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Can Single Parents Get Payday Loans?

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Can Single Parents Get Payday Loans?

A question we are often asked is, “I’m a single parent, so I only have one income in the house. Is there a way for me to get a payday loan or other type of short-term loan?” Briefly, yes! It is totally possible.

However, nothing is as simple as yes or no. Getting a payday loan in Canada requires a few things that anyone must have, regardless of their situation. Today, we’re going to talk about what you need as a single parent to get a short-term loan. Keep in mind; different payday loan companies could require different things in order for them to approve you.

Citizen and Resident

To get a loan in Canada, you must first be a citizen and resident of Canada. This includes Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, and Prince Edward Island. If you live outside this area or are not a Canadian resident, you will be unable to get a payday loan.

Permanent Address

You need to have a permanent home address as well as email and phone numbers. It’s best if your home address has belonged to you for over three months. This could be a rental, townhome, or owned home.

Over 19 Years Old

You must to be a single parent over the age of 19. This is mainly due to the laws and regulations involving loans in Canada. A minor has a harder time signing and being held responsible for a loan agreement than a legal adult.

single-parent

Bank Account

You’ll need to have a bank account for more than three months. In addition, this bank account has to be a Canadian account that is registered to your home address. Keep in mind; you should have money going into that account each paycheck so that the loan company will have a way to pull payments. In fact, having your employer make a direct deposit of your paycheck into your bank account is an additional requirement to be eligible for a loan.

Employment

In order to get a payday loan, or cash advance, you will need to show your current employment on the online loan application. This will need to be a job that you’ve had for over three months so that you display stability of income.

Minimum Income

In addition to stable employment, you should have at least $800 of net income each month. This is important in making sure you will be able to pay back the loan. Having a stable income will show your ability to do so in the time allotted.

No Bankruptcy

Finally, in order to be eligible for a payday loan, you should have never declared bankruptcy in the past and have no intention of doing so in the future. Keep in mind that your credit history will be pulled for your loan application by many online lenders. At iCASH, we don’t think about your credit score as the only thing that will affect your application. It simply allows us to see your history and how long you’ve been in one place with which accounts.

When the Banks Say No, iCASH Says Yes

If you're a single parent living in Canada, visit www.icash.ca for more information on how you can acquire a short-term loan. iCASH is a fully licensed payday lender in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, and Prince Edward Island. If you have all the aforementioned requirements and need some extra help, iCASH is available whenever your life demands it.

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.