If you live in British Columbia, you can apply online for a payday loan of up to $1,500 from a lender licensed by Consumer Protection BC. BC’s rules are unusual in one useful way: they spell out a list of lender mistakes that let you cancel the loan at any time, not just during the first two days.
Payday loan rules in British Columbia at a glance
| Cost cap | $14 per $100, including all interest and fees |
|---|---|
| Per-loan limit | 50% of your net income for the loan period, up to $1,500 |
| Longest term | 62 days |
| Cooling-off period | 2 business days after your first advance |
| Concurrent loans | A lender can’t give you a second loan while one is outstanding |
| Default charges | 30% a year on overdue amounts, plus a one-time $20 dishonour fee |
| Security | No guarantees, no security on your property, no wage deductions |
Summary only, last reviewed October 2026. Source: Consumer Protection BC. The federal $14 per $100 cap has applied across Canada since January 1, 2025.
How much can I borrow in BC?
The limit is half of what you take home during the term of the loan. If $1,100 lands in your account over the two weeks the loan runs, the most a lender can advance is $550.
When you can cancel after the 2 days
You can cancel a BC payday loan at any time if the lender did any of these:
- Did not disclose the full cost, the annual interest rate, or your cancellation rights
- Left required information out of the agreement, or didn’t give you a copy and a cancellation form
- Gave you a second payday loan while the first was outstanding
- Lent you more than 50% of your net income for the loan period
- Asked your employer to take payments from your wages
If you miss a payment in BC
The lender can charge interest of 30% a year on the overdue amount and a single $20 fee for a bounced cheque or pre-authorized debit. Your bank may add its own NSF fee. Unpaid loans can go to the Civil Resolution Tribunal for amounts under $5,000, or to small claims court above that.
No loan to pay a loan
A BC lender cannot give you a new payday loan to pay off an existing one. If you can’t repay, ask the lender for a new payment arrangement instead.
Payday loans across British Columbia: major cities
Whether you are in Metro Vancouver, the Okanagan, on Vancouver Island or in the North, you apply the same way and receive funds by e-Transfer.
- Vancouver
- Surrey
- Burnaby
- Richmond
- Abbotsford
- Coquitlam
- Kelowna
- Langley
- Saanich
- Delta
- Kamloops
- Nanaimo
- Victoria
- Chilliwack
- Maple Ridge
- Prince George
- New Westminster
- Port Coquitlam
- North Vancouver
- Vernon
- Penticton
- Courtenay
- Campbell River
- Mission
- Cranbrook
- Fort St. John