E-Transfer Loans On Social Assistance Canada

Alistair Croll
Fact Checked
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Did you know? According to National Council of Welfare (NCW), there are approximately—1.7 million people in Canada who live their lives on social assistance or welfare income.

Finding a loan that accepts social assistance income support is much more complicated. Although you earn a predictable and stable income from the Canadian government, it will be significantly lower in most cases than those from regular employment.

We understand this problem at PaydayMart and help potential borrowers in the right direction by providing a guide to apply for online payday loans such as social assistance or welfare. Let's deep dive into this topic and find out whether such loans are helpful to you or not.

Can you get a e-Transfer loan on social assistance in Canada?

You may get loan approval even if you receive social assistance or welfare income support in Canada. The good news is that PaydayMart has lenders who accept social assistance as a valid income source and provide instant funding by e-transfer loans.

It means that people receiving social assistance payments can apply for a loan depending on their affordability and circumstances. Payday loans, installment loans, cash advances, and secured loans are some options, but payday loans are easier and faster to get on social assistance. However, they are offered at higher interest rates and fees.

What are e-Transfer payday loans?

E-Transfer loans are generally denoted as short-term payday loans that can be quickly obtained and easily approved compared to traditional loans. By adding Interac e-Transfer®, payday loan lenders can send the funds directly into the borrower's account within 2-5 minutes. In this way, e-transfer loans are best to deal with unexpected and emergency expenses without waiting longer.

Usually, e-transfer payday loans come with high-interest rates and shorter repayment times. Payday lenders focus more on the applicant's affordability than their past credit ratings, so people with low, bad credit, and even no credit can qualify for it.

Is it possible to get payday loans on social assistance with e-Transfer?

Due to sky-high inflation in Canada, living comfortably with social assistance income becomes hard. For people reliant on social assistance, it is challenging to tolerate the high costs related to rent, car repair, grocery, and other expenses.

That is why Canadians turn to the fastest e-transfer payday loans that accept social assistance income. Such loans are easy and quick to apply, and applicant get their funds within a few minutes by e-transfer.

You can apply for e-Transfer payday loans 24/7 online, even on weekends and public holidays. With e-transfer loans, borrowers can quickly access cash on the same day to pay off all their financial emergencies. But make sure your bank account is registered with the Interac e-Transfer® facility to get super-fast funding.

Which social assistance (Welfare) count as income?

Options to get loans with social assistance income support are limited, but still, some lenders may consider the following long-term benefits as an eligible source of income:

Ontario Disability Support Program (ODSP), a.k.a. Ontario Works in Ontario. Read more
Assured Income for the Severely Handicapped (AISH). Read more
Employment Insurance benefits (EI). Read more
Canada Child Benefit (CCB). Read more
CPP Retirement pension. Read more
Disability benefits. Read more
Old Age Security (OAS). Read more

At PaydayMart, we consider your loan even if you are a social assistance recipient. If your previous loan applications are rejected due to your income from benefits, apply with us, and we help you.

When can I qualify for payday loans as a social assistance recipient?

Your qualification depends upon various factors, such as your ability to repay, how much you borrow, and the type of loan you choose. At PaydayMart, we always want to help our applicants in all aspects, and that's why you only need to meet with following essential eligibility criteria:

Your age should be 18 years or older.
You must be a citizen or resident of Canada.
Enough income from social assistance or welfare to repay your loan.
Have a Canadian bank account that accepts the online transfer with Interac e-Transfer®.
Have a valid mobile phone number, email address, and residential address.

How to obtain e-Transfer loans on social assistance?

With PaydayMart, you can apply for instant e-Transfer payday loans on social assistance 24/7 without documents. Our lenders operate online and accept all benefits as a regular income. Unlike traditional bank loans, you don't need to worry about the rejection of your loan. However, make sure you can repay. Otherwise, your loan could be rejected.

Apply Online: Fill in the online and secure application with your details.
Review Application: Our lenders review your application and provide an instant decision within 1-2 minutes.
Digitally Sign Contract: You'll get a loan agreement if approved. Review it, and if you find everything good, then accept it by digital sign.
Receive Money: If you accept your loan contract, the money will be direct deposit in your bank account in just 2-5 minutes* via e-transfer.
Repay It: The loan repayment is automatically taken from your account on the agreed due date, usually on your next payday or agreed date.

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Frequently Asked Questions

How much can I borrow with e-Transfer payday loans on social assistance?

The maximum loan amount depends on your lender and loan affordability, such as income. However, payday loans are ranging between $100 and $1,500.

Can I pay off my e-transfer loan early?

Yes. In Canada and its other provinces, such as Ontario or Alberta, lenders must provide an option of loan early repayment without any penalties or extra charges to borrowers.

Can you get a payday loan on welfare?

Yes, it is possible to qualify for online payday loans for welfare recipients in Canada, but the options are limited and come with high-interest rates. Usually, payday lenders see your income and ability to repay, no matter what source it comes from.

How much time does it take to receive an e-transfer loan?

Once your online payday loan with social assistance is approved with PaydayMart, we'll immediately send your funds via e-Transfer within 2-5 minutes. Unlike bank loans, you don't need to wait days to receive your loan.

Can you get a payday loan on Ontario Works?

Yes, all you need to do is find a lender that offers payday loans that accept Ontario Works as a valid and regular income source. We've payday lenders who accept all forms of income, including Ontario Works, ODSP, and other social assistance, to approve a loan.

Can I get e-transfer loans on social assistance with no credit check?

Absolutely yes. PaydayMart believes in giving equal chances of borrowing money to everyone. We've lenders that perform soft-credit checks or skip the conventional credit checks while assessing the loan application. They mainly focus on other factors like your income and debt-to-income ratio. You may qualify for a no credit check loan if you have enough income to afford it.

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*Timing might be varied. T&Cs apply. Applying won't affect your credit score

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