Do you accept EI benefits as income? Best EI Loans In Canada
It really doesn’t matter what type of income you have to go for a cash advance. Yes, you can apply for Employment Insurance payday loans on the basis of employment insurance in Canada. Because nobody knows about the future. Sudden situations can visit you anytime.
It is your duty how you handle them or you allow them to take you under their control. But if you are on employment insurance and looking for loans to get rid of your emergencies it means you have reached the right place.
Many of the traditional lenders don’t give you loan approval until you are fit to their terms and conditions where your financial habits are considered a lot. In the end, you have to repay their funds on time after using the funds for your various purposes.
You may certainly feel some relief while applying for loans for unemployed on benefits with some trustable online direct lenders while you are on EI benefits. Because income can be any sort of income lenders want the assurance to get their funds back.
What are the types of EI benefits?
You can find multiple types of EI benefits. Because it is known as benefits on a temporary basis for the people who have no job. They are looking for that. Also, this is for those who are fighting against some challenges including illness, pregnancy. They have to look after a newborn baby.
Apart from that, they have to remain closer to the critically ill or injured person. Also, they have to look after family members and a lot more situations can be there. You should once look at some of the EI benefits before moving further.
Types of EI benefits are following:
Regular benefits:
Being an employee, if you are paying premiums. You are sacked all of a sudden without any reason. Then you can go for regular employment insurance. You can get them in two different scenarios like how much time you spent with your organization. You should have the data. Another one is your job almost went of your hand to put in front.
Receiving Maternity and parental benefits:
These types of benefits are known when you being an employee is pregnant. The case can be you have become a mother to take leaves. These are known as pregnancy leave for pregnant women and parental leave for mothers and fathers.
Sickness benefits:
If you feel helpless to work due to your sickness and there might be the possibility that you are injured. Then, in that case, you can easily go for the sickness benefits to overcome your sickness.
Receiving compensation care benefits:
These types of benefits are for those who have taken off on a temporary basis. So that they can take care of their family members who may die in a couple of months.
How do EI benefits affect your credit score?
There are illusions about EI benefits that affect your bad credit score which is totally false. Because these are known benefits, not debts. And pending debts commonly affect your credit score. They not only affect your score even you can’t think of applying for loans.
In maximum cases, your credit score gets affected by your irresponsibility towards payment making. Many people apply for loans, but they don’t stick with paying on time which is actually a bad thing. Although, situations sometimes go unfavourable which makes them helpless in the end.
Final thought
Maximum lenders want to check how you would pay off their funds on time. That’s why they check your credit history. Your credit history reveals the secret about your financial habits. Based on this, they reach the conclusion to approve or disapprove your loan.
Despite this, most of the traditional lenders play a game with you. So that they can earn benefits as much as possible in form of interest rates. But you won’t face such issues if you apply for payday loans for the unemployed on benefits Canada from reputable direct lenders.
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