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Payday Loans for the Unemployed on Benefits in Canada

It’s a cruel irony that money is often the most tight when you don’t have a reliable source, such as when you are unemployed, between jobs, or going through a life transition. However, even if you don’t have a stable income, the expenses keep coming.

Costs such as emergency repairs, medical overheads, or family commitments can appear out of the blue and put further strain on an already unstable financial time.

If you are unemployed, however, you may not think that you are eligible for a loan. Wrong! Even for Canadians that are unemployed or on benefits, the advantages of a short term loan are still very much available. While the circumstances and eligibility requirements may vary slightly from a regular payday loan, the process of applying and receiving funds quickly is still very easy and accessible.

For Canadians receiving unemployment benefits, online direct lenders provide fast and simple access to EI loans. Rather than a regular income, this kind of small loan relies on the employment insurance funds as the proof of income for the borrower.

We offer fast, flexible and affordable loans for those that are receiving EI from the Canadian government. If this is you and you have found yourself in a tough financial situation, you can apply for a payday loan for the unemployed with us.

Will My Unemployment Affect My Ability To Get A Loan?

No! Many direct lenders (including us!) understand that a traditional income source is not the only way to approve an applicant for a loan. The Canadian government offers an Employment Insurance scheme (EI) that provides temporary income support to individuals who have lost their jobs and are actively looking for employment or upgrading their skills.

If you are unemployed, receive EI, and apply for a payday loan, the application process works the same way as other small loans. The only difference is that the borrower applies for a loan using their monthly EI payments as their source of income.

What Is Employment Insurance?

To help unemployed Canadians in tough times, the Canadian government runs an Employment Insurance (EI) program which provides income support on a temporary basis for those who are out of work or between jobs. While job hunting or updating current skills, this program is designed to keep Canadians from falling into a debt cycle or being forced to give up basic necessities.

It is also valuable for those taking time off of work for major life events, including things like:

  • Taking time off during pregnancy, caring for a newborn, or having recently adopted a child
  • Caring for a loved one who is seriously ill, injured, or likely near the end of their life.

A portion of any money you make in Canada is automatically diverted to EI, so the chances are you have already been paying into the communal kitty in the case that you ever need to access it. It is a crucial social resource to help ease the burden of financial instability that can arise during times of change, though often doesn’t cover life’s full expenses. This is why many Canadians opt to move away from EI as soon as possible, and sometimes need to seek short term loans on these EI payments.

How Do I Apply For A Loan If I Am Unemployed?

Applying for an EI loan looks like applying for any other kind of short term loan from a direct lender:

  1. You will fill out an online application with your requested loan amount and other important information. It will only take a few minutes and can be completed at any time, without the need to scan, fax, or mail any paperwork.
  2. Advanced algorithms will review your loan application to provide an instant approval decision - no waiting around!
  3. Once approved, you will receive a digital loan agreement, which can be easily signed and returned in just a few clicks.
  4. Your funds will then be released to whichever bank account you provided during the application, usually within a few minutes. The money is then yours to use in whatever way you need. Similar to what happens in Tilbury, Ontario.
  5. Repayments will automatically be taken from the agreed-upon account on the dates specific in the loan agreement. Make sure to review terms regarding the principal and interest payments so you know what to expect.

Benefits of EI Payday Loans

Like all financial contracts, EI payday loans come with their own set of pros and cons. You should take the process of finding and securing a loan seriously, and do the research to decide if this loan option is right for you.

To offer some insight, here are some top advantages of taking out a payday loan for EI recipients:

  • Easy application: With online loan applications, it is easier than ever before to access funds at any time of the day or night. Skip the trip to the store, and receive your decision within minutes. For most Canadians, this is a much more accessible option.
  • Instant Money: Upon approval, your funds will be electronically transferred within two minutes. This is both convenient and safe, and will get you back on track to financial freedom
  • High Approval Rate: Your credit score won’t be the determining factor on approval for your loan, meaning anyone receiving EI in Canada can apply for a payday loan. Urgent cash is more accessible than you may realise!
  • Unsecured and unrestricted: Our EI payday loans are unsecured (meaning we don’t require any collateral from you), and there is also no restriction on the way you spend your money. Your money, your freedom!
  • Multiple income sources: We understand that income can come from many sources, so allow all different kinds of benefits and income to be considered when applying for a loan. Just make sure to enter as much detail as possible on your application.

Do You Lend To Unemployed People With Poor Credit?

Yes! We don’t look just at your credit score, rather at your overall application

You may still be approved, or you may qualify for an amount lower than $1500. Though we don’t base our decision on credit alone, we will likely still check your credit details to validate your identity, income and employment information.