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Date Published: April 5, 2023 (Updated June 11, 2026)
Table of contents :
TL;DR
EI loans (payday loans for Employment Insurance recipients) let Canadians on EI access emergency cash fast often same day. You need $800/month net income, 3 months of consistent EI payments, and a Canadian bank account. iCash lends in AB, BC, MB, NB, NS, ON, and PEI.
EI loans, also called payday loans for EI recipients, are short-term personal loans that use Employment Insurance (EI) benefits as proof of income.
Employment Insurance is administered by Service Canada. It provides temporary income replacement for Canadians who lose work through layoffs, seasonal gaps, or similar situations. The challenge: EI benefits don't adjust when an unexpected expense hits between payment cycles.
That's the gap EI loans fill. They bridge urgent financial needs and your next scheduled benefit payment, without the weeks-long wait that traditional personal loans require.
Key Takeaway
EI benefits count as valid income — iCash accepts Employment Insurance the same way it accepts a regular paycheque.
Borrow between $100 and $1,500 at $14 per $100; a $200 loan means you repay $228 in total.
Funds arrive by e-Transfer within 2 minutes of signing, available 24/7 including weekends.
After your first loan, returning customers don't need a credit check for future applications.
Yes, you can get a payday loan while on EI in Canada. Licensed payday lenders accept Employment Insurance benefits as proof of income, the same way they'd accept a regular paycheck. The approval process is often faster for EI recipients than for self-employed borrowers, because EI is a predictable, government-issued payment with a consistent schedule.
Payday loans are short-term products, so the cost depends on how much you borrow and how long you take to repay. Here's a quick breakdown:
Loan Amount | Fee (at $14 per $100) | Repayment Period | APR |
$100 | $14 | 14 days | 365% |
$300 | $42 | 14 days | 365% |
$500 | $70 | 14 days | 365% |
$500 | $70 | 62 days | 82.42% |
Ontario, Nova Scotia, and PEI example: A $500 loan repaid over 14 days carries an APR of 365%. Repaid over 62 days, the APR is 82.42%.
The shorter your repayment period, the higher the APR. If your province allows a longer repayment schedule, spreading out your payments can significantly reduce the overall cost of borrowing. Use our payday loans calculator to estimate your exact cost before you apply
If your credit has taken a hit, you're not alone. Job loss and financial stress often go hand in hand, and a lower credit score is sometimes just a side effect of a tough stretch. The good news is that a less-than-perfect credit history doesn't have to stand between you and the help you need.
At iCash, we look at the full picture. Rather than focusing solely on your credit score, we consider your current income, including EI benefits, to assess your ability to repay. As long as you meet our basic eligibility requirements, your credit history is unlikely to be the deciding factor.
For returning customers, it gets even simpler. Once you've successfully repaid a previous loan with us, EI payday loans with no credit check become the norm , no credit verification is required on future applications.
So if you've been hesitant to apply because of past credit issues, don't let that stop you. Your EI income is what matters most.
If you’re a recipient of EI, here’s how getting a payday loan works (spoiler alert: it’s super easy!): Getting a payday loan on EI with iCash is a three-step process: apply online in minutes, receive an instant eligibility decision, and get your funds by e-Transfer often within 2 minutes of signing. Here's what to expect from start to finish.
EI is considered valid income by most payday lenders in Canada. Here's what you need if you apply with iCash:
Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia)
Be a resident of any of the provinces in which we operate (AB, ON, BC, MB, NB, NS, PEI).
Show that you have been receiving the same source of income for the past three months.
Have a total net income of at least $800/month.
Have access to an online bank account, in which pre-authorized debits can be performed.*
Have a valid Canadian mobile phone number, address, and email address (VoIP numbers are not accepted)
*Please note that KOHO accounts do not qualify as they do not support pre-authorized debits.
Unlike traditional loans, you don't need employment verification or pay stubs. Your consistent EI payments serve as proof of reliable income, often making the approval process faster than for irregular employment income.
And if we do need any additional information, we’ll make sure to tell you exactly what we need to make the process as easy as possible.
Getting an online loan with us is fast and easy. Simply select your loan amount, repayment plan* and provide some personal details.
Our online loan application will tell you if you’re approved instantly. Once approved, all you have to do is electronically sign your contract. It’s that easy!
Once you sign your digital agreement, your cash advance will be sent by Interac e-Transfer within 2 minutes. Fast, convenient and hassle-free. Funds are sent 24/7, no matter what.
Before you apply, it's worth taking a moment to ask yourself: is this expense urgent enough that it can't wait until your next EI payment? Payday loans are designed for genuine financial emergencies, things like an unexpected car repair or an overdue bill that can't be pushed. They're not meant to stretch a tight budget further than it can go.
Borrowing when you truly need it, and only what you can comfortably repay, is the smartest way to use this type of product:
Know your repayment date before you apply: Your loan will likely be due on your next EI payment date. If you're close to a payment gap or transitioning off EI, factor this in before applying.
Borrower rights matter: In Ontario, you have the right to cancel a payday loan by the end of the following business day without penalty. You can learn more on the Ontario Borrower Rights page.
Unemployment brings enough challenges without financial emergencies adding extra stress. If you're receiving EI benefits and need quick access to cash for urgent expenses, unemployment loans through iCash can help you out of a bind.
Our online application process is designed with EI recipients in mind, offering respectful service without judgment about your employment situation. So, if you need some assistance, we’re here for you. Click below to apply with iCash today!
For more information about payday loans with different government benefits, visit our page on payday loans with government benefits. You can also learn about our general payday loans process.
Payday loans are high cost products. iCash loans comply with Payday Loans Act (2008), Ontario. For more information about your borrower rights, visit the Ontario borrower rights page.
Licensed in AB, BC, NB, ON, MB, NS, PEI. License numbers and addresses available upon request.
Since 2016, we've helped over 1.6 millions Canadians get instant loans online.
Since 2016, we've helped over 1.6 millions Canadians get instant loans online.
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