Vancouver is one of the cities with the highest population density in the world. The greater Vancouver area has a population of 2.46 million according to the 2011 census – the population has since grown. The city, which is the most populous in British Columbia, has hosted so many international conferences. Vancouver will give residents and out-of-towners the best of city life and the best of country life all at the same time.
Besides the beauty of the city, residents have easy access to payday loans in Vancouver. The government of British Columbia regulates the payday loans scene in Vancouver. There are so many loan places in stores and online. We created this guide to help you navigate the ins and outs of online payday loans in Vancouver and avoid falling prey to predatory lenders.
You are guaranteed payday loans in Canada in Vancouver if you have an income of at least $800 every month. Most lenders will offer you a fast loan without a credit check. Better yet, lenders who check your credit history might not approve your loan in the basis of your credit score. This way, you are guaranteed a loan as long as you have an income and you have had it for at least three continuous months.
The eligibility criteria might also require that:
Some lenders offer emergency loans to all Canadians without considering whether they are residents of Vancouver or British Columbia. The application process is simple, and once you have satisfied the eligibility criteria, you will have money in your account within minutes.
You are only allowed to borrow up to $1,500, which should not exceed 50 per cent of your net income. The lender can only charge you $15 for every $100 you borrow. This means that, if your income is $1000 (this is what you will get in your next payday), you can only take a loan of $500 or less. At the end of the instant loans term, you will pay 15 per cent of $500 as cost of borrowing. You will thus owe the lender $575 after one or two weeks (which is the minimum loan term for payday loans in Vancouver). You can, however, pay the loan in 62 days, the maximum loan term.
When you take a quick funds loan, you are protected by The Consumer Financial Protection Action Plan. This ensures that safe instant loans lenders do not charge you exorbitant fees or harass you into paying the loan.
Do you have a bad credit history but are in need of quick cash to take care of some financial issues? Payday loans are accessible to you, irrespective of your credit score. However, with a poor credit score, easy cash advances lender might take advantage of you and plunge you into a debt cycle, you might never get out of. As such, you need to be very careful not to fall into the plans of lenders with bad financial practice.
Payday loan regulations require that a lender displays their license number and the cost of borrowing in all their advertisements online and in stores. As a borrower, all you need is to check the status of the payday license with the Consumer Protection BC License Search. Here, you will be required to enter:
The platform will show you whether the license the short-term loans lender displays is legit. Besides checking whether a business is licensed, you can review recent enforcement and licensing actions taken against companies in BC. Consumer Protection BC maintains a record of enforcement cases and indicates the reason for the action taken. If the fast cash advance lender you are considering has had enforcement action taken against them, reconsider using borrowing with them.
Consumer Protection BC also maintains a record of all closed cases. You can see whether the lender you are considering has been involved in bad financial practice before signing a loan agreement.
Besides a quick loans lender having a payday license, they need to follow all the payday loan regulations in BC. Ensure that the online payday loans in Vancouver lender:
Unlike traditional lenders operating in-stores, payday lenders online offer instant decision at the comfort of your home. If you have the needed documents, you will get safe, quick approvals within a short time. When applying for a short loan term, ensure that that you do not fall for predatory lenders. To do that, you can:
Most money lenders will offer different types of online loans without minimum credit score requirements to help you take care of your financial needs. However, do these lenders handle their clients well or they have hidden charges. You can check the credibility and reputation of a lender on Better Business Bureau serving Vancouver. Avoid businesses with so many negative reviews and those that do not respond to the complaints their customers raise against them.
Instead of comparing payday loans in Vancouver no credit check, you can check out all lenders in Vancouver on one platform. Loans Geeks does the due diligence on all payday loans in Vancouver, so you don’t have to. On the platform, you will see only licensed lenders. You can also see lenders with the lowest rates and how to apply for payday loans. You can also browse other personal loans, such as car loans, on Loans Geeks.
If you search for online payday loans in Vancouver on Google, the first page will have all the lenders who can offer you a loan. On TV every day, you will see the payday loan adverts. Adverts from legit lenders should show the business license number and their rates. A thorough background check will help you root out lenders who might be preying on your money.
Before your payday loan is approved, you will need to meet the following eligibility criteria:
The process is as simple as submitting the documents, waiting a few minutes for approval, and getting the money in your account. Some of the details and documents required during application include:
Some lender might ask for more information such as contact details of another person (such as a spouse) who should be contacted if you are not available on the phone. The lender might also require your employer’s contact details to confirm details about your employment. The Social Insurance Number is needed to check your credit history. Your credit score will not affect the loan approval decision.
After approval, you will enter into a payday loan contract with the lender. The lender will draft a loan contract that you need to sign. In that contract, the lender is supposed to include:
You have the right to cancel a loan within 48 hours after application. In the payday loan contract, the lender needs to inform you of your right to cancel. The lender also needs to provide you with a form to use when you need to cancel a loan. On cancelling the loan, you will need to give back the principal amount borrowed, and the lender needs to provide you with a receipt to show that you have given back all the money you had borrowed. The lender also needs to give you back any fees you had paid up-front. If the lender fails to inform you of your right to cancel, you can cancel the loan at any time.
If a lender charges you more than the recommended APR, or violates your rights as a consumer, you need to report them to Consumer Protection BC by filing a complaint. Consumer Protection BC will launch an investigation and if found guilty, the lender might lose their license or face a huge tax penalty. Payday loan regulations apply to online lenders the same way they apply to payday loan storefronts.
Payday loans in Vancouver have an APR of 391.07 per cent, which is relatively higher compared to other online loans. After taking care of your short term loans needs, the short repayment terms and the high-interest rates, and any unforeseen circumstances might cause you to default on your loan. If you feel you might default on a loan, take part times jobs, or source for a financial quick-fix elsewhere to avoid delinquent accounts.
Once you default on your payday loan, the lender will:
The lender is allowed by law to contact you to collect what you owe. They might also be calling you to come up with a payment plan that works for both of you. You can agree to make a direct deposit after every few days or agree to pay in full by the next payday. While the lender will not offer you a new loan or rollover your loan, they will accept a new payment plan.
However, the lender is not allowed to:
Before your loan goes to the collection phase, you need to call your lender and explain the situation. Most instant cash lenders will accept to negotiate the additional fees if you call them before the due date. Even better, a lender will not sue you or hand your loan to a collection agency if you stay in communication. The lender might also be willing to revise the rates downwards if you call them and explain the situation. If the lender already has a post0dated cheque or pre authorized debit, they will not try withdrawing money from your account, and you will therefore not be charged an NSF fee by your bank.
Other ways in which you can reduce additional fees include:
You need to plan your income and make small instalments between the day your loan is approved to the time your loan is due. The lender will not charge you extra fees for making advance payments. Just the same way you made your online applications for payday loans in Vancouver; you can make small advance payments. To make these instalments, you need to plan your income.
Before the loan goes into collection and before any additional fees are charged, you need to repay your loan in full. You can consider:
You can get payday loans in Vancouver no credit check on short notice. Better still, you can get payday loans with no bank statement in Vancouver. The law protects you from harassment during the funding process so you can take care of your short term loan needs in peace. However, even though online payday loans in Vancouver are easy to apply and get approval, you need to be careful not to fall into a debt cycle that will keep you in debt forever. As such, ensure you only take a loan from a licensed lender, and you make arrangements to pay your loan on time.
Below are the average incomes of Vancouver residents by age as of 2017 according to Statistics Canada.
You can get a payday loan on disability income as long as you earn the minimum $800 per month.
Lenders are only allowed by law to offer you one loan at a time and not to offer new loan terms when there is an outstanding loan.
The lender will either call you to collect what you owe or to make a new payment plan, sue you for the amount you owe, or hand over your loan to a collection agency. Whichever the case, the lender will charge additional fees.
Yes. The lender will consider your ability to pay the loan based on your current income. Some lender will need to know whether you cleared your previous loans.