How payday loans work in Langley
Langley is really two municipalities, the City of Langley and the Township of Langley, mixing suburban neighbourhoods, farmland and a growing business sector.
Every payday loan in Langley 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 Langley
| 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 Langley: what to know
Whether you live in the City or the Township, the same BC rules apply. If your income is seasonal, lenders want to see about three months of regular deposits, so applying at the start of a season may limit what you're offered.
Getting your money in Langley
You can apply from anywhere in Langley, including Willoughby, Walnut Grove, Aldergrove, Fort Langley and Brookswood. 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 Langley can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Langley
Langley residents can use the Credit Counselling Society's free counselling in person or by phone, and call 211 for local supports.
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.