Loans Vancouver questions, payday and installment
The rules behind these answers come from Consumer Protection BC and the BC Business Practices and Consumer Protection Act.
How much can I borrow on a first loan in Vancouver?
A first payday loan usually lands between $100 and $500, because BC limits it to 50% of the net pay you receive during the term. Larger amounts up to $1500 tend to follow a record of on time repayment. An installment loan starts at $500 and can reach $10000 when your income and credit file carry the payment.
How fast can the money arrive?
A payday loan signed on a weekday morning often arrives by Interac e-transfer that afternoon. Finishing the bank verification right after the form is what keeps it quick. A late Friday signature or an installment loan can take until the next business day.
How long do I have to cancel a payday loan in BC?
Until the end of the second day the lender is open for business after you receive the first advance. Return the principal inside that window and you owe no fee. The cancellation right has to be set out in the agreement.
I live in Surrey, Burnaby or North Vancouver. Can I apply here?
Yes. A lender licensed in BC serves any BC address, from Tsawwassen to Deep Cove. What matters is that the address on your ID matches your bank statement.
Can I apply at 18 in Vancouver?
No. BC's age of majority is 19, and a payday or installment agreement signed by someone younger is not one a licensed lender will offer. Once you turn 19 with a job and a chequing account, you can apply.
Can a payday loan cover a damage deposit?
Sometimes, on its own. A deposit on a modest suite can fall under half of one paycheque, and then a payday loan works. A deposit plus the first month almost never fits, and that belongs on an installment loan over 6 to 24 months.
Do payday loans build credit?
Usually not, since most payday lenders do not report to the credit bureaus. A small installment loan paid on time for a year does that job better, and many installment lenders report each payment.
Does applying hurt my credit score?
Applying through Loans Vancouver does not, because the match uses the details you type in. Payday lenders mostly check deposits instead of pulling a bureau report. An installment lender may record an inquiry once you accept its offer, which has a small and short lived effect.
