offers secured and unsecured personal loans. Apply online or visit one of hundreds of 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. Receive your personal loan funds 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, home equity, auto title)
  • No prepayment penalties for unsecured loans
  • High rates for low credit
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Some negative customer reviews
Loan amount $500 – $60,000
APR 19.99% – 39.99%
Term 6 - 120 months
Min. credit score 525

9. Get Loan Approved: Fast personal loans with car as collateral

getloanapproved.com Vehicle Title Loan
Finder Score:
★★★★★
Read review
$1,000 – $50,000
Loan amount
9.95% – 29%
APR
12 - 72 months
Term
Get Loan Approved offers personal loans with your car as collateral, also known as a car title loan. You can continue to use your car as you pay off your loan. To qualify, your car must be less than 10 years old, in good condition and fully paid off.

Why it's one of the best

  • Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
  • Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
  • Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.
  • No credit check
  • No employment requirement
  • 24/7 customer service
  • Potentially high rates
  • Vehicle must be fully paid off
Loan amount $1,000 – $50,000
APR 9.95% – 29%
Term 12 - 72 months
Turnaround time In as little as one hour
Serviced provinces AB, BC, MB, NB, NL, NS, ON, PEI, SK

10. FlexMoney: Fast online installment loans

FlexMoney Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $15,000
Loan amount
18.9% – 46.9%
APR
6 - 60 months
Term
FlexMoney is a private lender that offers unsecured personal 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 within one business day.
  • Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
  • Make payments weekly, bi-weekly, semi-monthly or monthly
  • Easily make extra payments via e-transfer
  • A+ BBB Rating
  • High interest rates
  • Minimum income required ($2,000 per month)
  • Only employment & pension income accepted
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.

11. Magical Credit: Personal loans with flexible criteria

Magical Credit Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$1,500 – $20,000
Loan amount
19.99% – 46.8%
APR
12 - 60 months
Term
Magical Credit specializes in online personal 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 quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
  • 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
  • High interest rates
  • May charge an administration fee
  • You must show income history for six months (if you receive employment income)
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.

12. Money Mart: Online loans for bad credit

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
6 - 84 months
Term
Money Mart offers unsecured personal loans and payday loans to people with bad credit. It has been in business for over 40 years and is now one of the largest alternative lenders in Canada.

Why it's one of the best

  • Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
  • Apply online or in-store. Get your personal 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 bad credit or low income.
  • Established lender
  • Convenient mobile app
  • Accepts different types of income
  • High interest rates
  • Availability in provinces varies in-store and online
Loan amount $500 – $15,000
APR 29.9% – 46.9%
Term 6 - 84 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

13. BMO: Flexible personal loans for prime borrowers

BMO Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
Starting at $2,000
Loan amount
Undisclosed
APR
1 - 5 years
Term
Bank of Montreal is a solid choice if you have a good to excellent credit score. It can work with you to get a secured or unsecured personal loan that matches your needs.

Why it's one of the best

  • Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
  • Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
  • Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.
  • Choose between fixed or variable interest rates
  • Secure your loan for a lower rate
  • Apply online or at a branch
  • Slower process
  • Strict eligbility criteria
  • Bad credit may not qualify
  • More documents required
Loan amount Starting at $2,000
APR Undisclosed
Term 1 - 5 years

14. National Bank: Bank personal loans for good credit

National Bank Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
Undisclosed
Loan amount
Undisclosed
APR
6 - 60 months
Term
National Bank is one of the Big Six banks and has been serving Canadians since 1859. Get a personal loan for debt consolidation, investing, home renovations and more. To get approved, you need a good to excellent credit score.

Why it's one of the best

  • Work with an established lender. National Bank is one of the Big Six. Apply online or at one of hundreds of branches.
  • Flexible. Choose between fixed and variable interest rates. Get flexible repayment terms.
  • Competitive rates. If your financial profile is strong, you might qualify for low rates.
  • No early repayment penalties for unsecured personal loans
  • Apply online or at a branch
  • Low rates for applicants with strong credit
  • Slower process than alternative online lenders
  • Bad credit borrowers may not qualify
Loan amount Undisclosed
APR Undisclosed
Term 6 - 60 months
Fees Varies
Turnaround time Varies
Serviced provinces All

15. SkyCap Financial: Online personal loans with excellent service

SkyCap Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $10,000
Loan amount
12.99% – 39.99%
APR
9 - 36 months
Term
SkyCap Financial is a private lender of unsecured personal 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 personal 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
  • Not available in Nova Scotia or Quebec
  • 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.

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.

Where to get personal loans in British Columbia

There are four types of lenders offering personal loans in BC:

What can you use a personal loan for in BC?

With the cost of living on the rise – and Vancouver being named the second-most expensive city to live in Canada, according to Mercer’s 2024 Cost of Living City Ranking – it’s no wonder BC residents are looking for supplemental financing in the form of personal loans.

Personal loans are a flexible type of financing, and BC lenders generally don’t put restrictions on what you can use the loan money towards.

Primary reasons for getting a personal loan

According to data released in the Finder: Consumer Sentiment Tracker Q3 (CSTQ3), the three biggest reasons why Canadians plan to get a personal loan are:

  1. Pay for bills and everyday expenses (34%)
  2. Pay off credit cards (31%)
  3. Improve their home (24%)

Types of personal loans in BC

You’ll need to choose one loan type out of each of the 2 categories in the table below when you apply for personal loans in British Columbia. For example, you could choose an unsecured fixed rate loan or a secured variable rate loan or any other combination.

Unsecured vs secured loans

Loan typeWho’s it best forHow it worksFeatures
Unsecured personal loansBest for borrowers with good to excellent creditQualify based on your credit score
  • Usually borrow $500 to $50,000 if you have good credit, reaching as high as $10,000 for bad credit
  • Interest can start at 9.75% for good credit borrowers or 18% for bad credit borrowers, and go as high as 46.96%
Secured personal loansBest for borrowers with assets who want to lower their rateQualify based on your assets, which can be sold off if you default
  • Lower interest rates (usually starting around 6.99%) than unsecured loans
  • Borrow as much as the equity in your asset
  • Borrowers with bad credit have a higher chance of approval

Fixed- vs variable-rate loans

Loan typeWho’s it best forHow it worksFeatures
Fixed-rate personal loansBest for borrowers who want predictable monthly payments.Interest rates stay the same for your loan termConsistent monthly payments
Variable-rate personal loansBest for borrowers that want to benefit if interest rates go lower during their fixed termInterest rates fluctuate for the duration of your loan term (in line with the Bank of Canada’s prime rate)More of your payment goes towards the interest if variable rates go up

What makes a successful personal loan application?

You’ll need to fill out your application correctly and meet certain criteria to successfully apply for most personal loans in BC. Eligible applicants will usually need to meet the following criteria:

  • Be at least 19 years old (the age of majority in BC)
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Be employed and have a steady income
  • Meet credit score and income requirements
  • Have a debt-to-income (DTI) ratio at or below 40%

Documents you’ll need to provide

To apply for personal loans in British Columbia, you’ll usually need to provide the following documents:

  • Identity documents. Personal identification such as your passport or driver’s licence.
  • Proof of income. Pay stubs, employment records, tax records, proof of government benefits (such as EI) or other documents.
  • Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
  • Credit score. Consent for your lender to run a credit check.

How to compare personal loans in BC

Think about the following features when deciding on which personal loan in BC is best for you:

  • Interest rates. Rates can be fixed or variable and usually range between 6.99% and 46.96%. Compare multiple lenders to make sure you get the best deal.
  • Loan amounts. Figure out how much you want to borrow before you apply. Some personal loans in BC max out at $50,000 while others will limit you to $25,000 or $15,000.
  • Turnaround time. Think about how fast you need the money. For a quick turnaround time, you may want to consider same-day loans.
  • Loan terms. Loan terms often range from 3 – 60 months. Aim for the shortest term you can afford to keep your interest costs low.
  • Fees. Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges.

Steps to apply for personal loans in BC

Follow these steps for how to apply for a personal loan to qualify for the loan you want.

1. Figure out a budget

Do the math to figure out how much you need to borrow and how much you can afford to pay back each month. Aim for the shortest term possible so that you don’t end up paying significant amounts of interest.

2. Compare lenders

Compare multiple lenders and loan types to get a fuller picture of how much you should pay based on your credit score and other personal factors. You can compare lenders using a personal loan broker or by comparing loans manually.

3. Prequalify when possible

Fill out an application to prequalify for different loans to find out what the actual rates you’ll pay will be (rather than the advertised rate). Getting preapproved for a personal loan can give you an idea of where you might find the best deal.

4. Finish the application

Fill out an application once you’ve decided on the lender that will give you the best rates and conditions for your loan. You’ll usually need to submit contact details and financial information to apply as well as submit to a credit check.

How much are personal loans in British Columbia?

Personal loan interest rates in BC generally range from 6.99% to 46.96%.

The overall cost of your personal loan in BC will depend on multiple factors:, including

  • Credit score. You’ll have a higher chance of getting decent interest rates if you have a credit score above 660. You’ll usually pay higher rates with a lower score.
  • DTI ratio. You may get better rates with a low DTI ratio. Many lenders will require a ratio of less than 40%, but you’ll typically pay less interest if your DTI ratio is 20% or under.
  • Collateral. You’ll pay less if you secure your loan with an asset such as your home or vehicle. Just be aware that your assets can be repossessed if you fail to repay your loan.
  • Loan term and amount. You’ll pay less interest over time if you take out a smaller loan over a shorter time frame. Larger and longer-term loans will cost more.
  • Fees. You may have to pay fees with some lenders that can drive up your overall loan cost. Read your contract carefully before signing to check if there are any fees including loan insurance, late payment fees, a prepayment penalty and origination fees. Choose a lender that doesn’t charge fees to save money.

Interest rates vs APR: What’s the difference?

Interest rates and APR are very similar. The only difference is that interest rates are a standalone percentage that gets added to your loan amount based on factors such as your credit score.

APR is the cost of your interest rates plus the fees you’ll have to pay for your loan. This gives you a better idea of the true cost of your loan. If your loan has no fees, your interest rates and APR should match.

Bottom line

You can take out personal loans in BC if you have a good credit score and decent income. You can also apply for bad credit personal loans in BC with some lenders if you’re willing to pay higher interest rates. To compare more personal loans, head over to our personal loans guide.

Frequently asked questions

Leanne Escobal's headshot
Written by

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Claire Horwood's headshot
Co-written by

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

More guides on Finder

Go to site