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Get Approved Online for an ODSP Loan Today

Written by Jessica Steer
If you receive the Ontario Disability Support Program (ODSP) benefit as a source of income, you may be wondering if you qualify for a loan. It shouldn’t be a complicated matter. There are options for you to get a loan with ODSP income support—without resorting to predatory payday loans.
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    Whether you live in British Columbia, Nova Scotia, or anywhere in between, being a Canadian with a disability and low income brings unique challenges. It can sometimes feel impossible to get ahead financially. For example, your disability could require expensive equipment, specific modifications to your home for mobility and independence, last-minute maintenance, transportation, or other medical necessities. Any income assistance you receive may not come in time to cover unexpected expenses.

    Thankfully, the rise of trusted online lenders means there are more lending options for people on disability benefits.

    What kind of loan can I get on ODSP?

    If you're not in full-time employment, you probably know how challenging it is to get approved for finance at a major bank. But like the child tax credit and other income assistance programs, ODSP counts as qualified income for getting approved with some lenders.

    Thanks to the convenience of online personal instalment loans, you don't have to wait on bank managers or to resort to extortionate payday lenders.

    Should I get an ODSP payday loan online?

    If at all possible, you should avoid getting a payday loan online or in person. Payday loans are everywhere and some even offer approvals with no credit check, but at great cost to the borrower. Payday lenders take advantage of your need for cash with interest rates of up to 600%. Furthermore, these lenders offer loans that do not help you build credit.

    The danger with payday loans is an insidious cycle of debt. Short repayment cycles (of two weeks) mean you don't have a lot of breathing room to repay the loan. Interest cahrges and late fees snowball very quickly and can be hard to manage, especially if you miss a payment. 

    What kind of loan should I get if I’m on disability income?

    When you need a fast cash advance with a reasonable interest rate and repayment terms, a personal instalment loan is the preferred ODSP loan available from online lenders. With a personal loan, you’ll get the benefit of a regular monthly repayment plan so that you can budget accordingly with no surprises. You'll also be able to build credit with a personal loan as long as you make all your payments on time.

    Can I get a loan on disability if I have bad credit?

    Even if you have bad credit or no credit, it's possible to get approved for a personal loan. You can increase your chances of getting approved with favourable interest rates if you apply with the right lender, only apply for the amount you need, offer collateral, find a cosigner, and look at building credit in the long run.

    Can I get an ODSP loan with no credit check?

    You can find lenders that offer loans with no credit check but these loan products typically come with very high charges and fees. Instead, find a lender that can work with any credit score. Spring Financial is one such provider that works with all credit situations. As a responsible lender, Spring will request to see your credit report, but we also do our best to approve every applicant.

    How to get approved for a loan while on ODSP income support?

    To boost your chances of getting approved for an ODSP personal loan, consider the following tips.

    1. Find a trusted lender that can help

    The Big Five banks aren't the only places to go when you need a cash advance. The rise of trusted alternative lenders (many of which can be found online) has created options that didn't exist in the past for low-income individuals. Technology has given online financial institutions the tools to compete with the big-name banks. And some online lenders are equipped to help where banks cannot.

    2. Only apply for the amount you need

    Think about what you need a personal loan for. You can spend the cash on whatever you like, but you should only apply for the amount you need. The smaller the loan, the better your chances of approval. 

    3. Can you offer collateral?

    If you can offer collateral, you should be able to get approved at a lower interest rate. As an ODSP recipient, you are allowed to own a car or your home without it affecting your asset limit ($40,000 for a single adult), so you may be able to use one of your assets as collateral. However, this option comes with a degree of risk because you may lose the asset if you fail to repay the loan.

    4. Can you find a cosigner?

    Although not essential, adding a cosigner to your loan agreement (such as a trusted family member or friend) can help you secure a bigger loan amount with lower interest. Your cosigner must be financially stable with a strong credit rating. 

    5. Build credit (Long-term solution)

    If you have less-than-stellar credit, improving your credit as quickly as possible is another way to not only be approved for a loan but also get a better interest rate. Paying your bills on time and keeping your credit card balances low are two of the quickest ways to raise your credit score.

    Remember: a personal instalment loan is a credit-building oppotunity. So long as you make all repayments on time, your credit score will improve.

    If you need help monitoring your credit score, check out Borrowell. You can create an account in minutes and download your credit report for free.

    Does Spring accept ODSP?

    Spring Financial is a trusted lender that can provide fast cash when you need it most. Get approved for your ODSP personal loan today.

    Why get a ODSP loan online with Spring Financial:

    • Instant cash when you need it: Personal instalment loans of up to $10,000 can be e-transferred into your bank account on the same day. Or get up to $35,000 in less than 48 hours.
    • All credit scores welcome: Get approved even if you have bad credit or no credit.
    • Flexible repayment plans: Choose a short term if you want to pay your loan off quickly or a longer one to make smaller monthly payments.
    • Competitive interest rates: Managing your ODSP loan is easy thanks to reasonable interest rates.
    • Zero hidden fees: With Spring, there’s no such thing as application fees or maintenance charges.
    • Skip the appointments: Online applications allow you to get approved from the comfort of your home.
    • Build credit: Compared to payday loans, the positive payment history on a personal instalment loan will help you raise your credit score.
    • Trusted lender: Check out the reviews on Trustpilot to see how Spring Financial has helped Canadians across the country to reach their financial goals.

    Go to the loan application process (it only takes two minutes) and get approved today!

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