Payday Loans With Government Benefits
Do you receive government benefits? If yes, qualify for payday loans up to $5000!
- *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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Suppose you are finding yourself in financial hardship and can't able to pay for food and other essential bills due to your unemployment or another disability phase. It may seem that there is nothing to help you in this situation, right?
But the good news is that, in Canada, many government-provided benefits provide practical financial support for eligible people during their odd times. You can even use your government benefits to get approval for loans such as payday loans during emergencies or crises.
Before you apply, know some facts about loans on government benefits mentioned below.
Can I get payday loans with government benefits?
Yes, applying for a payday loan is possible if you receive government benefits approved by the Canadian government. Usually, payday lenders accept most of the income sources because they are small loans offered for a short period.
Canadians who receive government benefits such as CCTB, CPP, EI, or other disability benefits can show their benefits monthly payment as valid proof of their income to get payday loan approval.
What type of government benefits accepted by Canadian payday lenders?
Typically, payday lenders accept all types of benefits to approve payday loans, but below we are showing you some most popular ones. You can show your government benefits as your monthly income proof to your payday lender.
| Payday Loan Type | Government Benefit Description |
|---|---|
| Payday loans with Employment Insurance (EI) Canada | Employment Insurance (EI) provide temporary financial support to the unemployed individuals in Canada. If you receive the income under EI program, you can apply for payday loans. |
| Payday loans on Disability Income Canada | Canadian government provide various types of disability benefits to those individuals who are suffering from severe and prolonged mental or physical disability. Most of the disability income accept by the payday lenders in Canada. |
| Payday loans with Canada Pension Plan (CCP) | The Canada Pension Plan (CPP) is the main source of retirement income for the Canadian seniors. The new average paid amount of retirement pension under CCP is $717.15. Yes, you can apply for payday loans. |
| Payday loan for Canada Child Tax Benefit (CCTB) | The Canada Child Tax Benefit (CCTB) is approved by Canada Revenue Agency (CRA) and it is a tax-free monthly payment provided to eligible Canadian families to bear the costs of raising the children under 18 years old. Usually, payday lenders accept as a valid income source. |
| Payday loans on Assured Income for the Severely Handicapped (AISH) | AISH is a valid financial health benefits provided to eligible severely disabled Albertans to cover their living costs. It is a monthly living allowance (Up to $1,685) and you can apply for payday loans with it. |
| Payday loans on Ontario Disability Support Program (ODSP) | Similar to AISH, ODSP is a income support for the disabled people in Ontario, Canada funded by the government. You can apply for a payday loan with your ODSP income. |
How to get payday loans with government benefits approved?
You need to receive a government benefit for payday loan approval. Getting income from benefits is good, but some other important factors can improve your chances of getting instant approval for your payday loans with government benefits.
- Check your Credit Rating: Your credit rating reflects your creditworthiness to the lenders. The higher your credit rating, the higher your chances of being approved for a loan. Similarly, people whose credit score is low or bad might need help with loan approval as lenders see them as 'risky borrowers.' However, payday lenders approve loans for bad credit applicants but at higher interest rates.
- Shop Around for the Right Option: Even if your loan is not approved, it still shows in your credit rating. It might negatively impact your chances of approval for loans or other credit options in the future. It is always recommended to check your requirements and ensure that you meet your lender's eligibility criteria. At Whizz, we send your loan application to those lenders whose approval rate is 98.7% or up.
- Only Apply for What You Need: In financial emergencies, our mental state always forces us to apply for more than we need. Before applying for a loan, check what amount you really want to borrow and how much you can afford to repay on time. If possible, applying for the smallest loan amount is good because it is easy for lenders to approve. But it is essential to understand that payday loans are only meant to deal with unexpected financial difficulties, not for luxuries.
- Ensure you Meet the Lending Criteria: Payday loan is a popular product in the market, and different types of lenders offer them at their eligibility criteria. Due to high competition, it allows the applicants to compare different types of lenders and find the best deal. If you want to increase your loan approval chances, it is essential to meet with eligibility criteria of your specific lender. If you apply for a loan without fulfilling your lender's requirements, then your loan is disapproved.
- Provide Valid Documentation: Usually, payday loans application are processed online, and you don't need to meet with your lender, do paperwork, or make phone calls. But you need to fill your loan application form with valid details because a single mistake could lead to loan disapproval. You should also provide proof of your age, residence, identification, and benefits.
What I need to apply for payday loan with government benefits?
Most of the essential eligibility criteria of payday lenders are the same, and you need to meet the following:
- Age: Your age should be 18 years or above.
- Residency: You must hold citizenship in Canada or be a permanent resident.
- Income: You will need to show your government benefits income.
- Bank Account: Most payday lenders require a bank account to deposit loan amounts.
- Contact Details: Valid mobile phone number and email are required for contact purposes.
Advantages of payday loans with government assistance
- Easy Application: Payday loans are available online so you can apply for them anytime. There is no need to leave your comfort to visit the lender's office and wait for your turn. Apply online and get instant decisions within factions of minutes.
- Instant Money: Once your loan is approved, the lender immediately cash disbursed in your bank account via Electronic Fund Transfer (EFT) or e-Transfer®. Usually, it takes 5-10 minutes* to reflect funds into your account.
- Bad Credit OK: There is no need to earn a perfect credit score badge; you can apply for payday loans with your government benefits, even with your bad credit rating.
- Weekend Available: Many payday lenders offer 24/7 online payday loans on weekends (Saturday and Sunday) and even holidays.
- e-Transfer® Supported: No need to wait for money now? Because you can now receive your payday loan amount in 5 minutes using the Interac e-Transfer® payment method. Many payday lenders offer e-transfer payday loans in Canada.
Disadvantages of payday loans on government benefits
- Very Expensive: Something else can't be matched with payday loans in financial emergencies. They are easy to apply, instant approved, and provide quick cash. But they are costly borrowing options as compared to other credit types. You need to pay higher interest rates and fees.
- Shorter Repayment Time: Payday loans are usually offered for a shorter period (2-3 weeks). Due to shorter repayment times, many borrowers find it difficult to repay the loan within a short time frame and are stuck in a debt cycle.
Payday loans with government benefits- Some FAQ's
Can you get a payday loan on benefits?
Yes, if you receive the benefits from government authorities and can verify your payments, you could be eligible for a payday loan on benefits.
Can you do a payday loan on EI?
Yes, you could be eligible for payday loans on Employment Insurance (EI) without impacting your EI benefits. Usually, payday lenders check your loan affordability, and if you can show them your EI benefits income, you may qualify for a payday loan.
Do payday loans accept ODSP?
Yes, if your income source comes from Ontario Disability Support Program (ODSP), you can get approval for payday loans. All you need to do is find the lender that accepts the ODSP payments as a valid source of income.
Can I get payday loans that accept social assistance in Canada?
Yes, it is possible to qualify for payday loans that accept social assistance in Canada. Rather than payday loans, you can even apply for installment loans and lines of credit.
Is it possible to get payday loans with government benefits without a credit check?
Yes, but it isn't easy. You can apply for payday loans with no credit check on your government benefits. Loans without credit checks are offered at higher interest rates and other fees, increasing the overall loan cost. Getting a loan with 100% no credit check is impossible; lenders must perform soft-credit checks to see the creditworthiness.
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Apply online, get instant decision, and if approved, access up to $1,500 or more.