Social assistance in Canada is a useful approach for several people who are devoid of the opportunity of earning like a normal individual. Sometimes, it is difficult for an individual to find a viable source of employment, earn less than required, find it difficult to manage child expenses, and face situations like that. Even old age and running on pension benefits is a kind of financial assistance availed by the Canadian government.
Despite having different reasons for relying on social assistance in Canada, all such people have one thing in common and that is finding such financial aid is not enough to meet an unexpected financial emergency. And, it might happen to anyone despite having regular financial assistance availed from the Canadian government’s side.
To deal with such emergency online payday loans social assistance is an apt fiscal benefit to rely upon. You might be thinking, how is that possible to apply for a loan when you do not have any source of income. Well, that’s the catch here. Social assistance short-term loan is offered against the government benefit that you receive every month.
Clearly speaking, your social assistance money received will act as your source of income against which you can apply for a payday loan with guaranteed approval to arrange an extra sum of cash.
But this is just the small information mentioned about social assistance payday loans. It is imperative to know more about this short-term loan for 3 to 6 months. And, here we provide you with end-to-end details based on the following points.
- Things you should know about online payday loans on social assistance
- Key features of social assistance loan
- Tips for getting social assistance loan
- Eligibility eriteria
- Cost of social assistance payday loans in Canadian provinces. Let’s get started on the same.
Things You Should Know About Online Payday Loans On Social Assistance
Normally, Canadian loan lenders check the monthly payment source of a borrower while considering the loan application. Apart from that checking the credit score is one of the essential requirements of the loan from the lender’s side. Sometimes even collateral is required to secure the loan amount in case the borrower fails to repay the same.
Despite all that conditions, online payday loans and welfare recipients are offered with utmost flexibility and understanding of the monetary problems of people. You will be offered an instant cash availability loan to meet an unexpected set of expenditures and easily repay the amount by using your next welfare cash.
Key Features Of Social Assistance Loan
There are some essential features of online same day loans on social assistance in Canada that you must be aware of. Depending on the below-mentioned features, you will decide whether to apply for this short-term financial assistance or not.
* Offered loan amount: Just like any other instant e-transfer payday loan in Canada, here also, you will find the loan cap of $100 to $1,500. It is not the final amount because it depends on your welfare amount received every month and the repaying capacity. Moreover, 62 days is the loan duration period under which you need to repay the loan amount.
* Loan fee: There is a borrowing fee included in the loan amount that every borrower needs to repay. It comes to around $15 to $25 for every $100 you borrow. For example, if you borrow $300 at the rate of a $15 borrowing fee, then total you will be charged $45 as a fee.
* Quick loan transfer: In some special cases, there is a provision to receive a fast loan and instant loan amount transfer.
* No concern about bad credit profile: Under the realm of government welfare benefits payday loans, lenders will not consider your current credit score position. Even, if your credit ratings are on the lower side, still you will get the loan approval with no refusal in Canada 24/7.
* Non-employment is accepted: Another imperative feature to consider is no such requirement for full-time employment. As already mentioned above, your social assistance income is more than enough to expect a certain loan amount.
Tips For Getting Social Assistance Loan
* Try not to rush: Try not to hurry into marking an agreement without knowing the conditions of your credit, including the expense, advance term, and reimbursement plan. Keep away from moneylenders that don’t explain the particulars of your credit.
* Keep away from banks that require advance protection: Credit protection ought to be totally discretionary, never required.
* Keep away from banks that request installment front and center: Authentic banks don’t request installment front and center. In the event that you experience somebody requesting this, it very well may be a trick.
- You must be at least 18 years of age.
- You must be a permanent Canadian citizen
- You must be having a valid ID card
- You must be having an active bank account
- You must be having an income proof of government welfare
- You must be having a working phone number
Cost of social assistance payday loans in the Canadian province
|Name of the Province||Maximum Allowed Amount & Cost of Borrowing|
|Alberta, British Columbia, Prince Edward Island, New Brunswick and Ontario||$15 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Manitoba & Saskatchewan||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Yukon & Nunavut||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate|
Frequently Asked Questions about Payday Loans Social Assistance
Does payday loans acknowledge government benefits help?
Some payday loan specialists acknowledge government benefits as pay rather than work pay. The payday moneylenders we’ve distinguished above, for instance, acknowledge different sorts of government benefits (What are Acceptable Forms of Income?), including EI, CPP, OAS, Child Tax Benefits, Disability Income Benefit, Canada Recovery Benefit (CRB) and Workers’ Compensation Board benefits (WCB).
What amount might I at any point acquire?
Banks will have a greatest credit sum ($1,500 in all regions), while some might have a lower most extreme sum for first-time borrowers. The sum you’re ready to get depends on your capacity to reimburse your advance, which relies heavily on the amount you get compensated and your monetary circumstance.
Is there any opportunity to apply for another payday loans, assuming that as of now have one?
In accordance with unofficial laws, you can’t restore or turn over your advance in many regions – Manitoba and PEI are the exemptions. In any remaining territories, you should take care of your credit. If you have any desire to take another credit, you’ll initially need to take care of your ongoing advance and afterward re-apply for loans with no credit check in Canada, in the wake of evaluating what is happening.
Arranging external cash apart from your regular government welfare income is no longer a hassle for you. Several reliable lenders are available to offer you online payday loans for social assistance that help you arrange external monetary cash anywhere between $100 to $1500 for a maximum period of 60 days. Avail of the monetary aid to meet your unexpected expenditures.
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