As a parent in Canada, you’re entitled to the Canada Child Benefit (CCB), a monthly tax-free payment to help with the costs of raising a child. But what happens when you need the money before the next payment date? This is where child tax loans come in.
Child tax loans are short-term loans that allow you to access the money you’re entitled to receive from the Canada Child Benefit before your next payment date. These loans are typically offered by private lenders and are designed to be repaid quickly, often within a few weeks or months.
To get a child tax loan, you’ll need to apply with a private lender that offers this type of loan. The lender will typically require you to provide proof of your eligibility for the Canada Child Benefit, such as a recent CCB statement. Once you’re approved for the loan, the lender will deposit the funds into your bank account, and you’ll be responsible for repaying the loan, usually with interest, by a set due date.
Child tax loans are offered by a variety of private lenders in Canada. You can find these lenders online or in-person at payday loan stores and other financial institutions. Some lenders may also require you to have a good credit score or a co-signer to qualify for the loan.
If you need money quickly but don’t want to take out a child tax loan, there are several alternatives you can consider, including:
If you’ve decided that a child tax loan is the right choice for your situation, here are some factors to consider when choosing a lender:
To avoid falling into debt and damaging your credit score, here are some tips for using child tax loans responsibly:
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