Getting a loan on BC disability assistance

Find out how you can get approved for a loan while on BC disability assistance.

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If you get monthly payouts from BC disability assistance but are still struggling to make ends meet, then you might benefit from taking out a loan. Keep reading to find out what’s available and how you can use your disability coverage to qualify for a larger amount of money.

LoanConnect Personal Loan

LoanConnect Personal Loan

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  • Submit one application to compare multiple lenders
  • No application or origination fees

LoanConnect Personal Loan

Compare personal loans from a range of lenders and borrow up to $50,000 through this online broker.

  • APR: 10.00%-46.96%
  • Loan amounts: $500-$50,000
  • Loan terms: 6-60 months
  • Fees: No application or origination fees
  • Processing time: Receive funds within as little as 24 hours.
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What is BC disability assistance?

Living with a disability can be extremely challenging, especially when you have to worry about how you’re going to pay the bills. BC disability assistance is designed to lift some of that burden from your shoulders. It helps to cover the costs of basic living expenses (like food, clothing, shelter and prescriptions) for people living with disabilities.

The amount you’re eligible to receive depends on your income as well as the size of your family. For example, the maximum benefit you can receive if you’re single is around $1,180 per month while if you’re single and have dependent children you’ll receive around $1,600 per month. If you and your spouse are both under BC’s disability designation, you could receive just over $2,000 per month. (Information current as of May 6, 2020)

As an added bonus, you’re still allowed to work and earn money while you’re on BC disability assistance. Depending on the amount, it shouldn’t affect how much you receive in benefits.

How to qualify for BC disability assistance?

To apply for BC disability assistance, you’ll need to be at least 18 years old and must be able to prove financial need. You’ll also have to show you have a physical impairment that limits your ability to function in day-to-day activities.

From there, you’ll need to fill out the Persons with Disabilities Designation Application on My Self Serve.

Can I get a loan on BC disability assistance?

Many people on BC disability assistance apply for loans to help to tide them over between paycheques. In fact, the assistance you get can actually help you qualify for bigger loans because it’s treated as a form of income. And the higher your income, the more money lenders are willing to give you.

Your BC disability assistance payments can be especially helpful if you don’t have other sources of income because they can help to show the bank you have the means to pay back what you borrow.

Loan options

There are a few different types of loans you might like to consider taking out when you’re in the market for a bit of extra cash.

  • Secured loans. These loans require you to use some form of collateral (like your house or vehicle) to secure your payments. You risk losing whatever you put up if you can’t pay back your loan.
  • Unsecured loans. Unsecured loans are a bit more flexible. They don’t rely on collateral but can come with higher interest rates and impact your credit score if you default.
  • Guarantor loans. You can have a friend or family member co-sign your loan so that you qualify for more money and get more-favourable rates.

Compare loans you can apply for on BC disability assistance

Keep in mind that every provider has different eligibility requirements. Select Compare in the comparison table below to see if you are eligible before applying.

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
LoanConnect Personal Loan
10.00%-46.96%
$50,000
6-60 months
No application or origination fees
N/A
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LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved in as little as 60 seconds with any credit score.
Marble Fast-Track Loan
19.44% – 31.90%
$20,000
36-84 months
Legal and admin fees of $295 - $1,500 (based on size of loan)
300
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More Info
Marble Financial offer credit builder loans in amounts from $5,000 to $20,000. Improve your financial health within 36 months. This loan is strictly for borrowers exiting a consumer proposal.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
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More Info
Fairstone offers unsecured personal loans up to $20,000
Cash Money Installment Loan
46.93%
$10,000
6 months - 5 years
Vary across provinces/territories
560
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More Info
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
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More Info
Fairstone offers secured personal loans up to $35,000.
Cash Money Line of Credit
46.93%
$10,000
6 months - 5 years
Vary across provinces/territories
N/A
Go to site
More Info
Cash Money offers line of credit loans up to $10,000 fo AB and ON residents.
Refresh Financial Credit Builder Loan
19.99%
$25,000
3-5 years
No administration or origination fees.
300
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More Info
No funds are provided by Refresh upfront. Instead, funds are placed into a secured account to be accessed later. Your payments are reported to the credit bureaus, potentially impacting your credit score.
Alpine Credits Home Equity Loan
10.00% - 22.99%
$500,000
Up to 60 months
Between 5% - 8% of your APR will cover closing and admin fees.
300
Check eligibility
More Info
Alpine Credits offer home equity loans in amounts from $10,000 to $500,000. Must be a homeowner to qualify. Check eligibility for this loan through LoanConnect.
LendDirect Personal Loan
19.99% - 46.93%
$15,000
No end dates
None
560
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More Info
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
700
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More Info
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
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Compare up to 4 providers

How to apply for a loan on BC disability assistance

If you’ve narrowed down a provider and want to apply for a loan, you’ll need to follow a couple of simple steps:

  1. Fill out an application. Most lenders will provide you with a detailed application form to fill out with your personal and banking information. Click ‘Go to site’ above to begin your application with your chosen provider today.
  2. Verify your identity. You’ll need to show your lender you are who you say you are. You can do this by showing a piece of government-issued ID like your driver’s licence or passport.
  3. Show proof of income. This is where your BC disability assistance payments will come in handy. You’ll also need to show proof of money you earn from your job or other subsidies like the Canada Child Benefit.

Bottom line

You should have no problems using your BC disability assistance to help you qualify for a loan. Discover your loan options and compare lenders to find out which one offers the best deal.

Frequently asked questions

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