Loans Victoria questions, payday and installment
The rules behind these answers come from the BC Business Practices and Consumer Protection Act and Consumer Protection BC.
How much can I borrow on a first loan in Victoria?
Most first payday loans land between $100 and $500. BC caps the loan at 50% of your net pay for the period, so $1800 of biweekly take home pay allows at most $900. Installment loans run $500 to $10000 when the bill is bigger.
When is a payday loan in Victoria due?
In one payment on your next payday, never more than 62 days out. The ministries, the hospitals, the base and the universities here pay biweekly, so a typical Victoria loan runs about two weeks.
How long do I have to cancel a payday loan in BC?
Until the end of the second day the lender is open for business after you receive the advance. Written notice and the money returned, nothing owed and no reason needed. Take the money Thursday from a weekday lender and the window runs through the end of Monday.
Can a UVic or Camosun student get a loan?
From age 19, yes, with employment pay arriving by direct deposit and a chequing account in their own name. The loan stays small because the deposits are small. Between terms, with no pay landing, a decline is the likely and honest answer.
My hotel hours were cut for the winter. Can I still borrow?
Only against the pay still landing. A lender sizes the loan to the deposits it can see, so November's thinner cheques support a smaller loan than July's did. If the schedule has stopped entirely until spring, a payday loan has nothing to bridge to and a decline protects you.
I live in Sooke, Langford or Sidney. Can I apply?
Yes. A BC licence covers every BC address, so the Westshore, the peninsula and the far end of Highway 14 use the same form at the same speed as a downtown postal code. Keep the address on your ID matching your bank statement.
Does BC require a payment plan if I cannot repay on time?
No. BC bans rollovers but sets no mandatory payment plan, so the working move is calling the lender in writing before the due date and asking to move the payment. If a lender breaks the rules, Consumer Protection BC takes the complaint.
Does applying hurt my credit score?
Not at the matching stage, which runs on the details you type rather than a bureau pull. Payday lenders mostly read deposits. An installment lender may record one inquiry at the point you accept its offer.
