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Vancity Fair and Fast Loan™ - Fact Sheets

The Vancity Fair & Fast Loan™ provides an affordable cost of borrowing, has more flexible eligibility criteria than our conventional loans and can build credit history. Vancity is one of the first Canadian financial institutions to offer a sustainable alternative to payday loans.

Under the Vancity Fair and Fast Loan, if a member borrowed $300 for the minimum term of two months and paid it off after two weeks, it would cost them about $2.20, which is a 19 per cent annual percentage rate (APR).

Since launching:

  • Approximately 1,700 loans have been funded, with the average size loan equal to $1,156. The Average Term Length is 14.6 months.
  • To date we have issued 1,742 loans, valued at more than $2 million.
  • In 2015 we funded 994 loans worth about $1.3 million.
  • Compared to 2014, there were 748 loans funded at about $714,000.
  • Members have saved over $3.9 million fees and interest by using our services due to the difference in cost of borrowing a Fair & Fast Loan™ and a typical payday loan.


  • Applicants must be a member of Vancity
  • Term loan (2 - 24 months)
  • Amount: $100 - $2,500
  • 19% Annual Percentage Rate (APR)
  • Processing time: about an hour. No application fee.
  • Can build credit history
  • More flexible lending criteria than other Vancity conventional loans, including lower beacon score eligibility.
  • Members apply with proof of income and two pieces of ID.
  • For applicants with no credit history, Vancity will review the most recent three months timely payments, from two different sources of bill/rent payment records.

Certain restrictions and conditions apply including Vancity credit granting criteria. For more information and product terms and conditions, members can visit a Vancity branch or call 1.888.Vancity (826.2489).

Making it work

Vancity is able to offer the Vancity Fair & Fast Loan to its members by looking at things differently and closely monitoring the loans:

  • Taking into account its individual relationships with its members.
  • Providing credit in alignment with members’ needs and ability to repay.
  • Offering a higher interest rate than its conventional loans.
  • For applicants with insufficient credit history, Vancity will review alternative sources
      of establishing credit worthiness, such as paying bills on time.
  • Closely monitoring the loans taken

Related information:

Last updated January 28, 2016.