About lender
BC-Loans is a company grants quick installments loans to individuals. There can be various situations when you need extra money, but your bank says no. This alternative lender provides financial assistance that is always there for you.
The company was founded in British Columbia in 2013 under Canadian law. Their mission is to provide a lifeline to people in need with transparent installment loans and ensure modern financial services with fast approval.
You can get $500-$750 as a short-term loan at a favorable interest rate, besides loan applications are simple and no collateral is required. Yo can pay off the loan over a period of 90 to 120 days depending on your payroll frequency. The annual percentage rate on the amount borrowed from the lender is 22%, with a transaction fee of $0.50. BC-Loans interest rates depend on the client's credit rating and on their banking information.
Renewals
Loyal customers of the company can renew after a grace period to give them time to complete a previous loan before the beginning of payment cycles of their new loan.
Pros and cons
Sometimes the available funds are not enough and the next pay is too far away from the urgent expenses. In some cases, there is no time to apply for a bank loan or take a part-time job. Personal loans, unlike typical bank loans, can be used for any purpose.
Installment loans help you cover unexpected expenses. This service saves you time and effort by guaranteeing almost instant approval. There are no hidden fees and the money is made available quickly.
Pros
The main advantages of the loans from BC-Loans are the following:
no credit checks;
rapid response to those in need;
the loans are disbursed quickly;
only you decide how to use the borrowed money;
the interest rate is lower than most credit cards;
the claims to have no hidden fees;
collateral is not required.
Even a very good product is not for everyone. Before considering a payday loan, weigh possible drawbacks.
Cons
missed payments, failure to meet the payment plan for short-term loans usually means collection methods will be used;
all legal fees for collection procedures are recovered from the borrower;
failure to repay the loan results in a bad credit history;
easy loan application may lead to financial problems if you have a habit of overspending.
Loan conditions
In order to get the first credit, you need to follow some simple steps:
make a quick online application with your personal information, address and the amount you want;
verify your bank account;
wait for the decision;
contact our toll-free customer service if you have questions beyond information provided in FAQ.
If you want to renew your loan, this procedure is even easier than the first application - you will need to confirm your personal information such as place of residence, income and bank details. If the lenders are already verified, they will receive the approved funds once we have checked that the information provided is correct and the borrower still meets our criteria.
Methods of loan funding
The money is transferred to your account on the same day of approval.
Note: if you repay the loan in full, renewing customers can apply for receiving a loan by e-transfer.
