BC-Loans Learning Center & Frequently Asked Questions

Taking out a loan can seem like a big thing, but we’re here to help. You have questions, we have simple, straightforward answers. We know you need straight forward answers to make an informed decision about using a loan product. Take a moment to review the answers to these frequently asked questions.

Not getting an answer to your question?

Please fill in the form below or call one of our agents and we will be happy to assist you.


Customer Services Business Hours

Eastern Pacific
Mon to Thu 8:30am – 8:30pm 5:30am – 5:30pm
Friday 8:30am – 7:30pm 5:30am – 4:30pm

How do I receive my funds?

First time clients will have the option to receive their funds by Instant Deposit or Direct Deposit. Returning clients can choose to receive their funds delivered by Instant Deposit, E-Transfer, or Direct Deposit.

How can I defer a payment?

To request a payment deferral, please ensure you contact us at least 48 hours prior to the scheduled withdrawal. The fee for deferring a payment will replace the original scheduled loan payment It’s important to note that payment deferrals can’t be processed if your previous payment was returned or if you have recently deferred a payment. We are also unable to postpone your first and final payments. For more information, please contact our financial department.

Interac e-Transfer® Everything you Need to Know

Here is a list of Frequently Asked Questions regarding Interac e-Transfer® :


Question: Is the deposit done by EFT?

Answer: The EFT Interac deposit option is only available to renewing clients.


Question: How will I know if I am getting an Interac EFT deposit?

Answer: The EFT Interac email will come from Opal Financial.


Question:  Is there a charge for the EFT Interac deposit?

Answer: There will be a $3 charge for the EFT deposit (added to your Surety Fees).


Question:  What are the verification questions for the EFT deposit?

Answer: There are 2 verification questions 1) Clients date of birth (as on file) 2) Clients Postal Code (as on file).

What are the eligibility requirements?

  • Be 18 years of age or older
  • Earn over $1200 a month of available income
  • Receive your income from an employer
  • Be a Canadian Citizen
  • Be paid by direct deposit or checks in a Canadian bank account
  • Have a Canadian bank account active since a minimum of 3 months in which you get paid
  • Not about to declare bankruptcy or to enter into a consumer proposal
  • Have little or no non-sufficient funds transactions
  • Have a low short term debt ratio (other active short term loans)

How does a paperless application work?

Our paperless application approval process requires no documentation from you. This includes an e-signature and an instant verification process that allows us to have ‘view-only’ privileges to your bank account information. It is a fast, safe and secure process that allows us to quickly review and approve your loan.

When can I renew my loan?

In order to be eligible for a loan renewal, please make sure to meet the following criteria :

  • If you are paid weekly, we accept loan renewal when you still have 2 payments left.
  • If you are paid bi-weekly or bi-monthly, we accept loan renewal when you have 1 payment left.
  • If you are paid monthly, we accept loan renewal upon completion of your payments.

What is instant verification?

Instant verification provides a fast and secure process that allows us to have viewing privileges of your bank statement. Instant verification uses the same level of security as your bank so your personal information is kept safe and secure. At no point are we logging into your bank. We DO NOT see your ID nor password information. We never have the option to login to your financial institution. We are simply provided a copy of your bank statement. When you login to your financial institution, your information is kept private and secure. Logging in verifies your identity and provides us with a 90 - day read only copy of your bank statement. This process allows us to make a fast decision on your loan so you can quickly get your money. We recommend this process to better service you and to provide a secure, safe and quick way to approve your loan.

What documents do I send to apply for my loan?

These documents are only required if you do not use the paperless application form.

  • The two signed contracts
  • Photocopy of your official picture ID (Driver’s License, Health Card)
  • Proof of residence (must be within last 30 days): phone bill, utility bill, T4 or any other official bill
  • Last pay stub
  • Bank statement covering the last 30 days of transactions (for first time customers, we need 90 day up-to-date bank statements)
  • Pre-authorized debit form (PAD) or void check

What are the reasons for which my application may be refused?

Your loan application may be refused due to one or more of the following reasons :

  • You have an un-discharged bankruptcy in your file.
  • You do not have a stable occupation.
  • The required documents are incomplete or the information on the forms is incorrect.
  • You have accumulated too many insufficient funds charges in your account.
  • Have a stable job or source of revenues with a minimum of 3 months or more of prior service

What are not acceptable forms of income?

  • Retirement income (e.g. CPP)
  • Disability income
  • Insurance income
  • Social assistance
  • Student loan
  • Child tax
  • Self-employment

What happens if I default on my loan?

If you fail to make your payments, our collection officers may terminate your installment plan and employ different collection methods to recuperate the money that is due. Installments that are terminated will collect interest on the unpaid balance of your loan. The borrower covers any legal fees required to obtain the balance. Any uncollected debts are pursued to the full extent of the law.

Can I extend my payments after my loan has been approved?

Upon signing the contract and getting the loan, you become responsible to honor the installment plan. Respecting your payment plan is also important to avoid collecting payment default charges or payment deferral charges.

How do I pay back my installment loan?

Your payments are done directly from your bank account over a period of 3 months. The frequency of payments follows your pay frequency.

What is the minimum and maximum amounts that I can borrow?

We offer loans between $500 and $750. Here are the details:

  • 1st loan: fixed at $500
  • Renewal: up to $600
  • 2nd renewal: up to $700
  • 3rd renewal: up to $750

What happens if I miss a payment?

  • Any payments that are missed will be put to the end of your term with a $45 insufficient funds charge as is stated in the contract.
  • The applicable interest is charged at 2.66% per month or 32% per annum

When will the payments be debited from my account?

Your repayment schedule will follow the pattern of your pay frequency. That said, we cannot guarantee that your payments will fall specifically on your pay day. We encourage you to pay close attention to the payment schedule that will be sent to you via email upon approval, which will indicate the list of dates of your payments, and ensure sufficient funds are accessible in your account.

What are the rates and fees offered?

  Lending companies with whom we do business offer:

  • An annual interest rate of 28 to 32% (APR)
  • In case of default, the applicable interest is 2.66% per month or 32% per annum (APR)
  • Insufficient funds charge of $45 will be added at the end of your term
  • Delaying a payment for an administrative fee of $25
  • A brokerage fee is applicable when obtaining the loan

What are acceptable forms of identification?

These documents are only required if you do not use the paperless application form

  • Driver’s license
  • Illness insurance card

In which cities can I get an installment loan?

We grant loans to anyone who meets our eligibility requirements and live in any of the cities or small towns located in British Columbia, Alberta, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, as well as all three territories, namely Yukon, Northwest Territories, and Nunavut.

  • British-Columbia: Vancouver, Surrey, Burnaby, Richmond, Abbotsford, Coquitlam, Kelowna, Kamloops, Nanaimo, Victoria, and many more!
  • Ontario: Toronto, Ottawa, Mississauga,  Brampton, Hamilton, London, Markham, Vaughan, Kitchener,  Windsor, and many more!
  • Alberta: Calgary, Edmonton, Red Deer, Lethbridge, St. Albert, Medicine Hat, Grande Prairie, Airdrie, Spruce Grove, Leduc, and many more!
  • New Brunswick: Saint John, Moncton, Fredericton, Dieppe, Edmundston, Bathurst, and many more!
  • Nova Scotia: Halifax, Cape Breton, Truro, Amherst, and many more!
  • Prince Edward Island: Charlottetown, Summerside, Cornwall, and many more!
  • Yukon: Whitehorse, Dawson, and many more!
  • Northwest Territories: Yellowknife, Hay River, Inuvik, and many more!
  • Nunavut: Iqaluit, Igloolik, Rankin, and many more!

Can I cancel my installment loan?

You must return the money within 2 business days after approval to cancel your loan without charge.  You may give us authorization to take a direct withdrawal for the full amount, or send us an interac transfer. Cancellation will only be finalized upon confirmation from our bank that the funds are fully returned to us.