How payday loans work in Prince George
Prince George is the largest city in northern BC, a hub for forestry, transportation, healthcare and the University of Northern British Columbia.
Every payday loan in Prince George 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 Prince George
| 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 Prince George: what to know
Forestry work can be affected by mill curtailments and closures. If your hours have recently dropped, lenders will see it in your deposits, and BC's 50% rule will lower the amount you can borrow. Ask your utility about equal payment plans to spread winter heating costs.
Getting your money in Prince George
You can apply from anywhere in Prince George, including College Heights, the Hart, Vanderhoof and Quesnel. 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 Prince George can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Prince George
Prince George residents can use the Credit Counselling Society's free counselling by phone or online, and call 211 for northern BC 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.