When you apply for child support, the goal is for the money to help your child thrive as much as possible. However, experiencing a situation where you don’t have enough money to cover an emergency expense might leave you wondering if you can get a payday loan or cash loan with child support listed as your income on the loan’s application.
In this case, there is no short answer for getting a cash advance with this type of income. However, you may be eligible for a payday loan through with this method in certain circumstances. It all depends on why you are getting a short-term loan. While a cash loan can use any type of income going into your bank account as a direct deposit, child support comes with a unique set of laws.
Why Do You Need a Loan?
In Canada, child support is given from one parent to the other when a child is under the age of 18 or is a dependant, and the caregiving parent needs to pay for bills and child needs. Caring for a child has a high cost associated with it; you have to be concerned about food, bills, clothes, schooling, and extracurricular activities.
If you run into an extreme case where you don’t have enough money to cover the expenses, you might think child support would be a great way to get a line of credit whether through applying online for a payday loan or in person for a cash advance. However, there is one important factor to consider: each dollar of your child support must be used on the child so that they are getting the best life they can be.
If you are using child support for other things, that could get you into legal trouble. This is why the purpose of the cash advance should be focused on the child — for example, a large medical bill or unexpected schooling expense. If you are using it to pay for something for yourself, you might run into trouble later if any government official takes a look at how you’ve been spending the child support.
How Do You Get a Payday Loan With Child Support?
If you plan on getting the loan for reasons associated with your child, the next thing to look at is how to get the money in the first place. First, you should be a resident of Canada. That could be anywhere from Nova Scotia to British Columbia; the important thing is that you have a permanent address and that you’ve lived there for at least three months.
Next, you should think about your ability to pay back not only the principal amount of the loan agreement, but also what comes of the agreed interest rate. The total payback amount of a $300 loan for 14 days won’t just be the initial $300. It is commonplace for businesses to charge $15 per $100 borrowed. So, for a loan of $300, you could be looking at returning $345. That’s why it’s important to take only what you need for an emergency loan when your child's health and safety could be affected.
Do You Need Help?
If you are looking for help paying off an unexpected bill, iCASH is here to help. We offer payday loans of up to $1,500 through an online application with instant approval decisions once all qualification requirements have been entered. Walk away with the cash you need in the bank to help your children today.