Being jobless or living on low income often forces your finances to bear the weight of bills that you need to fulfill with your limited income or unemployment benefits.
Due to the Covid-19 outbreak, the unemployment rates are increasing day by day, and the market is flooded with lots of jobless individuals seeking employment. Many families are living on a limited and single income in Canada and they cover their monthly expenses with great difficulties.
The worst situation occurred when you are low on income or unemployed and unexpected important expenses such as home repair occurred. Things become harsh and super-stressful very fast, and that’s why we offer payday loans for the unemployed on benefits Canada.
In these adverse financial situations, you have to look forward to a loan. But finding emergency loans for unemployed people is difficult due to lack of regular income source or employment.
Fortunately, at Payday Mart, some lenders offer payday loans for those people who are jobless but receiving unemployment benefits like Employment Insurance (EI). These lenders accept such types of government employment insurance funds as a primary source of income and approve payday loans.
If you are enrolling yourself and receiving funds from your employment insurance, you can apply for payday loans on EI (Employment Insurance). These loans are flexible, affordable, and provide fast cash to remove the financial stress from Canadians.
What Is Employment Insurance (EI)?
The employment Insurance (EI) program in Canada provides temporary monetary help to unemployed people who are looking for employment or want to upgrade their professional skills. [REF] This Employment Insurance (EI) is also helping those who take off work from their job due following unwanted life events:
- Long-term illness,
- Adopting new child, or taking care of newborn baby,
- Critical ill, or injured and,
- Taking care of family member who is seriously ill near to risk of death.
The EI benefits are only being eligible for those workers who paid premiums in the past years and can meet the conditions for qualifying. Self-employed workers may also be eligible to participate and receive EI benefits. It is recommended to apply for Employment Benefit (EI) program as soon as possible after being unemployed because delaying could lead to loss of your benefits.
The EI benefit program is very important for Canadian because it helps them to cover their income loss and provide financial support during the unemployment period. But the dark side is that the amount they receive from such employment benefits is not enough to cover everyday expenses, especially during emergencies.
Why Payday Loans for Unemployed?
When getting a personal loan, the first and most important thing that lenders check is your previous credit score and source of income. When you are facing an unemployment period, showing a steady income is not possible, but it did not mean that you can’t able to get a loan.
In this scenario, payday loans for unemployed people living on benefits such as employment insurance (EI) are the best option. Applying for payday loans on EI is provides a good source of cash to cover all your pending bills until you get a job again.
Being unemployed is not a crime. There are chances in life when we lost work due to uncertain medical issues or retirement. But it doesn’t mean that you can’t get financial support, you can apply for employment benefit (EI) programs and show it as regular income to get payday loans.
If your employee benefit funds are not enough, you can apply for payday loans that accept EI. Loans while on EI Canada offer enough money that you can use for any purpose.
Common Uses of Loans for Unemployed People on Benefits:
You can use payday loans on benefits for numbers of reasons, some most commonly used are mentioned below:
- For Maintenance: We all know that benefits support you only to cover your day-to-day small expenses, but what about the unexpected expenses? Unpredictable car repair costs or urgent home repairs need more money that you won’t get from your EI payments. In this scenario, payday loans can give you a helpful hand.
- Utility Bills: Want more to cover all your daily expenses such as grocery and electricity bills? Don’t worry!! Fast cash loans for unemployed benefits offer you enough money, just apply and start paying them all.
- Urgent Medical Expenses: While the Canadian government provides many healthcare programs, but still you have to pay for medical expenses and medicines. There are lots of diseases that are not covered in your healthcare benefits or insurance plan.
How to Apply For Payday Loans on EI?
Applying for EI payday is very easy and there are not many requirements to meet. The eligibility criteria might be differing from lender to lender and it is based on the applicant’s profile. Because of the EI loan’s simple application and fewer requirements, most of the people get approval.
There are approx. 90% chances of getting your application approval, but no reputed lender claims 100% guaranteed approval. However, it is easy to get payday loans approval on your benefits, regardless of your credit score.
If your application will be selected by one of the lenders, they are likely to ask for some details and documents proof from you to further processes your loan. These are:
- Applicant’s age must be 18 years and above,
- Must be citizen or permanent resident of Canada,
- Earn a regular income or getting benefits provided by government of Canada,
- Have a valid and active bank in any Canadian bank and,
- Must have valid and active phone number, email, and home address.
** If you want to apply for Employment Regular (EI) program in Canada, Click Here!
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