Summary
You can get an installment loan in British Columbia with bad credit. Through CashGo, you apply once and get matched with lenders in our network that typically offer $300 to $3,000, repaid over 90 to 120 days at 22% to 32% APR. BC treats any loan with an APR above 32% as high-cost credit, which only lenders licensed by Consumer Protection BC can offer. A BC payday loan can cost up to $14 for every $100 borrowed: on $500, that's $70, with the whole $570 due at once, compared with about $25 spread over seven payments for a typical installment loan.
How installment loans work in British Columbia
An installment loan is a personal loan you repay in equal, scheduled payments that line up with your pay, whether you're paid weekly, every two weeks, twice a month or monthly. Each payment covers part of what you borrowed plus interest.
You apply once online, from anywhere in British Columbia. CashGo sends your application to lenders in our network. A lender that can help contacts you and asks you to complete Instant Banking Verification, a read-only look at your recent transactions; you don't need to send ID or paperwork. The lender then shows you the rate, every fee and the total you'll repay, and deposits the money once you sign its contract, often the same day.
CashGo is not a lender. Each lender sets its own rate, fees and schedule.
How BC regulates high-cost loans
BC has had high-cost credit rules since May 1, 2022. A loan counts as high-cost credit when its APR is more than 32% and it's for a personal, family or household purpose. Anyone who offers or arranges high-cost credit in BC, including loan brokers, needs a licence from Consumer Protection BC.
If a lender offers you a loan above 32% APR, those rules give you extra protection:
- The agreement must show the annual interest rate, the APR and the total cost of the credit in dollars.
- You can cancel the agreement before the end of the next business day.
- The lender can't charge fees it didn't disclose, and can't charge you for paying early.
- You don't have to buy an optional product, such as insurance, to get the loan.
- You must get a copy of the agreement when you sign it.
Lenders in our network typically charge 22% to 32% APR. Ask your lender for the exact APR before you sign, so you know whether BC's high-cost credit rules apply to your loan.
Payday loan rules in BC
- A payday loan can't cost more than $14 for every $100 borrowed, including all charges and fees.
- You can't borrow more than $1,500, the loan must be repaid within 62 days, and it can't be more than 50% of your paycheque.
- You have two business days to cancel, with no extra charge.
- Lenders can't roll over a loan or give you a new loan to pay off an old one, and can't give you more than one loan at a time.
- If you're getting your third payday loan in two months, you can repay it in instalments.
- You can repay in full at any time before the due date without an extra charge.
What an installment loan costs in British Columbia
Most lenders in our network offer these terms. They were last reviewed November 2026.
| Loan amount | $300 to $3,000 |
|---|---|
| Annual percentage rate (APR) | 22% to 32% |
| Repayment period | 90 to 120 days |
| Payments | Weekly, every 2 weeks, twice a month or monthly |
| Membership fees | May apply, included in the total your lender shows you |
The same $500, two ways
| BC payday loan | Installment loan at 32% APR | |
|---|---|---|
| How you repay | All at once on your next payday | 7 payments every 2 weeks over 98 days |
| Each payment | $570.00 | About $74.98 |
| Cost of borrowing | $70.00 | About $24.86 |
| Total repaid | $570.00 | About $524.86 |
Payday loan at the $14 per $100 maximum. Installment example at 32% APR, the top of the typical range, before any membership fees; your lender's figures may differ.
Under the Criminal Code, lenders in Canada can't charge more than a 35% annual percentage rate, including fees and other costs of getting the loan. That limit has applied since January 1, 2025. Estimate payments for your own amount.
Checking a lender and making a complaint
Consumer Protection BC licenses payday lenders and high-cost credit lenders. You can check whether a lender is licensed and file a complaint on its website.
Before you sign, read the rate, every fee and the total you'll repay, and ask whether you can pay the loan off early.
Who can apply in British Columbia
- Be 18 or older
- Have a full-time job or steady self-employed income
- Not be in bankruptcy
- Be a Canadian citizen
- Have an online bank account you can verify
Bad credit doesn't rule you out, because lenders look mainly at your income and recent banking. You can apply from anywhere in the province, whether you live in Vancouver, Surrey, Burnaby, Richmond, Kelowna, Victoria, Nanaimo and Prince George or somewhere else. Applying doesn't commit you to a loan; you only agree to one when you sign a lender's contract.
Free help with debt in British Columbia
If you're borrowing to keep up with other debts, talk to a non-profit credit counsellor first. Non-profit counsellors offer free or low-cost help: they can work through a budget with you and may arrange lower payments with your creditors.
- The Credit Counselling Society is a non-profit based in BC, with offices across the province. Its counselling is free; a fee applies only if you join its debt management program.
- Credit Counselling Canada lists other accredited non-profit counsellors.
Our guide to payday loan alternatives compares cheaper ways to borrow.
Apply for an installment loan in British Columbia
One application, matched with lenders in our network. The only check is an online bank verification, and there are no documents to upload.
Sources
- Consumer Protection BC, High-cost credit products: licensing, the 32% APR threshold, disclosures, cancellation and prohibited practices.
- Consumer Protection BC, Payday loans: the $14 per $100 maximum and borrower protections.
- Government of British Columbia, High-cost credit products: the May 1, 2022 start date.
- Financial Consumer Agency of Canada, Payday loans: provincial payday loan cost limits.
- Criminal Code, section 347: the 35% annual percentage rate limit.
- Credit Counselling Canada: accredited non-profit credit counsellors.
- Typical network terms, last reviewed November 2026. Installment payments calculated with equal installments, interest per period = APR × days in period ÷ 365.
This page is general information, not financial or legal advice. Lenders set their own terms, and provincial rules change; check your contract and the sources above for your situation.