Do you want to know? What are the different forms of income sources acceptable for e-transfer payday loans in Canada 24/7? If yes, then you have dropped at the right place. Over here in this blog, we let you know the different income proof ways to convince payday loan lenders to accept your application and disperse the cash in the shortest possible time.
Three Forms of Acceptable Income for Payday Loans Canada
In general, there are three categories of income that showcase your ability to repay back the loan amount well in time.
- Borrowers having a regular monthly salary from the job.
- Borrowers receiving disability benefits from the government.
- Borrowers receiving unemployment financial benefits from the government.
All the above-mentioned income sources are different from one another, specifically in terms of earning condition of borrowers. So, here, we will touch on the basics and additional details of every source of income needed for payday loans in Canada. So, with no further delay, let’s get started on the same.
What is Disability Payday Loans Canada Direct Lender?
As the name itself implies, people having some sort of mental or physical disability are liable to avail of guaranteed payday loans. It is due to the fact that with the benefits received from the government side, it becomes difficult to manage unexpected expenditures. So, they are left with no other option but to ask for short-term financial assistance from outside.
At this crucial juncture, payday loan lenders come forward to offer amounts between $100 to $1500 to people living with disability in Canada. This particular fund is offered till the time period of receiving the benefits from the Canadian government side due to living on benefit. And, rest features of disability loans no credit check Canada remain the same like slightly higher interest charges, no collateral requirement, no credit verification, and less documentation.
Payday loan for disabled people is not the only financial help available in Canada. There are other types of fiscal offers as well that we will look at later in this part.
What is a Disability Benefit in Canada?
With disability benefits received in Canada means, people having any sort of disabled life can be from any of the groups like Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI). In general, SSI is designed for all those disabled people, who have a limited source of income every month and have few assets in possession.
On the other side, SSDI benefits are available for all those disabled individuals, who had the past working experience but are unable to work now due to their disabling condition. No matter what, payday loan Canada direct lender assistance is available for people belonging to either of the disability group in Canada.
Types of Disability Loans in Canada
Apart from relying on an instant funding offering of payday loans, people suffering from disability and living on benefits have other options as well.
* Personal Loan: It is a loan available for meeting a personal set of expenditures and the amount offered is higher than $1500. It all depends on the repayment capacity of borrowers to ask for any amount as per their requirements. Must notice thing is the credit verification process that lenders follow to know the previous credit background of borrowers. Also, the repayment feature is available in equal parts installments.
* Mortgage Loan: Borrowers living on benefits can obtain loan funds for a long-term duration against this home as a mortgage. It is best when you are on short-term disability and in urgent need of cash for a big amount.
* Disability Loan: Another type of loan to look after is the disability loan. This loan option is available when you are waiting for the disability benefits from the government. Till then, you can manage your expenses by getting money from this personal loan.
What are Unemployment Loans With No Job Verification Canada?
The other source of income that you can showcase to payday loan lenders is unemployment benefits. Those having no job in the current movement but having previous work experience are eligible to receive unemployment benefits from the government’s side. Although, financial assistance is not that big to lead a luxurious life. Still, it is enough for survival till you do not get a new job.
No matter what, even people receiving unemployment benefits might come across an unexpected set of expenditures. It could be urgent medical bills, car repair expenses, pending children’s school fees, or it can be anything. So, at this point, unemployed people have the option of unemployment loans with no job verification in Canada for a short-term period. In short, apply for a payday loan available for borrowers living on unemployment benefits.
This particular loan is a real-time blessing in disguise for those, who have lost their job due to the growing pandemic that prevails all around. So, they can finance a small set of amounts from payday lenders and repayment is due on the very date of receiving the benefits from the government’s side.
What more to understand about payday loans for people on unemployment benefits is the features and various conditions to be aware of.
Key Features of Unemployment Payday Loans
* The loan is available online with minimal documentation requirements.
* Borrowers just need to provide correct personal information and proof of receiving unemployment benefits every month.
* No credit checking process is involved in the loan process.
* You will not be asked to submit any form of collateral.
* Loan can be approved on the very same day of applying and funds transferred to the bank account.
* Complete transparency is maintained by mentioning the details of the loan amount, duration, interest charges, and other things in NDA.
* Borrowers have to sign the NDA before getting the approval.
Things You Should be Aware of
There are a few things that as borrowers you need to be aware of.
* Check the interest charges that could be on the higher side.
* Always ask for the loan processing or any other hidden fee is there or not.
* Beware of unreliable and fraudulent payday lenders who might trick on the chance of offering guaranteed approval, no matter what.
What is a Payday Loan for a Salaried Individual?
Last but not least are the obviously knowing payday loans for salaried people in Canada. You might know already that this loan is offered against the next paycheque of borrowers. And, the amount offered is in the cap of $100 to $1500 for a maximum period of 14 days respectively.
Frequently Asked Questions
Is That Possible to Apply for a Payday Loan with All Three Forms of Income?
No, it is not possible to do that. Generally, you can belong to one particular status of receiving monthly income only. So, better to showcase whatever benefits or salary you are receiving every month to become eligible for an instant funding offering.
Is There Any Disadvantage of Not Repaying Loan on Time?
Yes, there will be two disbenefits of not making repayment on time. First, you will be levied with the late payment charges along with the interest rate. Secondly, your credit score might goes further down on the pretext of once again not making repayment on time.
Would That Be a Jail Sentence for Not Making Repayment on Time?
No, there will be no jail sentence or term given to borrowers who are unable to repay on time. Either the lender will sue that person or the borrower has to declare himself as bankrupt in front of the lender.
Summing Up
Now, you have come to know the different forms of income acceptable, mainly for payday loan direct lender approval in Canada. It is up to you to showcase any form of income from the above-mentioned options and get the required money in the shortest possible timeline.
