How payday loans work in Victoria
Victoria, BC's capital, has a large provincial public service, CFB Esquimalt, the University of Victoria and a busy tourism industry.
Every payday loan in Victoria 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 Victoria
| 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 Victoria: what to know
Victoria's tight rental market means moving costs are a common reason to borrow. If you're a Canadian Armed Forces member, check your base's family resource centre for financial support before taking a high-cost loan.
Getting your money in Victoria
You can apply from anywhere in Victoria, including Saanich, Esquimalt, Langford, Oak Bay and Colwood. 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 Victoria can't show one, or asks for a fee upfront, which is illegal in BC, don't apply.
Free financial help in Victoria
Victoria residents can use the Credit Counselling Society's free counselling in person or by phone, and call 211 for local supports. The BC Rent Bank network may also help with rent shortfalls.
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.