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You must have experienced- emergencies knock-knock on your door anytime. It doesn't matter if you are either employed or unemployed. There might be a possibility. You must be surviving on employment insurance benefits and you need loans to deal with your emergencies.
This is where payday loans for employment insurance come in and free you from all the financial worries with instant approval. A few direct lenders work with us and are willing to assist whenever you need them 24/7.
Since employment insurance is not a traditional income, so you can't use this kind of benefit at all the lending places. But yes, you will undoubtedly find some loans like payday loans for unemployed on benefits by using employment insurance governmental assistance.
What is Employment Insurance (EI)?
Employment insurance is a type of benefit that government provides to the people who are not responsible for that. There might be many reasons for losing their jobs, but one of them is not having enough work to do. Despite this, they are willing to work, but they find themselves finding one.
In such a scenario, this type of benefit works more than a boon to carry on the survival. There might be a possibility to get the benefit of 55% of your last job.
Types of EI Loans
Since Employment insurance is very helpful that helps people living in Canada to stand back on their feet until they start getting any professional income. There is something else that you should understand, this benefit can't help in terms of dealing with your daily based expenses.
Yes, they come up with some of their variations. So you should know about them before you make the final decision.
Payday Loans for EI
Payday loans on employment insurance are short-term financial solutions that have a specific range of loan amounts beginning from $100 up to $5000. These types of funds can manage your unexpected expenses. Remember, you have to find such lenders who accept these EI benefits like payday direct lenders.
Make sure, these loans come with some charges as high-interest rates that will also be there. And such charges vary from state to state.
| Province: | maximum charges per $100: |
|---|---|
| Ontario | $15 n/a |
| British Columbia | $15 $20 |
| Alberta | $15 $25 |
| New Brunswick | $15 $20 |
| Manitoba | $17 $20 |
| Saskatchewan | $17 $25 |
| Nova Scotia | $19 $40 (default penalty) |
| Newfoundland and Labrador | $21 $20 |
| Prince Edward Island | $25 n/a |
Installment Loans For EI
Installment loans basically come between $500 and $15000. Since you have the only source of income as employment insurance then you might not get a big amount. Yes, you will have to pay back the loan for 6 to 60 months almost with payment continuity. You may also get a short period too due to employment insurance being the only base you have.
Personal Line Of Credit For EI
Yes, there are a few direct lenders who give instant approval for personal loans on the basis of EI benefits. One of the interesting things is you have to pay the interest rates according to the amount you use. Once you have successfully paid the amount then you will be able to revalue the same funds.
Car Title Loan For EI
A car title loan is also one of the loans that you can get on the value of your vehicle while you are on EI. This type of loan is also known as a secured loan which has high-interest rates. Yes, there is a risk too. You may lose your vehicle if you don't repay your loan on time because lenders use your vehicle and recoup their money.
How to Apply For an EI Loan in Canada?
You can apply for online payday loans on EI very conveniently with no hassle of paperwork activities from our direct lenders only. The good news is- you don't need to go anywhere to apply because you can do that from wherever you are. This also means you don't need to leave your comfort zone to apply for such funds.
APPLY FOR AN EI LOAN IN 3 SIMPLE STEPS
- Apply online from direct lenders: Since this is an online-based process, you have to apply for the loans online rather than you have to visit anywhere. Our trustable lenders have made the process easy for you by filling out a short application form.
- Get fast approval in a few minutes: Once you are approved for the loans on EI, you will get a notification bell for the confirmation. You have to accept that at the same moment.
- Get ready to collect your funds: You have to submit your loan application keeping patience. You will get your money in a couple of hours.
Benefits of EI Loans
There are several top features of payday loans that accept EI benefits as compared to traditional loans. In hurry, people don't care about the benefits. But they experience that while applying for such types of loans on EI so you should once look at them.
- Convenient to apply: Most importantly, you don't have to struggle for applying because the process is very simple and straightforward with reliable direct lenders.
- Quick funding solution: After you have got the loan approval, you can get the funds transferred to your checking account via interac e- transfer with no faxing.
- Fewer requirements: You don't need enough requirements. There are a few requirements only that you can go ahead with (your minimum age is 18, a checking account is mandatory, income including government benefits and address proof).
- Bad credit acceptable: Now, you can apply for loans on EI with your poor FICO score as well because some online direct lenders don't have any problem with that.
Alternative EI Loans: A Guarantor Loan
Thinking of a guarantor loan is a great way to solve your financial problems during your job search. There might also be the possibility of having bad credit that is creating problems. But the condition is- you have to find someone who has outstanding credit and who should be willing to come ahead for your assistance.
Pros Of Guarantor EI Loans:
- Your poor credit is not a problem: You don't need to worry about your bad credit when your co-signer's credit will work for you to get approved.
- Helpful for credit boosting: By making full payment of your payments, you can see some positive change in your lower FICO score.
- Lower interest rates: You will experience lower interest charges than other loans like bad credit loans. The main reason is- your guarantor has a credit score in good standing which makes you pay low-interest rates.
- Quick loan approval: Applying for EI loans with a guarantor will give quick approval for loans and within 24 hours, you will have funds with you.
Cons Of Guarantor EI Loans:
- Your guarantor and you might be in debt: Remember, your guarantor is responsible for making payments in case you have left payment making for a period of time. This may break the truth between you and your guarantor.
- Penalties applicable: If you are failed to make your loan payments then some of additional charges and penalties are imposed on you to pay along.
Why choose us
Our direct lenders treat you in a different way, unlike traditional lenders. They don't have to do anything with your past, but yes present. That's why there are various factors that make you choose you us, whenever you have needed for quick funds.
No need to go anywhere and wait: Generally, people have to wait for their turn while applying for loans from traditional lenders. But in our case, you don't have to wait because you get an instant solution.
Free of paperwork: You don't have to deal with paperwork with our online direct lenders. Simply apply online and complete the application in minutes only.
No refusal for bad credit: Our lenders accept your lower credit score and give you fast approval with no distinction.
No collateral is needed: In terms of applying and getting loans, people have to put collateral. But you don't have to put anything like that.
Why wait? Apply below and get approved in minutes!
How can we help? – (FAQs)
Can I get a payday loan while on EI?
Yes, you can get payday loans if you are living on employment insurance. All the lenders worry about getting back their funds that's why they expect you to have any income source. As far as employment insurance benefit is concerned, this kind of government benefits some direct lenders accept as an income source.
Can I get a loan if I'm on EI and have bad credit?
Yes, you can get faxless loans while you are on EI as well as if you have a bad credit score. Although, your bad credit score is one of the main problems that make lenders helpless to assist you further. On the other hand, some of the traditional lenders don't accept these government benefits as an income source. So you should always apply for these loans from direct lenders only.
How does Employment Insurance work?
This is true. Your employer cuts the employment insurance premium from your salary. Then what happens is your employer does a contribution to the premium almost 1.5 times, and you have done the contribution. Finally, when your job goes off your hand without your own fault. This is where you will be able to take advantage of the Employment Insurance program.
Is employment insurance considered as income by lenders?
Yes, there are various benefits apart from IE such as child tax benefits, unemployment insurance, private disability insurance, CPP & private pension and etc. So these types of benefits are the benefits that are accepted as an income source by some reputable direct lenders.
How much money can I get through EI?
You will find many people getting 55% of their average income weekly income. According to other sources, by Jan 1, 2022, there was an earning by $60,300. This clearly gives the indication- you can easily receive as much as $638 per week.