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.
How to get licensed
You are required to provide the following to be licensed.