Need EI
Loans
in Canada?
Get up to
$1,500

What is Employment Insurance?

For many of us, working is a very prideful experience. Not only are we contributing to society, we are also earning money to put toward present-day expenses, as well as retirement. What’s more, considering how many hours a week we all devote to our jobs, they become a giant part of our identities. Thus, when employment goes away, it can be a major adjustment for Canadians both monetarily and emotionally.

To help those in Canada navigate through such a situation is Employment Insurance. Available through federal government institution Service Canada, EI provides financial benefits to people who have lost their jobs through no fault of their own. This can be due to work shortages, lay-offs, company bankruptcies, and position eliminations.

Benefits can also be obtained by those who are:

To be eligible for these benefits, a person has to have had insurable employment; worked a required number of insurable employment hours in the past 52 weeks, or since the beginning of their last claim (whichever is shorter); and been without work and pay for seven consecutive days in the past 52 weeks.

You also need to be available and ready to work on any given day once unemployed and prove that you are actively seeking new employment. Along the way, you will be required to submit online reports to Service Canada, where you will have to provide certain pieces of information in order to keep your benefits active. When it comes to how much money you can receive through employment insurance, that varies based on the individual. Service Canada, however, states that the basic rate for calculating benefits is 55% of your average insurable weekly earnings.

The maximum insurable earnings a person can accumulate in a year is $54,200 ($573 per week.) Benefits can last from 14 to 45 weeks, depending on numerous factors, including the unemployment rate in the region for which you reside at the time of submitting your claim.

To apply for Employment Insurance (EI), you’ll need to connect with Service Canada and provide your Social Insurance Number; mother’s maiden name; personal contact and banking information; as well as details related to your employment situation for the past 52 weeks. A Record of Employment will also need to be provided.

Please note that the Canada Emergency Response Benefit CERB, may provide you with a temporary income if you stop working because of COVID-19.

Loans for Unemployed in Canada

As much as Employment Insurance can prove to be a wonderful resource for Canadians, sometimes the money you receive through it is not enough to cover your expenses. Add an unanticipated cost like needing to fix your car’s clunky brakes into the equation, and all-of-a-sudden you will feel the need for more financial assistance.

Fortunately, loans for unemployed people in Canada are widely available. Even if you do not have a job, you can still be eligible to receive the extra money you need to ensure bills get paid and debts do not grow to incredibly high levels. Losing work is stressful enough. You should not have to also worry about struggling financially as well.

Across the country, there are numerous types of loans available to you – regardless of your employment status, and your credit score.

Unsecured
Unsecured short term loans for unemployed people are perfect for those who need a little bit extra cash while hunting for a new job. Here, you won’t have to put up any form of collateral to receive funds.

Secured
With this option, you’ll need to put up an item of value (i.e. expensive jewelry, or even a vehicle) to get the money you need. Lenders use this method as a way to motivate borrowers to repay what is owed on time. If you miss the repayment deadline, you’ll lose ownership of your piece of collateral to the lender.

Guarantor
Through this borrowing method, you would have a trusted family member or friend co-sign the loan with you. If you happen to default on agreed upon repayments, the guarantor would be responsible for paying back your debt.

EI loans for unemployed are designed to help you out in case of emergency. With that in mind, we recommend only applying for one when you need to pay for an urgent necessity. These funds should not be sought to handle recurring bills like phone or cable.

How Do Payday Loans for Employment Insurance Recipients Work?

If you are on EI and determine that a quick payday advance may be something you need in the near future, it is important to understand how they work.

In Canada, you can apply for payday loans for unemployed valued between $100 and $1,500 (plus interest.) No matter which amount you select, you’ll need to pay a 15% to 25% maximum cost of borrowing fee for every $100 you take out on a two-week term.

Since employment insurance payday loans are more modest in terms of dollar amount, they should be much easier to pay back. Traditional banks allow you to borrow higher sums of money at different interest rates – this could create sizeable debt in no time.

Those who provide payday loans for EI recipients offer varying repayment plans. Please read through your options carefully and select a plan that would work best for you.

If you do not have enough funds in your bank account when the lender debits it for repayment, you’ll be responsible for an insufficient funds charge. Thus, it is very important to keep in mind which date(s) you committed to repay what you borrowed.

When looking into payday loans for unemployed on EI benefits in Canada, also consider these points:

On occasion, you may receive a lesser fund amount than what you applied for. This is because conscientious private lenders will only approve employment insurance payday loans, when they believe a borrower will have no trouble paying back at the appropriate time.

Advantages of Employment Insurance Loans

Just because you are collecting Employment Insurance, that does not mean you have to only rely on those funds to help you out until a new job is found. Considering this benefit will only pay you a percentage of what you were making while gainfully employed, adjusting to life on a smaller budget could prove quite challenging.

Paydays loans for people on EI are widely available and come with a number of excellent advantages:

Since 2014, iCASH has provided funds to more than 300,000 people who needed fast monetary assistance. During that time, we have approved 93% of all applications submitted to us.

Finding a Reputable Lender for EI Loans in Canada

Oddly enough, being unemployed can be just as busy for you as having a job. Here, you might spend hours a day looking for new professional opportunities, taking educational courses, networking, and managing your household. Thus, it is understandable that you may struggle to find the time to seek financial assistance through a direct private lender.

In reality, though, carving out a few hours to do this can prove to be mightily significant. As you can see by searching “EI loans” on Google, there are a large number of companies you can instantly borrow money from. The key to finding the best one for you, however, is to do a decent amount of research.

Here is what you should be looking out for:
Read Reviews
When narrowing down the best purveyors of EI loans, reading the reviews of previous customers is very beneficial. They will give you first-hand assessments of their borrowing experience, helping you to see how a lender treats people like you.

See that the Lender is Licensed
It is strongly recommended that you only pursue EI payday loans through licensed money lenders. Businesses like ours adhere to regulations designed to accurately inform and protect customers throughout the borrowing process. Unfortunately, there are unlicensed lenders out there who are more than willing to prey upon you and whatever financial situation you might be in.

In-Person or Online
Nowadays you can choose to borrow funds through both in-person and online application processes. Some lenders offer both options, while others will focus strictly on one of them. Look into this, as we know some individuals prefer the comfort and privacy of applying for fast online loan, over visiting a cash advance store.

Repayment Plans
Not all lenders will offer the same repayment plans. Certain companies will expect to be reimbursed as soon as your next cheque comes through. Fortunately, other lenders understand that sometimes people need more time than that. Closely evaluate the repayment plans being offered and select the one that best suits your situation.

Readily Available Information
The best direct private lenders have nothing to hide. As such, their websites should be filled to the brim with handy information that will help guide you through the borrowing process. If an FAQ section is available, be sure to read it from top to bottom.

We understand that finding a reputable lender of EI loans can take a lot of time. But, just like any financial decision you make, this one should not be rushed into – plenty of due diligence should be put forth.

Once you have chosen who to work with, please read over your agreement and see that it makes sense to you. Only signoff on it if you feel 100% confident in doing so.

Applying for Online Payday Loans While on EI

If you receive EI benefits you can receive an online payday loan from us. We are open for business 24 hours a day, seven days a week, and can even provide you funds during major holidays like Easter and Christmas.

You can apply using our website, or our wonderfully intuitive mobile loan app for iOS and Android devices. No matter which route you select, you’ll have access to an easy online application process.

When applying for online payday loans in Canada while on EI, you’ll be asked to provide personal information. In the Employment Details section of the application, you will need to share the details of your government benefit income with us.

Once your application has been submitted, a credit check will be performed. That said, no credit check we perform is completed without analysing more pieces of criteria than just your credit score. You won’t be turned down simply based on the quality of your credit score.

These are just some of the many benefits that you’ll experience by working with us: