Compare child tax loans in Alberta

If you need a loan in Alberta using the child tax credit to qualify, you have options. Some online lenders of installment loans, cash advances and payday loans in Alberta accept the child tax credit as a valid source of income. Here’s a closer look at each type of loan and where you can apply to get the money you need.

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

Compare child tax loans in Alberta

Explore personal loan providers that offer child benefit loans, many of which offer funding the same or next business day.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Installment Loan	8.99% - 46.96%	$500–$2,500	3 - 6 months	Loan search platform, pre-approval in 5 minutes	Go to site
Installment Loan	10.8% - 46.99%	$500–$35,000	6 - 60 months	Established lender, 100% online, bad credit is okay	Go to site
Installment Loan	8.00% - 46.96%	$500–$50,000	4 - 60 months	Loan search platform, largest lender network	Go to site
Installment Loan	29.78% - 44.80%	Up to $1,600	Up to 36 months	Direct lender of quick cash loans	Go to site
Line of Credit	19.90% - 46.90%	$1,000–$10,000	Open	Same business day funding available, borrow up to your limit	Go to site

Compare cash advances for child tax credit in Alberta

These cash advance providers in Alberta offer small instant loans that are easier to get than traditional personal loans. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.

Loan provider	Interest rate	Loan amount	Loan term	Key features
Early Pay	No interest or fees for cash advances, fee for express funding (varies based on advance)	$20–$350	Next pay cycle (61 days max.)	24/7 approval and funding, instant transfers with a fee, no credit check	Go to site
Credit Line	No interest or fees to access credit, optional $11.99/month membership for premium services like instant funding	$30 – $150	30 days, extendable	Instant approval, no credit check, funding within 30 minutes with a monthly subscription	Go to site
Cash Advance	No interest but there’s a mandatory subscription fee starting at $2/month.	$20–$250	Flexible	No credit check or job requirements, instant access to funds	Go to site

Compare child tax payday loans in Alberta

Some payday lenders in Alberta offer child tax loans with instant approval. These are extremely expensive, 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 approval and e-Transfer, accepts bad credit	Go to site
Payday Loan	Varies by province	$250 – $1,500	Up to 62 days	Apply in-store or online, funding within 1 hour via e-Transfer, no credit check	Read review
Payday Loan	Varies by province	$100 – $1,500	Up to 62 days	Approval and funding 24/7, e-Transfer funding within minutes	Read review

Features of child tax payday loans in Alberta

• Loan maximum. Payday loans in Alberta max out at $1,500. If you’re a first-time borrower, you may be approved for less.
• Borrowing fee. $15 for every $100 borrowed.
• Loan terms. 42 - 62 days. Lenders must also allow you to repay the loan in at least two to three installments.
• Cooling-off period. If you want to cancel your payday loan, you have two days to do so and you don’t need to provide a reason.
• Extra charges. Your lender can charge an NSF of up to $25 if there isn’t enough money in your bank account when payment is due.
• No rollovers. You can’t can’t extend or renew an existing payday loan in Alberta.

Basic payday loan eligibility requirements

• Be at least 18 years old. Provide proof of age and identity with government-issued ID.
• Provide proof of income. This would include bank statements showing direct deposits for your child tax benefits.
• Have an active chequing account. Your lender will set up automatic withdrawals on your scheduled repayment due dates.

Features of child tax installment loans in Alberta

• Unsecured. You don’t need to provide collateral to get an installment loan.
• Repaid in installments. Once you receive a lump sum of cash, you’ll make equal payments in the required timeframe.
• Higher interest rates for bad credit. Because lenders are taking a bigger risk if you have bad credit, you’ll pay higher rates. Rates are typically between 18% - 47%.
• No prepayment penalties. You can pay off this entire loan or make extra payments any time without fees.

Basic installment loan eligibility requirements

• Be at least 18 years old. You’ll need to show your government ID to verify your age and identity.
• Have proof of a steady source of income (child tax benefits included). You’ll usually need to show bank statements to prove that you can pay back your loan on time.
• Have a working bank account. You’ll have to submit your bank account details to organize payment (and ensure repayment of your loan).
• Submit to a credit check. Unlike payday loans, which sometimes don’t require a credit check, you’ll usually need to prove that you have a decent credit score to qualify for an installment loan. Keep in mind, some lenders provide installment loans specifically for bad credit.

Features of cash advances in Alberta that accept child tax credit

• Small loan amounts. Borrow up to $350.
• Varying loan terms. Some lenders let you extend the payment due date, while others may require you to repay by your next payday.
• Bank account required. You’ll need an active bank account so lenders can verify your identity and income.
• App available. Lenders have a iOS, Android and/or web apps available for easy online applications and funding.
• Instant 24/7 loans. Like payday loans, it’s possible to get instant approval and e-Transfer funding any time.
• Easy eligibility requirements. Lenders can accept any recurring income paid into your bank account and they don’t do credit checks.

What to consider before you apply for child tax loans in Alberta

• Check your budget first. Before committing to more debt, do some number crunching to make sure you have the leeway in your monthly budget to make loan repayments. Payday loans must be repaid within 42 - 62 days while installment loans could keep you in debt for months or years.
• Ask for a fee breakdown. Don’t rush into signing up for a loan. Instead, take stock of the true cost of borrowing, including the interest you’re being charged, origination fees and other costs of installment loans. If you want the option to repay some or all of your loan early, check that the lender you’re working with won’t charge prepayment penalties. If you get a payday loan, the lender cannot charge you any origination fees or prepayment penalties.
• Improve your credit score. If time is on your side, try your best to improve your credit score so you can secure a lower interest rate if you’re applying for an installment loan. This will save you money on interest over the lifetime of your loan.
• Get up to speed on provincial regulations. If you’re getting a payday loan, become familiar with the rules for payday loans in Alberta. This way, you’ll know whether a lender is trying to scam you with excessive fees or other illegal practices.
• Be aware of scams. Be wary of providing your personal and financial details when searching for online child tax loans in Alberta. Become familiar with personal loan scams and payday loan scams.

How to apply for online loans using child tax credit

If you’re ready to apply for a loan using your child tax benefits as income, follow these steps:

1. Apply online. Head to the lender’s website to complete the application process. Whether you’re applying for an installment loan, cash advance or payday loan, the process shouldn’t take more than 10 minutes.
2. Get a decision. In most cases, you should hear back within minutes of submitting an application.
3. Verify your information. If needed, submit any documents your lender may require, such as government-issued photo ID and bank statements.
4. Receive your contract. Review the terms of your loan. If you’re happy with the contract, sign on the dotted line and gain access to your funds via direct deposit or e-Transfer.

Instant bank verification

During the application process for child tax loans in Alberta, your lender may prompt you to log onto your online bank account via a pop-up screen on the application page. You can select your bank from a range of options, then log in. This is called instant bank verification and it helps lenders validate that your bank account is open, in good standing and has the recurring income to keep up with loan repayments.

It also saves you a step. You don’t have to input your account number, branch number or routing details.

How will I get my loan funds?

If you apply online for child tax loans, you can get your money via e-Transfer or direct deposit. E-Transfer is the faster option, and you can get an email money transfer within minutes after you submit your signed contract. If you opt for direct deposit, it’ll take one or two business days for the money to be deposited into your account.

Bottom line

Between payday loans, cash advances and installment loans, Albertans have options for using their child tax benefits as income to qualify for a loan. Your job is to decipher whether adding debt to your budget is a wise choice. If you decide that it is, make sure you compare lenders, their interest rates, terms and eligibility requirements. And bear in mind that payday loans should be used as a last resort option. Consider alternatives to a payday loan before applying for one.

Frequently asked questions

• Where can I get child tax loans in Edmonton?

  You can get child tax loans in Edmonton from any of the online lenders listed above. If Edmontonians want to get a payday loan in-person, Money Mart has over 15 store locations scattered across Edmonton.

• Can I get e-Transfer loans on child tax?

  Yes, many online child tax loan payday lenders in Alberta, like iCash, offer e-Transfer for funding within minutes of applying. Even if installment loan providers don't provide e-Transfer, they typically directly deposit money into your account.

• Can you get child tax loans in Alberta with bad credit?

  Yes, you can. Payday lenders don't look at your credit score and shift the focus to your income. While lenders providing installment loans will often pull your credit score, you can also opt for a bad credit installment loan. You'll pay excessive interest rates on both options, though.