1. What is a payday loan?
A payday loan is an advance of money to help you meet your short-term financial needs.
These types of advances have regulated loan fees and are due on your next income date.
2. Why do people choose a payday loan?
Individuals with steady incomes find that payday loans are the perfect solution to their short-term financial needs. Emergencies arise and consumers find themselves short on cash and can’t wait until their next payday. A payday loan provides quick access to the money needed.
These emergencies could include:
- Replacing Broken Appliances (Fridge, Dishwasher, Microwave or Laundry Machines)
- Buying groceries or other household items
- Building a new wardrobe to match a recent promotion or job change
- Catching up on monthly utilities, like electric, internet, or water bills
- Replacing a broken phone or laptop
- Automotive Maintenance (new set of tires or brakes for your vehicle).
- Getting a little extra cash to help pay your rent or mortgage
3. How do I qualify for a payday loan?
- You are 18 years or older (with valid ID)
- You are a British Columbia Resident
- You work in British Columbia
- You have an Open and Active chequing account for a minimum of 3 months
- You have a monthly Employment source of revenue over $1200
- Your income is put into their chequing account via Direct Deposit
- You have little-to-no Non- Sufficient Funds (NSFs) on their account
- You are not on the brink of bankruptcy/Consumer Proposal
4. What is the Employment or Income requirements to apply?
- You must work in British Columbia
- You must have a monthly Employment source of revenue over $1200
- Employment income from a job,
- CPP,
- Private Pensions,
- Other source of revenue not listed may be considered.
NOTE: We currently do not accept: WCB, EI, Disability Social Assistance, Student loan, Child Tax, Self-employment, Other Insurance income.
5. What documents will be required?
New Customers need to upload or email the following documents to establish an account:
- Two (2) pieces of ID. One must contain photo and One must prove address
Valid Forms of ID:- B.C. Driver’s License
- BCID
- BC Services Card (With Photo)
- Passport
- Birth Certificate
- Canadian Citizenship Card
- Permanent Resident Card
- A Bill with customer’s current address. (ex. Utility, Phone, etc.)
- School Identification Card
- Canadian Forces Identification
- Secure Certificate of Indian Status
- Canadian Record of Landing/Canadian Immigration Identification Record
- A Pre-Authorized Debit form (PAD) or blank, void cheque
- Most Recent Paystub
- 60-day Bank Statement or Instant Banking Verification
- Showing minimum your last two income deposits
- Showing the bank account number of the account designated for the PAD upon approval.
- Contact Information for (Two) 2 References/Landlord Information
NOTE: Additional documents may be required at our discretion.
6. How do I send documents to Best Choice Loan Ltd.?
- Upload documents using the online website portal or
- Upload documents via Email
- Save the documents in PDF format and email to documents@bestchoiceloan.ca
- Send all attachments in one email.
- You must provide your full name and SIN in the body of the email.
7. How long is the average length of time to be approved?
Our priority is to ensure fast approvals and the average you will only have to wait is under 30 minutes. If we are missing information, it may take longer.
8. What fees are associated with a payday loan?
- Payday loans in BC are regulated at an interest rate of 15%. We only charge 14%.
- Once approved for an advance your lending agreement will describe the fees in detail for you.
9. How do I get my money, and how long will it take?
- We process fund transfer immediately after approval
- Deposit the cash directly into your personal bank or credit union account. Time depends on your financial institutes processing time.
- Email Interac money transfers arrive within 30 minutes after approval
10. Will there be a credit check?
No. We only use this as Identity verification in the event of default payment. Best Choice Loans LTD has our own internal approval checklist when deciding whether to approve a loan.
11. Will my references or Employer be Contacted in the application process?
No. We value your privacy and will not contact your references or employer upfront.
NOTE: In the event of default of payment and circumstances with direct communication with you have ceased. Only in that situation will an attempt be made to re-establish communications with you to formulate a new financial arrangement plan based on personal circumstances! No Information or details will be shared with references or employer.
12. How much money can I borrow?
- Customers may borrow up to a maximum of 50% of your net pay.
- First-time borrowers up to $400
- Maximum amount $1500
13. When will my loan be due?
Your loan is due on your next payday.
14. Why can’t I borrow more than once in a pay period?
Payday Loan laws stipulate you are only able to borrow once per pay period, even if you are currently at less than your maximum loan limit.
15. I received unexpected money after my loan. Can I cancel without penalty?
- You can cancel your loan within 48 hours – just repay the principle.
- Call our customer service team and request the Loan Cancellation Request form.
16. How do I repay my loan?
- A Pre-Authorized Debit (PAD) will be structured for the loan repayment date for all new customers.
- E-Transfer will be the Primary Repayment option.
17. Can I make payments on my loan?
- Yes. However, it must be paid in full on your due date. Until your existing loan is paid in full no new loan will be issued.
- Every 3rd loan will be made with the 3 payment options as regulations permit.
18. Can I pay my loan early?
- Yes. However, if this is after the 48hour cancellation grace period, the fees will remain the same.
19. What methods of payment do you accept?
- Pre-Authorized Debit (PAD).
- Interac E-Transfers
20. What if I can’t repay my loan on the due date?
Hey, unavoidable and emergency circumstances happen. It’s not the end of the world. Just notify our customer service team to discuss your options. We will figure it out together.
NOTE: If your payment comes back for any reason from the bank and you have not contacted us – we may initiate collection procedures immediately and an NSF Fee of $20 will be applied to the account. Your financial institute will also charge an NSF fee.
IMPORTANT: You will also be charged interest on the unpaid balance at a rate of 30% per annum. Very messy. So, get ahead of a messy expensive temporary set back and let us know so we can ensure the best possible solution for you. Without costing an arm and leg.
21. After I pay off my loan, how quickly can I get another loan?
You can re-borrow immediately. We just need proof that your previous loan was paid in full.
22. Why do I need to provide a bank statement or Instant Banking Verification every loan?
Having an open and active account as well as a steady income are requirements for a payday loan, as such, we request a bank statement during the application to ensure both requirements are met.
23. Is my personal information secure?
As operators of this site, we take the protection of your personal information very seriously. We treat your personal information as confidential and will handle it in accordance with data protection legislation as well as with the terms of this statement.
24. How do I update my banking or other information with Best Choice Loans LTD?
Please Email our customer team with the new information and we’ll be happy to assist you.
25. Can I apply with Bad Credit?
Bad Credit? No Credit? Past Bankruptcies? Doesn’t matter! your credit is your history. We will assist you with the future. Moving forward based on your work ethic. To get your loan approved, we determine your ability to pay back the loan using our own consistent risk assessment guideline.
26. What is instant Banking Verification (IBV)?
Instant verification provides a fast and secure way of getting us a read-Only Copy of a 90-day bank statement. Paperless, environmentally friendly, & a time saver. Instant verification is a tool provided by your Bank Only, so your personal information is kept safe and secure. At no point are we are logging into your bank. We DO NOT see your ID nor password information. At which Point the bank sends us a read-only copy so we can quickly approve your loan and you get your money that much quicker.
27. Is it Important for me to read and understand my loan agreement?
The loan agreement is a contract between you and Best Choice Loans LTD, it outlines the terms and conditions of the agreement in detail, it is important you read and understand the agreement before signing. It is a legally binding document. If you have any questions regarding the document, please reach out to our customer care team before signing.
28. How is the Payment Due date determined?
- The due date is determined by your next payroll date.
- If this is your 3rd consecutive loan you qualify for the Extended Payment Plan (EPP). Your loan will be split into 3 payments which will be due on your next 3 payroll dates.
29. What if I have more questions?
Don’t hesitate to give us a call or send us an email.