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Buyers Guide

Payday Loans in Payday Loans BC: Everything You Need To Know

It is easy to get approved for payday loans in Payday Loans BC, which is one of the best things about living in the province. Payday Loans BC is Canada’s farthest western province. Nevertheless, it is one of the most popular regions in Canada and an exciting tourist destination. The area boasts of beautiful islands, coastlines, rainforest, lakes, and breathtaking cities. Away from the city, residents and tourists can enjoy life in ski villages and small but attractive towns. While you can head to Vancouver when you land in Payday Loans BC, there are many more tows, such as Victoria, that may interest you. There is a horde of inspiring natural sceneries in the province – all which you can enjoy even when on a budget. Some areas to see and experience include:

Payday loans in BC are easy to apply and are approved within minutes even with short notice. While these loans will charge you up to $15 for every $100 you are loaned, which is expensive, they still offer you quick cash when you need a financial quick-fix. Today, you can apply for payday loans in BC online within minutes and have your money on your account to take care of your financial needs. When applying for payday loans in BC, you enjoy fast application process, safe quick approvals, no credit check, and no need for collateral as in car loans.

As a consumer, you need to be careful when applying for payday loans in BC with no credit check. There are hundreds of loan places willing to give you a fast loan, not on the basis of your credit score but your income. This guide takes you through all the details you need to know to stay safe when applying for short-term loans in BC. When in need of quick cash, read here before you apply.

Do You Qualify for Payday Loans in Payday Loans BC?

As long as you have a paycheque, you can get a payday loan in BC. The province of Payday Loans BC has legalized payday loans. When you are applying for online payday loans in BC, you are protected by the Consumer Financial Protection Action Plan.

The maximum amount you are allowed to borrow in BC is 50 per cent of your income. This means if you earn $1000, you can only borrow $500. Again, this amount should not go above $1,500. For each $100 you borrow, the lender will charge interest of $15. You are only allowed to take one loan at a time and pay within a maximum term of 62 days.

The lender will charge additional fees if your default on payment. However, the payday loans in BC with no credit check will not ask to have your wages directly transferred to them. Some lenders even accept direct deposit.

Do You Need Collateral for Online Payday Loans in Payday Loans BC?

Payday loans in BC are unsecured. This means that you are not required to leave collateral or pay money upfront to get a loan. Again, online and traditional lenders are not allowed to sell you insurance for their loan. Even better, you do not require insurance for all types of online loans. However, in cases where you default your loan for long, the lender might auction your property. If you change your mind and want to cancel your loan, you can do so within two days of signing the loan agreement, without any huge tax penalty.

Online Payday Loans in Payday Loans BC with no Credit Check

Many online payday loans in BC are offered without a credit check; show proof of income (for at least three consecutive months), and you are offered a loan. There are no minimum credit score requirements for payday loans in BC. Better yet, your credit score will not determine the interest rates you are charged.

How to Find Good Online Payday Loans in Payday Loans BC

Before you apply for a payday loan, ensure that you check the lender out with Consumer Protection Payday Loans BC. Because there are so many quick funds lenders, ensure that you get the best by checking for:

  • Display of their business license number on their website and in all physical locations: A well-displayed business license number shows business authenticity. You can also call Consumer Protection BC on 1-888-564-9963 and ask whether the lender you are considering is licensed in the province.
  • Display of costs: Payday lenders are required to display posters that show the rates they charge. Ensure the charges do not go beyond $15 for every $100 loaned.
  • No rollovers or multiple safe instant loans: The law in BC doesn’t allow any lender to offer multiple loans or rollover your loan before you pay the previous loan. Ensure that the lender writes loan agreements in a language that you can read and understand.

Avoid Unlicensed Lenders for Payday Loans in Payday Loans BC with No Credit Check

If you prefer online payday loans in BC to in store payday loans, you have to watch out for lenders across the country or the world. These lenders might be illegally distributing loans in BC, and this might expose you to huge risks. Unlicensed lenders will give you an instant decision on loans but might expose you to high-interest rates (more than $15 for every $100), identity theft, or they can take funds from your account without your permission.

BBB Payday Loans BC and LoansGeeks

While many payday lenders in BC have physical offices, it is easier to apply for payday loans in BC online through LoansGeeks. LoansGeeks screens all payday lenders to ensure you only get loans from licensed lenders. They also compare fees from different lenders, allowing you to enjoy payday loans with the lowest interest rates.

Before you apply for a loan through LoansGeeks, check out the rating and complaints about the business in BBB British Columbia. A lender does not need to be accredited, but they need to have no negative reviews from consumers.

The Application Process for Online Payday Loans in BC with no Credit Check

The eligibility criteria for payday loans in BC are simple. You only need to:

  • Be 19 years or older
  • Show proof of income for the last three months
  • Show proof of address – you might be required to show a utility bill
  • Have an active checking account

To complete your application, the lender will ask you for specific details, including:

  • Personal information including your official names, date of birth, your social insurance number, and a valid ID or driver’s license.
  • Contact details including your physical address, email address, your phone number, and sometimes alternative numbers of those close to you.
  • Employment and income details, such as your employer, employer’s address and your paycheque.
  • Chequing bank account details

With many lenders, you are required to submit your application online, and you will get almost instant approval. Here, you will get payday loans child benefit in BC, you can apply for payday loans in BC on disability assistance, and process everything you need online.

Most lenders will offer you payday loans in BC with no credit check. As long as you can show proof of income, have an active chequing account, and show proof of three months of continuous employment, you are good for a loan.

How Late Fees Work for Payday Loans in BC

If you default on your payday loan, money lenders will add fees to your loan but they cannot roll it over. Some of the consequences of later payment for instant cash defaulters include:

  • a fee will be charged immediately when the lender of quick loans realizes there is not enough money in your delinquent accounts
  • your bank will charge you a fee for insufficient funds in your account
  • the loan amount, interest amount, and fees charged, will continue to accrue interest for every month you fail to make payment for you instant loans
  • the payday lender will contact you. If you are not available on the phone, or through any of the contact details you provided, the lender may contact your friends, relatives, or you employer in a bid to collect their money. However, the lender is not allowed to disclose any details about the loan to your friends, relatives, or employer. Again, during the calls, the emergency loans lender is not allowed to use threatening language.
  • the lender might sell the loan to a collection agency if you default for more than a few months and you are not available on phone. This will give you bad credit history and affect all future loans that will require a credit check. The collection agency will try to contact you and might auction your property anything else that will help them recover the loan amount and their fees.
  • the lender can sue you for failure to meet the terms of the loan contract as they are allowed by payday loan regulations. These lenders can also seize your property.
  • Lenders can also withdraw money from your paycheque. This is called the garnishing of wages.

If you cannot make your payments on time, irrespective of the measures the lender takes, the fees applied will keep you in a debt trap that will be challenging to get out of.

Tips for Avoiding Additional Fees with Payday Loans in BC

Once you have taken care of your short term loan needs, the next thing you need to think about is the payment. The loan funding process is easy; all you have to do is pay on time. If you cannot make payments on the agreed date, call your lender to see if they can give you a new payment plan. The new payment plan might include reduce d default fees or an extended repayment period but not a rollover. If you do not call your lender, or you are not available on the phone when the lender calls you, a fee will be applied on your loan.

Read the Loan Fine Print

Research has shown that most borrowers do not read the loan fine print before signing the loan agreement. In most instances, besides the fees and rates that the lender is willing to display, there might be other hidden fees and charges that can only be seen if you read the loan fine print. Even better, ask as many questions as possible before signing the agreement. You can ask about payday loans child tax benefit in BC or about payday in BC on disability assistance.

When reading the fine print, watch out for:

  • Renewal fees for when you cannot pay your loan in time
  • How the lender collects money; is it directly from your bank account? What are the implications of the collection process when you have insufficient funds?
  • The impact of delayed payments on your credit history
  • The loan cycle and the renewal process and fees involved

It is advisable to go for the lender with the best terms. Even if you are not planning to default on payment, unforeseen circumstances might force you to default.

Clear Your Loan on Time

The best way to avoid additional fees is to clear your loan before or on the agreed date. When you make advanced payment, all you will pay is the interest on the loan. This will make it easier for you to take easy cash advances in the future. You can pay your loan fast by:

  • Taking a soft loan from friends or relatives to repay the fast cash advance
  • Take credit card advances

The best way to ensure that you repay your loan on time is to ensure you take a loan you can afford. Avoid bad financial practice by budgeting your paycheck. You can walk into a few payday loan storefronts and see all charges involved. Instead of checking charges from a nearby payday loan store, you can check what online applications entail including the charges, fees, and what impact these fees will have on your paycheque.

Most lenders with a payday license will give you access to an online calculator to calculate loan amount payable at the end of the agreed period. Some banks, such as RBC, TD, Scotiabank and Tangerine might help you repay your loan by giving you a personal loan. However, these banks consider your credit history before offering you a loan.

Frequently Asked Questions

Can I get payday loans in BC on disability?

Yes. Once you join the BC social assistance program, you will get payment from the government. Use the proof of payment to get a payday loan. You are guaranteed payday loan in Canada on disability assistance.

Can I pay my payday loan early?

You are allowed to pay at a date earlier than the agreed date without any charges. However, the law is not clear on making partial payments and as such, you have to talk to your loan provider to repay your payday loans in BC online early.

Can I take multiple loans at one time?

No. the law does not allow lenders to offer you a loan before you complete the loan you are paying. Again, they are not allowed to rollover you loan. This means no renewing of loans.

Where can I file a complaint against a lender?

Consumer Protection BC guards you against exploitation by lenders. You can file a complaint by filling out a form on the Consumer Protection BC website. The organization will launch an investigation on your complaint and apply the laws of British Columbia where necessary.

5 Fun Things to Do In British Columbia

1. Watch Whales on Vancouver Island

The Pacific offers a great chance for you to watch sea animals and the site of whales diving is surely mesmerizing. Dolphins and orca whales are always diving down the Vancouver Island coast. The best time to watch whales is in March during the Whale festival. During this festival, more than 20,000 grey whales will migrate through the area.

2. Hike the Vancouver Island’s West Coast Trail

The West Coast Trail is one of the most popular trails in Canada and for a good reason, the trail leads to breathtaking sceneries. It will take you up to seven days to walk the trail but you will surely enjoy the trail. The landscape is scenic.

3. Sample Wines in Thompson Okanagon

The Thompson Okanagan is a great place if you love wine. The region boasts of 120-odd wineries where you can sample all types of wines from day old to decade-old wines. Here, you will come across award-winning wines such as Mission Hill.

4. Enjoy the scenery at Harrison Hot Springs.

Harrison Hot Springs is a tiny village surrounded by nature. You will enjoy the scenic mountains, the ocean and hike the forests in this small town. Locals and tourists will find something to enjoy in this town.

5. Shop at the Salt Spring Island’s Saturday Market

The Saturday Market in Salt Spring Island is available for locals and out-of-towners between April and October. In the market, you are guaranteed of fresh local produce. The locals believe they either have to grow it, make it, or bake it to sell it.

Average Income by Age in British Columbia

British Columbia is a hub of businesses and it contributes a large portion of Canada’s GDP. The province has seen fast growth and development, with Vancouver housing national and international financial institutions.

Below are the average annual incomes of residents by age as per a 2017 report:

  • 16 – 24 years: $17,100
  • 24 – 54 years: $54,700
  • 25 – 34 years: $43,100
  • 35 – 44 years: $57,200
  • 45 – 54 years: $63,800
  • 55 – 64 years: $55,600
  • Above 65 years: $41,500

Want to Learn More About British Columbia?

Check out this helpful YouTube video!

Map of British Columbia

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