At My Canada Payday we do provide payday loans based on pension income. Just as with our loans for employment income, we offer the same fast, friendly service. We can lend based on private pensions as well as CPP (Canadian Pension Plan).
Proof of income
You will need to provide your bank statement showing when your pension deposit occurs, as well as the amount you are paid. Sending this over is a piece of cake.
This probably isn't going to be an issue, but we may as well point it out -- you must be 18 years of age or older in order to qualify for a loan with us.
Your maximum initial loan will depend on your income and other factors. Usually, you can expect to borrow between $100-$500 to start with up to a maximum of 30-50% of your pension amount, depending on the province you live in. After paying back the loan, your limit will usually be increased.
Once you have filled out the online application form, you'll be prompted to provide your bank statement details. Follow the instructions provided, and once you are approved we will send you a contract via email. You'll need to agree to the terms and conditions, and finally we will send you your funds via Interac e-transfer.
Your payment will be automatically deducted from your bank account on the next scheduled deposit. Simple as that.