BC Loans's account

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.