Payday Loans For Welfare Recipients Canada
Finding loans for welfare recipients in Canada can be a frustrating process. But at Whizz, we've specialist who help you!
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If you are living as a welfare recipient in Canada and looking for loans that accept social assistance, online payday loans might be an option. Payday loans for welfare recipients in Canada help to get instant funds and cover pending bills or unexpected expenses. In this guide, we show you every important aspect of these loans.
Can you get a payday loan on welfare in Canada?
Yes, you can apply for payday loans as a welfare recipient in Canada. Usually, payday lenders offer loans that accept social assistance as a valid source of income.
Payday loans are easy to get approval for, and lenders mainly focus on seeing whether you can repay what you borrow or not. Lenders are keen to see your regular income source- whether from regular employment or benefits. The main factor that matters most is having an income, allowing you to repay the loan on time.
Long-term welfare benefits supported by the Canadian government Includes employment insurance, child benefit, pensions, and disability aids are viewed as a salary and considered to qualify for a payday loan.
Which social assistance count as income?
Social assistance (Welfare) program supported by the government of Canada and designed to provide financial and other forms of support to eligible families who are economically weaker. Below are some instances of social assistance that you can use to qualify for a loan, such as payday loans or installment loans:
- Ontario Disability Support Program (ODSP), a.k.a. Ontario Works in Ontario. Read more
- Assured Income for the Severely Handicapped (AISH). Read more
- Employment Insurance benefits (EI). Read more
- Canada Child Benefit (CCB). Read more
- CPP Retirement pension. Read more
- Disability benefits. Read more
At Whizz, you can apply for a payday loan while receiving government benefits and get up to $1,500 with a maximum borrowing fee of $100 on every dollar you borrow. We partner with lenders and are ready to work with every type of applicant, income source, and even with bad credit scorers.
How much do welfare recipients get in Canada?
| Unattached single considered employable | Unattached single with a disability | Single parent, one child | Couple, two children | |
|---|---|---|---|---|
| Basic social assistance | $8,796 | $14,264 | $12,024 | $15,000 |
| Additional social assistance | $0 | $0 | $0 | $0 |
| Federal child benefits | $0 | $0 | $6,915 | $11,668 |
| Provincial child benefits | $0 | $0 | $1,492 | $2,983 |
| Federal tax credits / benefits | $735 | $861 | $1,570 | $1,949 |
| Provincial tax credits / benefits | $721 | $747 | $1,102 | $1,769 |
| Total 2022 income | $10,253 | $15,871 | $23,102 | $33,368 |
Information about welfare incomes for all households in Ontario, Canada, driven by Datawrapper.
What are my loan options if I'm on welfare?
Traditional banks and lenders see applicants receiving social assistance (Welfare) as risky borrowers. However, some lenders consider income from benefits and allow to apply for a loan that includes:
Payday loans: These are short-term, small, high-interest loans that are very easy to get approval for. Usually, payday lenders consider all forms of income and credit scores but make sure you can afford your loan. Otherwise, they will reject your application.
Secured loans: With these loans, you must put your valuable assets as collateral against your loan. Like payday loans, these loans help those people borrow money who are facing rejection for conventional credit products due to bad credit or no income. If you can't repay your loan, lenders can sell your collateral to recover their loss.
Guarantor loans: A guarantor is somebody such as your friend or family member who agrees to repay your loan if you default. With the help of guarantor loans, you can access deals out of your reach due to your credit issues or low income.
Apply for credit-builder credit cards: Typically, such credit cards are different from regular credit cards and aimed at people with low income or bad credit ratings. Credit-builder credit cards come with easy eligibility criteria but are offered at higher interest rates.
What are the eligibility criteria for payday loans as a welfare recipient?
Even if you have a regular source of income as a welfare, you still need to meet the essential eligibility criteria set by your lender to get a welfare payday loan. These are:
- Be at least 18 years or above of age.
- Be a citizen or resident of Canada.
- Proof that you receive social assistance (Welfare) income.
- Have a Canadian bank account that accepts online transfers and e-transfer.
- Must have a valid mobile phone number, email, and residence address.
- Ability to repay the loan, even living on income support.
These are essential requirements to apply for payday loans for welfare recipients in Canada. Please note the eligibility criteria depend upon your lender and may vary from each other. So, read them thoroughly before applying.
How to get a payday loan while receiving welfare income support?
You can apply for 24-hour payday loans for welfare with Whizz in Canada. It could take a few minutes to complete our 3-simple steps application, and once approved, the money e-transfer into your account within 2-5 minutes*, even on weekends and public holidays.
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1
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. Get instant decisions without waiting longer.
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2
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.
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3
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 Interac e-Transfer® method. The exact timing of cash reflection in your account depends upon your banking clearance.
Payday Loans For Welfare Recipients Canada- FAQs
Can I get payday loans for welfare recipients with bad credit?
Yes, you are more likely to get payday loans with your welfare or social assistance income, even if you have bad credit in Canada. Generally, payday loans are offered at lenient lending criteria compared to banks. They usually focus more on the applicant's income rather than credit score.
Can I get a payday loan for an ODSP?
Even living on the Ontario Disability Support Program (ODSP) income, you can still qualify for ODSP payday loans. Typically, payday lenders accept all forms of income, whether from employment or benefits.
Should I get welfare payday loans online?
Yes, applying for online payday loans on social assistance or welfare has many benefits. First, you can apply anytime, from anywhere in Canada, 24/7, online. Secondly, once your loan is approved, you can receive funds by fastest e-transfer in 2-5 minutes. Whizz always provides 24-hour payday loans to welfare recipients, even on weekends (Saturday and Sunday).
Can I get payday loans for welfare recipients with no credit check?
Yes, you don't need a good credit score to apply for payday loans with no credit check for welfare recipients in Canada. Payday lenders have less strict credit requirements and sometimes skip traditional credit checks. It means you can still apply even if you have a low, bad, or no credit rating. However, make sure you can repay your loan on time; otherwise, the lenders will decline your loan request.
Ready to get started?
Apply online, get instant decision, and if approved, access up to $1,500 or more.