British Columbia regulates consumer lending primarily through the Business Practices and Consumer Protection Act (BPCPA), with Consumer Protection BC overseeing payday lender licensing specifically.
The Business Practices and Consumer Protection Act
BC's BPCPA sets out broad consumer protection rules covering credit disclosure, unfair business practices, and cost-of-borrowing transparency across many types of consumer agreements, including loans.
Payday Loan Licensing
Consumer Protection BC licenses payday lenders operating in the province and sets maximum cost-of-borrowing limits specific to payday loans, separate from the rules governing personal installment loans.
Federal Criminal Rate of Interest
Personal installment loans in BC, like elsewhere in Canada, are governed by the federal Criminal Code's interest rate cap of 35% APR, effective since January 2025.
Your Rights as a Borrower
Under the BPCPA, you're entitled to clear, written disclosure of your loan's total cost before signing, and protection against unfair or deceptive lending practices.