Posted on Monday 27 July 2020
Managing your personal finances is tough enough as it is—and it gets even tougher if you are on disability. Having a fixed income may make it possible to do a little bit of budgeting and planning, but none of us can account for the unexpected.
Without a solid savings in place, unplanned expenses can quickly become debilitating even when you are working full-time. If you’re on disability, chances are that you aren’t able to contribute to your savings right now—and you may not qualify for a loan from your bank or credit union without that steady paycheque.
Payday loans are a great way to help bridge the gap from one paycheque to the next—but what happens when you are out of work? Can payday loans also help supplement disability payments?
If you or someone you know are on disability and aren’t sure how the payday lending process works, you’re not alone! In the sections below, we’ll talk about why payday loans for people on disability are so useful and, most importantly, how you can get them.
Have you ever applied for a debt consolidation loan or an auto loan from your bank? If you have, you’ll remember that there was a lot of paperwork involved—you probably had to submit a full account of how much debt you have (and who you owe it to), or the exact make, model, and mileage of the car that you wanted to buy.
What these loans have in common is that the money you get from them can only be used for one specific purpose. You take out the exact amount you need, and the bank plays the part of a middle man to ensure that your loan is used specifically toward your debts or a new car.
This highlights one of the biggest advantages of payday loans—unlike traditional loans, you can use a payday loan to pay for anything! No exhaustive paperwork, no requirements, and no questions asked. That makes payday loans extremely versatile. Payday loans can be used for:
The flexibility of payday loans make them a great option for people on disability. Disability payments don’t always provide enough to cover monthly expenses, and any additional government benefits may be difficult to get or simply provide the bare minimum.
That causes a lot of financial strain—and when you are living with a disability, extra worry over how you are going to pay your bills is the last thing that you want to deal with. Payday loans can help bridge the gap between paycheques or disability payments, keeping your monthly bills current and helping to keep calls from debt collectors at bay.
Getting a payday loan is a great option for people on disability. These loans provide quick access to funds, no limitations on what they can be used for, and easy repayment terms. But it isn’t always easy to find a payday lender that will accept applications from people on disability. In most cases, you will need to have some additional form of supplemental income, either from a part-time job or from additional government benefits.
At My Canada Payday, we believe that everyone deserves to be able to take out a payday loan, which is why we have flexible lending requirements and an easy application process. Keep these things in mind when thinking about taking out payday loans for people on disability:
My Canada Payday is one of the top payday lenders in Canada, and we love helping our borrowers get loans through our quick and painless process. Reach out any time by phone (604-630-4783) or by email (firstname.lastname@example.org) with questions, or fill out our online application form to get started. We’re confident that we will be the best payday loan company you’ll ever partner with!