As a Recipient of Welfare, You desire to know where to get a cash advance in Canada. Before you start, determine your income source and credit rating. That way, you will be able to attract the type of lender that is accretive of your level of income whether on a monthly, bi-weekly or even a weekly basis.
Be careful when reading conditions and terms of the lender in question before you agree to sign the cash advance contract. If you feel the fees or interest rates are un-manageable, be free to walk away. Note that, if the terms are not conducive to you, you are not obligated to sign the contract. There are some cash advance options as a welfare recipient you are privy to.
There are payday loans This is short term in nature. They range $1,500 and is reimbursed on the receipt of your next paycheque. All ten provinces in Canada regulate payday loans and there is a variance of rules and regulations of each. If your source of income is a welfare cheque, some lenders might not be receptive to it.
A payday loan is normally paid between 7 to 62 days depending on the schedule of payments. One can borrow from as high as $1,500 to as low as $50. However, keep in mind that they attract high charges that put you in more debt.
An auto title loan is where your vehicle is set up as collateral for the loans on payday in Canada If you do not pay back, your vehicle or whatever movable asset can be repossessed by the lender. To qualify for this type of loan, you must prove to be the outright owner of the vehicle in your possession. The verification of income is usually minimal with this type of cash advance as you can access with non-existent or bad credit. The risk with this type of cash advance is that they have punitive rates of interest and the danger of losing your vehicle.
You can also get a cash advance through a brokerage. As you register, the service provider or broker will connect you with a lender that suits your profile depending on your income and credit profile. If you find a lender, scrutinize him or her and see if he or she is receptive of accepting your income source being of welfare. But a word of caution, in this scenario you can end up with a lender who can offer you installment or payday loans.
You can also apply for a cash advance via credit union or bank of your choice. They could be willing to forward you a personal cash advance but are more strict to qualify your eligibility for one. It is usually the case that welfare is not a steady income form. But if for example, you are their steady customer who has been there for long, and has a good credit record, they may approve your cash advance.
Also take note of online lenders, who offer fees and interest rates at lower, competitive rates. To conclude, it is advisable to consider the above choices on where to get a cash advance in Canada.