Looking for Payday Loans in British Columbia?

If you’re searching for “payday loans near me,” “no credit check payday loans” or “bad credit payday loans” to try and find the cash you need to make ends meet, you can stop. There’s another option, one that can save you more money and help to prevent a cycle of payday loan debt. 

Keep reading to see how Bree online cash advance loans can provide a more cost-effective borrowing option to expensive payday loans.

What are Payday Loans in BC?

Payday loans, sometimes called “quick loans” or “instant loans,” are high-cost, short term loans designed to cover urgent financial needs. You can typically borrow up to $1,500 with up to 62 days to repay your loan.¹ 

Payday loans are repaid by providing a post-dated check or pre-authorized debit. When you receive your next paycheck, the loan amount is subtracted from your pay. If you’re unable to repay your loan on time, you can expect late charges and an additional interest fee. 

Before agreeing to a payday loan, it’s important to review the payday loan agreement and understand exactly what you’re signing up for. 

How Much Does a Payday Loan Cost in BC?

In British Columbia, payday lenders can charge up to $15 for a $100 loan. To highlight the expense of taking on a payday loan in BC, let’s do a simple calculation.¹ 

Say you need to borrow $300 to cover an unexpected expense. A $300 payday loan will cost you $45 in fees. If your next paycheck is $1,000, once you subtract the $300 loan, plus the $45 in fees ($345), you’re left with only $655.

$1,000 - $345 = $655

Payday borrowers can often find themselves in a cycle of borrowing because once their paycheck is reduced, it’s difficult to keep up with their monthly bills. 

If you don’t pay your loan on time, you can also face the following charges:¹ 

• 30% interest on the outstanding balance 
• $20 fee for a dishonoured check or pre-authorized debit
• $50 non-sufficient fund (NSF) fee

How to Get a Payday Loan in BC?

To find a payday lender in BC, you can start by searching online using terms like: 

• “Payday loan near me in BC with no credit check”
• “Payday loan near me in BC with bad credit”

Using these searches, you can find a mix of in-store and online payday loan options.

When applying for a payday loan in BC, lenders will typically want to see proof of: 

• Regular income
• Bank account
• Permanent address 

How to Use an Online Cash Advance as an Alternative to Payday Loans in BC

An online cash advance from Bree provides a more affordable alternative to payday loans in BC. With Bree, you can get instant access to loans up to $350 with 0% interest and no late fees, no credit check, and no impact on your credit score. Your cash advance loan is deposited straight into your bank account within minutes. You can use this money to cover an unexpected bill, purchase groceries, or supplement your cash flow. 

How to Get an Online Cash Advance Loan in BC?

Getting a cash advance loan from Bree is simple, and the entire process is done online. To get the loan you will need to provide proof you have: 

• Canadian bank account
• Consistent income
• Enough money to repay your loan after your next paycheck

How Much Do Instant Cash Loans Cost in BC?

A cash advance loan with Bree is a more cost-effective choice versus an expensive payday loan. Bree charges 0% interest and no late fees. The only costs you’ll have to consider include: 

• Membership. As a new user, you get to try Bree free for 30 days. Once the trial ends, you pay a $2.99 membership fee each month and you can cancel at any time. 
• Optional express delivery. Standard delivery with Bree is totally free and you can expect your funds within three business days. If you need faster access to cash, you can pay a small fee to get your money within minutes. 
• Optional tip. Bree doesn’t charge interest or late fees, instead it survives on tips. If you feel inclined to show your love, you can leave an optional tip.

Payday Loans vs. Cash Advance Loans: Pros and Cons

If you’re trying to decide which lending option is right for you, it can help to compare the pros and cons. 

Pros and cons: Canada payday loans 

Pros:

• Quick access to cash. Most payday lenders provide access to quick cash within 24 hours. Some can deposit your loan in minutes. 
• No credit check. Payday loans don’t typically require a credit check, so people with bad credit or no credit can often qualify for a loan. 
• Help in an emergency. When an unexpected cost comes up and you need to make ends meet, a payday loan can help in an emergency.

Cons:

• High borrowing rate. Borrowing a payday loan in BC for two weeks comes with an annual percentage rate (APR) equivalent to 390%. For perspective, a credit card has an APR ranging from 10 to 30%.²     
• High fees. If your check or pre-authorized debit doesn’t go through, the payday lender can charge you up to $25. Your bank also might change an NSF fee. 
• Short repayment term. Typically your payday loan payment is due when you get your next paycheck. This might not give you enough time to come up with the money to repay your loan and cover your regular bills. 
• Create debt. Taking on an online payday loan can lead to a cycle of debt if you’re not able to repay your loan on time. 

Pros and cons: Bree cash advance loans 

Pros: 

• No interest. When you take on a cash advance loan from Bree, you pay 0% interest. 
• No late fees. There are no late fees. Period. 
• No credit check. If you have poor credit or no credit, you can still apply for a Bree loan because there’s no credit check. 
• Instant access to cash. It’s possible to receive money in your account in as little as five minutes.  

Cons: 

• Lower loan amount. While payday lenders offer loans up to $1,500, the maximum cash advance you can get with Bree is $350. 
• Monthly subscription fee. There is a $2.99 monthly subscription fee to maintain your Bree membership. But remember, you can cancel at any time. 
• Optional delivery fee. Standard delivery for a Bree loan is three days. If you need immediate access to cash, it’s possible but, you’ll have to pay a small delivery fee.

What to do if You Need Help With Your Debt 

If you have taken on multiple online payday loans and are stuck in a cycle of debt, you might want to reach out to a professional for financial assistance. 

• Credit counsellor. A credit counsellor can provide advice and information on financial topics such as budgeting, credit use, or tips for getting out of debt. There are both not-for-profit and for-profit credit counsellors available in Canada. Before choosing a counsellor, research the company to see if it's trustworthy and the counsellor to see if they are qualified. You can search for a reputable credit counsellor through Credit Counselling Canada. 
• Licensed Insolvency Trustee. If your debt has reached a point where you can no longer pay your bills, you may want to speak to a Licensed Insolvency Trustee (LIT). Trustees are debt professionals. They can assess your financial situation and recommend a debt solution that fits your needs. LITs are the only professionals in Canada that can administer legal debt relief options including a consumer proposal or bankruptcy.  

Payday Loans vs. Online Cash Advance Loans in BC

If an unexpected expense comes up and you need fast access to cash, know that online payday loans are not your only option. Say goodbye to high-interest, high-fee loans, and check out Bree’s online cash advance option. With 0% interest, no late fees, and no credit check, Bree makes borrowing easy and affordable. 

References

1. Government of British Columbia, "Payday loans," as of July 10, 2024.
2. Consumer Protection BC, "Understanding the cost of your loan," as of July 10, 2024. 

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