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What does a loan cost in British Columbia in 2026?

Since January 1, 2025, Canada's Criminal Code caps the cost of most consumer loans at 35% APR, and every fee counts toward that limit. Payday loans are the one exception, and in British Columbia they are capped at $14 for every $100 borrowed. Every lender Loan Boys works with has to stay under those ceilings. Here is what an instalment loan costs at the maximum legal rate, so you know the worst case before you apply:

Payments at 35% APR, calculated monthly. Many offers come in below the cap; these numbers are the most a lawful lender can charge.

A payday loan looks cheaper at first glance: $500 for two weeks costs $70. But $70 for 14 days works out to roughly 365% a year, and if you need a second loan to cover the gap on your next payday, you pay it again. Spreading a small amount over three to six months usually costs less in total and leaves room in your budget for the next bill. Our payday loan cost guide walks through more examples.

Your rights as a borrower in British Columbia

British Columbia licenses both payday lenders and high-cost lenders through Consumer Protection BC, and gives you two business days to cancel a payday loan at no cost. Here are the rules worth knowing before you sign anything:

• A payday lender can charge no more than $14 for every $100 borrowed, including all charges and fees, on loans of up to $1,500 repaid within 62 days.
• A payday loan can't be more than 50% of your paycheque.
• You have 2 business days to cancel a payday loan, and you can't be charged extra for cancelling.
• You can repay the whole loan early, at any time, without a penalty.
• A lender can't renew your loan at an extra cost, lend you a new loan to pay off an old one, or give you more than one loan at a time.
• Payday lenders must be licensed by Consumer Protection BC.

Source: Consumer Protection BC, Payday loans. If a lender quotes you more than these limits, walk away and report it to the regulator.

What lenders look at when you apply from British Columbia

Lenders in the Loan Boys network don't decide on your credit score alone. They look at five things you can check yourself before applying:

• Regular income. A job is easiest. Some lenders also count regular government deposits such as BC income or disability assistance, CPP, EI or the Canada Child Benefit as income; others require employment income. The lender decides.
• Your bank account. An active Canadian account with regular deposits and few or no NSF (non-sufficient funds) charges in the last 90 days.
• Other short-term loans. An open payday loan lowers your odds, because a second lender is competing for the same paycheque.
• Stability. Six months or more at the same address and the same employer helps.
• The amount you ask for. $500 on a $2,400 monthly income is much easier to approve than $1,500 on the same income. Ask for the smallest amount that solves the problem.

How to apply from British Columbia

1. Have your phone, your income details and your bank information ready.
2. Fill in one short online application. There is no hard credit check, so applying doesn't lower your score.
3. Lenders in the network review the same application. Most decisions arrive within minutes during business hours.
4. Read the offer: amount, APR, number of payments and payment dates. Accept only if the payments fit your budget.
5. Once you accept, the money is usually sent by Interac e-Transfer, often the same day.

Start your application

Loan Boys is a loan-matching service, not a lender. The lender who makes you an offer sets the rate, within the legal limits above. You must be 18 or older, live in the province and have a regular income.

Guides for British Columbia borrowers

• Bad credit loans in Canada (2026): how they work and what they cost
• How much a payday loan really costs: the $14 cap and the real APR
• Getting a loan with terrible credit: where to start
• Car repair loans with bad credit: costs and options
• Bad credit loans in Vancouver: local rules and areas served
• Bad credit loans in Canada: how Loan Boys works

Common questions from British Columbia borrowers

Can I cancel a payday loan in BC?

Yes. You have two business days to cancel without a fee. Return the money within that window and the lender can't charge you for cancelling.

Can I get a loan on disability assistance in BC?

Some lenders in the network count regular provincial assistance or CPP deposits as income, and others require employment income. Applying doesn't involve a hard credit check, so you can find out without hurting your score.

Do you serve Vancouver and the rest of BC?

Yes. The application is online and works across the province, from the Lower Mainland to Kelowna, Kamloops, Nanaimo and Prince George. See our Vancouver page.

Sources

• Consumer Protection BC, Payday loans
• Consumer Protection BC, The rules for payday lenders in BC
• Criminal Interest Rate Regulations (SOR/2024-114)
• Financial Consumer Agency of Canada, Payday loans