Payday loans and ODSP loans work differently than traditional loans. When you’re buying a car or a home, you have to complete a lengthy application, provide numerous financial documents, have your credit checked, and go through a rigorous screening process before borrowing. Payday loans are designed to be simpler, smaller, and easier to work with.
With online ODSP loans, Ontario residents can borrow money quickly and easily. Rather than visiting a storefront location or traditional bank, applying for an online loan is simple. To apply, you simply fill out the application on the website of the online lender you’d like to work with. Once you’ve completed the application, you may need to provide some information like your birthdate, contact information, and address.
The application form is simple, and payday loans don’t typically require a hard credit check. That means if you have bad credit, payday loans may be completely unaffected by your credit score. What online lenders do care about is in the name of the loan: your payday.
To qualify for payday loans, you must have a steady and reliable source of income. For traditional payday loans, this might be your weekly paychecks that come in for your job. For those with ODSP benefits in Ontario, your benefits arrive as a regular income source, so those ODSP benefits suit the requirements for an ODSP payday loan.
Related: How can you plan for a cash loan to help you financially in Ontario?