Those receiving government assistance or social benefits while looking to borrow will find that applying for e transfer loans on social assistance to help when funds are needed fast to be one of your better options. An e transfer loan can be the quickest way to get funds when borrowing. If you’re approved, an e transfer loan can be deposited in your account within minutes.
When you need fast funds and the banks are unable to help, there are a number of online lenders that can be the answer to getting the funds you need quickly. Canadian social assistance programs are often helpful, but sometimes your finances might not add up and you find yourself short before the next cheque. Finding an eTransfer loan on social assistance can be possible through GoodCheddar and the partners we work with.
Loans That Accept Social Assistance
There are a variety of lenders that may accept Canadians on social assistance programs. Not all lenders consider pension, disability and others social assistance as a type of income that’s both reliable or regular. But there are a number of lenders that will consider recipients of social assistance to have an acceptable income and consider their application for a loan.
These can include social assistance like:
- Child Tax Benefit
- ODSP (Ontario Disability Support Program)
- AISH (Assured Income for the Severely Handicapped)
- CPP (Canadian Pension Plan) and others.
Note that some programs like employment insurance (EI) or welfare might be less likely to qualify. Other types can include Income Support in Alberta, Income Assistance in BC, Saskatchewan Income Support , or Income Assistance in Nova Scotia.
Sometimes you might be facing an emergency or need to borrow money quickly, and there are options that can help. One of the faster options is a Canada e transfer loan to get the funds quickly. With this type of loan the funds are deposited in your account almost as soon as you are approved, making them one of the fastest funding options to be found. When your need is an emergency, fast funds can be important.
Advantages of e Transfer Loans
When you need fast cash, an e transfer loan can be provided in minutes with some lenders and deposited in your bank account. This often makes online lenders a more convenient and faster option than most alternatives available. The freedom to apply from your desktop or mobile device from just about anywhere to get fast cash can be a huge convenience. If you apply for this type of loan and are approved, sometimes the funds can be in your bank account in a manner of minutes, making it one of the quickest ways to borrow. This possibility is more likely to be seen with borrowing options like installment loans and payday loans more than other loan types like personal loans. The typical e-Transfer payday loan is found online and easy to apply for. It just requires filling out an application that asks a few details about yourself, income and employment, for a lender to understand more about you to help with their decision about whether to fund your loan request. If you have a history of having multiple loans at the same time, being late with payments, or similar habits, many lenders can see this info. Even though they do not usually look at credit scores when someone requests an e-Transfer payday loan, they are looking at alternative data to help with their decision.
Loans When on Social Assistance
When you’re on a fixed income such as government social assistance or benefits you need to work with the funds available to you and budget your money. Living on social assistance requires frugal habits to make the most of every dollar, and while this can be done, there are times where life doesn’t follow your carefully laid out plans or best attempts at budgets to throw a surprise your way.
Sometimes unexpected expenses happen where you might not have the savings available and an option like eTransfer loans on social assistance may become a necessity for some Canadians, but there are a few things to keep in mind when looking for a Canadian payday loan on social assistance.
Short term loans often come with high interest rates, and short repayment terms. If you get a payday loan the full amount becomes due on your next pay cycle or payday, which is automatically deducted from your account when it becomes due. This can put you in a bad financial situation, leaving you without funds to cover your usual expenses after you have repaid your loan and put you in a debt cycle. It’s typically best to avoid payday loans if you can. A few types that are popular that some people with benefits look for is e transfer payday loans canada odsp or some might look for no refusal payday loans in hopes that benefits are not a concern.
An alternative can be online installment loans, which still come with higher interest rates but are not as bad as payday loans for social assistance. An installment loan also comes with short repayment terms but they are usually spread across several months. The terms vary from lender to lender for the duration but are a much better solution and more manageable to work with. Choosing an installment loan means you have monthly scheduled payments without collateral being required as this is an unsecured loan.
Tips When Borrowing
Avoid lenders that require:
- Fees up front to borrow
- Lenders that require insurance
- Lenders that won’t allow you to read the terms before signing
You should also avoid lenders that do not clarify any terms of a loan that you don’t understand. Always read the terms of a loan agreement before signing and make sure you understand all parts of the agreement.
Whether you are looking for loans in Ontario, Alberta, BC or another province, there are many government benefits programs that lenders may consider as a viable income to qualify with. Many social assistance loans in Canada require you to provide government issued ID and proof of residency, be at least 18 years of age, have a valid bank account, and meet their minimum income requirements. Some lenders may request additional documentation to validate proof of a regular income. When borrowing an installment loan, many lenders may look at your credit score as part of the process to prequalify whether they would loan to you. Choosing a personal installment loan is usually your best option when borrowing. Installment loans with bad credit is still possible, and you may find lenders that will approve your loan request.
Alternatives for Borrowing
You might find that there are other options that may work for you as alternatives to borrowing high interest loans. These can include taking a cash advance from a credit card, lines of credit, home equity loans, or possibly car title loans. It is important to point out that the risk with home equity or car title loans is that if you fail to make payments you can lose your car or home.
Using e transfer loans while on social assistance does not require collateral and can be the right option for some depending on their own situation.
Some suggested reading that may be of interest:
What Are Your Options to Borrow Money in Canada?
What to Know When Applying for Online Loans
Ways Canadians Can Use Personal Loans
Be sure to borrow responsibly and always read the terms before signing a loan agreement. It is required by law to make the agreement available before signing and it’s your right to review it. This is where you would find any extra fees or hidden costs if they exist. You also want to look at the overall APR (annualized percentage rate) and not just the interest rate since this can help determine extra costs you may have missed. It’s also recommended look for ways a loan may cost you, like prepayment penalties or origination fees.