Compare short-term loans in BC

Short-term loans in BC offer fast and easy access to emergency cash. Bad credit won’t stop you from getting a loan, and you can borrow up to $5,000. But short-term loans can be very expensive to repay, and you’ll need to watch out for scams and sketchy lenders.

If you need an emergency loan, keep reading to learn how to compare short-term loans in BC and find one that’s right for you.

Short-term loans you can get in BC

• Cash advances (easier to get)
• Installment loans (harder to get)
• Payday loans (easier to get)

Compare short-term cash advances in BC

Cash advance providers offer short-term loans ranging from approximately $20 to $350. You pay no interest on these cash loans, but you may pay a monthly subscription fee.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Credit Line	0% interest with optional fees	$30 – $250	30 days, extendable	Instant approval, no credit check and funding within 30 minutes with a monthly subscription	Go to site
Cash Advance	0% interest with a subscription fee starting at $2/month	$20–$250	Flexible	Easy application, no credit check, instant access to funds	Go to site
Early Pay	0% interest with a $2.99 monthly membership fee	$20–$350	Next pay cycle (65 days max)	Easy to apply, no interest, same-day funding for a small fee, no credit check	Go to site

Compare short-term installment loans in BC

Alternative lenders offer short-term installment loans of up to $5,000 with lenient eligibility requirements. However, watch out for high interest rates and fees.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Installment Loan	9.99% - 46.99%	$500–$35,000	6 - 60 months	Fast application, same-day funding	Go to site
Installment Loan	9.90% - 46.96%	$300–$50,000	4 - 60 months	Loan search platform, largest lender network, bad credit is okay	Go to site
Installment Loan	8.99% - 46.96%	$500–$60,000	3 - 120 months	Loan search platform, pre-approval in 5 minutes, bad credit is okay	Go to site
Installment Loan	29.78% - 44.80%	Up to $1,600	Up to 36 months	Fast funding, easy application	Read review
Installment Loan	28.00% - 32.00% + broker fee	$500–$1,000	3 - 12 months	Funding within 24 hours of approval, no credit check	Go to site
Installment Loan	19.00%	$100 – $2,500	2 weeks - 24 months	Small no credit check loan, fast funding	Read review

Compare short-term payday loans in BC

Payday lenders in BC provide fast access to loans of up to $1,500. There are no credit checks and you can get funded in less than an hour, but these types of loans are extremely expensive and often need to be repaid by your next payday.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Payday Loan	Varies by province	$100 – $1,500	7 - 62 days	24/7 approval and e-Transfer, accepts bad credit	Go to site
Payday Loan	Varies by province	$100 – $1,500	Up to 62 days	Instant approval, same day loan, accepts bad credit	Go to site
Payday Loan	24%	$100 – $1,500	Up to 62 days	No credit check, instant e-Transfer funding 24/7	Go to site

Option 1: Cash advances

Cash advance providers offer interest-free short-term loans that are typically designed to be repaid with your next paycheque. Loan amounts range from approximately $20 to $350, and there are no credit checks required to apply.

You typically won’t need to worry about loan fees, but you may need to pay a monthly fee to qualify for an advance. You might also need to pay a small fee to get instant access to funds—otherwise it could take up to three business days to get your money.

Pros and cons of short-term cash advances

Am I eligible for a short-term cash advance?

Requirements vary between providers, but generally you’ll need to:

• Be a Canadian resident
• Be at least 19 years old
• Have an active Canadian bank account
• Have recurring income paid into your account

How to apply

Sign up online or via mobile app. Provide your name, date of birth, contact details and bank account information.

Dive deeper: Cash advance apps in Canada

Option 2: Short-term installment loans

Installment loans provide a lump sum that you can repay over a term ranging from around 3 - 24 months. Loans of up to $5,000 are available, with rates typically ranging from 18% to 47%. Some lenders might also charge a broker fee. You can apply directly with a lender or compare multiple lenders using a loan search platform.

Some lenders have minimum credit score requirements, but other online lenders are willing to work with borrowers who have bad credit. These lenders will assess your income and employment situation before deciding whether to approve your loan application.

Pros and cons of short-term installment loans

Am I eligible for a short-term installment loan?

Eligibility requirements vary depending on the lender, but typically you must:

• Be a Canadian citizen or permanent resident
• Be at least 19 years old
• Have a source of income and regular employment
• Have a Canadian bank account
• Meet a minimum credit score requirement

How to apply

Apply online by providing your personal and contact details, bank account information and employment details. Some lenders will also require you to undergo a credit check.

Dive deeper: Best installment loans in Canada

Option 3: Payday loans

Payday loans in BC are loans of up to $1,500. These loans are typically designed to be repaid by your next payday but have a maximum loan term of 62 days. Eligibility requirements are lenient. Rather than checking your credit score, lenders will assess whether you receive sufficient income to afford loan repayments.

But payday loans are very expensive. In BC, the maximum amount a payday lender can charge you is $15 for every $100 borrowed.

Pros and cons of payday loans

Am I eligible for a short-term payday loan?

To qualify for a payday loan in BC, you’ll usually need to:

• Be a Canadian citizen or permanent resident
• Be at least 19 years old
• Have a steady source of income (some lenders only accept employment income, but others accept government benefits and other types of income)

How to apply

Apply for a payday loan online, via mobile app or in-store. You’ll need to provide personal and contact details, bank account details, and employment and income information.

Dive deeper: Best payday loans in Canada

Can I get a short-term loan in BC with bad credit?

Yes, you can get a short-term loan if you have bad credit. Payday lenders and cash advance providers typically don’t conduct credit checks. There are also many installment loan providers that work with bad credit borrowers.

Rather than focusing on your credit score, these lenders consider your income and existing debts when determining if you can afford a loan. However, the downside of applying for a bad credit loan is that you can expect high interest rates. Learn more about bad credit loans in BC.

How to get approved for short-term loans in BC

These tips will help you improve your chances of getting approved for a loan:

• Improve your credit score. Disputing inaccurate listings on your credit report, paying down existing debts and taking other steps to improve your credit score will boost your chance of approval.
• Online bank verification. Many online lenders offer instant bank verification. This allows the lender to verify your income by accessing your bank statement electronically, which speeds up the application process.
• Review your application. A simple error in your application could lead to a rejection, so double-check that all your details are correct before submitting.

How much do short-term loans in BC cost?

Your interest rate depends on factors like the lender you choose as well as your credit score, income and employment history. The loan term also affects how much it costs to repay, so let’s look at a representative example.

Representative example: Installment loan vs payday loan

Sarah needs a $1,000 loan to pay for urgent car repairs. While a payday loan seems like a quick and easy option, she decides to compare it with installment loans from two different lenders to find the best deal.

As you can see in the table below, the payday loan is clearly the most expensive option—and it needs to be paid back in just 14 days. This results in an APR of 391%,

	Installment loan 1	Installment loan 2	Payday loan
Loan amount	$1,000	$1,000	$1,000
Loan term	6 months	6 months	14 days
Interest rate	17.99%	29.99%	$15 for every $100 borrowed
Repayments	$175.52	$181.54	One-off payment of $1,150
Total cost	$1,053.12	$1,089.27	$1,150

Bottom line

There are plenty of options to choose from if you need a short-term loan in BC. But some options, especially payday loans, are very expensive to repay. Compare a range of short-term loans in BC before deciding which one is right for you.

Frequently asked questions

• Can I get a short-term loan in BC with no credit check?

  Yes. Cash advance providers and payday lenders typically don't carry out credit checks. There are also some installment loan providers that offer no credit check loans, so a less-than-perfect credit score won't stop you from getting a loan.

• Are there short-term loans in BC with guaranteed approval?

  No. Be wary of any lender that promises guaranteed approval. Legitimate lenders need to assess your income before deciding whether you can afford to repay a loan. Learn more in our guaranteed approval loans guide.

• What can I use a short-term loan for?

  You can use the funds from a short-term loan for any legal purpose, such as paying for car repairs, medical bills and other unexpected expenses. Just remember that short-term loans are designed for financial emergencies only, so it's best to avoid taking out a loan to cover non-essential expenses.

• How much will I pay for short-term loans in BC?

  The cost of borrowing depends on the type of loan you get. Payday loans have a maximum cost of $15 for every $100 borrowed. Installment loans have APRs of up to 47%. Cash advances may come with a monthly fee ranging from around $2 - $12. An additional fee may apply if you want an instant loan.