Are there payday loans on EI in Canada?
Receiving Employment Insurance (EI) benefits in Canada does not automatically disqualify someone from obtaining a payday loan, but it's important to understand the implications and potential challenges.
If you are on EI, it may impact your ability to meet the income requirements set by payday lenders. Some lenders may consider EI benefits as a source of income, but the decision ultimately depends on the policies of the individual lender.
It's important to exercise caution when considering payday loans, regardless of your source of income. These loans often come with high interest rates and fees, but a short lending period.
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 | 7.70% | 834 |
| 20,000 | 10.70% | 1,159 |
| 20,000 | 13.70% | 1,484 |
| 50,000 | 7.90% | 2,140 |
| 50,000 | 10.90% | 2,952 |
| 50,000 | 13.90% | 3,765 |
| 100,000 | 8.10% | 4,388 |
| 100,000 | 11.10% | 6,013 |
| 100,000 | 14.10% | 7,638 |
| 200,000 | 8.30% | 8,992 |
| 200,000 | 11.30% | 12,242 |
| 200,000 | 14.30% | 15,492 |
How can Bankchart.ca help EI recievers to get payday loans?
How and where can I get a fast payday loan online on a debit or credit card or in cash at a financial company near me? These questions are of interest to many receivers of EI. Therefore, we have compiled a list of financial organizations that accept EI incomes and offer quick payday loans to repair a car, renovate a home, and pay unexpected or urgent bills, and emergency medical costs with a loyal approval approach.
In order to urgently get payday lending without refusal, you need to send online applications to several companies. We cooperate with reliable and trusted financial organizations that have the appropriate licenses for providing EI loans. Therefore, if you need a perfect payday loan, use this webpage and you will find out who offers personal loans under the best conditions and has the most loyal approval approach.
See the similar FAQ about Canadian banks:
- BMO priority pass
- BMO roadside assistance
- BMO secure email for phishing attacks
- BMO secured credit card
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
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/
North’n’Loans
Head office’s address: 1 Yonge Street, Suite 1801, Toronto, ON, M5E1W7
Web-site: https://northnloans.ca/