Can I apply for payday loans on government benefits?
In Canada, it is possible to apply for payday loans while receiving government benefits.
But payday lenders typically require proof of income, which can include government benefits such as Employment Insurance (EI), Ontario Works (OW), or the Guaranteed Income Supplement (GIS). Ensure you provide the necessary documentation.
Read the terms and conditions carefully before agreeing to a payday loan. Ensure you understand the total cost of the loan, including fees and repayment terms.
What is ODSP in Canada?
ODSP stands for Ontario Disability Support Program. It is a social assistance program provided by the Government of Ontario, Canada, designed to help individuals with disabilities who are in financial need.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.85% | 850 |
| 20,000 | 10.85% | 1,175 |
| 20,000 | 13.85% | 1,500 |
| 50,000 | 8.05% | 2,180 |
| 50,000 | 11.05% | 2,993 |
| 50,000 | 14.05% | 3,805 |
| 100,000 | 8.25% | 4,469 |
| 100,000 | 11.25% | 6,094 |
| 100,000 | 14.25% | 7,719 |
| 200,000 | 8.45% | 9,154 |
| 200,000 | 11.45% | 12,404 |
| 200,000 | 14.45% | 15,654 |
Online payday loans that accept people with disability incomes
In Canada, some online payday lenders may accept individuals with disability incomes, but it’s essential to approach these loans with caution due to their high interest rates and fees.
Look for online payday lenders that explicitly mention accepting various types of income, including welfare benefits.
Popular Online Payday Lenders in Canada: Mogo, Cash Money, Quick Loans Canada.
How can Bankchart.ca help you?
Thanks to the development of the Internet and the credit market, borrowers have the opportunity not only to submit an application for a microloan online, but also to receive money immediately - on a card or in cash at the nearest branch of a financial institution. The main characteristics of such welfare payday loans are that loans are issued for a short period and for a small amount. However, such loan offers are very popular among the population. Firstly, new customers often have the opportunity to borrow money without interest (at 0.01%). Secondly, banks and financial organizations make a decision on issuing a loan almost instantly - 5-10 minutes after sending the application. Thirdly, you can get money even with a bad credit history (please note, usually the interest rate for such borrowers is higher).
Therefore, if you need a perfect payday loan for welfare recipients, use this webpage and you will find out who offers loans under the best conditions and has the most loyal approval approach.
See the similar FAQ about Canadian banks:
- Apple Pay in Manulife Bank
- Aventura CIBC travel insurance cover
- BMO - dispute a charge
- BMO ATM withdrawal limit
Details of companies offering the financial services:
GoDay
Contact center: 888-984-6329
Web-site: https://goday.ca
iCASH
Head office’s address: 372 Bertha St, Hawkesbury
Contact center: +1-844-419-2274
Web-site: https://icash.ca
LendforAll
Web-site: https://lendforall.ca
Lendigo
Head office’s address: 7980 14e Ave Montreal (Québec) H1Z 3L8
Contact center: 514-210-6192
Web-site: https://lendigo.ca
LoanConnect
Head office’s address: 379 Dundas St #217, London
Contact center: (855) 936-5626
Web-site: https://loanconnect.ca
Magical Credit
Web-site: https://www.magicalcredit.ca
Mogo
Web-site: https://www.mogo.ca
Money Mart
Contact center: 1-800-361-1407
Web-site: https://www.moneymart.ca
MyCanadaPayday
Contact center: 604-630-4783
Phone: 877-730-8406
Web-site: https://www.mycanadapayday.com/
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca
Speedy Cash
Web-site: https://www.speedycash.ca