Also referred to as the Ontario baby bonus, the Ontario Child Benefit (OCB) offers financial support to low- to moderate-income families so they can cover the costs of childcare. The tax-free benefit provides monthly payments of up to $121.75 per child with amounts based on factors such as your income level and the number of children you have. You need to be eligible for the Canada Child Benefit (CCB) to collect the OCB as both benefits are delivered as a single payment.

Payments are sent to your bank account around the 20th of every month, however, what happens if an unexpected expense crops up before then? From appliance repairs and car trouble to emergency hospital visits and surprise school-related fees, unforeseen expenditures can throw a wrench in your budget and leave you in a position where your childcare benefit can’t come soon enough. In this situation, a cash advance loan can come in handy.

Can I get a cash advance while collecting the Ontario Child Benefit?

Yes, you can. Lenders see OCB and CCB payments as qualified income which can help you secure a loan – the only issue is some loans can cause even more financial hardship so it’s important to do your research before you commit to anything.

What types of loans are available to Ontario Child Benefit recipients? 

You may be able to get a line of credit or personal loan from your bank if you have good credit. If you have poor credit, your main options are payday loans and installment loans from alternative lenders. 

Payday loans are the ones you need to watch out for. Promising easy approvals and quick access to funds, payday loans look like a cheap and convenient solution when in fact, they’re the most expensive form of credit. In Ontario, payday lenders can charge $15 for every $100 you borrow. This $15 fee may look like an interest rate of 15%, but it works out to an annual interest rate of 391% – that’s ten times more than what high-interest credit cards charge!

These risky loans also have short repayment periods. Lenders require you to pay back the loan in two to four weeks, a difficult thing to do if you’re waiting for your monthly child benefit to come in. If you don’t pay by the due date, you’ll be charged additional fees which may cause you to take out another payday loan just to cover the first one. The worst part of it all? Payday lenders are known to prey on vulnerable people, trapping them in a debt cycle that’s extremely hard to get out of.

Installment loans: A better solution

Installment loans are better than payday loans in every aspect, making them the best solution when you need a cash advance on your child benefit. Offered by reputable online lenders, this type of loan gives you peace of mind with lower interest rates, flexible repayment periods, predictable monthly payments, and lightning-fast access to cash. An installment loan can even improve your credit score if you make your payments on time (you definitely can’t do that with a payday loan).

Apply for an OCB installment loan at Fresh Start Finance

When life’s unexpected expenses come your way, an installment loan from Fresh Start Finance can take the financial strain off your shoulders while you’re waiting for your Ontario Child Benefit to arrive.

No matter where you live in Canada, Fresh Start Finance makes the loan approval process quick, easy, and stress-free:

  • All credit scores welcome: Get approved even if you’re new to credit or have filed for bankruptcy.
  • Borrow up to $15,000: Loans range from $600 to $15,000 so you can cover everything from back to school expenses to car repairs.
  • Convenient application process: Apply online in just minutes or speak to a live representative by phone or text message.
  • Speedy approvals and transfers: Watch funds hit your bank account within 24 hours of applying.
  • Customizable repayment schedules: Pay your loan back in nine to 60 months, the choice is up to you.
  • Reasonable interest rates: Our APRs are a fraction of what payday lenders charge.
  • Full transparency: Say goodbye to application fees, maintenance charges, and other hidden costs.
  • Safe and secure: Your data is protected thanks to state-of-the-art security technology.
  • Credible online lender: Check out over 1,500 reviews on Trustpilot.

Ready to get started? Submit an online application or call 1-888-556-6441 to see how we can assist you.