How payday loans work in Burnaby
Burnaby is home to Simon Fraser University, BCIT and the Metrotown and Brentwood business districts, with a large student and tech workforce.
Every payday loan in Burnaby follows Part 6.1 of BC's Business Practices and Consumer Protection Act. You can borrow $100 to $1,500, but no more than 50% of your net pay for the pay period. The cost can't exceed $14 per $100, you can only have one payday loan with a lender at a time, and you have two business days to cancel.
What a payday loan costs in Burnaby
| You borrow | $300 |
|---|---|
| Maximum cost ($14 per $100) | $42 |
| Total to repay | $342 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $600 per pay period |
| APR on a 14-day loan | 365% |
If you take a third payday loan within 62 days, BC requires it to be repaid in instalments over two or three pay periods. Lenders also can't charge you anything upfront, sell you insurance, or charge for a cash card.
Borrowing in Burnaby: what to know
Students should be cautious: student loans usually don't count as regular income, and BC's 50% limit means a small part-time paycheque allows only a small loan. SFU and BCIT both have financial aid offices that may offer emergency bursaries.
Getting your money in Burnaby
You can apply from anywhere in Burnaby, including Metrotown, Brentwood, Edmonds and Burnaby Heights. Once you e-sign your agreement, your lender sends the loan by Interac e-Transfer. Weekday morning applications are often funded within a few hours; evening and weekend applications usually fund the next business day.
Every lender we work with is licensed by Consumer Protection BC, and BC law requires lenders to display their licence number. If a website offering loans in Burnaby can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Burnaby
Burnaby residents can use the Credit Counselling Society's free counselling in person or by phone. Students should check with their school's financial aid office first.
If you believe a payday lender broke BC's rules, you can file a complaint with Consumer Protection BC. For free legal information, People's Law School publishes plain-language guides on debt and borrowing.