Being a Canadian with a disability brings unique challenges, and it may sometimes feel impossible to get ahead financially, especially if your disability requires expensive equipment, specific modifications to your home for mobility and independence, last-minute maintenance, transportation, or other medical necessities.

Thankfully, the rise of trusted alternative lenders means that there are options for people on disability benefits...

Need quick cash without the risks that come with payday loans? Apply for your ODSP installment loan today, get the cash by tomorrow, and start building towards a brighter financial future!

What kind of loans are available to people receiving ODSP income support?

If you're not in full-time employment, you probably know how challenging it is to get approved for finance at a major bank. But like with the child tax credit and other income assistance programs, ODSP counts as qualified income for getting approved with some lenders. And thanks to the convenience of online personal installment loans, you don't have to wait on bank managers or to resort to extortionate payday lenders.

Installment loans, both secured and unsecured, are the most popular ODSP loan available from non-bank lenders. Payday loans are also available for ODSP recipients but are highly undesirable

Read More: The Truth About Payday Loans

What kind of loan should I get If I’m on disability income?

When you need a fast cash advance with a reasonable interest rate and repayment terms, a secured instalment loan is your premier option. Since you're securing the loan with collateral, you’ll get the benefit of the best possible interest rate and a regular monthly repayment plan so that you can budget accordingly with no surprises.

Should I get an ODSP payday loan online?

If at all possible, you should avoid getting a payday loan online or in person. Payday loans are everywhere, and many people can get approved with no credit check, but at great cost. Payday lenders take advantage of your need for cash and can charge interest rates of up to 599%!

The danger with payday loans is an insidious cycle of debt. Short repayment cycles (of two weeks) mean you don't have a lot of breathing room to repay the loan. Interest and fees snowball very quickly and can be hard to manage, especially if you miss a payment. 

Can I get a loan on disability if I have bad credit?

Even if you have bad credit or no credit, it's possible to get approved for a loan. You can increase your chances of getting approved with favourable interest rates if you apply with the right lender, only apply for the amount you need, offer collateral, find a cosigner, and look at building credit in the long run.

How to get approved for a loan while on ODSP income support?

One or a combination of the following tips can help boost your chances of getting approved for an ODSP personal loan:

1. Find a trusted lender that can help

The big-name banks aren't the only places to go when you need a cash advance. The rise of alternative lenders (many of which can be found online) has opened a plethora of options that didn't exist for low-income individuals in the past. Technology has given online financial institutions the tools to compete with the big-name banks, and some lenders are equipped to help where banks cannot.

2. Only apply for the amount you need

Think about what you need the money for. You can spend it on whatever you like, but you should only apply for the amount you need. The smaller the loan the better your chances of approval. 

3. Can you offer collateral?

If you can offer collateral is your best chance at being approved for a loan with the best interest rates while on ODSP income support. As an ODSP recipient, you are allowed to own a car or your home without it affecting your asset limit ($40,000 for a single adult), so you may be able to use one of your assets as collateral.

4. Can you find a cosigner?

Although not essential, adding a cosigner to your loan agreement (such as a trusted family member or friend) can help you secure a bigger loan amount with lower interest. Your cosigner must be financially stable with a strong credit rating. 

5. Build credit (Long-term solution)

If you have less-than-stellar credit, improving your credit as quickly as possible is another way to not only be approved for a loan but also get a better interest rate. Paying your bills on time and keeping your credit card balances low are two of the quickest ways you can raise your credit score.

Furthermore, a personal installment loan is a credit-building oppotunity. So long as you make all repayments on time, your credit score will improve.

If you need help monitoring your credit score, check out Borrowell. You can create an account in minutes and get access to all of your information for free!

Get approved for your ODSP installment loan today!

When banks say "NO", trusted online lenders like Fresh Start Finance say "YES". 

Why get a ODSP loan online with Fresh Start Finance:

  • Cash when you need it: Personal installment loans (up to $15,000) are deposited into your bank account on the same day or within 24 hours.
  • All credit scores considered: You can get approved even if you have bad credit or no credit.
  • Flexible repayment plans: Choose a short term if you want to pay your loan off quickly or a longer one to make smaller monthly payments.
  • Competitive interest rates: Managing your ODSP loan is easy thanks to reasonable interest rates.
  • Zero hidden fees: There’s no such thing as application fees or maintenance charges.
  • Skip the appointments: Online applications allow you to get approved from the comfort of your home.
  • Build credit: Compared to payday loans, the positive payment history on a personal installment loan will help you raise your credit score.
  • Trusted and safe lender: Check out the reviews on Trustpilot to see how Fresh Start Finance has helped Canadians across the country with their financial needs.

Get approved today! Apply online in 2 minutes or speak with one of our consultants at 1-888-556-6441.