Consumer Protection BC licenses and regulates payday lenders in the province.  The law explains what information needs to be included in a payday loan agreement (or contract). While the licence number, name, address and contact information of the payday lender must always be included in the contract, there are other items that also need to be present.

These are:

• The principal of the payday loan (this is the amount you initially borrowed, excluding fees and interest).
• The total amount owed including fees and interest. (Please note that the total amount owed can never exceed $23 per $100.)
• The time frames of the payday loan.
• The date on which each payment is due to the payday lender and the amount of each of those payments.
• The borrower’s cancellation rights, stated clearly.

Borrowers must get a copy of the loan agreement at the time it is signed and payday lenders must review the agreement with the borrower at that time.  For a full list of the required contents of a payday loan agreement, please read the section about payday lending in the Business Practices and Consumer Protection Act.

There is a lot to know about the payday lending industry in BC. For more information about payday lending please contact Consumer Protection BC toll free at 1-888-564-9963, via email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or visit How Can We Help section of our website.  There are also more consumer tips to read about payday lending on our website.

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