Fill out the online application form. Choose your desired loan amount, repayment plan option*, and provide the requested information. It takes most people about 10 minutes or less.
In Canada, payday loans for people on government benefits are offered to individuals who receive income through a government program. These loans help you pay for expenses that you may not have accounted for. They offer immediate financial help to people who need quick cash right away.
Not every lender recognizes government benefits as a valid source of income to offer you loans. There are a few that do, so you should shop around and compare to see which lenders offer the best rates and loans.
These loans for welfare recipients in Canada are offered mainly by loan companies that accept benefits as a source of income. They are more accessible through direct lenders; you can apply both in stores and online.
Many Canadians opt for payday lenders online because they are more convenient, easy, and much faster to apply for, also they have more flexible requirements. As compared to other types of financial help, these loans are easily attainable and are preferred by Canadians from various economic backgrounds.
Anyone with government benefits, bad credit, or a low income can get a loan between welfare payments.
You can apply for a payday loan while on benefits for up to $1,500. No matter how much you borrow, you’ll need to pay a maximum borrowing fee for every $100 you take out.
Repayment for these loans tends to be shorter than other forms of personal loans and lines of credit. Borrowers are given anywhere from 14 days to 62 days to pay back their money loan, depending on the province they reside in.
The process of applying for a loan in Canada is quite simple and convenient. Because of their speedy application process and quick turnaround time, loans for those on benefits are highly demanded and relied on by many for short-term financial relief.
Here are the different types of payday loans for those on benefits that are available based on various government programs that offer monthly income to Canadians:
Type of Loan | Description |
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If you receive unemployment income from EI, you can apply for a loan for unemployed. The minimum amount required is $800, and you should be receiving employment insurance benefits for at least three months. |
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If you receive government assistance due to short or long-term disability, you can use the funds to apply for a cash advance or loan for disability benefits. The requirements stay the same as any other short term loan. |
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If you have children and receive child tax benefit, you can use the monthly payments and show it as income. The only catch is that you should be receiving at least $800 minimum collectively for your child(ren). |
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If you receive a pension amount of at least $800 per month and have been retired for at least three months, you can also take advantage of a payday loan for pensioners. |
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You can get a payday loan when you are receiving AISH benefits. Get the funding you need to pay for unexpected emergencies. |
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Residents of Ontario can apply for a loan while they are on ODSP. As long as they meet the minimum requirements, they can borrow up to $1,500. |
Loan eligibility requirements differ from lender to lender, based on the risk they are willing to undertake. Compared to other financial products, payday loans for those on welfare have limited qualification requirements making it easy for most people to be approved.
Loan companies that accept benefits 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 in Canada for a payday loan for government benefits regardless of your credit score.
in Alberta, Ontario, British Columbia, New Brunswick, Manitoba, Nova Scotia, Prince Edward Island.
Sign up with our free app and access your account anywhere.
Fill out the online application form. Choose your desired loan amount, repayment plan option*, and provide the requested information. It takes most people about 10 minutes or less.
Our fully automated online application will provide you with an instant decision on your loan. Once approved, all you have to do is electronically sign your loan agreement.
Once your loan agreement is signed, your funds will be sent via e-Transfer in the next 2 minutes. Fast, convenient loans for people on welfare in Canada.
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 welfare loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real money!*
One of the key benefits of online loans that accept welfare benefits is that they are always available. Thanks to advanced, modern technology, the online lending platform at iCASH can provide you with payday loans online 24/7.
Everything is automated so that you can get a loan at any time of day, any day of the week, any week of the year. No longer do you have to wait until a bank or loan store is open.
Bad credit loans for those on benefits are available from iCASH and other online lenders. While a credit check is performed, it is not a disqualifying factor.
For people with bad credit, obtaining loans, lines of credit, or credit cards can be complicated. This is partially due to the over-reliance on credit scores as a measure of someone’s financial responsibility.
However, at iCASH, we make more in-depth approval decisions based on your whole financial picture.
Another reason why many Canadians prefer online loans to their offline counterparts is the degree of flexibility and customization possible.
At iCASH, depending on your income schedule and the province you live in, you can choose to repay your loan in one or multiple installments*. We don’t charge you a higher rate when choosing an installment repayment plan.
iCASH is a loan company that accepts government benefits as a valid source of income towards meeting our $800 monthly net income requirement.
We have invested in the latest 256-bit encryption technology to ensure that when you take out a loan in Canada, your application and your data are 100% safe.
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Traditional Payday Lenders | Lenders with brokerage fee | |
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Flexible repayment plans* | |||
Offers cashback program for more savings* | |||
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No hidden charges | |||
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