ODSP loans

If you receive funds from the Ontario Disability Support Program (ODSP), you may be able to qualify for an installment or payday loan that lets you use your ODSP as a form of income to support your loan application. Finding a lender willing to provide ODSP payday loans or other ODSP loans is your first step to locking in financing.

Can I get a loan on Ontario disability income?

Yes, you can. You will just need to work with a lender that specifically accepts Ontario disability as a valid source of income. The 2 main types of ODSP loans are installment loans and payday loans:

• There are several ODSP payday loans online. Payday loans in Ontario have a maximum loan amount of $1,500. They offer rapid turnaround times, but they also come with steep interest rates. Jump to ODSP payday loans.
• There are some ODSP installment loans available online. Installment loans allow for larger loan amounts and longer loan terms. Not all installment loans accept Ontario disability income. Jump to ODSP installment loans.

Compare ODSP payday loans

Compare online payday loans that accept Ontario Disability Support Program income.

	ODSP payday loan terms	E-transfer details	Provinces serviced
	Loan amount: $100 – $1,500 Loan term: 5 – 40 days Interest rate: Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, NL, NS, ON, SK	Go to site
	Loan amount: $100 – $1,500 Loan term: 7 – 62 days Interest rate: Varies by province	As little as 2 minutes with INTERAC e-Transfer	AB, BC, MB, NB, NS, ON, PEI	Go to site
	Loan amount: $100 – $1,500 Loan term: Up to 62 days Interest rate: Varies by province No credit check required.	Within minutes via Interac e-Transfer	AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT	Read review

Which payday loan lenders do not accept ODSP?

Not all lenders are willing to accept government disability income to offer ODSP payday loans. Here is a list of some popular payday loan providers in Canada who do not accept ODSP. That said, some of these providers may accept private disability income, just not government disability.

• Mr. Payday
• PAY2DAY
• Speedy Cash
• Focus Cash Loans

Features of ODSP payday loans online

• ODSP is a valid source of income. You will need to show proof of your Ontario disability income in order to qualify. Not all payday lenders accept ODSP.
• Quick. Applying, approval and funding are quick. You can get your ODSP payday loan in as little as 1 hour.
• Loan amount. The maximum you can borrow in Ontario is $1,500, but it also depends on your income. By law, payday lenders can’t lend you more than 50% of your income.
• Borrowing fee. The fee is $15 for every $100 borrowed. Expressed as an annual percentage rate (APR), which is the annual cost of the loan, it can be over 400%.
• Loan term. You’ll need to repay the loan the next time you get your ODSP income (at the end of the month).
• No need for a good credit score. People with bad credit scores are still eligible for ODSP payday loans.
• Cooling period. By law, you have a 2-day cooling period for your ODSP payday loan. You can cancel it within that time period for any reason without penalty.
• Direct deposit or e-transfer. If you apply for ODSP payday loans online, you can get your money via direct deposit or e-transfer. E-transfer is much faster.

Before you apply for ODSP payday loans

• Check for a licence. Avoid payday lenders that are not licensed to operate in Ontario. Compare licensed payday lenders.
• Learn about payday loan regulations. Make sure the lender you’re working with follows all regulations for payday loans in Ontario.
• Check you’ll have enough income left. When a borrower repays an ODSP payday loan on their due date, they’ll have less ODSP income to pay for other debts or expenses. If their income at that point isn’t enough to cover other debts, they may be inclined to take out another loan to cover the shortfall. This is what causes a cycle of debt. In Ontario, if a borrower takes out 3 payday loans within a 63-day period, lenders must give them the option to pay their third loan (and loans after that) in installments.

How do I get e-transfer payday loans in Canada on ODSP?

Interac e-transfer is the most common funding method for online payday lenders. To get an e-transfer payday loan in Canada using ODSP, you’ll just need to make sure your bank account is registered for e-transfer. E-transfer is not confined to regular business hours, so it’s possible to get an e-transfer ODSP payday loan at night or on a weekend. If you prefer to apply in a physical store, check first that the lender does e-transfer in-store.

Below are licensed payday lenders that e-transfer payday loans in Canada and also accept ODSP.

If you prefer not to use e-transfer, you can get your ODSP payday loan via direct deposit if you apply online or as cash if you visit a store.

Can I get an ODSP payday loans online on the same day I apply?

Yes, there are many lenders who offer ODSP payday loans online within the same day of applying. Most lenders who offer same day turnaround will transfer your funds to you via e-transfer within minutes of completing the online application. Here is a list of lenders you can visit if you’re looking for ODSP payday loans online within the same day:

• Cash Money
• iCASH
• GoDay
• MyCanadaPayday.com
• Loan Express

Can I get no refusal payday loans in Canada with ODSP?

Most lenders in Canada do not offer no-refusal ODSP payday loans, but will instead want to review your finances before approving your application. In fact, you should be wary of any lender offering “no-refusal” or “guaranteed approval” ODSP payday loans, since they may be predatory.

That said, payday loans are some of the easiest loans to qualify for, so it may still be worth applying even if your finances are in bad shape.

Can I get ODSP payday loans with no credit check?

While it is possible to get an ODSP loan with no credit check in Canada, it depends on the lender. As for ODSP payday loans, some payday lenders do a credit check, while others don’t. If a lender does not do credit checks, it will focus on other aspects of your finances, such as the stability of your income. On the other hand, ODSP installment loans have stricter criteria than payday loans and typically require a credit check.

Am I eligible for ODSP payday loans?

Eligibility requirements for ODSP payday loans vary by lender, but generally, you’ll need the following:

• Be the age of majority in your province or territory.
• Be a Canadian citizen or resident.
• Have a recurring ODSP income.
• Have an active bank account.

Compare ODSP installment loans

Browse providers that accept ODSP as valid income.

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Name	Product	Interest Rate	Loan Amount	Loan Term	Requirements
Loans Canada Installment Loan Loans Canada Installment Loan		8.00% - 46.96%	$500 - $50,000	4 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
LoanConnect Installment Loan LoanConnect Installment Loan		32.00%	$500 - $2,500	3 - 6 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...

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What are ODSP installment loans?

With an ODSP installment loan, you use your Ontario disability benefits as income to get approved for an installment loan. Installment loans are a type of personal loan offered by online lenders that have smaller loan amounts, higher interest rates and more flexible requirements than traditional personal loans.

ODSP installment loans are unsecured, so you don’t need to provide collateral like your car or house.

Features of ODSP installment loans

• ODSP is a valid source of income. Installment loans have stricter income requirements than payday loans, so check first that the lender accepts Ontario disability income before you apply.
• Interest rates. Interest rates for ODSP installment loans typically range between 18% and 47%. These are higher than bank or credit union personal loans.
• Loan amounts. ODSP installment loans are usually issued in the $500 to $5,000 range.
• Loan terms. Term lengths can last between 6 and 60 months.
• No prepayment penalties. Many installment loan lenders do not charge penalties for paying off a loan early.
• Bad credit considered. It’s possible to get an ODSP installment loan with fair or bad credit below 660.

Before you apply for ODSP installment loans

• Know the cost. These loans have high rates, so find out how much you’ll pay in interest if you get the ODSP loan.
• Check for fees. See if the loan has any extra charges like NSF fees, late payment fees or fees to pay off your loan early.
• Watch out for loan insurance. If you’re applying for an ODSP installment loan, you may be offered a loan protection plan, which is insurance in case you miss payments. This is a completely optional add-on, and you should not be obligated to get it. Loan insurance adds to the cost of your loan.

How to compare ODSP loans

When comparing options like ODSP payday loans and installment loans, how do you know which is the right ODSP loan choice for you? Here are some factors to consider:

• APRs. The APR is one of the most important factors to look at because it gives you a truer view of the cost of the loan.
• Loan term. Payday loans are typically repaid by your next ODSP payment. With an ODSP installment loan, you can choose a loan term and monthly payment that you can manage with your budget. If you wish to go with a payday loan, make sure you have a concrete repayment plan.
• Loan amount. If you need to borrow less than $500, you may have difficulty finding an ODSP installment loan.
• Fees. Does the lender have any fees like late payment fees, origination fees (processing fee deducted from your loan amount) or prepayment penalties? If you’re unsure, ask the lender to break down all the fees for you.
• Reputation of the lender. When browsing ODSP loans, research the lenders. Be wary of lenders that guarantee loan approval. A legitimate lender will not promise that you will get a loan. It will first look at your financial circumstances and ability to manage payments before approving.
• Speed. Payday loans are faster to get than ODSP installment loans, and some payday lenders can give instant approval and funding 24/7. You can usually receive your ODSP payday loan within a few hours of applying if you opt for e-transfer. Learn more about e-transfer payday loans.

How to apply for ODSP loans

1. Check your credit score. Before applying for ODSP loans, it helps to check your credit score since it’s one factor that both ODSP payday loan and installment loan lenders may consider. You can get a free credit report from Equifax.
2. Compare lenders. Find out which lenders offer ODSP loans from the lists of reputable lenders above, and then compare rates to find the best deal.
3. Find out if you’re eligible. Check what’s required to qualify for the loan. Some may expect you to have a certain income level, credit score or debt-to-income ratio in order to qualify.
4. Submit your application. Once you find the right lender for you, fill in an application to get the ball rolling. You can also click the green “Go to site” button in the table above to be redirected to a lender’s application page.
5. Prepare your documentation. You will be asked to verify your identity and sources of income, including your Ontario disability benefits.

Tips for getting ODSP loans

• Do not rush. Don’t sign anything without first understanding the terms of your loan, including the rate, loan term, costs and repayment schedule. Avoid lenders that pressure you into signing. Before deciding on payday loans, compare the best emergency loans here.
• Avoid lenders that ask for payment upfront. Legitimate lenders will not ask for this.
• Steer clear of lenders that require insurance for ODSP payday loans. Lenders cannot offer or require insurance when you take out a payday loan in Ontario. For ODSP installment loans, it should be optional.
• Make sure you can manage the repayment. Missed payments can result in late payment fees and NSF fees.

What is the Ontario Disability Support Program?

If you have a disability and need help with living expenses, chances are you’re already signed up for the Ontario Disability Support Program (or ODSP). This program covers the costs of basic needs (like food, clothing, shelter and prescriptions) for people who have physical or mental impairments that impact their day-to-day functioning.

To qualify, you’ll need to be assessed by a medical doctor, and from there, you’ll be assigned a caseworker to manage your file. They’ll determine how much money you’re eligible to receive each month.

How can I apply for ODSP?

To apply for ODSP, you must meet the following criteria:<

• Be at least 18 years old
• Be a resident of Ontario
• Be able to prove financial need
• Meet the program’s definition of a person with a disability or be a member of a prescribed class

Frequently asked questions about ODSP loans

• Where can I get a loan with ODSP?

  Alternative lenders have more lenient requirements than traditional lenders and are more likely to accept ODSP as a valid source of income for a loan. Types of loans that can accept ODSP include payday loans, installment loans, lines of credit and vehicle title loans.

• How do I know an online lender of an ODSP loan is reputable?

  There are several ways to check the legitimacy of a lender:

  • Check for a business licence.
  • Read third-party reviews from previous applicants.
  • Check for BBB accreditation (not required, but helpful).
  • See how transparent the lender is with fees and interest rates.
  • Make sure the lender doesn't ask for any money upfront.

• Can you get a personal loan on disability?

  It depends on the lender. Some lenders accept disability as a valid source of income, while others don't. Before applying for loans, check the lenders' eligibility requirements, which are often listed on their websites.

• Can you get ODSP payday loans with e-transfer?

  Yes, there are payday lenders that e-transfer payday loans in Canada and accept ODSP. You'll need online banking with e-transfer set up to get one of these ODSP payday loans. E-transfer is typically fast, but it is also subject to any processing limitations your bank may have.