One application. 8 lenders.
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Every Apply button starts the same single application. Your chosen lender is prioritized first.
| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 66.5% | $486 |
| Instalment, $1,500 and above | 33.5% | $5,847 |
Read-only banking connection approves files a bureau score declines: the lender sees deposit regularity, overdraft frequency and what you already pay monthly, rather than a three-digit summary. It is also why those lenders fund fastest, in British Columbia as everywhere.
How to tell a legitimate online lender from a scam. No legitimate Canadian lender asks for money upfront. Provincial licensing registers are public and take a minute to search. Banking connection is read-only through a recognised provider, and nobody legitimate asks for your online banking password. Guaranteed approval with no checks is not a real product.
High-cost credit licensing applies at or above 32% APR. The regulator is Consumer Protection BC.
Applying for an online loan in B.C. is easy. The first thing you’ll need to do is make sure you have the necessary paperwork. Each loan provider requires slightly different documents, but at a minimum you should have ready your: 1. ID 2. Proof of address 3. Income or employment information (such as pay stubs or bank statements) - With this information, you’ll be able to fill in your chosen online loan’s application form, and submit it for review. Simple!
Online loans are popular with B.C.’s 5 million residents because of their convenience - they are reviewed much faster than other forms of loan, or loans from banks and credit unions. Most will offer a turnaround time of between 1 and 5 days (this compares to 4-6 weeks for banks and credit unions). If speed is a particular priority for you, look for the lenders that offer 24hr turnaround times.
Interest rates on online loans can be very variable, with some as low as 5%, and some as high as 50%. This is because there is a wide variety in types of lenders, loan details, and borrower details. Generally speaking, the most financially secure borrowers will be charged the lowest interest rates, and those with poor credit or low income will be charged the highest.
The amount you can borrow with an online loan in the Garden Province depends on the lender you go to and your personal circumstances. Online loans are available for up to $50,000 for borrowers who qualify, but most people borrow around $10,000 with an online loan - and you can borrow as little as $500. You’ll be able to borrow more if you have high income, good credit, or assets to secure your loan against.
Not all online loans come with fees, but many do, and as these can quickly add up it’s important to know what they are, and to take them into account when calculating your loan’s total cost. Every lender charges different fees, but you should look out for: 1. Application fees 2. Loan origination fees 3. Late payment fees 4. Early repayment fees 5. Closing fees 6. Underwriting fees 7. Legal fees 8. Administrative fees
Your credit score is probably one of the first things a lender will check when looking at your loan application, which means it’s very helpful if you know your score in advance of applying for your loan. Traditional lenders, like banks and credit unions, have strict requirements, and won’t lend to anyone with a score below 650. Most online lenders are more flexible than this, and usually only require a score of 600 or above. As B.C.’s average credit score is 679, credit history isn’t a problem for most locals when applying for an online loan.
