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Installment Loans British Columbia

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  • chTransparency in rates & terms
up Last updated

June 09, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

Getting financing in British Columbia is easy with an installment loan. Repairs for your car, unexpected bills, a business investment or even a vacation can be taken care of by exploring Smarter Loans to find the right  loans in BC.

Approval has never been more readily available in British Columbia. Stacks of paperwork and long line-ups are a thing of the past. After a brief online application, the cash is deposited directly into your bank account within a couple days.

Compare Lenders

AMOUNT
$500 - $150,000
INTEREST RATE
9.99% - 34.99%
TERMS
9 - 240 months
AMOUNT
$500 - $25,000
INTEREST RATE
34.56% - 34.95%
TERMS
6 - 84 Months
AMOUNT
$300 - $35,000
INTEREST RATE
9.99% - 34.95%
TERMS
9 - 84 Months
AMOUNT
Up to $20,000
INTEREST RATE
19.8% - 34.99%
TERMS
36 months
AMOUNT
$1,000 - $5,000
INTEREST RATE
19.9% - 34.5%
TERMS
12 - 36 months
AMOUNT
$500 - $1,000
INTEREST RATE
Varies
TERMS
3 - 6 months
AMOUNT
$1,000 – $15,000
INTEREST RATE
19.9% - 34.9%
TERMS
Line of Credit
AMOUNT
$150-$1000
INTEREST RATE
30.4% APR
TERMS
30 Days
AMOUNT
$500 - $15,000
INTEREST RATE
34.37%
TERMS
12 - 60 Months
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
2 months
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
2 months
AMOUNT
$300 - $20,000
INTEREST RATE
Varies
TERMS
12 - 60 Months

What is an installment loan?


An installment loan is any loan that you take at once, then pay back in installments. Personal loans, car loans, and home loans are all examples of installment loans.

Most of the loans you’ve gotten before have probably been installment loans. They are the most common type of loan.

What is the difference between a secured and an unsecured installment loan in BC?


A secured installment loan will require you to provide collateral to be able to take the loan. You can use any asset you have that a lender is satisfied will mitigate the risk of lending you money as collateral. Because secured loans are less risky for the lender, they usually have better rates.

Unsecured installment loans are less risky for you but riskier for the lender. So, the BC lenders will usually charge higher interest rates if you don’t provide collateral. They will also usually require higher credit scores to qualify for.

How do you apply for an installment loan in BC?


You can compare BC installment loan lenders online. Once you decide on an installment loan, you just need to send an application to the lender of your choice.

Your application will include some basic information, like your ID and proof of payment. The lender will use this information to assess you and come up with rates to offer you. When they are done, they will either reject you or send you an offer.

Once you accept an online installment loan, the lender will send you the funds. From that point, your first repayment is due, and the terms of the loan will be applied.

Can I get an installment loan with no credit check in British Columbia?


Yes, there are plenty of BC installment loans with no credit check required. You just need to find the lenders that offer bad credit installment loans.

These bad credit installment loan lenders won’t need to check your credit score. So, they will often charge higher rates than other lenders.

What do you need to qualify for an installment loan in BC?


Qualifying for installment loans in BC is not difficult. You just need a source of income of at least $1,200 per month and some credit history. You might need to show your last 3 months of bank statements.

Qualifying for an installment loan with good rates is harder. A higher credit score and a higher, more stable income can help you qualify for better rates.

Where do you get an installment loan in British Columbia?


You can get installment loans from any British Columbian lender that accepts your application. Installment loan lenders include banks, credit unions, online loan companies and alternative lenders. It is easiest to qualify for online installment loans through alternative lenders though, as their requirements are less stringent.

Can I get an installment loan if I have bad credit in British Columbia?


Yes, there are bad credit installment loans in BC available for borrowers with bad credit. You will just need to find the lenders that offer these bad credit installment loans.

These lenders will usually accept applications from those with low credit scores. However, they will charge higher interest rates. They may also ask for a co-signer or some collateral to secure the loan against.

Installment loans uses


Installment loans can be used for many purposes. Any expense that you can’t afford to pay for right away can be paid for with an installment loan. Some of the most common reasons for an installment loan are:

av
writtenWritten by:

Amy Orr

Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.

av
writtenReviewed by:

Jenna West

Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.

Awesome G.
04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
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02:07 26 Feb 25
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Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
Nate C.
13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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