Loans for Unemployed Canada

Being unemployed are tough especially during the current scenario. Millions of people are already facing the wrath of a downgraded economy due to the massive pandemic situation and have thus lost their jobs midway. Despite this, the essential living expenses have to be met at all costs and this requires a fixed monthly income. In such a scenario, loans for the unemployed can be your valuable financial help to tide over the tough times.

If you are living in Canada, you have the benefit of obtaining employment insurance as per a government program. Under this, people who do not have such employment will get temporary financial assistance from the Canadian government to meet the necessary expenses.

But what if you feel that unnecessary expenses suddenly increase when the EI benefits are going to expire soon? In this particular situation, it is better to apply for a online loans for unemployed no credit checks in Canada, which allows you to grab cash instantly.

These are like emergency loans for unemployed people in Canada to maintain their daily life in a hassle-free manner and continue to look for ample employment opportunities. It allows you to arrange for quick cash in spite of no income position and the advantage of repaying it in easy installments with a low-interest rate.

How do loans with no income work?

There is not much difference between other loan offers and unemployment loans with no job verification. The only factor to consider is individuals' employment insurance provided by the Government of Canada. If you are availing it during unemployment, then you will be considered eligible for loan with no income offer.

Those who do not have any existing source of income can apply for payday loans for the unemployed on benefits in Canada with no income verification without any hassle and can arrange fast cash and pay in easy installments.

While applying online for such loan offers, your unemployed status will be taken into consideration first. The lending company will then look for employment insurance that you can get from the Canadian government. Based on these two factors the loan is offered and sanctioned in no time.

Under this loan offer, you can get a loan amount anywhere between $100 to $2500 as per your repayment capacity. Also, the interest rate charged on this loan is always low, and the cash is directly transferred to your bank account via Interac® email money transfer.

What is the Difference?

To apply for a jobless payday loan, you first need to understand the real difference between unemployment loans and normal payday loans.

In Loan against Salary, you will get additional funds on the payday you get every month. In such special offers, the loan amount and repayment tenure vary as per your requirement and repayment capacity.

On the other hand, loans for the unemployed are for arranging a small amount of cash, anywhere from $100 to $2,500. And, these loan offers are for people receiving employment insurance benefits directly from the Government of Canada.

And, it could be any reason as you are unemployed like the following:

  • Having a long gap of unemployment
  • Be on maternity leave
  • Preparing for upgrading skill in between
  • Lost a job due to economic downfall
  • Or any other reason.

Do you need a loan urgently?

Need some help completing your MoneyKey online loan application? Speak to our friendly Canada based team today!

Apply now No Impact to Your Credit Score.

In short, you can apply for jobless loans while still receiving employment insurance benefits from the Government of Canada.

Can I get guaranteed loan approval if I have a bad credit score?

Now, you must be wondering why a borrower's credit score will not be considered here. Well, there is a reason behind this. These guaranteed loans for unemployed are for already unemployed persons who may have unsustainable expenses due to no source of income. Hence, a bad credit score does not disturb the loan application process. And you'll get guaranteed approval, no problem. On the other hand, once the loan amount is availed, you have an opportunity to improve your credit rating by paying the pending expenses in a hassle-free manner.

What are the benefits of loans for unemployed people in Canada?

There are a few benefits associated with unemployment loans that you need to look at before actually applying online.

Online application: The first and foremost advantage is the easy availability of online loan offers. Here, you won't be asked to step out from the comfort of your home and make multiple rounds of the banks. All you have to do is fill an online loan application by taking a few minutes and click on the submit button. Once approved, the cash will be transferred directly to your bank account.

Quick monetary support: Unlike traditional loan offers, unemployed payday loans strive for instant cash available on the same day of approval. Such is the advantage of this monetary assistance that it allows you to send an online application for remittance in a matter of minutes, lenders approves the same, and via Interac® email money transfer on the same day.

Apply with low credit: There is no such hassle in applying for a loan with an adverse credit rating. In fact, these are loans for unemployed direct lenders in Canada who have bad credit; no guarantor is required for approval. You do not need to improve your personal credit score first and then apply. Make way for the application under any circumstances and get approval quickly.

No lengthy documentation process: Don't get involved in the time-consuming process of documentation. Online applications with few personal details are more than enough to get instant approval in no time. There is no such requirement to submit a series of papers, applications, and important documents.

Guaranteed loans approval: There are no doubt those jobless loans with guaranteed approval offer the facility of instant decision after fulfilling the required pre-requisites. If you're getting employment insurance, are at least 18 years of age, have Canadian permanent citizenship, and have a valid address, contact, and email address proof, you'll definitely be approved in a short amount of time.

Unsecured loans without any collateral: One must not forget the fact that payday loans are unsecured in nature. This means that you will not be asked to provide any collateral against the loan amount. No property, vehicle, or jewelry shall be sought as security against the loan offer. So, without sufficient assets to declare, take a sigh of relief while applying for this loan offer.

Freedom to spend money anywhere: Last but not least you have complete freedom to use the loan amount anywhere. You are not limited to using cash only for personal expenses. You can spend on car maintenance charges, financing a short trip, paying monthly bills, pending credit card bills, EMIs, or anything like that.

Ready for a quick FAQs

Are unemployed payday loans available in Canada?

Yes, there are loans for the unemployed in Canada, which help people with no source of income to arrange cash in case of emergency. An important thing to be considered under the loan proposal is your employment insurance benefit received from the Government of Canada.

What are the preconditions of the loan offer?

There are certain pre-conditions that borrowers need to fulfill. This is like having at least 18 years of age, permanent Canadian citizenship, valid address proof, contact number, and an email ID. Based on these pre-requisites you will be considered eligible for this loan offer.

What is the maximum loan amount to offer?

Under this loan offer, you can avail up to a maximum of $1500 as loan amount to meet uncertain expenses in a hassle-free manner.

What is the rate of interest charged here?

The interest rate is generally on the lower side. You will not have to worry about paying the extra amount under the loan offer.

How would I receive the loan amount?

Unemployed loans help you get instant approval after fulfilling the required pre-conditions. Once approved, you will get the loan amount directly in the bank account without any hassle.

Do you need a loan urgently?

Need some help completing your MoneyKey online loan application? Speak to our friendly Canada based team today!

Apply now No Impact to Your Credit Score.