Online loans that accept BC disability income

Are you looking to use your BC disability income to take out a loan? Finding a lender willing to accept your disability benefits as income is your first step to getting financing.

Can I get a loan while on BC disability assistance?

Yes. While traditional lenders such as banks may not approve those receiving BC disability assistance, there are alternative lenders who can. These lenders have more generous eligibility criteria and can approve you as long as your BC disability income is paid regularly into your bank account and you receive enough income to repay the loan.

Below are legitimate lenders that accept Persons with Disabilities (PWD) income in BC.

Jump to:

• Lines of credit & personal loans for disability in BC
• Cash advances for BC disability
• Payday loans for BC disability

Compare lines of credit & personal loans for BC disability income

You can use your disability benefits to qualify for a personal loan or line of credit from an alternative lender. Compare your options below.

Compare cash advances for people on disability in BC

You can get a small, instant loan from one of the cash advance providers below. They can consider your application as long as your disability benefits are being paid into your bank account.

Compare online payday loans that accept BC disability

Payday loans have flexible eligibility requirements, which is why people on disability income have more options for this loan than other types of loans. The maximum amount you can borrow with disability payday loans in BC is $1,500, and the maximum fee lenders can legally charge is $15 for every $100 borrowed. But given payday loans’ very high rates, only consider getting one when you’ve exhausted all other options.

Types of disability loans in BC

Some lenders see regular disability payouts as proof that you can pay back what you borrow. Because of that, they’re willing to provide financing. Below is a breakdown of the different types of loans that you may qualify for if you’re receiving disability assistance as a British Columbia resident:

1. Payday loans
2. Installment loans
3. Cash advances
4. Auto title loans

1. Payday loans that accept BC disability income

You can apply for PWD payday loans online or at a store. If you apply in-store, you’ll provide documents such as government-issued ID and bank statements, get approved on the spot and walk out with your loan.

Applying online for PWD payday loans is faster and more convenient. In some cases, you won’t need to send any documents. Instead, you’ll log in to your bank account and give the lender view-only access to your bank statements.

Features of online payday loans that accept BC disability

• Borrowing fee. PWD payday loans have a maximum borrowing fee of $15 for every $100 borrowed. A BC payday lender cannot charge you more than that, and they also cannot require you to get insurance so you can take out a payday loan.
• Loan amounts. You can borrow up to 50% of your income, up to a maximum of $1,500.
• Loan terms. PWD payday loans are typically repaid in full the next time you get your BC disability payment. However, if this is your third payday loan in two months, its repayment must be spread over two pay periods minimum.
• Bad credit is okay. Payday loans have more lenient requirements, and many payday lenders can approve borrowers with poor credit.
• Cancellation period. You have two business days to cancel a payday loan in BC without penalty.
• No early repayment penalty. Repay your loan in full any time without penalty.

Related: Best payday loans in Canada

Can you get e-Transfer loans on BC disability assistance?

Yes, there are online payday lenders that offer e-Transfer loans and accept BC disability assistance. You’ll just need to have an active bank account and be registered with your bank to send and receive e-Transfers.

Examples of lenders that offer e-Transfer loans on BC disability income include:

• iCash
• Cash Money
• Money Mart

Related: E-Transfer payday loans in Canada

Before you apply for online payday loans that accept BC disability

• Know the true cost of a payday loan. Payday loans are extremely expensive. If you look at their borrowing fee as an annual percentage rate (APR), the rate is can easily be over 300%.
• Be wary of payday loan scams. Be cautious of where you share your personal and financial information online. Only apply to a licensed payday lender that follows BC payday loan regulations.
• Make sure you’ll have enough BC disability income. Before you take out a payday loan using your BC disability income, be certain you can repay the loan by your next BC disability assistance payment, or you could be charged an NSF fee and late fee. Also check that you’ll have enough income to pay for other debts and bills once you repay your payday loan on the due date.

2. Installment loans for disability income in BC

Installment loans are offered by alternative lenders with lenient eligibility requirements, including those who accept BC disability assistance. These loans have lower loan amounts, shorter loan terms and higher interest rates compared to standard personal loans. Still, they are typically cheaper than payday loans if you’re considering different disability loans in BC.

You can apply online for installment loans that accept disability.

Features of BC disability installment loans

• BC PWD income is okay. As long as you have recurring income paid via direct deposit, lenders can approve you.
• Pay in installments. Pay a fixed amount, usually bi-weekly or monthly.
• Interest rates. Interest rates can range from 18% to 47% based on your credit score, loan provider and other personal factors.
• Loan amounts. Installment loans are usually issued in the $500 to $10,000 range.
• Loan terms. Term lengths often last between 3 - 60 months.
• No prepayment penalties. You can often pay off your installment loan early without facing any fees.
• Bad credit is okay. Online lenders can accept fair or bad credit under 660, provided that you meet other eligibility criteria.

Related: Best installment loans in Canada

Can you get e-Transfer installment loans on BC disability assistance?

Some lenders of disability installment loans can send money via Interac e-Transfer, while others only use the slower method of direct deposit. If e-Transfer funding is important to you, check with the lender before you apply.

Before you apply for installment loans that accept PWD income

• Know how much you’ll pay in interest and fees. You may find that the lender charges a hefty broker or surety fee, which will drive up the cost of your loan.
• Check that the lender is legit. Be wary of lenders guaranteeing approval, and while there are legitimate no credit check loans, be cautious of lenders that advertise this, too.

3. Cash advances for recipients of disability benefits

Cash advances let you borrow a small portion of your paycheque in advance. You don’t need to have employment income and can use BC disability assistance to qualify.

Features of cash advances for PWD benefits

• BC disability assistance is accepted. Lenders generally don’t care what type of income you have as long as it’s paid directly into your bank account.
• Interest rates. These loans don’t charge interest, but you may pay a monthly subscription and an extra fee for instant funding.
• Loan amounts. Borrow $20 – $350.
• Loan terms. Depending on the provider, repay by your next day or take some time to repay your loan.
• No credit check. These loans don’t involve credit checks.

Can I get a cash advance via e-Transfer?

Yes. Cash advance providers can fund you via direct deposit or e-Transfer.

Before you apply for a cash advance using your BC disability income

• Be prepared to connect your bank account. The lender will ask to view your bank statements so it can verify your income and identity.
• Wait if you have NSF transactions. Recent NSF fees on your bank account will lower your chances of approval.

4. Auto title loans for BC disability recipients

Auto title (sometimes referred to as car title) loans are secured by your vehicle. You can typically qualify for anywhere from 25% to 50% of your car’s value. It’s also often a requirement that you own your car outright and it’s paid off.

Auto title loans are secured by your car, so you can often qualify for more competitive rates even if you have bad credit. You do, however, risk losing your car if you default on the loan.

Features of BC disability auto title loans

• BC disability is valid income. Lenders of this type of loan are more lenient with income because you’re offering your car as collateral, which lowers the risk for them.
• Interest rates. The interest rate on an auto title loan can range from 9% 49%.
• Loan amounts. Car title loans have higher minimum loan amounts compared to other loans in this article. They start at $1,000.
• Loan terms. Term lengths often last between 3 - 60 months.
• Bad credit is okay. Auto title loan lenders can accept fair or bad credit score borrowers, and some don’t even do credit checks.

Can I get a car title loan funded via e-Transfer?

It depends on the lender. Some lenders of vehicle title loans only use direct deposit, while others can do both direct deposit and e-Transfer.

Before you apply for a BC disability loan using your car

• Make sure it’s affordable. Defaulting on this loan means you’ll lose your car.
• Watch out for extra fees. Lenders of this loan will charge fees like appraisal fee and title search fee, which will make your loan more expensive.

Where should I apply for disability loans in BC if I have bad credit?

The loans mentioned above—payday loans, installment loans, cash advances and car title loans—all have lenient eligibility criteria, and people with bad credit can realistically get approved for these as long as they can show the lender they have the means to repay the loan.

Where you should apply for a disability loan with bad credit depends on your personal financial situation, but generally, payday loans are only suitable as a last resort because of their high rates and extremely short repayment terms. If you’re struggling financially, you may want to explore loans that give you the flexibility you need with repayments.

Can I get a loan with no credit check using my BC disability assistance?

Yes. Some lenders do not do credit checks and will focus on your income instead. You’ll need to show them proof of your income, such as recent bank statements. Be careful where you apply though, because not all lenders that offer loans with no credit check are legitimate.

Must read: No credit check loans in Canada

How to apply for a loan on BC disability assistance

Follow these simple steps to apply for disability loans in BC:

1. Decide which type of loan you want to apply for. Compare the options above to help narrow down your choice of which loan is right for you.
2. Fill out an application. Most lenders will provide you with a detailed application form to fill out with your personal and banking information. Select Go to site above to begin your application with your chosen provider today.
3. Verify your identity. You’ll need to show your lender you are who you say you are. You can do this by showing a piece of government-issued ID like your driver’s licence or passport.
4. Show proof of income. This is where your BC disability assistance payments will come in handy. You can also show proof of income you earn from other sources, like the Canada Child Benefit or a part-time job.

Depending on the lender, you could get an application decision the same day or up to several business days later. Many online loans for disability send funds quickly to your bank account via e-Transfer, which can take up to 30 minutes to process.

Alternatives to getting a disability loan in BC

If you’re having trouble getting approved for a loan while on disability assistance, or you think the interest rate you’ll be approved for is more than you can afford to pay, it’s worth considering other options.

• Get someone to cosign the loan. See if you can find a family member or friend with a good credit score who is willing to cosign on a loan with you. Just make sure that person understands that they will be held responsible for paying back the loan if you default.
• Credit card cash advance. A credit card cash advance typically comes with an interest rate of around 23%, which can be cheaper than payday loans as long as you pay off your cash advance as soon as you can.
• Visit 211.ca. It’s worth taking the time to explore financial or community support resources before taking on new debt. 211 helps people find programs that offer support for basic living needs, mental health & addictions, legal & financial problems, seniors and newcomers to Canada. The service is free and confidential.

What is PWD assistance in BC?

Living with a disability can be extremely challenging, especially when you have to worry about how you’re going to pay the bills. BC disability assistance is designed to lift some of that burden from your shoulders. It helps to cover the costs of basic living expenses (like food, clothing, shelter and prescriptions) for people living with disabilities.

The amount you’re eligible to receive depends on your income as well as the size of your family. You’re still allowed to work and earn money while you’re on BC disability assistance.

How do I qualify for BC disability assistance?

To apply for BC disability assistance, you’ll need to be at least 18 years old and must be able to prove financial need. You’ll also have to show you have a physical impairment that limits your ability to function in day-to-day activities. From there, you’ll need to fill out the Persons with Disabilities Designation Application on My Self Serve.

When is the next income assistance payment?

The schedule for the next income assistance payments is as follows:

• May 15, 2024 (for June 2024)
• June 19, 2024 (for July 2024)
• July 17, 2024 (for August 2024)
• August 21, 2024 (for September 2024)
• September 18, 2024 (for October 2024)
• October 23, 2024 (for November 2024)
• November 20, 2024 (for December 2024)
• December 18, 2024 (for January 2025)

Bottom line

You should have no problems using your BC disability assistance to help you qualify for certain types of loans, even if you have bad credit. You can generally choose between payday loans, installment loans, cash advances and auto title loans. Payday loans tend to be the most expensive, so explore other options first.

Frequently asked questions

• Can I get a loan on disability in BC?

  Yes, there are several reputable, online lenders who accept disability as a valid source of income for loans in BC. These lenders have lenient eligibility requirements compared to banks and credit unions. Compare lenders in BC who accept disability income here.

• Can you get a personal loan on BC disability income?

  It depends. Lenders of personal loans have stricter eligibility requirements than payday lenders, and they are less likely to accept BC disability assistance as valid income. However, there are select alternative lenders that accept it.

• What kind of loans can I get in BC on disability?

  You can get a payday loan, installment loan, cash advance or vehicle title loan using your BC PWD income. You'll just need to apply to a lender that accepts this type of income because not all of them do.