With the increasing debt load in BC, more and more people are turning to short-term loans. Though we oversee payday loans, a lot of other loan options are unregulated within BC, so it is important to do your research and really understand what you are signing. Ensure the company is legitimate and make sure you understand the terms and conditions of the loan. For instance, how much is the loan actually going to cost you in the end?
It’s also important to know that it is illegal for a company to request that you pay a fee upfront to borrow money. Legitimate lenders wouldn’t ask you to do so. If you pay for a loan upfront you might have entered into an advanced fee loan, if you have concerns your best bet is to report it to your local police and to the Canadian Anti-Fraud Centre.
Other disputes with with a loan company typically have to be resolved in court.
If you are struggling to pay back a loan you might want to consider looking into a reputable debt repayment, or credit counselling company to help you with your finances.
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