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It may seem difficult to get a personal, business or equipment loan in British Columbia, but we’ve hand picked the best financing and loan providers in BC to make things quick and simple for you. If you are looking for any type of loan in BC: personal loan, car loan, truck loan, mortgage loan, boat loan or business loan you’ve come to the right place.
Simply choose one of the trusted lenders from the chart below, click “Apply Now” next to the company you want to work with and you will get the cash you need in just a few days. You can also “Pre-Apply” with Smarter Loans and we’ll connect you with the most suitable loan provider in BC. Even if you have bad credit, don’t worry. Lenders we work with are able to measure more than just your personal credit score, which means getting a bad credit loan in BC is not as difficult as you may think.
British Columbia boasts an active loan market to service the province’s five million residents, and those seeking financing – for any reason – have quite a few loan providers to choose from. These providers can be general financial institutions, or specialist companies, and they include:
What’s needed to qualify for a loan in B.C.?Qualifying for a loan in B.C. starts with a few basic requirements: you must be at least 19 years old, have proof of ID, an active bank account, and proof of residency in the province. All lenders will need you to meet this minimum set of criteria. But after this, eligibility becomes lender and loan specific. It is typical for loan companies to want to see proof of income, verify your credit score meets a certain standard, and identify your other debts to determine your ability to pay back the loan. Generally, larger loans, loans with longer terms, and loans from banks and credit unions all have stricter prerequisites.
Getting a business loan is more complex than getting a personal loan, as the loan company must analyze the business’s financial health. Most loan companies will want to see the following before approving a business loan:
Exceptions do exist if your company does not have some of the above, but the key is that the loan company must feel your business can realistically pay back the loan. There are financing options via both the provincial and federal government for qualifying businesses that cannot afford or qualify for private financing.
Personal loans are incredibly helpful, as they can be used for many different purposes and come in all sizes. Loan amounts range from $500 to $50,000, and can be short term – lasting just a few weeks or months – to long term, lasting five years or more. The average interest rate on a personal loan in B.C. is just under 10%, but this can fall to 5% for those with the best credit.
While your personal financial circumstances will help determine what size of loan you qualify for and what terms you will get, once you have your personal loan you can use it for anything, including:
B.C. is home to over half a million businesses, and whether large or small, new or old, access to affordable financing is a priority for them all. Luckily, B.C. is also home to a plethora of lenders who cater to businesses of all kinds, and who provide loans for everything business-related, including:
These loans can range from as little as $1000 to millions for large and established companies; a competitive interest rate is anything below 5%.
B.C. is home to Canada’s most expensive property market; the average purchase price is $736,000, and studies show that B.C. residents (whether renting or owning) spend more on property costs than inhabitants of any other province. All of this leads to larger mortgages, but despite the greater cost to entry, the qualification requirements for a B.C. mortgage are not more flexible than elsewhere in Canada. You still need to be a Canadian resident, at least 19 years old, have sustained income, proof of employment, pass the lender’s credit score and financial history checks, and have a minimum down payment. This ranges from 5% of the purchase price to 20%, depending on the cost of the home. The average down payment needed in B.C. is $48,600.
New residents of B.C. can still get a loan, but it may require a little more legwork. If you have moved from another province, then your Canadian credit history is intact and you should have no problems. However if you are a new Canadian immigrant, you do not have a credit history in the country, so you have to start from scratch. This doesn’t mean you can’t get a loan, but you may be asked to show more documentation, have higher income or collateral, or agree to higher interest rates – until your credit history is established.
Nearly 900,000 people live on Vancouver Island, and more in other coastal communities. This vibrant population has, in theory, the same access to financing as residents of the mainland. However, the more rural your home is, the harder it will be to access a physical, brick-and-mortar branch of a loan provider, if you need in-person assistance. Clearly, those in Victoria don’t have to worry, but those further north may struggle. Luckily, most lenders have online platforms so that physical locations are not a necessity.
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