Payday loans

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By law, any person or business who operates a payday loan business in BC or to BC residents needs a licence. Lenders can do business in person, by telephone, or over the internet.

What is payday loan?

Payday loans are defined as small, short term loans – $1500 or less – that must be repaid within 62 days when the borrower receives their paycheque or other forms of income.

Read the Business Practices and Consumer Protection Act.
Read the Payday Loans Regulations.

How to get licensed

You are required to provide the following to be licensed.

Licence application forms