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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

BC Loans

Finanso.Multilogin™

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:

  1. make a quick online application with your personal information, address and the amount you want;

  2. verify your bank account;

  3. wait for the decision;

  4. 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.

FAQ

What is BC-Loans?

The company offers you the opportunity to borrow money when needed without unnecessary delays. You will receive a reliable financial service and fast approval process for a reasonable brokerage fee. If you meet simple criteria, you will receive a direct deposit the same business day your application is approved. BC-Loans uses online services so applicants do not need to visit a bank branch to apply for a loan, arrange a credit check, etc.

Who owns BC-Loans?

The company is duly registered under Canadian law. More detailed information about the company's ownership is not currently available.

How do you qualify for BC-Loans?

  • be 18 years old or older;

  • your monthly income earned through official employment should be more than $1300;

  • you are a Canadian citizen;

  • you are paid by direct deposit or check into a Canadian bank account;

  • the Canadian bank account used to credit the salary has been active for more than 3 months;

  • you are not about to declare bankruptcy or a consumer protection petition;

  • you have few or no sufficient cash transactions;

  • your short-term debt ratio is law.

How much can you borrow from BC-Loans?

  • The first loan amount is $500;

  • The 1st renewal is up to $600;

  • 2nd renewal is up to $700;

  • 3rd renewal is up to $750.

Is it a legitimate company?

Yes, BC-Loans is a legitimate, officially registered company with office located in Vancouver, Canada.

Company documents

Privacy Policy

Our goal is to make it as easy and convenient as possible for you!

© BC-LOANS

Financial products

BC Loans
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

500$ - 750$
Rate
i

Effective interest rate on the product

23% - 34.4%
Term
i

Loan term for the financial product

up to 3 months

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up to 60 months

Calculate loan payments in BC Loans

BC Loans calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
500 $
750 $
Loan term
i

Specify the loan term for the calculation

days
months
90
120

What to pay attention to when applying for a loan from BC Loans

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes BC Loans from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All BC Loans’s reviews by August 2022
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