EI (Employment Insurance) Payday Loans Canada

Living on Employment Insurance (EI)? Get online loans while on EI benefits up to $5k+

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Living as an unemployed is a matter of stress. But the situation becomes worst when you face a shortage of cash while you are out of work. The good news is that it is still possible to qualify for a loan, even if you're jobless.

Several lenders in Canada offer online payday loans for the unemployed on benefits. If you receive employment insurance, then you have two options. The first is EI payday loans and the second is installment loans of EI.

If you are living in Canada, then no worries. There are tons of options of direct lenders available that offer you loans for the unemployed. At Whizz™ you can easily match with lenders that accept unemployment benefits or employment insurance (EI) as an income source.

Our lenders offer quick and flexible payday loans with government benefits in Canada that help thousands of Canadians to stay back on a healthy financial path. We know that being unemployed is not a crime so why deprive them of cash loans? Payday loans on EI are what they required to apply and get funds to beat their odd financial circumstances.

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What is the purpose of employment insurance in Canada?

Employment Insurance aka EI and formerly known as Unemployment Insurance is a dedicated government program for unemployed people. Employment insurance provides temporary payments benefits to help jobless individuals during their unemployment phase.

The EI program also provides special benefits to those working individuals who take a short-time break from their work due to some special events like:

  • Illness
  • Pregnancy
  • Caring for a newborn or newly adopted child
  • Caring for a critically ill or injured person
  • Caring for a family member who is seriously ill with a significant risk of death and much more.

The Employment Insurance program is financed by premiums paid by employers and employees. The Canada Employment Insurance Commission (CEIC) oversees this program. According to Statistics Canada, approximately 633,000 Canadians received regular Employment Insurance (EI) benefits till January 2022.

How to qualify for Employment Insurance (EI)?

To qualify for employment insurance (EI) in Canada, you need to show that you:

  • were employed in insurable employment
  • lost your job through no fault of your own
  • have been without work and pay for at least 7 consecutive days in the last 52 weeks
  • have worked for the required number of insurable employment hours in the last 52 weeks or since the start of your last EI claim, whichever is shorter
  • are ready, willing, and capable of working each day
  • are actively looking for work (you must keep a written record of employers you contact, including when you contacted them)

To prove your eligibility and to receive payments you may be entitled to, you're required to complete bi-weekly reports by internet or telephone. Failure to do so can mean a loss of benefits. Article source: Canada.ca.

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Can you get a loan if you are on benefits?

Yes, it is possible to get a loan even if you are unemployed, but the condition is that you receive Canadian government benefits like employment insurance. In Canada, you can take payday loans and installment loans while you are on government benefits.

Many lenders in Canada accept people receiving benefits and validate their monthly benefits as a source of income to approve the loan. Applying for payday loans on benefits or installment loans can help you to find a spot of relief until you do not start earning regularly again.

Even though you can get cash by applying for loans on benefits, it is always good to check your real financial requirements. If your money need is short, then a guaranteed payday loan on benefits is enough, and don't take extra burden by opting for installment loans on EI.

Can I get a payday loan while on EI?

Why not? If you are receiving employment insurance (EI) payments then you can apply for payday loans in Canada. Sometimes we need extra cash and EI benefits are not sufficient, especially during the COVID-19 pandemic.

However, people who receive employment insurance can take the advantage to qualify for a payday on EI. In Canada, some lenders accept employment insurance as a valid source of income. So, you can take a loan while on EI benefits, but you need to find a lender that is accepting EI as an income.

You can search over the Internet, or take the assistance of Whizz™ like free loan matching websites to find such lenders accepting EI. Your employment insurance acts as a powerful weapon for you when you are unemployed, or looking for a job. You can apply for short-term payday loans with the help of your employment insurance to get money and make your unemployment phase easier.

Check the list below showing maximum borrowing costs as per province for payday loans on EI

Cost Per Borrowing Province (Canada)
$15 per $100 borrowed Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island
$17 per $100 borrowed Manitoba & Saskatchewan
$19 per $100 borrowed Nova Scotia
$21 per $100 borrowed Newfoundland and Labrador
$60 per $100 borrowed Northwest Territories, Nunavut & the Yukon
Limit of 35% annual interest rate (AIR) Québec

Source: Government of Canada.

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Why opt employment insurance payday loans?

Payday loans with EI income are come with numerous benefits, but we show you below some most attractive:



👉 Fast & Easy Application

The beauty of online payday loans is that you can be funded on the same day of application. Practically, at the time of emergencies, you need a cash source that provides you with money as soon as possible.

Most of the lenders that offer payday loans on EI are available 24/7, and even on holidays. Loan application is online and approved immediately, making this type of loan interesting for people who are dire of cash.

👉 Less Requirements

Online payday loans for unemployment benefits best work when you need immediate money. And such types of short-term loans require fewer requirements to qualify. Payday loans are the opposite of regular bank loans where you need to do tons of paperwork. But to qualify for a payday loan you need to meet:

  • At least 18 years old.
  • Own Canadian citizenship or resident.
  • Earn basic regular income or government benefits such as employment insurance.
  • Have a valid and active bank account.

👉 No Credit Check Needed

Another good thing about EI payday loans with no credit check is that even if you have the tag of bad credit history or low credit, you can still apply for it. Unlike traditional loans, you don't need to earn a good or excellent credit score and this is why such loans are popular day by day. Also, many lenders are willing to offer online loans for bad credit.

👉 Multiple Funding Options

When you apply for EI payday loans online, you are not limited to the bank transfer option only. You can get your approved loan amount via e-Transfer® or direct deposit to your bank account. If you apply offline through a payday loans storefront, you can get your EI loans in cash or bank transfer.

Some points to remember before applying for payday loans on EI

  • Whether you apply for EI payday loans or opt for another type of loan on government benefits, make sure you have enough income from benefits to repay your loan.
  • Compare the costs of borrowing payday loans with other loans.
  • Make sure your lender accepts government benefits, has a valid license, and follows payday loan regulations.
  • Thoroughly check your loan contract before accepting it. Loan interest rates, fees, and penalty fees are some points to check.
  • Always be ready with your documents (personal and banking) and details of benefits before start filling out your application form. This is important for smooth and error-free loan approval.

Apply for EI loan in Canada

If you want to apply for payday loans on EI (Employment Benefits) in Canada, you can go through Whizz™. Just follow the steps below:

  • Fill out the application form. It is simple and takes a few seconds to complete.
  • You need to provide the following details in the application form:
  • Personal details (Name, address, etc.).
  • Employment or Benefit details.
  • Banking details and then apply.

Once you successfully submit your application, you get instant approval on it. After that, your lender will email you the loan agreement, if you agree then sign and send it back. Within a few minutes, your loan amount will be directly deposited into your bank account.

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People Also Ask

Can you get an installment loan on EI?

Yes, why not? If you receive employment insurance (EI) then you can not only apply for payday loans but installment loans also. Most of the lenders in Canada accept EI as a source of income and approve the loan.

Can you get a loan on CERB?

Yes, if you enroll yourself in Canada Emergency Response Benefit (CERB), you can apply for loans such as payday loans or installment loans. Private lenders accept CERB payments as a regular income and approve the loan.

Will a loan affect my EI?

Absolutely no, the Canadian government does not track your money spending activities. It means applying for a loan does not disqualify you from your employment insurance (EI) benefits.

Does EI affect credit score?

The answer is no, EI is considered a benefit, not a debt, and EI does not impact your credit score. However, if you do not pay your pending bills or outstanding loan or credit cards bills on the due date, then it directly hurts your credit score.

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