Compare AISH payday loans

If you’re a recipient of the Assured Income for the Severely Handicapped (AISH) and you’re looking for a payday loan, there are some lenders that accept this benefit as your sole source of income to help you qualify. But keep in mind that while AISH payday loans are convenient and easy to access, they should be used as a last resort option because of their sky-high fees and quick repayment terms.

This guide covers payday lenders in Alberta that accept AISH as well as other loans you can get.

Jump to:

• Payday loans (easier to get)
• Personal loans (harder to get)
• Cash advances (easier to get)

Get an AISH payday loan

Payday loans are quick to get, often offering instant approval and funding. They are a very expensive option though, so only consider them as a last resort.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Payday Loan	Varies by province	$100 – $1,500	7 - 62 days	24/7 instant approval, e-Transfer, accepts bad credit and AISH	Go to site
Payday Loan	Varies by province	$120 – $1,500	1 - 62 days	Instant approval, e-Transfer in as little as 15 mins, accepts bad credit and AISH	Read review

Compare AISH personal loans

The Canadian lenders below accept AISH as valid income.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Installment Loan	9.90% - 46.96%	$500–$50,000	3 - 60 months	Loan search platform, largest lender network	Go to site
Installment Loan	8.99% - 46.96%	$500–$2,500	3 - 6 months	Loan search platform, pre-approval in 5 minutes	Go to site
Line of Credit	19.99% - 46.96%	$500–$50,000	Open	Loan search platform, pre-approval in 5 minutes	Go to site
Installment Loan	Undisclosed	Up to $1,600	Up to 36 months	Direct lender, accepts any recurring income	Read review
Line of Credit	9.90% - 46.96%	$5,000–$35,000	Open	Loan search platform, largest lender network	Go to site
Line of Credit	47.42%	$1,000–$3,500	Open	Quotes in 3 minutes, flexible eligibility requirements	Go to site

Get a cash advance using your AISH income

These providers offer small cash advances for social assistance recipients. There are no credit checks. You pay no interest on these cash loans, but you may pay a monthly subscription fee. Another nice perk is that you can apply online within minutes.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Credit Line	0% interest with optional fees	$30 – $250	30 days, extendable	Instant approval and funding within 30 minutes for a small fee, no credit check	Go to site
Cash Advance	0% interest with a subscription fee starting at $2/month	$20–$250	Flexible	Easy application, fast funding	Go to site
Early Pay	0% interest with a $2.99 monthly membership fee	$20 – $350	Next pay cycle (65 days max)	A fee applies if you want an instant transfer, no credit check, no late fees	Go to site

Must read: Cash advance apps in Canada

Quick facts about AISH payday loans in Alberta

• Maximum loan amount: $1,500
• Minimum loan term: 42 days
• Maximum loan term: 62 days
• Maximum interest: $15 for every $100 borrowed

Can I get a payday loan on AISH?

Yes, you can, but you’ll need to find a lender that accepts it as your source of qualifying income. Disability income from the government is one of the least accepted forms of income among payday lenders. You may also only be approved for smaller loan amounts.

Before you apply for a payday loan, check first that the lender accepts AISH and that your AISH income meets the lender’s minimum income requirements.

Quick summary of AISH payday loans

AISH payday loans are identical to regular payday loans in Alberta. Their only difference is borrowers qualify for a payday loan using AISH as their income instead of employment income. Overall, AISH payday loans come with these key features:

• An easy application process. You can apply for a payday loan in different ways – online, in-person or over the phone. Payday lenders have also made the process short and sweet. The whole process can be done in 10 minutes. Some payday lenders even have physical storefronts or automatic approval systems so you can get a payday loan 24/7.
• Quick turnaround time. Not only are payday loans easy to apply for, but you can gain access to your funding within minutes after approval.
• Government benefits accepted as income. If you’re searching for an AISH payday loan, you’ll narrow your focus on lenders that accept government benefits as income instead of employment income. There are plenty of government benefits, such as a pension, EI and child tax benefit, that may qualify as income, depending on the lender you choose.
• Bad credit is OK. Payday loan providers will accept applications from people with poor credit scores because they will prioritize your income and ability to repay your loan on time over your credit.
• Use the funds for any purpose. Once you’re approved for a payday loan, you have the freedom to use the money as you’d like from paying bills to covering a financial emergency.
• Unsecured. Payday loans are unsecured, so you don’t need to put up any collateral.

What to watch out for with payday loans

Payday loans come with their fair share of notoriety. Every Albertan considering a payday loan must be aware of these red flags:

• Incredibly steep interest rates. In Alberta, payday lenders are allowed to charge $15 for every $100 borrowed. That’s an APR of 130% for a 42-day loan term, making payday loans one of the costliest ways to borrow money.
• Short repayment terms. There is no wiggle room with payday loans; in Alberta, they must be repaid in 42 to 62 days. You’ll need to make sure you can allocate your next paycheque from AISH to repay your loan without any issues. Otherwise, you’ll risk falling into a cycle of debt.
• Caps on how much you can borrow. Alberta caps payday loans at $1,500, so if you need more cash, this may not be your best option.
• Disreputable lenders. The payday lending space is rife with predatory lenders that may not follow provincial laws and regulations. Check to make sure the payday lender you’d like to work with is licensed in Alberta and isn’t a scam. Always choose a reputable company that has positive feedback from real customers.

How do I repay my AISH payday loan?

According to the province’s Consumer Protection Act, you’re required to repay the loan in installments instead of a lump sum. Because AISH is paid out monthly, you can anticipate repaying your loan in at least 2 installments. On the flipside, you can also repay the full amount early without any penalties.

There are a handful of ways you can repay your loan, including the following:

• Direct debit repayments. This is the most common way to make repayments, and it involves setting up an automatic withdrawal from your bank account on your due dates. Before you authorize this, make sure you know what your due dates are so that you have sufficient funds in your account ahead of time.
• Post-dated cheque. This option is also offered by some lenders, usually by those who have physical stores. This method involves you giving the lender a cheque that it can cash on the day your repayment is due. Remember to make note of the payment date since you will need to have the cash in your bank account.

What else should I know about payday loan regulations in Alberta?

You can protect yourself as a borrower by getting familiar with your rights when taking out a payday loan in Alberta. Here are some more key rules you should know:

AISH payment dates for 2024

Month of assistance	Payment date	Days between payments
July	June 25, 2024	27 days
August	July 26, 2024	30 days
September	August 27, 2024	31 days
October	September 2024, 2024	27 days
November	October 28, 2024	33 days
December	November 26, 2024	28 days

Payday lenders typically schedule repayments on the day you receive your income. But keep in mind that in Alberta lenders must give you a minimum of 42 days to repay your loan, and you must be allowed to break up your payments into installments.

Loan alternatives to AISH payday loans

Treat payday loans as a last resort tool if you’re in a financial pinch. If you’re thinking of other options, consider these:

• Credit card cash advance. A credit card cash advance is cash borrowed from the credit limit of your card. They have high APRs, but if you’re in urgent need of funds, the fees and terms may be better than those of a payday loan. You can also pay off this debt over a longer term.
• Bank overdraft. When money is withdrawn from a bank account and the account balance dips below zero, this is known as an overdraft. It’s essentially a short-term loan from the bank to cover the cost of the purchase.
• Installment loan. Online lenders provide installment loans, which are like personal loans. You’ll receive a lump sum of cash that you’re responsible for paying for within a few months to a few years. Installment loans typically have smaller loan amounts than personal loans.

Cost comparison: Alberta payday loan vs credit card cash advance

If you’re on the fence between payday loans and credit card cash advances, here’s a closer look at the cost breakdown for both for a $500 loan:

	$500 payday loan	$500 credit card cash advance
Loan term	42 days	42 days
Interest rate	$15 for every $100 borrowed (130% APR)	23% APR + 5% fee
Total loan cost	$575 ($75 interest)	$538 ($38 interest)

Bottom line

If your only source of income is AISH, it’s possible to apply to a payday lender that accepts AISH as income. Make sure that you have proof this is a steady source of income you can use towards repaying your payday loan, and consider alternatives, such as installment loans and cash advances, before getting a payday loan.

Frequently asked questions

• What is AISH?

  Assured Income for the Severely Handicapped (AISH) is a benefit paid out from the provincial government to Albertans with some sort of permanent medical condition, which prevents them from working. AISH is designed to help handicapped people with financial support for both healthcare and general life expenses.

• Can I get a loan if I'm on AISH?

  Yes, you can. You'll just need to zero in on payday lenders that accept AISH as income and check that you meet their minimum income requirements.

• Can I get AISH loans in Canada with instant e-transfer?

  Yes, many online payday loan providers in Canada, including ones that accept AISH income, offer instant e-transfers. These lenders typically have quick, web-based applications and instant approval decisions. After you're approved, the funds will be e-transferred to your account within minutes. Compare AISH payday lenders offering instant e-transfers here.

• Can I get a loan if I'm on Income Support in Alberta?

  Yes, you can. But just like disability income, you'll need to find a lender that accepts Income Support as your source of qualifying income. Keep in mind that government disability income and welfare are 2 of the least accepted forms of qualifying income among payday lenders, though.

• Who can I contact if I need help with my debts?

  If you're struggling with your finances, you can take control of the situation with professional help. Your options include the following:

  • Credit counselling. You can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999 for free financial counselling.
  • Local charities. Government agencies, nonprofits and local charities in your province or territory may offer free financial services and help with food, utilities and rent for those in need.
  • Debt relief companies. Debt relief companies can help you find a solution to reduce your debt payments and work toward becoming debt-free.