Cash Money Payday Loan
- Accepts CCB
- Borrow from $100 - $1,500
- APR varies by province
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Compare child tax loans
Use your child tax credit to qualify for a payday loan or installment loan online. Get your money via e-transfer or direct deposit.
If you’re looking to take out a loan online using your Canada Child Benefit (CCB or CCTB), you can get a payday loan, sometimes called a “cash advance,” or an installment loan. CCTB payday loans are easier to find and get approved for, but they are also very expensive and should be a last resort.
Use this guide to see your options online for child tax loans.
⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:- Visit 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare payday loans that accept child tax
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Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.| Province | Maximum allowable cost of borrowing |
| Alberta, British Columbia, New Brunswick, Ontario & PEI | $15 per $100 borrowed |
| Manitoba, Saskatchewan & Nova Scotia | $17 per $100 borrowed |
| Newfoundland and Labrador | $14 per $100 borrowed |
| Northwest Territories, Nunavut & the Yukon | Up to $60 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
Features of CCTB payday loans
- Loan amount. Loan amounts are typically between $100 to $1,500, but some provinces limit the amount to a percentage of your income (50% in Ontario, BC, Saskatchewan and Newfoundland and 30% in Manitoba and New Brunswick).
- Loan term. The maximum loan term is 62 days across Canada. Child tax payday loans in Alberta must have a minimum loan term of 42 days, which is not a regulation for the other provinces or territories.
- Repayment. Payday loans are typically repaid in one payment, but it also depends on provincial regulations. In Alberta, for example, you repay your CCTB payday loan in at least two installments.
- Borrowing fee. Depending on where you live, you’ll pay between $14 to $25 for every $100 borrowed.
- Bad credit is okay. Payday lenders will shift their focus on your income instead.
- Child tax credit is okay. The CCTB is a widely accepted income among payday lenders.
- Fast. The fastest CCTB payday loans take around one hour from application to funding. E-transfer is the fastest way to get your loan online.
Do I qualify for CCTB payday loans?
Basic requirements for payday loans that accept child tax include the following:
- Be the age of majority in your province or territory (18 or 19)
- Be a Canadian resident
- Have a recurring CCTB income
- Have an active bank account
Before you apply for payday loans using child tax credit
- Know how much it’ll cost. Payday loans are one of the most expensive ways to borrow money, with annual percentage rates (APRs) in the triple digits. If you miss your payment, you’ll be charged NSF and late fees.
- Check your budget. Before taking out a CCTB payday loan, make sure you’ll have enough money left to pay for debts and expenses after you repay your payday loan. Otherwise, you may find that you need another payday loan.
- Make sure the lender is legitimate. Each province has its own rules about payday loans, such as maximum borrowing fees, late payment fees, cancellation period, rollovers and more. Choose a licensed payday lender that follows all of them.
How to compare payday loans that accept child tax
With many child tax loan choices online, which lender do you pick? Consider the following:
- Funding options offered. If you apply online, you can get a payday loan via e-transfer or direct deposit.
- Speed and availability. Some payday lenders give approval and e-transfer 24/7, while with other lenders you’ll need to apply during business hours.
- Reputation. Check for any red or green flags by reading customer reviews.
Can you get e-transfer payday loans in Canada 24/7 that accept child tax?
Yes, there are e-transfer payday loans in Canada that are available 24/7 and that accept child tax benefits. For example, lenders like iCASH and Pay2Day both offer 24/7 child tax loans. In fact, Pay2Day also offer 24/7 e-transfer payday loans with no credit check. You can read our full guide to getting e-transfer loans in Canada here.
Can I get baby bonus payday loans in Canada?
Yes, baby bonus payday loans in Canada are also referred to as child tax payday loans, where a payday loan lender will give you a cash advance based on your Canada Child Benefit income. Like all payday loans, you could qualify for up to $1,500. Lenders in Canada that offer baby bonus payday loans include iCASH and Cash Money.
Compare installment loans that accept child tax
Below are providers that accept child tax credit as a valid source of income.
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Features of installment loans that accept child tax
- Interest rates. Interest rates for child tax loans are based on your personal factors, but they are typically between 18% and 46.96%.
- Loan amounts. Loan amounts are usually issued in the $500 to $10,000 range.
- Loan terms. Term lengths are between 6 and 60 months.
- Bad credit is okay. It’s possible to get an installment loan using child tax credit if you have fair or bad credit below 660.
- Fast. Installment loans are not fast as payday loans, but you can get one within 1 to 2 business days.
Do I qualify for an installment loan?
Basic requirements for an installment loan include the following:
- Be the age of majority in your province or territory (18 or 19)
- Be a Canadian resident
- Meet the minimum income
- Meet the minimum credit score
- Have an active bank account
How to compare online installment loans that accept child tax credit
- APRs. The APR is the interest rate plus other fees to finance your loan expressed as a yearly cost. It gives you a truer view of the cost of a loan.
- Prepayment penalties. Many installment loan lenders don’t charge fees for paying off a loan early, so be sure to check for this.
- Accepts child tax credit. Installment loans are less flexible than payday loans with their income requirements. Before applying, check first that the lender accepts child tax credit to save yourself time.
- Reputation. Read customer reviews about the lender before you apply or sign a contract.
How much does a child tax installment loan cost?
Child tax installment loans typically come with interest rates between 18% and 46.96% and loan terms of 6 - 60 months. You can typically borrow up to $10,000 from installment loan lenders that accept child tax benefits.
The interest rate, loan term and amount you qualify for will depend on factors like your total income and credit score. You can use the calculator below to price out how much a child tax installment loan could cost you every month and overall.
Installment loan cost calculator
Calculate the cost of a child tax installment loan|
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Fill out the form and click on “Calculate” to see your estimated monthly payment.
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Compare installment loans
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Compare installment loans that accept child tax
How to apply for child tax loans online in Canada
- Choose a type of loan. Your options in child tax loans online are payday loans and installment loans. Treat payday loans as a last resort since they are extremely expensive.
- Compare lenders. Compare interest rates, fees, repayment terms and eligibility requirements of 3-4 online child tax loans.
- Find out if you’re eligible. Check that you meet the lender’s credit score and income requirements.
- Apply online. Applications usually take less than 10 minutes. Provide details such as your name, email address, birthdate and Social Insurance Number (SIN). (You can also click “Go to site” in the table above to be redirected to a lender’s application page.)
- Wait for a decision. Some lenders are fast and can give a decision within minutes.
- Get verified. Provide any documents the lender may require to verify your identity and income.
- Sign your contract. Review the terms of your loan and sign.
- Receive your money. If you opt to get your child tax loan via e-transfer, you can get your money within minutes.
Tips for getting online child tax loans in Canada
- Know the provincial regulations. If you’re getting a payday loan, become familiar with the payday loan regulations of your province to protect yourself from illegal practices. The provinces differ in what’s allowed and what’s not.
- Do not rush. Do not sign a contract without understanding the terms of your child tax loan, including your interest rate, loan term and repayment schedule. Avoid lenders that pressure you into signing. If you need money in a hurry, read our guide to the best emergency loans here.
- Check that you can afford it. If you’re getting a payday loan, the lender will automatically withdraw the amount from your bank account on the due date. Make sure you’ll have enough money in your account to avoid penalties, and you’ll have enough income left to pay for other expenses. If you’re getting an installment loan, check that you can afford the monthly payments.
- Ask for a fee breakdown. Is there an origination fee (fee to process your loan)? NSF or late payment fees? Prepayment penalties? Ask the lender to break down all the costs you may encounter.
- Avoid lenders that ask for upfront payment. Legitimate lenders will not do this, so steer clear of those that do.
- Watch out for scams. Be wary of providing your personal and financial details when searching for online child tax loans. Become familiar with personal loan scams and payday loan scams.
- Find a cosigner. If you have a trusted friend or family member with a good credit score, you can enlist them as a cosigner to increase your chances of approval and potentially get a more competitive rate. But if you default on your payments, your cosigner’s credit score will also go down.
- If you can, improve your credit score first if it’s low. This may not be an option for those with a financial emergency, but if you can wait at least six months, improve your credit score by paying your bills on time. A higher credit score can get you approved for a loan with better terms.
How much are child tax loans in Canada?
This depends on the type of loan you get. If you get a payday loan, the cost will depend on the maximum borrowing fee that your province allows for payday loans. If you get an installment loan, it depends on the APR you’re offered. Below is an example of how much a $500 loan may cost in both cases in Ontario.
Representative example: Anna, an Ontario resident, needs $500 fast
Anna, a resident of Ontario, is in urgent need of $500 due to some unexpected expenses. She needs a loan within two days. Thanks to a free copy of her credit report from Equifax, she knows her credit score is 589. Anna has 2 children and receives the Canada Child Benefit, which she’ll receive in about 3 weeks. She searches for child tax loans in Ontario.
Based on these factors, Anna narrows down her child tax loan choices to payday loans and installment loans.
| Payday loan that accepts child tax benefit in Ontario | Installment loan that accepts child tax benefit in Ontario | |
|---|---|---|
| Loan amount | $500.00 | $500.00 |
| Cost of loan | $15 per $100 borrowed = $75 (260.71% APR) | 46.93% APR |
| Loan term | 21 days | 6 months |
| Payment amount | One full payment of $575 | $95.10 monthly for 6 months ($70.63 in total interest) |
| Total loan cost | $575 | $570.63 |
In this case, the installment loan is nearly as expensive as the payday loan if you’re comparing the dollar amounts. But looking ahead, Anna doubts she’ll have enough income left over to pay for her other debts once she repays her $575 CCTB payday loan on the due date. Without enough income, she might have to take out another payday loan.
Thinking that 6 monthly payments of $95.10 would be more manageable and would put less strain on her current finances, she chooses the installment loan.
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Can I get a child tax loan with no credit check?
Yes, though this depends on the lender you go with. Some payday lenders that accept child tax credit do not do credit checks, while others do. Lenders that offer CCTB installment loans typically do credit checks.
If you’re looking for a child tax loan with no credit check, make sure you apply to a legitimate lender.
What is the Canada Child Benefit?
The Canada Child Benefit (CCB) is a tax-free payment provided to families to help with the costs of raising children. The maximum benefit per year is around $6,997 per child under 6 and $5,903 per child aged 6 to 17, but how much each family gets will depend on their annual income as well as the age of their children.
Who is eligible for the Canada Child Benefit?
In order to get the Canada Child Benefit you must meet several eligibility requirements. Here are some of the basic factors for qualification:
- Must live with a child who is younger than 18 years old
- You must be the one primarily responsible for the child
- Must be a Canadian resident for tax purposes
There are certain qualifications your spouse or common-law partner must meet too. For more details on who can apply for the Canada Child Benefit, check out The Government of Canada’s CCB website.
Bottom line
You can use your Canada Child Benefit (CCB) to help you qualify for loans that accept child tax. You can get a payday loan or installment loan. Payday loans are more expensive, but they have more flexible eligibility criteria.
Frequently asked questions about child tax loans
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