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The province sets the price and the shape. A lender cannot charge more than $14 for every $100 borrowed, including every fee, cannot lend more than $1,500, and must be repaid within 62 days; the January 2025 change that brought the cap down from $15 came from the federal criminal interest rate, so every province now sits under the same ceiling. Every payday lender, online or in a store, needs a licence from Consumer Protection BC. Borrow $500 and you repay $570 on your pay date; borrow $300 and you repay $342.
| BC rule | What it means for you |
|---|---|
| Cost cap | $14 for every $100 borrowed, every fee included |
| Largest loan | $1,500 |
| Longest term | 62 days |
| Licence | Every payday lender needs a Consumer Protection BC licence, online or in a store |
| On $500 | You repay $570 |
Seven in the Smarter Loans network, from $100 to $1,500, every card at the $14 cap because the province sets the price. All seven lend online, so the application, the decision and the e-transfer happen from your phone, from Victoria to Fort St. John; six of the seven pay out within 24 hours of approval, two within the hour, and all seven within two days. Five set no minimum credit score and two consider poor credit; income minimums run from $800 to $2,000 a month depending on the lender. Every payday lender in the network is on the payday loans in Canada page.
$14 per $100 for two weeks. A short-term loan of $500 over three months at the 35% federal cap costs about $29 in interest, and the payments are spread. The payday loan is cheaper only if you repay it in full on the date; the moment it rolls into a second loan, the cost doubles. The personal loans in British Columbia page lists the thirteen personal lenders that serve the province, priced by APR or by a flat fee rather than by the payday cap, and one application reaches both kinds.
On our platform in the first half of 2026, British Columbians made 12.6% of everyday-scale applications under $1,500 across Canada and asked for $484 on average. Use that to check your own amount: a request around $500 is the ordinary case, and borrowing the bill rather than the limit is the single cheapest decision, because the fee scales with every $100.
Regular income of at least $800 to $2,000 a month depending on the lender, from any source that arrives on a fixed date; a bank account it is paid into; your online banking login, because the decision is made on your statements and the repayment is taken from the same account; and a BC address. No interview, no employment letter, and with five of the seven no minimum score. Apply before your bank's e-transfer cutoff and the money can arrive the same afternoon.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans. Last reviewed 24 September 2026. Lender figures are the lenders' published terms as checked August 2026; the short-term comparison is illustrative. Platform figures cover applications from 1 January to 30 June 2026.
A lender can charge no more than $14 for every $100 borrowed, including every fee. Borrow $500 and you repay $570 on your next pay date.
The province caps a payday loan at $1,500 and 62 days, and the lenders listed lend from $100.
Yes. Every payday lender serving BC, online or in a store, needs a licence from Consumer Protection BC, and a lender that cannot show one is not a lender to use.
No. Five of the seven lenders listed set no minimum credit score and two consider poor credit; the decision is made on your bank statements and your pay date.
If you cannot repay in full on your next pay date, yes: a short-term loan of $500 over three months at the 35% cap costs about $29 in interest against $70 for the payday loan, and one application reaches both kinds of lender.
