Payday Loans That Accept Child Tax

Can you use child tax as income for a payday loan?

Yes, you can use your Canada Child Benefit (CCB or CCTB) income to qualify for a payday loan in Canada. Not only payday loans; you can apply for other loans such as 'installment loans' and 'cash advances' by using your child tax benefits.

Usually, CCTB payday loans are offered at lenient terms and are easier to approve than other credit products. If your monthly payments from Canada child benefits are insufficient to bear raising children's costs, applying for child tax payday loans is a good option.

However, if CCTB is your only source of income, then avoid payday loans because such loans are offered at higher interest rates. Always take a payday loan for child tax as your last resort or when you are confident that you can repay your loan on time.

Will my child tax income impact my chances of getting a payday loan?

No, payday lenders accept all forms of income, including CCTB, CPP, EI, and other disability benefits, to approve a payday loan. They treat you like any other borrower, so don't worry; they do not decline your application because of your income from child tax benefits. However, lenders might refuse you a loan if you cannot afford your loan repayments.

Things to consider before getting a payday loans that accept child tax

You may qualify for a CCTB payday loan, but it doesn't mean to apply unthinkingly. Think smartly before applying and take some points of consideration mentioned below:

• What is the purpose of borrowing money? Before applying for a child tax payday loan, ask yourself why you need to borrow money. If you want money to pay off your monthly bills or regular expenses, taking out a payday loan is not good because it is an expensive way of borrowing. Generally, loans are the best option to deal with big or unexpected financial emergencies.
• How long do you need it for? Child tax payday loans online are small-dollar loans with shorter repayment periods. If you need to borrow money for the long term, it is better to go with installment loans for child tax or credit card-like options.
• Can you afford to borrow money? Any loan does not come for free; you have to pay the cost for it in the form of interest rates and fees. That is why, before applying, ensure you can afford what you borrow.

How to choose the best child tax payday loans in Canada?

• Calculate how much you want to borrow. Before applying for a payday loan that accepts child tax credit, find out how much you need to borrow. It is essential because, at last, you need to pay interest rates and fees.
• How much you can afford to repay? Like the above step, ensure how much you can repay. Do not borrow above your affordability limits. Apply for a small amount of money as it is easier to repay.
• Compare lenders as much as possible: Compare lenders as much as possible, especially interest rates, loan terms, and repayment period options. This way, you can get the best loan deal according to your suitability.
• Check your eligibility: Once you find a perfect lender, don't apply until you check if you are matched with your lender's eligibility and other requirements.
• Finally, apply for a loan: Complete your application error-free with up-to-date details.

Am I eligible to get payday loans for child tax?

If you want to apply for payday loans or installment loans that accept child tax benefits, you need to first match with the basic eligibility that includes:

• Be at least 18 years or older,
• Have a recurring CCTB income,
• Are a permanent resident or valid citizenship holder of Canada,
• Own a Canadian bank account that accepts online transfer or Interac e-Transfer and,
• Have a valid mobile, phone, email and home address.

How to apply for online payday loans that accept child tax with PaydayMart?

At PaydayMart, we want to help every Canadian parent struggling for extra cash. We offer child tax payday loans from direct lenders 24/7, even on weekends and public holidays.

Just follow the 3-step application below to apply for payday loans by using your CCTB income:

Step 1. Submit an online application form with details on your essential personal, employment, banking, and child tax benefits.

Step 2. Once you apply, it will be reviewed by the lenders to see if you are approved for child tax payday loans or not.

Step 3. If your loan is approved, you will receive the loan amount directly into your bank account by e-transfer. After that, you can use your money per your wishes and requirements.

Can you get e-transfer payday loans in Canada 24/7 with child tax?

Yes, you can apply for the fastest e-transfer payday loans in Canada that are available 24/7 online and accept child tax benefits as a valid source of income. No matter what type of financial problems you face while parenting your child. Apply for e-transfer payday loans with your child tax benefits is a simple, easy, and convenient way to get cash for your happy parenthood.

Just fill out an online application at PaydayMart, and you can get child tax payday loans with email money transfer (EMT) within 2-5 minutes* (subject to bank).

About Canada Child Tax Benefits (CCTB)

What are the Canada Child Tax Benefits?

The Canada Child Tax Benefits, a.k.a. CCTB, is an income-based and non-taxable benefit the Canadian government announced in 2016. The primary purpose behind CCTB is to financially help eligible families in Canada with the cost of raising children under the age of 18 years.

Who is eligible?

To be eligible for a CCTB, you must live with a child under the age of 18 years and must be the primary guardian of the child's care. You must be a citizen or a resident of Canada.

How much can I receive?

Under six years of age: $6,997 per year ($583.08 per month)

Six to 17 years of age: $5,903 per year ($491.91 per month)

Source: NerdWallet

When can I expect to receive the benefit?

The CRA handles and dispatches the Canada child benefits (CCB) payments. Usually, CCB is paid every 20th of each month, except Dec 13, May 19, and Aug 18 of 2023. Get the full details here.

How can I apply for CCB?

You can apply for Canada child benefits in three simple ways:

1. Through birth registration
2. Online through My Account
3. By mail

Get the full details and online registration application here.

Compare, Apply, Save!

We understand the challenging financial situations. That is why, we strive to improve your lifestyle by providing best rage of loans at low rates to suit your needs.

Compare now

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

Alistair Croll
Staff Writer & Editor

• 

• 

Who I am?

Writer, speaker, financer accelerant. The intersection of tech & society. He enjoys writing informative guides mainly related to finance and credit products that help readers make better decisions. View My Profile