How payday loans work in Coquitlam
Coquitlam, with Port Coquitlam and Port Moody, makes up the Tri-Cities, a growing commuter area linked to Vancouver by SkyTrain and Highway 1.
Every payday loan in Coquitlam 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 Coquitlam
| You borrow | $400 |
|---|---|
| Maximum cost ($14 per $100) | $56 |
| Total to repay | $456 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $800 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 Coquitlam: what to know
If a repair can't wait, remember BC's two-business-day cancellation right. If you find a cheaper way to cover it, like a payment plan from the repair shop, you can cancel the loan and pay no cost of borrowing.
Getting your money in Coquitlam
You can apply from anywhere in Coquitlam, including Port Coquitlam, Port Moody, Burke Mountain and Maillardville. 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 Coquitlam can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Coquitlam
Coquitlam residents can use the Credit Counselling Society's free counselling in person in the Lower Mainland or by phone.
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.