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How do I get payday loans if I am unemployed on benefits in Canada?

Loans for Unemployed Canada

The situation of the pandemic even in Canada has forced many people to leave their job in the middle and have to face acute financial pressure till the time getting next employment.

We are sure to say the fact that you must be trying hard to get a substantial job with more salary as compared to previous employment or at least the same to make both end meet. But what are you doing about meeting regular monthly expenditures along with unexpected sets of financial crises that appear at any point in time?

If still waiting for money to come till the time you get new employment, the best way to generate cash is by applying for payday loans for the unemployed on benefits in Canada. As the name itself implies, these are payday loans with government benefits offered in Canada for people leaving without a job for a short while and trying everything to get a new one. Or at least received an appointment letter and will be joining in the coming weeks.

Getting to know unemployment loans Canada

An unemployment loan with no job verification in Canada is a financial service offering for people living in Canada without a job for a short time and looking to arrange some emergency cash. These guaranteed payday loans are offered at high-interest rates, especially for those who do not have any steady income source.

Talking about the loan money, borrowers can get anywhere in between $200 to$1500 as per their repaying capacity for a period of 2 weeks only. Also, lies the higher interest charges being levied on the loan that might be different as per varied regions of Canada that are as follows:

Province Maximum Available Cost of Borrowing
Alberta $15 per $100 borrowed
British Columbia $15 per $100 borrowed
Manitoba $17 per $100 borrowed
New Brunswick $15 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Ontario $15 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Apart from Quebec, it is clearly stated that the interest is charged on the basis of per $100 you borrow from the loan. In case, you borrow $100, then you will be charged an extra $15 that comes around the total of $115. In case, you borrow an amount like $500, the interest rate comes around $60 and the total comes around $560.

Top features of loans for unemployed

You have an option to apply for the guaranteed payday loans Canada online, get instant approval and funds transferred in the bank account on the very same day.

Some of the lenders offer such same-day loans for people without income in a 24×7 running environment.

Bad credit has nothing to do with the loan application. It is clearly understood the fact that you are applying because of loss of job and unable to pay previous debts as well.

As already mentioned, the loan amount falls anywhere in between $200 to $1500 respectively.

For repaying the loan, you will get a period of 2 weeks to 2 months depending on your repaying capacity.

Non-employment is fine with the lenders, only if you receive unemployment benefits.

How to know whether the loan is right for you?

There are few instances wherein borrowers think about how they can apply for payday loans with government benefits Canada if they have no source of income. Well, the answer to this is to meet your fiscal issues only, such loans are offered without looking at your employment profile. Private lenders only care about taking you from the debt cycle by offering little cash granted on the same day of approval.

One thing you need to make sure of is receiving the employment benefits from the Canadian government and must be having valid proof as to how you lost your last job. Once you fall in this category, then you can make out the fact that you are up for this loan offer.

Things to consider before applying for unemployed loans in Canada

Can you repay the loan on time?

The very first thing you need to consider is your repayment capacity. On one side, you are unemployed and on the other side, you are showcasing your capacity to apply for a loan while on [EI] employment insurance can be a bit contradictory. So, for this, you need to showcase your monthly expenditures ratio compared with whatever financial benefits you receive. It should not be the case that your expenses can be of a luxurious kind and still you are showing yourself unemployed and apply for emergency loans with no job verification Canada.

Repayment Plans:

You need to check with the lender different repayment options that you are most comfortable with. It can be from 2 weeks to 3 months in which you can repay in one single shot or in equal installments with having a high interest rate.

High APR:

Such loans mean to have a higher Annual Percentage Ratio (APR) in which you will be charged more interest rates and fees as compared to any other loan offering.

Automatic Payments:

Since it is offered for unemployed individuals, so there is not any paycheque received from a company. But you must be having unemployment benefits from the Canadian government. For this, you can go for automatic debit of the loan amount from your bank account in which you receive the benefit money every single month.

Preplanning before applying for loans for unemployed

Mainly, you have to do three things well in advance before applying for an instant approval loan online.

Order a copy of your credit report and correct the inaccuracies in that. It can be asked by the lender to submit your credit report based on which exact loan amount will be decided.

Always compare the loan offers from different lenders before applying. Also, stay away from the frauds and scammers running everywhere behind you.

Have your documentation ready like the personal details, past employment information, list of possible monthly expenditures, status of employment, and other required papers asked by the lender.

Final Note

In case, you have no job because of the prevailing uncertainty situation in Canada and still have to meet financial obligations, then you can get in touch with us. We are here to offer you profitable and result-oriented loans for unemployed borrowers like you to arrange instant cash without going anywhere else.

Frequently Asked Questions

Can I apply for a loan while receiving unemployment benefits?

Yes, you can apply for an instant cash loan for unemployed individuals, despite receiving small fiscal benefits as per the Canadian government’s rule.

Does my unemployment effects the loan approval?

Not at all. It is because the loan offer is meant for Canadian citizens who are unemployed and have no source of income. Even if, you receive unemployment benefits from the government, you can still apply for online payday loans with instant approval in Canada.

What if I did not get guaranteed approval?

For any reason, you experience a loan rejection from the lender’s side, then other financial offerings will be given to you and arrange the necessary sum of cash.

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