How payday loans work in Richmond
Richmond is home to Vancouver International Airport and a large logistics, hospitality and retail workforce, with many residents working shifts.
Every payday loan in Richmond 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 Richmond
| 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 Richmond: what to know
Airport, logistics and hospitality shifts can change week to week. BC's 50% rule is based on your net pay for the pay period, so a lighter pay period means a smaller maximum loan. Borrow based on your usual paycheque.
Getting your money in Richmond
You can apply from anywhere in Richmond, including Steveston, City Centre, Hamilton and Sea Island. 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 Richmond can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Richmond
Richmond 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.