Payday Loans For Disability Income Canada
On benefits? You can still apply for a payday loan by using your disability income at Whiz!
- *Whizz is an independent comparison website, not a lender or a broker.
- *Applying won't affect your credit score.
- *All loans are subject to creditworthiness and affordability checks.
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Why a large number of people choose Whizz? Because we brightening their rainy days since 2017. We made online borrowing simpler, faster, and more affordable.
Why choose "Whizz"?
Need urgent money? Don't worry! Apply online and get fast approval*.
Borrow $100 to $5k
You are free to borrow as min $100 to max $5000 with long repayments terms.
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Our loan specialists are always ready to help you throughout the whole process until you get approval.
Did you know?
- Around 22% or 6.2 million of the Canadian population aged 15 years or over had one or multiple disabilities.
- Women (24%) were more likely to have a disability than men (20%).
- Disabilities related to pain, flexibility, mobility, and mental health were the most common disability types.
- Among those aged 25 to 64 years, persons with disabilities were less likely to be employed (59%) than those without disabilities (80%).
- In 2023, the monthly amount in January is $1,538.67, increasing to $1,546.05 in December.
Source: Statistics Canada
Do payday loans accept my disability in Canada?
If you find that your current disability income is not sufficient and needs extra cash, you can apply for a payday loan. While options are limited, most payday lenders accept the government benefits as a regular and valid source of income to approve a loan.
Before applying, please confirm your monthly benefit type and how much you will receive. If you get income from multiple disability benefits, please sum up the total amount, as it clearly shows how much you can afford to repay.
Here is a list of some popular types of payday loans that accept disability income as a monthly income:
- Payday Loans That Accept Child Tax
- CPP Payday Loans
- AISH Payday Loans
- ODSP Payday Loans
- EI Payday Loans
- Payday Loans For Disability Income
- Payday Loans For Welfare Recipients
Loan approval depends upon your lender, and you must meet your lender's essential eligibility criteria. It is true that approx. 90.76% of payday loan applications are approved at Whizz, but it doesn't mean we offer guaranteed approval.
How much can I borrow whilst receiving benefits?
Whizz offers short-term payday loans with a restriction-free usage facility. You can borrow as little as $100 and as much as $1,500 over 3-12 months or until your next benefits payment. The loan amount is approved based on your lender's decision and your loan affordability.
Our online payday loans are available to those currently receiving government benefits and those who earn income from regular employment. We accept all types of income, even applicants with bad or no credit score.
Why choose Whizz for payday loans with disability income in Canada?
- 24/7 payday loans: With the help of our online application, you can apply quickly and straightforwardly from anywhere, 24 hours, 7 days a week.
- Quick approval: At Whizz, we don't want you to wait days or weeks to know if your loan is approved. That is why we provide instant approval loans after receiving your loan application.
- Fastest e-Transfer funding: Once your loan is approved, we immediately transfer your funds using instant e-transfer, and you'll get your money in 2-5 minutes*.
- Bad Credit? No Problem: Yes, it is valid with us! Our short-term payday loans accept all types of income sources and consider bad credit scores. It means if you have bad or no credit, you may still qualify for a loan at Whizz.
Dos and don'ts before apply
Do:
- Try to get financial assistance from the government first.
- Check your credit score for a loan offer at lower rates.
- Before applying for disability payday loans, consider other credit options like a 0% APR Credit Card.
- Compare as many as lenders to get the best deal.
- Make sure to match your lender's eligibility criteria.
- Refrain from filling out your loan application in a rush; a single error could result in denial.
Don't:
- Choosing a loan amount that you can't afford to repay in future.
- Apply for multiple loans within a shorter period.
Who qualifies for a disability income payday loans?
To be eligible for online payday loans with disability income via Whizz, you must meet the following essential criteria:
- Your age should be 18 years or above.
- Be a citizen or resident of Canada.
- Have a regular income in the form of benefits, including disability benefits, CPP, EI, ODSP, and other social assistance programs supported by the Canadian government.
- Have a Canadian bank account that can accept online fund transfers, including Interac e-Transfer®.
- Have a valid and active mobile phone number, email ID, and residential address.
How to get payday loans for disability income online in Canada?
If you meet the above loan requirements, you can follow our online application process and apply now. It hardly takes a few minutes to complete, and you will see instant loan decisions on your screen.
- Complete our online application: It usually takes a few minutes to finish our application process. There is no need to do tons of paperwork or send documents because we support faxless payday loans for people with disabilities. Get instant decisions without waiting longer.
- Get instant decision: Once you submit your application, you get an instant decision in minutes from one of our lenders. If approved, the lender emails your loan contract the describe your loan interest rate, terms and conditions, and repayment period. Thoroughly read it, and if you agree, then accept it by doing an electronic signature and emailing it back to your lender.
- Your funds will be e-transfer in minutes: On successful loan approval, the funds will be directly sent to your bank account in 2-5 minutes* by e-transfer method. The exact timing of cash reflection in your account depends upon your banking clearance.
Before applying, please hand in your up-to-date personal and banking details, information type, and payments of benefits you receive. It makes the application process fast and hassle-free and decreases your chances of loan disapproval.
Payday Loans For Disability Income Canada- FAQs
Can I get a payday loan on disability?
The short answer is yes. It is possible to get a payday loan when you're receiving income from disability benefits. Usually, payday lenders focus on the applicant's ability to repay the loan on time and accept all types of income sources. However, approval depends on other factors such as your benefits income, debt-to-income ratio, etc.
How do payday loans work with disability benefits?
Payday loans that accept disability income are short-term and unsecured loans due until your next disability benefit payment. Compared to traditional bank loans, payday loans are easier to get approval for but come with high-interest rates. Before applying, ensure you can repay your loan due date; otherwise, it could lead to a debt cycle.
Can I use disability payments as my sole source of income for payday loans?
Absolutely yes. Payday lenders accept disability payments as a valid and regular source of income. However, every lender has their eligibility criteria and requirements, so it is essential to check it. Your payday loan approval depends upon how much disability income you receive every month.
Can I get a payday loan on ODSP?
ODSP payday loans are specially designed for the Canadians who enroll and receive payments as an ODSP (Ontario Disability Support Program) recipient. You can apply for payday loans on ODSP online with Whizz and get up to $1,500 extra for unexpected cash shortages until your next ODSP payment.
Can I get online payday loans on social assistance?
Yes, many lenders offer payday loans that accept social assistance as an income source and transfer funds via e-transfer after approval. However, as a social recipient, ensure you have enough income to repay your loan on time, as such loans come with higher interest rates.
Can I get a loan on CPP disability?
Yes, it is possible to get a loan while on CPP disability benefits. In Canada, some limited lenders accept disability benefits such as CPP as a regular source of income. Payday loans and a few installment loans are examples you could get by showing your CPP income.
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