Do You Accept EI Or CRB Benefits As Income?
Well, no financial institution is willing to help you with any sort of financial assistance. They can be such as loans until they come to know you can repay their loan on time. They are also right at their places because “who wants to be at a financial loss”.
That’s why all banks and traditional lenders check your credit history for verification of whether you are the right one or not to offer you funds. There are many factors liable for getting any loan approval- but income is one of them after a good credit score.
According to the report of the National Council on Welfare, 5% of the total population of Canadians are surviving on social welfare. This means they are getting government benefits from their government for survival.
If you are one of them who is receiving social assistance then you are at the right place because some direct lenders value such benefits. And they consider them as an income; you have got the solution now.
Yes, you can get financial assistance on the basis of EI benefits or else CRB benefits, if you are getting from the government. Before we go ahead, it is very important to understand what EI and CRB benefits are known for income for many direct lenders.
What are EI and CRB benefits?
EI benefits are also known as regular benefits to the people who lost their jobs without their fault. There might be many factors hidden behind why they became jobless all of a sudden. Let’s try to find out about that a little bit. (There might be work shortage liable or it can be due to seasonal reasons).
These are the types of benefits that have several advantages. One of the advantages, you can take advantage of loans, whenever you have faced a sudden cash shortage. Now, this also depends on from whom you apply for loans because all the lenders don’t accept this type of benefit.
That’s why you need to find some trustable online direct lenders who accept such benefits to help you ahead with quick online funds.
As far as CRB benefits are concerned- these types of benefits also have their own role. Such benefits offer income support who are affected by COVID-19. And both can take advantage of these kinds of benefits employed as well as self-employed after getting affected by Covid-19.
These kinds of benefits are also counted for income by some direct lenders because they don’t care what kinds of income, you are getting. All matters are you are at least getting something that can be very beneficial for the loan repayment.
And this is the only reason; such direct payday lenders give you the e-transfer approval with the fast decision for a cash advance to meet your needs on the basis of government benefits.
What are the requirements to qualify for loans on government benefits?
Apart from income, there are a lot of things that matter a lot in getting instant loans with guaranteed approval. If you have reached this article, while looking for the right information then you should be glad that you are supposed to get here.
Many times, other traditional lenders take advantage of your poor condition by offering loans imposing high charges and some exorbitant fees. But the good news is that for you all the payday lenders don’t do that. They require a couple of details apart from an income source. You should pay close attention to them as well.
Some other things needed:
- Government id that contains name and address: You also need to have any of your government id proof which should have both your name as well as address. Because these are the common requirements for a direct lender.
- Your contact details and your e-mail id are both mandatory: You need to provide your active contact number as well as your e-mail id. So that lenders will not have to face issues for getting in touch with you, whenever they need to speak with you.
- Your age factor included: The minimum age is required 18 for applying for loans. So you shouldn’t forget it at any cost that’s why you have to be 18 or plus before you go ahead for applying for loans like online payday loans in Canada.
Last word
In this article, you must have understood that you can still get payday loans on weekends with the help of government benefits such as EI and CRB. All you need is the right platform from where you can go for the loans.
If you don’t know whom you should contact for applying for payday loans then don’t worry we are here for you. We have some reliable financial experts to help you ahead without any charges, get yourself consulted then step ahead.
Hi, I’m Louisa Kelli. And Working as a Financial Specialist at guaranteedpedalones.ca, I love writing online on various financial topics. He also advises people on financial planning, budgeting, saving, investing and general wellness tips and helps them to improve their financial life. Let me provide such a platform for the needy borrowers.
