Frequently Asked Questions (FAQ)

You can apply  online here https://bluecoppercapital.com/loan-information/, in person at one of our offices or call us and we will send you an application via email.  Please call us if you wish to discuss your individual requirements and situation prior to applying. We deal with every client on a case-by-case basis and your individual needs are important to us!

Our interest rates on term loans range from 14-48% annually. Most of our loans are in the 24-30% range. This is competitive with credit cards, consumer lending, and finance companies. Rates vary based on the term of the loan, amount of the loan, client history, and type of security. A simple way to approximate fees on the Line of Credit is to use the calculation of $1.50 per day per $1000 borrowed.  For more details on payday loans, please visit our Payday Loans page.

Our terms generally range from 6-36 months for installment loans, open for lines of credit and between 42 – 62 days for payday loans.

Absolutely!  With our term loans, unlike traditional lenders, we include amortization schedules with your loan documents. This shows your principal and interest payments along with your updated remaining balance owing each month. This is the amount you would pay, without penalty, should you decide to pay off the loan early.  With our lines of credit, you will receive a billing statement every month on the 15^th and you may close it at any time.  With our payday loans, your fees are pro-rated.

There are no processing fees involved in applying for a loan. Upon approval and completion of the term loan process, there may be an administration/documentation fee. A larger administration fee may apply to mortgages.  On our line of credit product, there is a monthly maintenance fee starting at $6.

We offer lines of credit, term loans and payday loans in Alberta.  In British Columbia, we offer our line of credit and instalment loans.

No and no. A large portion of our borrowers are renting their homes and/or financing their vehicles. We pride ourselves on offering good service to everyone, regardless of their assets. Many of our loans are, in fact, for vehicles.  Using your vehicle or home as security can get you access to larger funding.

Yes, we do. In situations where you are working to rebuild your credit or are just starting out, a co-signer can be a good option.

We have loans ranging from $100 – $500,000.Many factors affect the amount a client is approved for. Because there are different types of loans we offer, this is a question best discussed individually. The amount varies on what the loan is for, the security involved, co-signer, income, other expenses, and an applicant’s history.

Many people are afraid to apply for a line of credit or term loan because they know their credit isn’t the best and they assume they’ll be turned down. We are always willing to discuss the situation that caused bad credit and the reason for needing the loan. There are varying levels of poor credit and we do not automatically turn anyone down based on a credit blemish alone.

Our guideline is that you have been at your current place of employment for at least 90 days. We use this guideline as 90 days marks when most employees are past their probationary period, setting us both up for success when it comes to repaying your loan.

We don’t offer insurance because, at the end of the day, it’s not cost-effective for you. The cost compared to the value rarely works out in your financial favour if you are unable to repay your loan.

We lend based on employment income and private disability insurance. We don’t lend on Alberta Works, AISH or BCPWD payments. If your primary income is based on payments from one of these sources, contact us and we can recommend another loan provider.

In Alberta, the maximum cost of a pay day loan is $15 per every $100 borrowed. Your posted interest rate varies depending on the term of the loan. For example, on a $300 loan, you would repay $345 on a loan that goes full term.

There is no limit on the number of total pay day loans you can get, but you can’t have more than one pay day loan from the same company at the same time. Payday loans are meant to be a short-term cash solution.  If you find yourself in need of pay day loans often you may want to consider a personal loan or a line of credit. Personal loans and lines of credit through the Blue Copper Club come with better rates and longer terms.

How much you can borrow varies individually.  If it’s your first time borrowing from us, a typical first loan amount would be $100 to $500. We build relationships and mutual trust with our clients which allows us to gradually increase your maximum loan amount, based on what your income allows. The maximum amount allowed for a pay day loan per regulations, regardless of income, is $1,500.  If you require more, please check out our personal loans and lines of credit through the Blue Copper Club

There is no minimum income requirement.  All applicants must be gainfully employed with the same company for at least 3 months. If you receive disability benefits, your income must come from a private insurance company.

We don’t do a credit check for pay day loans.

The entire pay day loan process from start to finish can be done in as little as 20 minutes, provided we have all of the necessary information and documents included with your application. It doesn’t matter if you apply online or in-person, our process remains the same. We receive and evaluate your application, give you the loan documents to sign, and then send you an e-transfer.

If you apply online, we will contact you as soon as we receive your application to keep you posted on its status. If it’s your first time borrowing from us, we prefer that you meet us in-person to be approved and sign your documents, but the whole process can be done online.

We lend in British Columbia and Alberta.  See our chart below for what services we offer in each location or contact us for more information about which services we offer.

Absolutely! Many of our customers start out with a small loan and, after establishing a loan history, they move into lines of credit, term loans, auto loans, or consolidation loans. Our business was built on our personal relationships with our clients and we review every loan application individually. A good pay day loan history is a great start and helps us approve you for larger or longer-term loans.

Payday loans only appear if you default. Both our Personal Loans and Blue Copper Club Lines of Credit get reported. This is a huge bonus and a customer can see a credit score increase of 100 to 150 points just by repaying on time.  Factors that influence credit score are:

  -Payment History 35% of the score

  -Utilization 30% of the score

  -Length of Credit History 15% of the score

 -Type of Credit Products 10% of the score

 -Inquiry Segment 10% of the score

We lend in British Columbia and Alberta.  See our chart below for what services we offer in each location or contact us for more information about which services we offer.

We don’t do a credit check for pay day loans.

Absolutely! Many of our customers start out with a small loan and, after establishing a loan history, they move into lines of credit, term loans, auto loans, or consolidation loans. Our business was built on our personal relationships with our clients and we review every loan application individually. A good pay day loan history is a great start and helps us approve you for larger or longer-term loans.

Payday loans only appear if you default. Both our Personal Loans and Blue Copper Club Lines of Credit get reported. This is a huge bonus and a customer can see a credit score increase of 100 to 150 points just by repaying on time.  Factors that influence credit score are:

  -Payment History 35% of the score

  -Utilization 30% of the score

  -Length of Credit History 15% of the score

 -Type of Credit Products 10% of the score

 -Inquiry Segment 10% of the score

The Blue Copper Club is open to anyone who is interested in receiving better loan rates. If you frequently use pay day loans for your personal or business life, the Blue Copper Club is likely a great fit for you. We created the Blue Copper Club to reward our best customers who work hard to repay their loans but then end up stuck in a constant repayment cycle. All members get better rates and more flexible loan terms, making the loan process as easy as possible for frequent borrowers.

Yes, one of the many benefits of joining the Blue Copper Club is the preferred loan rates. Members also receive more flexible loan terms and various other benefits. With your membership, we’ll treat you to free money mentoring sessions, events, and movie and sports tickets because it’s about more than just money to us.

We offer loans to all types of business owners and business. Over the years we have built relationships with many local business owners from all industries. We understand the challenges of owning your own business (after all, we’re business owners too) and we fight to get you the best rates possible for your business loans.

We work with many business owners across industries including contractors, sole proprietors, and corporations. We understand that qualifying for a loan can be difficult for business owners under standard payday and personal loan requirements. Most business owners who borrow from us either take out a line of credit as part of the Blue Copper Club or have a business loan under their name and their company name.

Absolutely! Many of our customers start out with a small loan and, after establishing a loan history, they move into lines of credit, term loans, auto loans, or consolidation loans. Our business was built on our personal relationships with our clients and we review every loan application individually. A good pay day loan history is a great start and helps us approve you for larger or longer-term loans.

Payday loans only appear if you default. Both our Personal Loans and Blue Copper Club Lines of Credit get reported. This is a huge bonus and a customer can see a credit score increase of 100 to 150 points just by repaying on time.  Factors that influence credit score are:

  -Payment History 35% of the score

  -Utilization 30% of the score

  -Length of Credit History 15% of the score

 -Type of Credit Products 10% of the score

 -Inquiry Segment 10% of the score