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Payday Loans for Unemployed on Benefits in Canada
Are you in between jobs? We know how difficult it is to work with a tight budget. With a limited income, there’s only so much you can cover in your monthly expenses — groceries, rent, mortgage, or car payments. On top of it, if you hit one little bump, such as an unexpected home maintenance bill, things can get super stressful quickly. That’s why we offer payday loans for unemployed on benefits in Canada.
In Canada, online direct lenders like iCASH provide access to payday loans for those who are receiving unemployment benefits. This kind of small loan relies on the employment insurance funds as the primary source of income for the borrower.
If you’re receiving EI, you can apply for a payday loan for unemployed with us. We offer quick loans that are flexible and affordable to help Canadians cope with the stress that comes with unemployment. We understand how important it is to have access to momentary financial relief under challenging circumstances.
What Is Employment Insurance?
Employment insurance is a program by the Government of Canada that provides temporary income support to individuals who lost their jobs and are actively looking for employment or upgrading their skills.
Anyone who earns an income in Canada pays towards the program from their monthly checks, so they can access benefits later if they happen to lose their job or need to go on temporary leave.
The program also offers unique benefits to workers who take time off for a specific life event, such as:
- Pregnancy or illness.
- Taking time off to care for a newborn or newly adopted child.
- If you’re taking care of a critically ill or injured person.
- Or if you’re taking care of a family member who’s seriously ill with a significant risk of death.
- Taking time off to care for a newborn or newly adopted child.
- If you’re taking care of a critically ill or injured person.
- Or if you’re taking care of a family member who’s seriously ill with a significant risk of death.
The program is crucial for Canadians because it helps cover their income loss and helps them handle the uncertainty that comes with unemployment. However, the amount that is paid out doesn’t begin to cover the vast everyday expenses of Canadians today, especially those with young families.
Payday Loans for Unemployed on Benefits
Payday loans for unemployed on benefits are available for those who are receiving an EI income and need access to fast cash. Applying for a loan for unemployed can help you find relief until you start earning regular income again.
In today’s economic climate, anyone can lose their job at the split of a second. If you do happen to find yourself without a job, there’s nothing to be ashamed of. Although it’s best to save money for uncertain times, it’s a luxury not many Canadians can afford.
In such a case, a payday loan for unemployed on benefits may be your smartest option.
Common Uses of Unemployed Payday Loans with Instant Approval:
It’s important to realize when it’s appropriate to apply for a payday loan for unemployed and what are some ways these loans are designed to help you out:
● Utility bills: Need to cover an excessive internet bill from all the time you’re spending online to apply to jobs? You can apply for a quick loan with us.
● Home/car maintenance: The last thing you need when you’re unemployed is for your car to break down or to find a leak in plumbing in your home. We know EI payments won’t begin to cover these expenses, so you can always opt for a short-term loan for unemployed.
● Medical expenses: While Canadians do enjoy universal healthcare, there are still some gaps in our system. We still do pay for medicines and specific procedures that may not be covered by our insurance plan.
● Professional development: Many people choose to upgrade their skills or learn new ones when they’re looking for their next role. If you’re planning to take up a course, you can use an unemployment loan to pay for it.
● Home/car maintenance: The last thing you need when you’re unemployed is for your car to break down or to find a leak in plumbing in your home. We know EI payments won’t begin to cover these expenses, so you can always opt for a short-term loan for unemployed.
● Medical expenses: While Canadians do enjoy universal healthcare, there are still some gaps in our system. We still do pay for medicines and specific procedures that may not be covered by our insurance plan.
● Professional development: Many people choose to upgrade their skills or learn new ones when they’re looking for their next role. If you’re planning to take up a course, you can use an unemployment loan to pay for it.
How Do Loans for Unemployed Work?
Loans for unemployed work the same way as other small loans; the only difference is that the borrower applies for a loan using their monthly EI payments as their source of income.
In Canada, you can apply for loans for unemployed valued between $100 and $1,500. No matter what 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.
When applying for legit loans for unemployed in Canada, consider the following points:
- Each province has a “cooling-off period,” meaning you can cancel the loan without paying fees and no questions asked.
- Lenders can only provide one cash loan at a time. You cannot apply for another loan until you have fully repaid your existing quick loan in full.
- Each lender will have their minimum requirements; please see that you meet these before starting the application process.
- Lenders can only provide one cash loan at a time. You cannot apply for another loan until you have fully repaid your existing quick loan in full.
- Each lender will have their minimum requirements; please see that you meet these before starting the application process.
You’ll also notice that emergency loans for unemployed are small in terms of borrowing amount, so they are relatively more comfortable to pay back. You’ll have luck attaining this kind of loan with direct lenders because they approve loans in small values (as compared to banks and other traditional lenders that mainly deal with big amount loans).
Repayment terms and conditions are set by the lender at the time of loan approval and can vary from province to province. Usually, every lender offers a two week payback period or the next paycheck. However, some lenders may increase the amount of payback period based on the applicant’s request, or the amount of the fast loan.
It’s also important to note that the applicant will be required to pay the amount in full by the specified date on the loan agreement. If you feel like you might be falling behind on a payment, or need more time to pay back your easy loan for unemployed, contact the lender right away to make adjustments to avoid taking a hit on your credit score.
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Key Takeaways: • Loans for unemployed provide access to instant cash • You can borrow up to $1,500 • You can apply online with a direct lender • Your employment insurance payments are taken as a source of income • You can get approved and funded within minutes |
Benefits of EI Payday Loans
EI payday loans have their own set of pros and cons, and depending on your situation and need, you should assess your personal needs to understand if this loan option is right for you.
But to offer some insight, we’ve listed some of the most common advantages of taking out a payday loan for EI recipients:
● Easy application: Most lenders have now switched to online applications. Borrowers can now fill out simple forms online and receive a decision almost instantly. This saves them a trip to a storefront, and this way, they have access to funds 24/7.
● Instant Money: Once approved, receive funds in 2 minutes via email money transfer. Not only is this convenient, but also safe in case you’re borrowing the maximum amount allowed for an instant loan.
● High approval rate: Anyone can apply for an EI payday loan in Canada. Good credit, poor credit, or no credit at all — don’t worry and apply if you need an urgent cash loan.
● Unsecured and unrestricted: Not only our EI payday loans are unsecured; they are also unrestricted. This means the money you borrowed can be used however you see fit.
● Multiple income sources allowed: We accept multiple forms of income, not only employment insurance payments. Simply enter your benefit income information in the Employment Details section of your application.
● Instant Money: Once approved, receive funds in 2 minutes via email money transfer. Not only is this convenient, but also safe in case you’re borrowing the maximum amount allowed for an instant loan.
● High approval rate: Anyone can apply for an EI payday loan in Canada. Good credit, poor credit, or no credit at all — don’t worry and apply if you need an urgent cash loan.
● Unsecured and unrestricted: Not only our EI payday loans are unsecured; they are also unrestricted. This means the money you borrowed can be used however you see fit.
● Multiple income sources allowed: We accept multiple forms of income, not only employment insurance payments. Simply enter your benefit income information in the Employment Details section of your application.
While approval is not 100% guaranteed, you can increase your chances at getting approved for an EI payday loan with the following tips:
- Carefully review the eligibility requirements to apply at your chosen lender. Make sure you meet all of them before submitting your application.
- Know your credit score and work to improve it. This is especially important for lenders that have a minimum credit score requirement.
- Compare lenders to find one that suits your needs and has high approval rates.
- Fill out your EI payday loan application honestly, without exaggerating your income and personal identification details. Take your time to double-check the information you have entered, including your address and banking details, to ensure verification.
- Respond to any questions or clarifications requested by the lender in a timely and accurate manner.
- Know your credit score and work to improve it. This is especially important for lenders that have a minimum credit score requirement.
- Compare lenders to find one that suits your needs and has high approval rates.
- Fill out your EI payday loan application honestly, without exaggerating your income and personal identification details. Take your time to double-check the information you have entered, including your address and banking details, to ensure verification.
- Respond to any questions or clarifications requested by the lender in a timely and accurate manner.
Following these recommendations can help you improve your chances to qualify for a payday loan while on EI, regardless of the loan amount you are hoping to borrow.
Cash Loans for Unemployed
When selecting a lender for a cash loan for unemployed, you should conduct your research to make sure they are reputable. You can do this by reading customer reviews online or ask your friends or family if they’ve used in the past.
It’s also essential to understand how much your loan will cost. Some money lenders may be charging you a loan fee, interest fee, and some additional processing fees that you may not be aware of.
Make sure you read everything in the fine print before applying for an emergency cash loan if you’re unemployed with a specific lender, and if you can’t find clear answers, ask them questions directly.
All reputable lenders will make it easy for you to reach customer service representatives and should promptly reply to your inquiries. If they don’t, reconsider using them because you might have a hard time getting in touch with someone on their team after you take out a personal loan with them if you need to.
Here are some key things you should look out for when applying for a fast cash loan for unemployed:
- If they’re charging extra fees or penalty for paying back loans before the deadline or how much they will charge in case of late payments.
- If the lender requires collateral such as your car for the loan.
- If you need to provide a guarantor for the loan, remember that if you can’t make payments, your guarantor will be legally responsible for paying the instant loan back, and they will take a hit to their credit score.
- If the lender requires collateral such as your car for the loan.
- If you need to provide a guarantor for the loan, remember that if you can’t make payments, your guarantor will be legally responsible for paying the instant loan back, and they will take a hit to their credit score.
Borrow smartly, protect yourself from hidden fees and unaffordable monthly payments. Follow these best practices when applying for a cash loan for unemployed.
• Borrow the right amount: borrowing only what you need, or as little as possible is good for you in the long-run.
• Review Documents: Review Documents: We know reading long documents can be boring. But when you’re taking out an emergency loan, it’s important to read offer documents carefully.
• Make Payments: When you borrow money, making payments on time is crucial.
• Review Documents: Review Documents: We know reading long documents can be boring. But when you’re taking out an emergency loan, it’s important to read offer documents carefully.
• Make Payments: When you borrow money, making payments on time is crucial.
Apply for EI Loans
Eligibility requirements differ from lender to lender, based on the risk they are willing to undertake. Compared to other financial products, EI loans have limited qualification requirements making it easy for most people to be approved.
Direct lenders usually approve 90% of applications, but it still doesn’t mean that approval is guaranteed. No reputable lender will make that promise. However, it is still much easier to get approved from an employment insurance loan, regardless of your credit score.
Once you’ve selected a reputable lender, they are likely to ask you for the following documents and proof to process the loan application:
- Proof of age. All applicants must be 19 years old when applying for a loan.
- Proof of citizenship or PR. Applicants must be residents of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
- Show a net income of $800/month.
- Must be receiving the same source of income for the past three months.
- Have a Canadian bank account that has been open for at least three months and has access to online banking.
- Must present a valid phone number, email, and home address at the time of application.
- Proof of citizenship or PR. Applicants must be residents of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
- Show a net income of $800/month.
- Must be receiving the same source of income for the past three months.
- Have a Canadian bank account that has been open for at least three months and has access to online banking.
- Must present a valid phone number, email, and home address at the time of application.
If you need an EI loan in Canada, you can apply with us using the following simple steps:
1. Sign-up for an account. It only takes a couple of seconds.
2. Once you create an account, you’ll be asked to provide the following details:
a. Personal details, including your address.
b. Employment details, including your salary.
c. Other financial details, including some references.
d. And finally, enter your banking details and submit the application.
3. After submitting your application, you’re sent an e-transfer within minutes. Yes, that’s correct! Everyone is approved, and you can receive a minimum of $100 loan.
2. Once you create an account, you’ll be asked to provide the following details:
a. Personal details, including your address.
b. Employment details, including your salary.
c. Other financial details, including some references.
d. And finally, enter your banking details and submit the application.
3. After submitting your application, you’re sent an e-transfer within minutes. Yes, that’s correct! Everyone is approved, and you can receive a minimum of $100 loan.
We also provide EI loans in these provinces of Canada
in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.
Apply for a Payday Loan on EI Benefits
APPLY ONLINE
GET INSTANT APPROVAL
Complete your online loan application. You’ll receive an instant decision, so you can put your finances back on track. Fast, easy and reliable loans from a trusted licensed direct lender.
GET YOUR FUNDS FAST
Your funds will be sent via e-transfer in 5 minutes or less. Our transfers mean your money is available anytime you need it. Safe, guaranteed EI loans with same day funding.
Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.
EI Loans FAQs
1. Can I get a payday loan on benefits?
If you are receiving EI benefits, ODSP, or disability income for at least three months, you can apply for a payday loan on benefits. You must also meet all other minimum requirements at the time of the application and be receiving benefits for a minimum of three months before you apply for your loan.
With iCASH, you can get a child tax loan, EI loan, CPP loan, and disability loan.
With iCASH, you can get a child tax loan, EI loan, CPP loan, and disability loan.
2. Can I get a payday loan on EI in Canada?
You can receive a payday loan while on employment insurance (EI). The process is the same as when you’re applying for a cash advance. Most lenders will consider your EI premiums as income for the express loan and decide what amount you are eligible for based on the EI premiums being paid out to you. You must have been receiving employment insurance payments for at least three months when you apply for a payday loan for unemployed.
3. Can I get a loan with bad credit and unemployment?
Absolutely. You can apply for a bad credit loan even if you are unemployed. iCASH does not just look at your credit score but your overall application.
4. What is the maximum amount I can borrow with an instant online loan for unemployed?
When you apply for an instant online loan for unemployed, you can borrow as much as $1,500. However, our loans start at $100 so you are not obligated to apply for the maximum amount.
5. How can apply for an online payday loan in Canada while on EI?
You can apply for an online loan for unemployed from your desktop or laptop computer using our easy application process. You can also download the iCASH mobile app on your smartphone or tablet.
20%
CASHBACK
Borrow and Save!
Get up to 20% in Cashback!*
iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*
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