How payday loans work in North Vancouver
North Vancouver, covering both the City and the District, sits across Burrard Inlet from downtown, with many residents working in film, tourism and trades or commuting over the bridges and SeaBus.
Every payday loan in North Vancouver 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 North Vancouver
| You borrow | $500 |
|---|---|
| Maximum cost ($14 per $100) | $70 |
| Total to repay | $570 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $1,000 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 North Vancouver: what to know
Film and tourism work often comes in contracts with gaps between them. Lenders need to see regular income over the last three months, so borrow based on the pay you're sure to receive before the loan is due.
Getting your money in North Vancouver
You can apply from anywhere in North Vancouver, including Lonsdale, Lynn Valley, Deep Cove and West Vancouver. 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 North Vancouver can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in North Vancouver
North Vancouver 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.