How to Get a Loan While Receiving CPP Disability BenefitsJanuary 02, 2020
Living with a disability is challenging. From not being able to work to dealing with the stress of expensive medical necessities, people with disabilities face many barriers preventing them from becoming financially stable. Let’s discuss what pension loan options are available for recipients of CPPD income support…
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Can I get a loan while on CPPD?
From car repairs to medical emergencies, unexpected expenses can hit you when you least expect it. In many cases, the monthly payment from CPP disability benefits can not come soon enough to cover the high costs of unforeseen mishaps. If you don’t have an emergency fund to draw from, you may be left in a tight spot and in need of some quick cash.
Just like ODSP, it is possible to get a loan while on CPPD however, keep in mind that not all CPP loans are created equal.
The dangers of CPP payday loans
A payday loan is a form of short-term borrowing where lenders give high-interest credit to borrowers based on their income and payroll timeline. Many low-income individuals or households are attracted to payday loan providers because they advertise their services as an easy way to get money fast with applications and approvals taking just a few minutes to complete. Some payday lenders even offer pensioner loans with no credit check. It may seem like a good solution if you have poor credit or no savings, but the reality is a payday loan can do more harm than good.
With short repayment periods (usually two weeks), high fees, and astronomical annual percentage rates (APR) of up to 599%, these loans are often described as predatory because of how much they cost the borrower. What’s worse is that many people who get a payday loan are often trapped in an endless cycle of debt repayment as they need to take out another loan to pay for the one before.
Personal loans for pensioners: a better solution
A personal instalment loan beats a payday loan any day. This kind of loan offers a longer repayment period with much lower interest rates. It also includes a fixed repayment plan to help you get back on track financially. A personal loan can even improve your credit score if you make your payments on time.
Spring Financial is here to help
Thanks to Spring Financial, you never have to resort to risky payday loans. Spring Financial provides flexible personal loans for pensioners of up to $35,000. The loans can be used any way you like and can cover things like medical needs, household bills, and emergency repairs.
Getting a pension loan with Spring Financial is quick, easy, and stress-free:
- All credit scores welcome: Whether you’re new to credit or have filed for bankruptcy, Spring Financial approves loans for every credit rating.
- Loans of up to $35,000: Choose how much money you’d like to borrow and get approved for an amount between $500 to $35,000.
- Simple online application process: Apply online in minutes. You can also speak to a live representative by phone or text message.
- Fast approvals: Funds are deposited into your bank account usually within 24 hours of applying.
- Full transparency: No application fees, maintenance charges, and hidden costs ever.
- No appointment required: Online applications mean you’ll never have to wait in line at a bank or payday loan shop.
- Canadian: Spring Financial is based in Vancouver and serves people across the country.
Ready to get approved for a personal loan? Apply online or call 1-888-556-6441 to get started.