How payday loans work in Surrey
Surrey is one of the fastest-growing cities in Canada, with a young, diverse population and a large workforce in trucking, construction, trades and healthcare.
Every payday loan in Surrey 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 Surrey
| 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 Surrey: what to know
If you drive for work, a breakdown can cost you income as well as the repair. Borrow only the repair cost. In BC, the full amount plus the cost of borrowing is normally due on your next payday, and you can't take a second payday loan with the same lender until the first is repaid.
Getting your money in Surrey
You can apply from anywhere in Surrey, including Newton, Guildford, Fleetwood, Cloverdale and South Surrey. 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 Surrey can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Surrey
Surrey residents can use the Credit Counselling Society's free counselling in person in the Lower Mainland or by phone, and call 211 for local supports, including newcomer services.
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.