Vancouver payday loan lenders include MoneyMart, the nation's largest payday lender, Cash Money, and Moneytree Canada Inc.
In British Columbia and Canada,
payday loans are a form of small-dollar amount, short-term debt, with
the borrower taking the loan with the intention of paying it back on the
next salary payday from regular employment.
Typically, these loans carry very high borrowing costs (annual percentage rates (APRs) of interest), meaning that they are NOT suitable to be used as financial tools for long-term money problems.
Even in the shorter term, you should look into the available payday loan alternatives in Canada.
These payday advance alternatives range from credit card cash advances to loans from a friend/family member, and from credit union small consumer loans to salary advances from your employer.
As is the case with most other provinces in Canada, the payday lending industry is highly regulated here, and you should get to know these payday laws in British Columbia, to fully understand your rights as a consumer.
For example, these regulations set the maximum fees for a payday loan, as well as that the lenders have to be licensed with the Business Practices and Consumer Protection Authority (BPCPA).
According to estimates, around 250-300 payday loan outlets operate throughout the province, and many of the larger franchises have set up shop in Vancouver as well.
Among these companies is the largest payday lender in Canada, MoneyMart, which has a total of 454 stores in Canada, of which 36 are available within 20 km of Vancouver, according to their website's "Store Finder" tool.
Cash Money, a nationwide franchise with a total of 131 payday loan storefronts in the country, is also present in Vancouver, with 5 outlets.
You can also find Moneytree Canada payday advance stores in Vancouver, as they have two locations in the city, providing a variety of financial products from the stores.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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