Find out how you can get approved for a loan while you’re on BC disability assistance.
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.
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 will depend on your income and assets, as well as how many children you support. For example, the maximum benefit you can receive if you’re single is around $1,100 per month while if you have dependent children you’ll receive around $1,600 per month.
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. From there, you’ll need to fill out the Persons with Disabilities Designation Application on My Self Serve. So long as you meet the above criteria, you should be able to qualify for 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. So long as you meet the above criteria, you should be able to qualify for benefits.
Can I get a loan while on BC disability assistance?
Many people on BC disability assistance apply for loans to help tide them over between pay cheques. 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.
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
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.
How to apply for a loan
If you’ve narrowed down a provider and want to apply for a loan, you’ll need to follow a couple of simple steps:
- 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.
- 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.
- 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.
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.