Payday Lending in BC: What Consumers Need to Know
As of November 1, 2009, payday lenders need to be licensed in BC and follow the payday lending laws in our province.
WHAT ARE THE TOP THINGS YOU NEED TO KNOW ABOUT PAYDAY LENDING IN BC?
- The most you can be charged is 23% of the amount you borrowed, including all charges and fees - no matter what.
- You should not be charged for cash cards.
- Insurance is optional. It's okay to tell the business that you don't want insurance.
- If you are getting your 3rd loan in 2 months, you can pay it back over 3 bi-weekly pay periods.
Want to Know More?
There's a lot to know about your rights and responsibilities around payday lending in BC. Here are some other things to keep in mind:
- You can change your mind and cancel the loan by the end of the following day, without paying any charges.
- Payday lenders must have posters showing the rates they charge.
- The loan agreement must list all of the charges, terms and conditions of the loan.
- Payday lenders can't issue you more than one loan at the same time.
- Payday lenders can’t rollover your loan, which means that they can’t extend or renew a loan at an additional cost to you or give you a new loan to pay out an old loan.
- Payday lenders can't give you a loan for more than 50% of your paycheque.
Want a Brochure?
If you would like us to send you a brochure about your rights around payday lending, please email us at
and let us know how many copies you want and where to mail them.
If you have any questions about payday lending in BC, please call our Inquiry Centre toll-free at 1-888-564-9963 or email us at
Since payday lenders need to be licensed in BC, find out who is licensed by clicking here. For even more information about payday lending, here are some more tips for consumers.