It’s not always as simple as people might wish to convince you. If you’re in the red or simply struggling the need for a short-term loan such as a payday loan may be required.
In order to complete what we can, our team has created an overview that includes our perfect payday loan providers in Vancouver.
In This Article
In this guide on this list, we’ll benefit you understand the significance of the interest rates associated with payday loans. In addition, we’ll discuss the background of each service, its benefits and drawbacks as well as additional information that can be helpful!
What are the Interest Rates on Payday loans?
It’s not a fact that loans for payday can be quite costly. In fact the annual rate of interest on a loan of two weeks can be up to 391%..
However there are laws in place that benefit the borrowers avoid excessive charges. The laws in British Columbia, these laws limit the cost of loans to $15 per $100 of borrowed.
In addition to this the borrowers are also barred from granting loans that are greater than 50% of the person’s salary.
This is the guideline for the interest rate and cost. There are some other rules to keep in mind regarding payday loans in general and we’ll discuss the details later.
The Most Effective Payday Loan Services in Vancouver
Now that you’ve figured out how much payday loans cost now is the time to look at what Vancouver offers.
In this article
1. PAY2DAY
SERVICES | Payday loans Cashing Checks Prepaid cards |
WEBSITE | https://pay2day.ca/ |
ADDRESS | 2891 E Hastings St Unit 150, Vancouver, BC V5K 5J8, Canada |
INFORMATION ON CONTACT | Telephone number: (833) 729-2329 Email: |
Operating Hours | Monday: 9 am – 9 pm Tuesday: 9 am – 9 pm Wednesday 9 am to 9 pm Thursday: 9 am – 9 pm Friday: 9 am – 9 pm Saturday: 9 am – 9 pm Sunday: 10 am – 6 pm |
PAY2DAY has more than 30 locations across British Columbia and they are the most well-known Vancouver payday loan companies. To expand its reach further, they offer a loan application for payday loans available on their web site.
This vast network allows customers can quickly obtain loans on the internet or in person at any of the PAY2DAY’s locations. If you decide to stop by any of their locations, you’ll be met by friendly and accommodating staff members as well as an environment that is clean and welcoming for customers.
However in the event that you’re running out of time, you can utilize their online platform to obtain an instant payday loan through wire transfer. No matter which opportunity you select you’ll experience a speedy and simple procedure that can save you time and stress.
Pros
- Multiple locations spread across BC
- Customers can decide to conduct business in person or via the internet.
- Each branch is equipped with a customer lounge that makes waiting less stressful
- The loan can be returned within 48 hours without cost
Cons
- This online app requires verification of an user account to use
Review by Customer
What customers have to say about this firm’s exceptional service:
“Easiest credit I’ve received. I was in a bind and they were able to get me out of the situation. Maria as well as Jim were extremely accommodating and friendly. They were able to clearly clarify the process and my choices.
Absolutely recommend and would recommend again.” — J.S.
“Arielle And Shikha have been two of the most friendly and helpful people I’ve experienced the pleasure of working with. While I generally wouldn’t recommend payday loans, but these ladies were fast and provided the exact amount I required in only two hours. If you are in need of payday loans, Pay2day is 100 percent you desirable choice.” David C. David C.
2. Focus Cash Credit
SERVICES | Payday loans |
WEBSITE | https://www.focusfinancialcorp.com/ |
ADDRESS | 3333 Kingsway, Vancouver, BC V5R 5K6, Canada |
INFORMATION ON CONTACT | Telephone number: (866) 327-9597 Fax: (877) 605-6263 |
Operating Hours | Monday: 10 am – 6 pm Tuesday: 10 am – 6 pm Wednesday 10 am – 6 7 Thursday: 10 am – 6 pm Friday: 9 am – 7 pm Saturday: 11 am – 5 pm Sunday: Closed |
Focus Cash Loans has been lending money to customers since 2008. Through the years, this firm has improved its lending procedure to give the funds to customers in just 30 minutes.
The speedy service is due to their easy three-step procedure, and their ability to lend to those in real require of more cash.
The process starts with a quick application form that is completed in person at any of their branches or on their website.
In the next step, clients must be subject to an approval process that typically just requires an account statement from a bank. Once a consumer is accepted, they are able to choose to have the funds directly transferred or handed over in cash.
Since their lending process is extremely swift, this company is the perfect choice for those who are in a tight time frame.
Pros
- Very quick processing time
- The loans they offer have a high approval rate
- Documents that are required can be scanned and emailed from your the comfort of home
Cons
- The online portal they offer isn’t as complete as other offerings.
Review by Customer
The company’s genuine and helpful attitude has made a lasting impression on many customers:
“Excellent Customer Service! I would recommend them to anyone who needs them and they make the whole process effortless and seamless. They are extremely professional They never let me be a snob similar to other companies that have done in the past. They are patient and explain the procedure. The prices are reasonable when compared to other companies. I would recommend this company to anyone. Thank you Focus!” – Linda H.
“I had been in pinch and needed cash fast. I went to the Focus Financial office located on Kingsway and could not be happier of the customer service that I was provided. I went in and out in less than 20 minutes. The staff were excellent.” — Durisa I.
3. Moneytree
SERVICES | Payday loans Cashing checks Money orders Western Transfers to the Union |
WEBSITE | https://www.moneytreeinc.ca/home |
ADDRESS | 1690 Commercial Dr, Vancouver, BC V5L 3Y4, Canada |
Contact Details | The phone number is 877-605-662. |
Operating Hours | Monday: 9 am – 7 pm Tuesday: 9 am – 7 pm Wednesday 9 am to 7 8 Thursday: 9 am – 7 pm Friday: 9 am – 7 pm Saturday: 10 am – 7 pm Sunday: Closed |
In 1983 in 1983, the Bassford family established their first Moneytree branch within Renton, Washington. Today, the company has expanded dramatically and has expanded to Abbotsford, Burnaby, Surrey and Vancouver.
The company attributes its continuous growth to its constant effort to help in providing excellent customer service. It is possible to actually achieve this by meticulously interviewing their employees and instilling values of integrity, respect and authenticity into them.
In the past payday lenders were generally thought of as unsavory and greedy establishments. However, Moneytree has changed the old paradigm by being driven by the customer instead of profit.
To support this belief, Moneytree partners with diverse organizations giving back to the communities which has helped to grow the company. The company has a relationship with seven charities including the Canadian Breast Cancer Society as well as the B.C. Children’s Hospital Foundation, and the BC SPCA.
Pros
- It supports different charities
- Utilizes text messages to notify customers of the payment date
- New customers will be offered an interest rate reduction when they take out their first mortgage
Cons
- Payments for loans must be made in the person at a branch in
Review by Customer
The excellent customer-centric service of Moneytree has resulted in a number of rave reviews.
“Fantastic, welcoming and well-qualified team in this branch! However, they are also very patient. My father died and I was unable to pay my dues for my loan however, when I phoned and spoke to Melisa she was extremely helpful and very accommodating. Thank you Melisa and the entire personnel in Commercial Dr. Commercial Dr office! !” – Jamie C.
“Very pleasant staff. Jazz was the person who helped us. She ensured she reviewed all of our documents before taking out a loan, and made sure it was all good to go. She was able to approve us for a loan of $400 which was amazing considering that we had all of the required documentation and earnings. I was very satisfied with the customer service at this location. It was quick and a welcoming! I will recommend it to my family and friends” Kate M. Kate M.
4. iCash
SERVICES | Payday loans Personal credit |
WEBSITE | https://icash.ca/ |
INFORMATION ON CONTACT | Email: |
Operating HOURS | Monday: 24 hours Tuesday: 24 hours Wednesday: 24 hrs Thursday: 24 hours Friday: 24 hours Saturday: 7 am – 12 am Sunday: 7 am – 12 am |
Of all our offerings, iCash is the only service that is exclusively online. That means the only requirement to get the iCash loan is the Internet connection.
Since they are an online lending service They also provide 24/7 service, both all day and even at night. This is possible by their completely automated loan process.
Like other options similar to other services, the process for an iCash loan starts with an online application. After this has been completed the customer will be required to provide certain documents.
You might wonder how it can be done, considering that iCash is a lender online. It’s through the company’s unique document scanning technology that is compatible with all smartphones.
After the necessary documents are accepted, iCash will use a secure wire transfer to hand the funds of a borrower within minutes. Overall, the simplicity of use and its 24/7 operation hours make it ideal for those who have a sporadic schedule.
Pros
- Fully automated process for loaning
- The loan can be secured anytime, whether it is day or night.
- iCash allows for flexible payment times
Cons
- The technical issues could make their lending process challenging
Customer Review
The clients were extremely satisfied with iCash’s online features.
“Super satisfied with the service I received from these guys! They truly took the time to respond to any of my concerns. I’ll definitely use them again! Thank you so much.” Mandy C. Mandy C.
“Best service. Applying for a cash advance through the iCASH Mobile App and got immediate approval. After I signed the loan agreement and e-transferred the money to me in just 2 minutes. I couldn’t be more pleased. Thank you iCASH for helping me out. Love you guys.” – James
5. Mr. Payday
SERVICES | Payday loans |
WEBSITE | https://www.mrpayday.ca/ |
ADDRESS | 3421 Kingsway St. Vancouver, BC V5R 5L3 |
INFORMATION ON CONTACT | Number: (604) 435-2274 Toll-free number: (877) 432-2274 |
Operating Hours | Monday: 10 am – 6 pm Tuesday: 10 am – 6 pm Wednesday 10 am – 6 7 Thursday: 10 am – 6 pm Friday: 9 am – 7 pm Saturday: 11 am – 5 pm Sunday: Closed |
A lot of loan providers will require the customer to reserve time to either get an advance or repay it in a branch of a service. He. Payday remedies these issues with together online functions.
Instead of visiting an actual branch, customers can opt to use the choice to complete their transaction online. In addition, all loans are deducted from the client’s account.
The features, while basic, will benefit reduce the amount of hassle and time it takes to get conventional payday loan. It is a consequence of the company’s goal to provide a reliable loan option to bank.
Of course, for customers who prefer doing things in person the Mr. Payday also maintains a branch in Vancouver. The physical transactions are similar to online transactions for customers, requiring just a few documents to obtain their loan.
Pros
- The loan payments are automatically taken from the client’s account
- As a direct lender Payday is a direct lender. Payday does not share information about its customers with any third parties.
- A loan’s approval is not contingent on your credit history
Cons
- Mr. Payday loans require a bank account for chequing
Review by Customer
The synergy Mr. Payday creates with online and physical resources has been a huge hit with clients across Vancouver:
“Super simple application process, prompt response. I was given a very specific situation and, for this, I am grateful to them.” Jen F. Jen F.
“It was enjoyable not having to deal with the plethora of paperwork that most lenders need. Quick and efficient service.” Terry B. Terry B.
“All together, it was a pleasant experience and a very fair repayment plan. Very satisfied with my experience. Thank you Mr.Payday.” – Dezray R.
6. Royal City Jewellers & Loans Ltd.
SERVICES | Pawnbroker Designs, Customized Jewelry and Repairs |
WEBSITE | https://www.rcj.ca/ |
ADDRESS | 515 Columbia St New Westminster, BC V3L 1B2 1 block away of 1/2 block to Columbia Skytrain Station |
INFORMATION ON CONTACT | Telephone (604) 526-PAWN (604) 526-7296 Fax (604) 521-3579 the Loans Director (for all loan inquiries as well as selling your goods) Jamieson Johnson | b2******dee@c***a.com The Sales Manager (for all sales related questions) Suzan Basso | b2******dee@c***a.com Office Manager (for any queries on the web) Mary-Anne Wise | b2******dee@c***a.com General Manager Ken Basso | b2******dee@c***a.com President Michael Isman | |
Operating Hours | Monday through the Saturday from 9:00 AM to Friday: 5:00 9:00 AM – 5:00 Sunday Monday: CLOSED |
The next item on our list is Royal City Jewellers & Loans Ltd.
They have been serving Canadians since 1955, not just as a pawnbroker, but also offering repairs and design of jewelry.
They wouldn’t be able to last this long if not part of the National Pawnbrokers Association, the New Westminster Chamber of Commerce and an original members of British Columbia Pawnbrokers Association. Association of Pawnbrokers.
We are very impressed by their services as they are honest with their clients. They do not charge hidden fees and charge the most affordable cost of borrowing within Canada at 5 percent per month, or a portion of a month. Furthermore, all loans offered are good for a period which is 3 (3) month.
You’ll be amazed that most transactions can be completed within 10 minutes. Therefore, it’s not necessary to make an appointment.
In addition you’ll feel secure using their services as their security system for alarms is one of the most advanced available and our jewelry is stored in a vault that is UL-certified fire-safe. They’re also just across from New Westminster Police Department. New Westminster Police Department.
Pros
- Loans for renewables
- A loan with a reasonable time frame of 3 months
- Service that is fast and efficient.
- Service for many years
- The interest rate is the rate of 5% per month, or for a part of the month.
- The loan can be renewed or exchanged without a pawn ticket after the loan’s term has ended.
Cons
- Incapable of dividing the loans
Customer Review
“I have been dealing with them for about. 5-6 years whenever ever I needed for financial benefit. Every time, they’ve been nothing but supportive welcoming, friendly and accommodating. When I needed to visit them every month to pay a bill it was like spending time with my family. I have observed that they are trustworthy, fair and supportive during times of crisis.” Linda Nicola Linda Nicola
Things to Think About Before Making a Loan for Paydays
While they’re quick and easy to use however, payday loans can create a dangerous debt cycle if they are not managed. Before you decide to get the short-term loan you need make sure you consider the following points:
Do you really need the money?
Certain expenses are able to wait until the next payday. If you’re not in an emergency that requires immediate attention then it’s accurate to put off the loan.
What is the amount you require?
There’s nothing worse than having to borrow money but coming short. Prior to submitting your application, you must be aware of the costs you will must cover through the loan.
How much will you repay?
Certain loans are able to be repaid over a time period of weeks or months, while others require a lump-sum installment. In any situation, you must be aware of how much you could reserve to pay the loan.
Be aware of the lawful lending regulations:
The payday loan provider who is located in British Columbia is NOT allowed to offer greater than one loan, require payments upfront in advance for the loan. or charge an more fee to put the loan onto a cash card, or to roll over an existing loan into the new loan.
What distinguishes a payday loan from other types of loans?
Payday loans are not like other types of loans because they have a high interest rate and must be repaid quickly. A payday loan is essentially an advance on your paycheck that you repay with your next payment.
What distinguishes a payday loan from a cash advance?
Payday loans and cash advances are examples of short-term loans. The ability to deduct cash advances from an active credit card makes them unique.
What happens if I can’t pay off a payday loan?
Your lender will call you as the first reminder if you miss a payment on your loan. A borrower may be pursued through civil and legal channels until the outstanding balance is paid after several missed payments.