Financial emergencies can pop up at any time. Families who seek payday loans in Canada don’t usually have time to wait for approval, especially when finances regarding children are involved. But with the help of child tax cash advance 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 emergency loans.
What are Child Tax Cash Advance Loans?
Because CCB program payments are considered annual income, families can use it to help qualify for payday loans in Canada. This option is especially helpful when dealing with unexpected (or expected) financial obligations. These cash advances 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 payday loans when they need cash or credit due to childrearing expenses. This type of loan is especially helpful for families who need extra money before their tax credit (payment) arrives.
How Much Can You Get?
The government uses each individua’s income to determine the amount of 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 payday loans in Canada that allows the inclusion of child tax benefits. As for child tax cash advance loans, families can apply for the same amount they usually receive from the government, or up to $1,500.
How Long Does it Take to Receive Payday Loans?
As mentioned above, lenders like iCASH 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 child tax cash advance loans — from start to finish — usually takes under an hour. That means that families can walk away with 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. Borrowers can even apply using the iCASH phone app, with most receiving instant approval. Payday loans are a much faster method of securing emergency funds than traditional bank loans, which often require days for approval and a lot of paperwork. Additionally, they tend to be a better option than credit cards, as payday loans have lower interest rates. And borrowers who repay their loans on time can receive perks like cashback and faster approval on future cash advances.