What is the maximum payday loan fee in British Columbia?

BC allows a maximum fee of $15 per $100 borrowed — one of the lowest caps in Canada — regulated under the Business Practices and Consumer Protection Act.

Who regulates payday lenders in BC?

Consumer Protection BC regulates and licenses all payday lenders operating in British Columbia.

Can I cancel a payday loan in BC?

Yes. You have 2 business days after signing to cancel your payday loan in BC with no penalty and a full refund of fees.

🌲 British Columbia (BC)

PAYDAY LOANS IN BRITISH COLUMBIA

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$15

Max fee per $100

$1,500

Maximum loan

62 days

Max loan term

5.4M

Population

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Provincial Regulations

PAYDAY LOAN RULES IN BRITISH COLUMBIA

Payday lending in British Columbia is governed by the Consumer Protection BC (Business Practices and Consumer Protection Act). These regulations protect consumers while maintaining access to short-term credit for those who need it.

British Columbia has one of the strongest consumer protection frameworks for payday lending in Canada. At $15 per $100, BC matches Ontario and New Brunswick for the lowest regulated fee. Consumer Protection BC actively enforces licensing and compliance, and maintains a publicly searchable lender registry.

Key Rules for Borrowers in British Columbia

Maximum fee: $15 per $100 — tied for the lowest cap in Canada
Maximum loan term: 62 days
All payday lenders must hold a valid Consumer Protection BC licence
2-business-day right of cancellation with no penalty and full fee refund
No rollovers or back-to-back loans allowed
Borrowers must be offered a repayment plan option if unable to repay
Written loan agreements required in plain language
Criminal rate provisions of the Criminal Code of Canada apply

⚠️ Borrow Responsibly

Payday loans are a short-term financial tool, not a long-term solution. If you find yourself repeatedly relying on payday loans, contact a non-profit credit counsellor in British Columbia for free financial guidance.

🌲

British Columbia

Capital: Victoria · Pop: 5.4M

Regulatory Summary

Max fee per $100	$15 per $100
Maximum loan amount	$1,500
Maximum loan term	62 days
Cooling-off period	2 business days
Regulator	BC Gov't

Cities We Serve

Vancouver, Surrey, Burnaby, Richmond, Kelowna, Abbotsford, Victoria, Kamloops, Nanaimo, Langley and all other communities across British Columbia.

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