Posted by BC-Loans


Most of us have jobs that help us meet our monthly expenses. Loss of job or any additional expense can bring crisis in your life. Whether it’s a new born baby or an unexpected accident, you need to be prepared to meet such expenses without making your family and house fall apart. In such situations urgent cash is needed. Such a situation can arise anytime, therefore choosing the right option for borrowing money will prove helpful in the long run. You can borrow money from your friends, colleagues or parents but you cannot be sure of the amount of cash readily available with them. Also borrowing from friends or relatives can make you feel inferior and embarrassed.


To avoid such circumstances most people blindly choose payday loans. Payday loans as most of us know are short term and unsecured loans that help you cover for urgent expenses. These loans often rely on the previous employment and payroll records of borrowers. You can only borrow a certain amount of money from payday lenders.


Payday loans can be an easy option for someone in need of instant cash when no other source of money is available to pay bills and cover unpaid expenses. Most of these debts have a payback time of approx 2 weeks. Typically the amount borrowed is between 100 to 1000 dollars. And if you want to borrow more then you may have to go to two or more payday lenders. This can put you in a serious trouble as the amount of interest would be high and you will have to pay all of them at the same time.


People who find payday loans as easiest way to get cash money are certainly unaware of the disadvantages of taking such loans. These loans typically have a very high rate of interest. The interest rate on payday loans will have an APR of 400 percent. The finance charges can vary between 15-30 dollars for every hundred dollars that is being loaned. For a two week loan, the interest payments and charges will add to an APR of between 390 to 780 percent. Shorter the time period of loan, the higher will be the APR.


Payday loans can be extremely expensive as there are very less conditions for accessing this kind of borrowing. These loans are more likely to be borrowed by those people who find it hard to handle the repayments. Borrowers using payday loans should ensure that they are well aware of the negative characteristics of this form of loans as well as its advantages.


Some bad aspects of these loans include bad credit scores because a payday loan can grow extremely fast if the borrower doesn’t repay it on time. If a 2 week loan is extended to 3 or more weeks than it could result in interest payments that are equal to more than half of the principal loan. Payday loans can become uncontrollable easily and have to potential to result in financial problems for loan takers if they are not able to pay the initial sum completely. You might have trouble paying the original sum and the interest attached. Therefore as easy as it might seem to take a payday loan, it is advisable to look out for alternatives to payday loans. With so many features of BC loans and transparency followed while processing your loan, it is easier to avoid the unforeseen traps and high interest rates offered by payday loans. BC loans only demands minimal of papers that most of the lenders have easily available. There are very few formalities in getting your loan sanctioned at BC loans.


BC- loans make a wonderful alternative to all the flaws attached to payday loans. Why should one choose BC loan?


BC loans are quick and fast and unlike payday loans they are secure too. BC loans can get approved in an hour’s time. Not only you can loan a bigger amount with us but also you get a decent time frame to pay it back. You don’t have to be on the edge of your seat with us and can calmly choose the suitable time frame to pay back the loan. They make an excellent alternative to payday loans because one can choose to reimburse it is 3, 6 or 12 months installments depending on your paying capacity over a period of 3 months. The best part about BC loans is that there is no catch attached and everything is transparent and on papers and above all, the amount is deposited directly in borrowers account on the same day. The APR on the amount borrowed is fixed at 32% and does not vary like in case of payday loans. The final APR that you would pay would be 34%, after adding the transaction fees of 0.50 to the amount borrowed.


In order to become eligible for this transparent and fast processing BC loan you must fulfill following conditions:

  1. You must be a minimum 18 years of age
  2. Should be earning over $1200 a month with a stable occupation
  3. Must be a Canadian Citizen
  4. One should be paid by the direct deposit in a Canadian bank account
  5. Should be free of an un-discharged bankruptcy or declaring a bankruptcy
  6. Must not have an excess of non-sufficient funds transactions
  7. Should have a low short term debt ratio (other active payday loans)

Payday loans can be seen as a debt trap created by lenders who quarry on the poorest members of society. These unscrupulous lenders will take advantage of customers, who require money urgently but same is not a case with BC loans. We only charge a fixed rate and make sure our borrower is eligible to borrow the loan and return it on time without making it a lifelong trouble.


The simplicity of opting for payday loans and few prerequisite for this form of loan means that payday loans can be used by people who are not eligible for other types of credit. We follow simple policies and regulations to make sure that our borrowers can make full use of the money borrowed and return it back in time and that too comfortably.


BC loans are easy to pay. The borrower can decide to choose the tenure period of 3, 6 or 12 months as per his convenience. Our Loan application process is simple and includes a filtering process to make sure that the customer has sufficient income to pay back the loan. This includes, but is not limited to: confirming that your monthly income is sufficient to pay back the loan and qualify for such a loan. Our responsible lending policy makes sure that the borrower does not have a high amount of insufficient fund charges in his bank account. Our process of checking the background is just to benefit the customer so that he is not trapped in this loan paying circle forever.


Therefore it is important that borrowers must fulfill these conditions so that their application is not rejected for loan.

  1. You should not have an un-discharged bankruptcy in your file
  2. You must have a stable occupation
  3. The needed documents should be complete and correct.
  4. You should not have too many insufficient funds charges in your account.

Some other benefits of taking BC loans are as follows:


We don’t like to keep up customers waiting. Fill you application and make sure you fulfill our eligibility criteria. If you loan application is submitted and accepted before 10:30 AM then you will have the money in your bank by the end of the day. But if it is accepted after 10:30 AM then you might have to wait for another 24 hours to get the loan in your bank.


Our interest rates are unmatchable and are way cheaper than the payday loans. We offer:

  1. Annual interest rates of 28 to 32% (APR)
  2. For defaulters, the interest rate on the outstanding loan is 2.66 % a month, 32 % annually.
  3. It’s possible to delay a payment for an administrative fee of $25
  4. NSF fees: $40
  5. Minimum time period for repayment: 3 months.
  6. Brokerage fees is applied to the loan

BC loans uses fair collection practices and if any of our customers fails to repay the payments then our officer may cancel you installment plan. He will then use other methods to recuperate the amount or any balance that is unpaid. Installments that are cancelled will accumulate interest on the balance of your loan. The borrower will have to pay any legal fees needed to obtain the unpaid amount. Any remaining debts are pursued to the full extent of the law.


With such strict policies and various methods followed before granting a loan, it makes it easier for us to provide our customers with a fair loan experience. Payday loan givers do not look at the background of the borrower and check their credit score before assigning the loan but we make sure that none of our customer feels cheated and all of their application passes through our fair filtration method.


Unlike payday loans we provide clear information to our clients regarding the interest rates as well as the missed payments. Any payments that are missed by clients are put to an end after the contract ends with forty dollars insufficient funds charge as told in the beginning of the contract. Of course unlike payday loans, any missed payments with us will not be reflected as a bad credit score. Also our esteemed customers can call us 48 hours in advance so that we can put an end to your contract with a $25 fee. Timely paid loans guarantee great service and renewing your loan becomes a hassle free process.


Loan Renewal process


Our easy to follow steps allow our customers to repay the loan borrowed in the given time frame and let them renew their loan again. You become eligible for a loan renewal if you have two or less weeks remaining on the deadline of your previous loan. Renewal process has its own benefits like you stay in the cash surplus always. You can use the total amount at once but have to repay the same in installments. So if you are thinking of buying a new car then you can get your loan renewed instantly. Once you get the amount requested in your bank, you can then buy your car and keep paying back the installments at your convenience in 3, 6 or 12 months time.


It is very easy to get your loan renewed; all you have to do is provide you most recent pay stub and an updated bank account statement. But if you choose payday loans then chances are less that the dealer will offer you the same rate of interest. Payday loan providers always look for the urgency and charge interest as per their mood. They know that a person is in need of money and will agree to pay high rates of interest. But it is not the case with us; we do not cheat our customers and always offer them the rate of interest as told in the beginning of the contract. Our simple process of applying for the loan makes us the topmost choice for those looking to choose a loan. You can apply with us online with completed documents and if your file is complete and satisfies our prerequisites then you can get the loan amount in the bank within 24 hour time.


With so many advantages, BC loans certainly make an alternative to payday loans. You can apply for your loan today. If you find trouble in providing any required document to the dealer, you can certainly ask them how they can obtain it; they will help you with your queries. You can even call our toll free number for any inquiry or information about the loan procedure or our policy.