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Can I get a loan while collecting SAID payments?
Yes – just like people on ODSP, PWD BC, and AISH, individuals receiving income support from the Saskatchewan Assured Income for Disability (SAID) program can get approved for a loan. Before applying for a loan, you’ll need to decide on the type of loan and the interest rates you’re comfortable taking on. It’s also wise to create a budget as having a plan in place can prevent missed payments.
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What types of loans are available to SAID recipients?
There’s a good chance you’re not working or working minimal hours if you’re collecting SAID disability benefits – this can make it hard to get a loan from a major bank or credit union. Fortunately, there are lenders outside these traditional sources that can give you quick access to funds.
Here are the most common types of loans available to SAID recipients:
- SAID payday loan: Payday loans are when lenders give high-interest credit to borrowers based on their income and payroll timeline. They offer instant cash and guaranteed approval in some cases. However, they come with lots of risks and therefore should be avoided. These loans are often called predatory because of their short repayment periods (usually two weeks), hidden fees, and sky-high annual percentage rates (APR) of up to 651%. Many people who choose payday loans are unaware of their high costs and often get sucked into an endless cycle of debt.
- Personal loan: A personal loan from a credible lender is always better than a payday loan. Also known as an installment loan, this type of loan gives you a lump sum of money that you repay over a set number of months. Besides flexible and extended repayment periods, you’ll also benefit from reasonable two-digit interest rates, predictable monthly payments, credit building opportunities, and fast access to cash.
How can I increase my chances of getting a personal loan while on SAID?
It can be harder to obtain a loan while on disability, but there are ways to increase your odds of getting approved:
- Include government income support: Payments from government assistance programs like the SAID monthly allowance and Canada Child Benefit are considered income, which is great news if you aren’t working or not working very much. These income sources strengthen your loan application because it demonstrates your ability to pay back the loan.
- Put collateral up: Do you own assets like a house or car? If so, you may want to use them as collateral to get a secured loan. A secured loan is easier to get because there’s less risk to the lender. In exchange for offering up collateral, you’ll be rewarded with lower interest rates and in many cases, more funding.
- Get a co-signer: Ask a family member or trusted friend to co-sign the loan if your credit score is less than average. Having a co-signer gives lenders confidence and can result in lower interest rates as well.
Get a SAID personal loan today with Spring Financial
Say no to predatory payday loans by choosing Spring Financial. Trusted by Canadians across the country, Spring Financial is a reputable online lender that provides convenient, stress-free personal loans of up to $35,000 to SAID recipients.
What sets Spring Financial apart from other lenders:
- Personal loans for every credit rating: Get approved even if you have no credit, poor credit, or have filed for bankruptcy.
- Cash when you need it: Funds can be deposited straight to your bank account on the same day or within 24 hours of applying.
- Seamless application process: Applications can be done online or over the phone so you never have to wait in line at the bank.
- Flexible repayment plans: Terms can last between nine to 60 months so choose one that works best for your schedule.
- Competitive interest rates: Spring Financial offers much lower interest rates compared to payday lenders.
- Credit-building opportunities: Unlike payday loans, personal loans can improve your credit score if you make payments on time.
- Full transparency: No application fees, maintenance charges, or hidden costs ever.
- Trusted online lender: Spring Financial has helped countless Canadians achieve their financial goals – see what they have to say on Trustpilot.
From medical bills and home repairs to car troubles and surprise travel expenses, Spring Financial is here to give you the peace of mind you need when unexpected events come your way. Get approved for a personal loan today by applying online or calling 1-888-556-6441.
