A loan while receiving employment insurance benefits
Unforeseen or urgent situations can happen to all, regardless of your job or financial situation. Even if you receive Employment Insurance benefits, needing a loan to cover an unexpected cost can be commonplace.
Being approved for a loan while receiving employment insurance benefits may seem impossible depending on your lower credit rating and low income. The good news is that it is not impossible and that there is definitely a loan for you and for all Canadians in your situation.
What is employment insurance?
The Employment Insurance program operated by the Government of Canada supports Canadian workers who have lost their jobs through no fault of their own. Those who qualify will enjoy the benefits and benefits of the program while actively seeking a new job.
Here is how the program works:
- When you have a job, your employer deducts an Employment Insurance premium from your salary
- Your employer also contributes 1.4 times the amount you contributed
- Then, if you ever lose your job for any reason beyond your control, you will be able to collect your contribution and live off the employment insurance program.
- Know that the program allows you to receive only 55% of your previous income
Short term assistance as needed
EI helps every year countless Canadians recover from their job loss. Unfortunately, the benefits are not always enough to cover the daily costs of living as well as emergency costs or contingencies. It is not uncommon for people who benefit from EI to require additional financial assistance; that’s where a small short-term loan comes in.
With a small short-term loan from Prêts Québec, you can cover any expense you have to make and you will not have to worry about your lower credit rating. With Loans Quebec, we want to help all Canadians get the financial assistance they need, regardless of their financial history.
Apply for a loan while still on Employment Insurance
If you receive Employment Insurance benefits, there is a good chance that traditional banks or lending institutions do not want you for a personal loan. If the institutions are too focused on your credit rating or the fact that you do not have a stable job, you will probably be rejected. That’s why we recommend seeking help from a more specialized lender who can deal with a wider variety of requests.
The smallest online lenders often specialize with borrowers who are hindered by a particular financial situation. If you choose to work with a more specialized lender, here’s what to expect:
- A complete application online and easy to understand
- A quick answer
- Easy to understand terms
- Easy access
- Less stress
- A personal experience
- Even more options and better service
Being approved for a loan while receiving Employment Insurance benefits is something you can do, just find the right lender who can and will want to work with you. Do your research and you should quickly be able to find a loan and the ideal lender for you.
Responsible Loans for Employment Insurance Recipients
You certainly have not planned to find employment insurance, but it can happen with jobs, life and money. They are unpredictable even when you think you are above all that. At Prêts Québec, we will be there for you with the ideal financial assistance if life brings you lemons, and we do it responsibly. There is a good and bad way to use a loan when you have employment insurance. We will make sure to protect your financial future and work with you appropriately according to your specific needs.