The CCB (Canada Child Benefit) is a tax-free cash benefit for Canadian parents that provides substantial assistance every single month. This benefit is based on income, the age & number of children and, if applicable, disability. It can be deposited straight into a bank account every month. 

But what happens if something unexpected happened before your child benefit is due to arrive? Whether you’re a single-parent family in British Columbia or nuclear family in Ontario, a cash advance loan can provide some breathing room when unexpected expenses put a strain on your finances. You can use your Canada child benefit (CCB) as qualified income to secure your cash advance.

If you have a young family and think you may be eligible for the CCB, learn how much CCB you're eligible for, or visit our quick guide on how much CCB you could be eligible for and how to apply.

Let’s discuss how you can get a fast cash advance using the child tax credit and how you can do it without predatory payday lenders...

Can I get a cash advance on the child tax credit?

There’s never been a better time to apply for a cash advance online! Today, reputable online lenders—like Fresh Start Finance—are starting to emerge with the technology to deliver fast funds to your account within 24 hours.

Fresh Start Finance can deliver a cash advance on your child tax credit with personal installment loans of between $600 to $15,000. Simply apply, and the money can be transferred to your account within a day! You don’t need to wait until tomorrow; our application is open 24/7!

Fresh Start Finance may not be the only lender that qualifies your child tax benefit as income. A quick check on the internet reveals that most child tax loans are offered by payday lenders. But with their exorbitant interest rates and tight repayment timelines, it’s important to know that there are safer options than payday lenders when you need fast cash.

Ready to apply? 

Apply with Fresh Start Finance today (it only takes 3 minutes!) and get the cash you need within 24 hours!

If you're looking for an online lender you can trust, Fresh Start Finance is here to help. But don't take our word for it, check out what other customers say about us.

A better alternative to baby bonus payday loans

Mainly, there are two kinds of loans that qualify child benefits as income and can deliver instant cash when you need it: 

  1. Installment loans
  2. Payday loans

Some people apply for payday loans using their child tax benefit. The baby bonus payday loan is an extremely short-term loan based on the amount of your child tax credit. However, payday loans, due to their inherently high APR and quick repayment timeline, are predatory in nature.

With regard to interest rates, the total cost of borrowing for a payday loan can be as high as 650% in some provinces! As you can see in the infographic below, the cost of borrowing with a payday loan compared to other forms of credit simply isn’t worth it: Chart comparing borrowing costs of baby bonus payday loans compared with other common loan types. Original Photo Credit: Financial Consumer Agency of Canada-- Interest rate comparison on a $300 payday loan for 14 days.

If you’ve never got a payday loan but are considering it now, don’t even think about it! Your first payday loan can begin a vicious repayment/borrowing cycle that is very difficult to break if you miss a payment.

In the past, people who needed quick cash advances had no choice but to visit a payday lender. Luckily, there are far better (and safer) alternatives when you need a loan on your baby bonus. Online installment loans are preferable due to longer repayment timelines, lower interest rates, and fixed repayment amounts that you get to decide!

Where to apply for a cash advance on my child tax credit

When you need fast cash, a baby bonus personal loan is always the smarter choice compared with a payday loan. And getting a personal loan with Fresh Start Finance is quick, easy, and stress-free:

  • All credit scores welcome: Whether you’re new to credit or have filed for bankruptcy, Fresh Start Finance approves loans for every credit rating.
  • Loans up to $15,000: Choose how much money you’d like to borrow and get approved for any amount between $600 to $15,000!
  • Simple application process: Apply online in minutes. Our application is open 24/7! You can also speak to a live representative by phone or text message.
  • Incredibly fast approvals & transfers: Funds are deposited into your bank account usually within 24 hours of applying.
  • Customizable repayment schedule: Avoid payday lender’s tight repayment timelines! With Fresh Start Finance, you decide how much to pay back every month. You can spread your payments out over 60 months if you want!
  • Full transparency: No application fees, maintenance charges, and hidden costs ever.
  • No appointment required: Online applications mean you’ll never have to wait in line at a bank or payday loan shop.
  • Safe & secure: State-of-the-art security technology means your data is under lock and key. 
  • Canadian: Fresh Start Finance is based in Vancouver and serves people across the country.

Apply for your child tax loan today to find out how we can assist you!

What if I apply with Fresh Start Finance and get declined?

We work hard to boost your chances of approval and we pride ourselves on getting a high percentage of low-income, credit-challenged customers the loans they need. Unfortunately, some applicants with very low credit scores don’t get approved right away, but we don’t give up!

You can rebuild credit with a secured credit builder loan or secured credit card!

Contact us to learn more about our credit building solutions today. Our consultants are waiting to discuss your options!

Apply for your child tax loan today