Do I Need a Licence?

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Payday Lenders

Consumer Protection BC issues payday lender licenses based on the requirements of the Buisness Practices and Consumer Protection Act and the Payday Loans Regulation.


A "payday lender" means a supplier who offers, arranges or provides payday loans to or for consumers.

A "payday loan" means a "credit agreement", that is a loan of money, with a principal of $1500 or less and for a term of 62 days or less, made in exchange for a post-dated cheque, a pre-authorized debit or a future payment of a similar nature, but not for any guarantee, suretyship (a pledge to ensure against loss), overdraft protection or security on property and not through a margin loan, pawnbroking, a line of credit or a credit card.

A "credit agreement" means an agreement under which credit is extended and includes:

  1. an agreement in relation to
    (i) a loan of money;
    (ii) a credit sale;
    (iii) a line of credit; or
    (iv) a credit card; and
  2. a renewal of an agreement referred to in this definition.


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