Financial emergencies can pop up at any time. Families who seek child tax loans in Canada don't usually have time to wait for approval, especially when finances regarding children are involved. But with the help of baby bonus loans, parents and guardians have sufficient options.
The Canada Child Benefit (CCB) is a governmental program that provides completely tax-free payments to help families who have children under the age of 18. CCB is an essential and widely-used program, but many families still struggle with finances before payments arrive. That's where lenders like iCASH come into play. Families can use their income from CCB to apply for cash loans online.
What are Child Tax Loans?
Because CCB program payments are considered annual income, families can use it to help qualify for child tax loans. This option is especially helpful when dealing with unexpected (or expected) financial obligations. These small loans use the family's income based on the child tax credit itself and they're known as "baby bonus payday loans."
Families can leverage this annual "income" to apply for instant loans when they need money or credit due to childrearing expenses. This type of loan is especially helpful for families who need extra funding before their tax credit (payment) arrives.
How Much Can You Get?
The government uses each individual's income to determine the amount of child tax credit granted, meaning that each family will receive a different amount. But generally speaking, parents or guardians can count on at least a few hundred dollars in support per child. As children grow older, though, the benefits decrease.
Not all lenders accept this tax credit as income, but iCASH is one of the top providers of e transfer payday loans that allows the inclusion of child tax benefits.
How Long Does it Take to Receive baby Bonus Loans?
As mentioned above, direct online lenders understand that there isn't always time to wait when financial emergencies arise. And, again, this is especially true when these expenses are associated with raising children. The entire process to receive baby bonus loans — from start to finish — usually takes under an hour. That means that families can borrow up to $1,500 in less than 60 minutes.
Perks of Online Applications
With secure online applications, payday loans in Canada are more accessible than ever before. These type of loans are a much faster method of securing emergency funds than traditional banks, which often require days for approval and a lot of paperwork.