Ontario Child Benefit Loans in Canada

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What types of loans are available to Ontario Child Benefit recipients?

You may be able to get a line of credit or personal loan from your bank if you have good credit. If you have poor credit, your main options are payday loans and installment loans from alternative lenders. This is the case whether you receive regular income or just ontario child tax income. 

Baby bonus payday loans are the ones you need to watch out for when you’re looking to borrow money. Promising easy approvals and quick access to funds, payday loans look like a cheap and convenient solution when, in fact, they’re the most expensive form of credit. In Ontario, payday lenders can charge $15 for every $100 you borrow. This $15 fee may look like an interest rate of 15%, but it works out to an annual interest rate of 391% – that’s ten times more than what high-interest credit cards charge!

These risky loans also have short repayment periods. Lenders require you to pay back the loan in two to four weeks, a difficult thing to do if you’re waiting for your monthly child benefit to come in. If you don’t pay by the due date, you’ll be charged additional fees, which may cause you to take out another payday loan just to cover the first short-term financial help you need. The worst part of it all? Payday lenders are known to prey on vulnerable people, trapping them in a debt cycle that’s extremely hard to get out of.

Installment loans: A better solution

Installment loans are better than payday loans in every aspect, making them the best solution when you need a cash advance on your child benefit. Offered by reputable online lenders, this type of loan gives you peace of mind with lower interest rates, flexible repayment terms, predictable monthly payments, and lightning-fast access to cash. An installment loan can even improve your credit score if you make your payments on time (you definitely can’t do that with a payday loan).

How it works

1. Fill out our secure online application

Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.

2. Get approved

Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.

3. Receive your funds!

Once approved, receive your funds swiftly through a convenient e-transfer directly to your bank account!

1. Fill out our secure online application

Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.

2. Get approved

Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.

3. Receive your funds!

Once approved, receive your funds swiftly through a convenient e-transfer directly to your bank account!

Get a Loan Quote

What The Ontario Child Tax Benefit Is And Reasons To Get A Cash Advance

Also referred to as the Ontario baby bonus, the Ontario Child Benefit (OCB) offers financial support to low- to moderate-income eligible families so they can cover the costs of childcare and support their family’s well-being while raising children. The tax-free benefit provides up to $1,607 per child every year, with loan amounts based on factors such as your income level and the number of children you have. You need to be a Canadian resident eligible for the Canada Child Benefit (CCB), which is given to all Canadian families by the Canadian government, to collect the OCB, as both benefits are delivered as a single payment.

Payments are sent to your bank account around the 20th of every month; however, what happens if an unexpected expense crops up before then? From appliance repairs and car trouble to emergency hospital visits and surprise school-related fees, unforeseen expenditures can throw a wrench in your budget and leave you in a position where your childcare benefit can’t come soon enough, and you need financial assistance to cover these financial emergencies. In this situation, a cash advance loan can come in handy as long as you get one that helps benefit your financial journeys.

Where To Get Installment Loans With The Ontario Child Benefit

As we’ve mentioned, there are a few different places that accept child tax benefits as income. Depending on your annual income and credit score, you may be able to do so with a traditional bank. However, online lenders are also available to help you get the funds you need. 

In particular, Spring Financial accepts child tax credits as a form of steady income for child tax credit loans. No matter where you live in Canada, Spring Financial makes the loan approval process quick, easy, and stress-free:

  • All credit scores are welcome. Get approved even if you’re new to credit or have filed for bankruptcy.
  • Borrow up to $15,000: Loans range from $500 to $35,000, so you can cover everything from back-to-school expenses to car repairs.
  • Convenient application process: Apply online in just minutes or speak to a live representative by phone or text message.
  • Speedy approvals and transfers: Watch funds hit your bank account within 24 hours of applying.
  • Customizable repayment schedules: Pay your loan back in nine to 60 months, the choice is up to you.
  • Reasonable interest rates: Our APRs are a fraction of what payday lenders charge.
  • Full transparency: Say goodbye to application fees, maintenance charges, and other hidden costs.
  • Safe and secure: Your data is protected thanks to state-of-the-art security technology.
  • Credible online lenders: Check out over 1,500 reviews on Trustpilot.

It takes three minutes to apply. Submit an online application today!

Types of Installment Loans

When you’re in the market for a child tax loan, there are two different types of installment loans you could apply for using your child tax income. These types of loans are better than child tax payday loans, and they offer flexible repayment options as well as lower monthly payments. 


Unsecured loans, also referred to as cash loans or personal loans, are loans lenders will give you under the assumption that you will pay the funds back. That said, your credit score for unsecured loans makes as much of a difference as your monthly income. 

Many online lenders will offer child tax cash loans those who receive Ontario child tax benefit income. These child tax loans may be given at higher interest rates, though, if you have poor credit. However, the better your credit score is, the better your interest rate. 


One of the easiest child tax benefit loans to get in Canada, besides a child tax payday loan, is a secured loan. Secured loans require the borrower to offer up a large asset as collateral in case they end up defaulting on the loan. 

There are a few different types of secured loans you can get, but the most common ones are auto loans and home equity loans. However, you can also get secured credit cards. Instead of requiring an asset as collateral, secured credit cards require a down payment. This will be returned once the credit card has been paid off and cancelled. 

Frequently Asked Questions

  • How long does it take to receive a personal loan from a bank?
  • How do you receive the funds from an online lender?
  • What can personal loan funds be used for?
  • When can you apply for online loans?
  • What is the maximum loan amount you can get with an installment loan?
  • What are the monthly payments on a personal loan?

How to Apply For An Installment Loan

When you’re applying for an online installment loan, it’s important that you have the documents and everything you need ready to complete the process as fast as possible. Unlike online payday loans, at the beginning of the loan application, you will just be asked for your general personal and financial information. Once your personal details are completed, then it’s time to upload your documents. 

Documents Needed For A Personal Loan

When you’ve reached the document stage of a personal loan, what needs to be uploaded is based on your current financial situation. That said, these are the general documents that lenders require. They also require you to have an active bank account to be considered for the approval process. 

  • Proof of income (pay stubs, letter of employment)
  • 90 days of bank statements
  • Pre-authorized debit form
  • Government-issued ID
  • Consent for a credit check

Once the lender has these things, they can then go over the documents and decide whether or not to issue you a loan, as well as how much to issue you. When you’re applying for an online loan, though, there are options that lenders have in order to speed up the documents for you. 

When it comes to uploading your bank statements and debit forms, there’s an option where you can use a link the lender sends you. This is a secure link that allows you to sign into your online banking account, and the required documents will be sent directly to the lender. There’s also a platform where you can upload a picture of your government-issued ID to the lender, and it will be validated for its authenticity. All other required documents can be uploaded through a direct link in your application. 

If there are no issues with your documentation, it shouldn’t take long to receive approval or decline from the lender. If you get approved, you should also receive your personal loan agreement via email. This agreement will show you your loan terms, repayment amounts, and total loan cost. This agreement will also let you know whether or not there’s prepayment penalties if you choose to pay the loan early. 

How Your Credit Score Affects Your Approval

Before you start applying for online child tax loans, it’s important that you understand where your credit score is. While you can still get approved for a personal loan with a bad credit score, it could be a little more difficult, and your interest rate may be higher. Plus, if you have a lower credit score, lenders are going to focus more on why your credit score is low to begin with. 

The best way to have a good idea of your approval odds is to check your credit scores. In Canada, there are two different credit bureaus to which your credit history can be added to your credit report. These are Equifax and Transunion. Depending on which bureau your lender uses will also affect the outcome of your loan. Using online services like Credit Karma and Borrowell, you can check your credit score before you apply.

After you take out the loan, it’s also a good idea to keep your credit score up to date. This will allow you to see when the new credit account is added to your report and the impact that it’s having on your score. As long as you treat your loan responsibly and make on-time payments, you’ll see an increase in your positive payment history as well as your score.

Why choose Spring Financial?

Max Amount $35,000
Interest Rates From 9.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Bank Loans
Max Amount $50,000
Interest Rates From 9.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Credit Cards
Max Amount $10,000
Interest Rates From $19.99%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
Payday Loans
Max Amount $1,500
Interest Rates From 200-450%
Fully Online Application
Approval Within Hours
Same-Day E-Transfer
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*Information is based on averages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.

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