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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 66.5% | $486 |
| Instalment, $1,500 and above | 33.5% | $5,847 |
British Columbia requires a high-cost credit licence at or above 32% APR, under Part 6.1 of the Business Practices and Consumer Protection Act. Two provinces have this and eight do not.
Payday loans are capped at $15 per $100 with a two business day cooling-off period.
High-cost credit licensing applies at or above 32% APR. The regulator is Consumer Protection BC.
Four gates, in the order lenders apply them.
The rest require employment or self-employment. This field decides more applications than credit score does.
Income floor is absolute. Most lenders publish a minimum monthly income, most commonly $1,500 per month. Below a lender's floor, nothing else compensates.
Credit is more flexible than expected. 9 of 14 lenders serving British Columbia approve applicants below a 560 credit score. A decline is one lender's threshold, not the market's.
Banking history can replace credit history. Lenders that connect read-only to your account assess deposit regularity rather than your file, approve applications a bureau score would decline, and fund fastest.
Worth checking before borrowing. Each costs less than any loan.
Any instalment loan or credit line at 32% APR or higher. Since May 2022, BC lenders offering these need a dedicated high-cost credit licence from Consumer Protection BC, which adds disclosure requirements and cancellation rights on top of the standard rules. Many of the lenders serving BC price their upper range above 32%, so this licence applies to a real share of the market.
35% APR under the federal criminal rate, fees included. Between 32% and 35% sits BC's high-cost band, legal but requiring the extra licence and disclosures. Below 32%, standard consumer credit rules apply.
Yes, of the lenders serving BC approve on income and banking history instead of a credit score. If the rate lands at or above 32% APR, the lender must hold BC's high-cost credit licence, which you can verify by name on Consumer Protection BC's search before applying.
