CCTB Payday Loans – Applying For A Loan With The Canada Child Tax Benefit

Are you looking for information about CCTB Payday Loans, payday loans child tax, loans that accept child tax Canada, payday child tax credit, cash advance on child tax credit, loans that accept child tax Ontario, and child tax loans online Canada? This post will explain everything on For a Loan with the Canada Child Tax Benefit.

If you want to take out a loan online with your Canadian child support (CCB or CCTB), you can get a personal loan, also known as a “cash advance” or installment loan. CCTB payday loans are easier to find and get approved, but they are also very expensive and should be a last resort.

Use this guide to see your online options for child tax credits.

2016, along with the election of our new Prime Minister Justin Trudeau, marked the beginning of several changes in our country’s income tax policies and other government benefit programs. This included some notable adjustments to the C.C.T.B. (Canada Child Tax Benefit), which has been officially renamed the “Canada Child Benefit” (CCB) as of July 20, 2016.

We receive daily questions about different types of loans and the application procedures that go with them. A question we often get is, “Will I qualify for a loan if I’m currently receiving Canadian child support?” While the answer to this question varies from lender to lender, here’s how to use your Canadian child support income to qualify for a loan.

What is Canadian Child Benefit (CCB)?

Canada Child Benefit is a government program that provides financial support to families and single parents. It is a tax-free payment that families or single parents can request if they have a child or children under the age of 18.

The amount you can get through the Child Discount depends on certain criteria, including:

  • How many children do you have
  • How old are your children
  • How much do you earn annually?
  • What is your marital status

The maximum value you can get in the CCB program is:

  • $6,833 per year for each child under six.
  • $5,765 per year for each child between the ages of 6 and 17.

Parents with a child with a physical or mental disability may also qualify for an additional $2,915 per year for each child under the Disability Tax Credit (DTC).

Can you get a loan with your Canadian child support?

While any loan you take out usually depends on your income, work, and credit history, you can use your CCTB Payday Loans as leverage to get a loan. Since your CCB is considered part of your income, you can use it to qualify for a loan. However, to be approved for a loan while at CCB, you must find a lender who will accept a child tax credit as a form of income.

Personal or installment loans that accept child tax

Personal loans (also called installment loans) have lower interest rates and longer repayment terms than payroll loans, so they tend to be cheaper and more manageable to pay off. When you get a personal loan, you get an amount of money that you have to pay in equal installments with interest.

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Key Features of Personal Loans or Installment Loans that Accept Child Tax

Personal Loan Amount –

When you apply for a personal loan that accepts child tax as a source of income, you may qualify for a higher amount than with a payday lender. These amounts can easily range from $300 to $10,000.

Interest Rates –

Interest rates on child tax loans are also lower than payroll, making them a better option. The maximum that a creditor can legally charge in Canada is 60% (APR).

Duration –

One of the main reasons a personal loan is more affordable is because there are loan terms that can be extended for 5 years or more.

Loan Requirements for Personal Loans that Accept Child Tax –

Depending on the lender you apply for, the requirements may vary. For example, one creditor may demand a good credit score, the other may not. Likewise, while one lender may require you to be employed, another may simply require a steady source of income.

CCTB Payday Loans that accept child taxes

Taking out a child tax-accepting payday loan (also known as a baby bonus payday loan) is becoming increasingly popular among cash-strapped parents. CCB payday loans are easy to obtain, but should only be taken out in emergencies or in small amounts, as the interest immediately mounts.

Key features of a CCTB Payday Loans that accepts child tax

Payday Loan Amount –

You can only borrow from $1,000 to $1,500 with payday lenders. However, this amount can drop even further, as some provinces limit the amount you can borrow to a maximum of 50% of your net income.

Interest Rate –

One of the reasons why payroll loans are recommended as a last resort is because of the high interest rates and fees. APRs for payday loans that accept child tax can be as high as 600% or more.

Term –

Another aspect to consider when obtaining a payroll loan is the loan term. Payroll loans have extremely short maturities, usually from 15 to 30 days.

Requirements for CCTB Payday Loans that Accept Child Tax –

Most payday lenders require proof of income, a valid bank account, and ID to be eligible. Most lenders also don’t require a credit check, making it a good choice for anyone with bad credit.


Ontario, British Columbia, New Brunswick and Alberta $15 per $100 borrowed
Manitoba and Saskatchewan$17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Prince Edward Island $25 per $100 borrowed

Please note: Payroll loans are extremely expensive and can lead to a debt cycle if you are unable to repay the full amount borrowed. Click here to learn about the payroll credit laws in your county.

What can I use my CCTB Payday Loans for?

How you use your child loan is up to you. Here are some ways you can put your loan to good use.

1. Training and education

It’s no secret that schooling is expensive, from kindergarten to college. School books, team activities, new clothes and stationery are just some of the costs that a loan can cover. If your child needs extra help with a subject, a loan can be taken out for tutoring or tutoring.

2. Extracurricular Activities

If your child is competing or in the school drama club, there are costs that even the best baking sales can’t cover. Equipment, uniforms, supplies, entrance fees and trips to tournaments and competitions are just some of the costs that can be incurred. A 2018 Ipsos survey for Global News found that families spend an average of $1,160 per year on their children’s extracurricular activities.

3. Childcare and Family Vacations

Daycare is a necessity for every parent, and a child tax credit can help cover the costs of regular childcare, babysitters, and babysitters. Parents also need a break from their activities, so consider having a speed-dial nanny and setting aside some of the loans for the kids’ time off. You can also set aside money for the holidays so your whole family can recharge and spend time together.

4. Dental care

While medical expenses are generally covered in Canada, most Canadians have a benefit plan to cover dental expenses. If you don’t have a comprehensive plan, dental procedures can quickly drain your bill. And if you find yourself suddenly running out of budget when your child breaks their front tooth and demands a crown, a Spring Financial personal loan can immediately get you the money you need.

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5. Unplanned costs

Even the best-laid plans can go wrong (see the surprise visit to the dentist mentioned above). You may find that your roof needs repair after a storm or that your dryer will one day overturn its last load, which is where a kids tax credit can help.

6. Daily base

If you’re struggling to keep up with car payments, groceries, utilities, rent, and other necessities, you’re not alone. Many Canadian parents, whether raising a child on their own, finding themselves or their spouse out of work, or having large families, need additional financial support.

How to Apply for a Canadian Child Support Loan?

Here are 4 easy steps to apply for CCTB Payday Loans:

Calculate your debt/income ratio

This is a good way for you and your lender to know if you are financially stable enough to bear the cost of a child tax credit. Add up the average total cost of your monthly loan and other debt payments, then divide by your normal monthly income. You then have your debt/income ratio. Ideally, your ratio should be around 30-35%, smaller if possible. If your ratio is higher, it may be a better idea to delay filing until you and your spouse can increase your income or reduce your debt.

Do your research and look for lenders

Once you know that you are financially able to take out a loan, you can start looking. Many different lenders cater to all types of borrowers. Some have stricter qualification standards, such as a high credit score. If you don’t have a high score, other lenders don’t use your credit score as a deciding factor. Likewise, some lenders do and do not accept non-traditional forms of income, such as child tax credit, CPP, and other government benefits. Before applying to a lender, make sure you meet their minimum qualifications for a child tax credit.

Be pre-approved

If you’ve found several lenders that accept the child tax credit as income, you can find out how much you qualify by getting pre-approval. Most lenders offer this, and you can do this by simply filling out a quick online application. If you are not sure who to apply to, you can use a loan comparison site such as Loans Canada. With one application, you can be pre-approved by multiple lenders. This will allow you to review your options and choose the one that best suits your needs.

Fill in the application

Depending on the lender you choose to work with, you may need to provide some additional information to complete your application. This includes personal identification and proof of income. You may also need to provide your bank statements and pass a credit check.

Best Lenders That Accept Child Tax Credits As Income

APR forward value (Months) Loan Types Financing Time

  • Degree Loan Up to $10,000 43% 36 – 60 Loan with guarantor With 24 hours
  • Magic Credit Up to $20,000 19.99% – 46.8% 6 – 60 Same Day Personal Loan
  • LendDirect Up to $15,000 19.99% Same Day Credit Limit
  • iCash Up to $1,500 15% – 23% – 24 Hour Loan
  • Captain Cash $500 – $750 28% – 34.4% 3 Same Day Short Term Loan
  • CashMoney $100 – 10,000 – 6 – 60 24 Hour Credit Limit
  • Cash 4 You $1,000 – $15,000 46.93% 12 – 60 24 Hour Personal Loan

Eligibility Requirements for Child Tax Credits

When it comes to most lenders, be they banks or other organizations, the qualification standards vary from loan to loan. However, the standards for the customers they rely on will remain relatively the same. In other words, the first thing any legitimate lender wants to know is that you are financially stable enough to repay the amount they lend you, along with any applicable interest rates. Depending on the lender you choose, the application process may include verification of:

  • Your credit (report, history, and score)
  • Your financial administration (debt/bankruptcy history, income, debts, etc.)
  • Your employment history (usually within the past 2 years)

While these categories are probably the most important points to check, other areas of qualification may be subject to inspection, so it’s best to have all your financial and personal information up to date and organized before applying.

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Tips To Help You Increase Your Chances Of Qualifying For A Child Tax Loan

Find a trusted co-signer.

By having a close friend or family member sign your loan application, you can increase your chances of getting approval. Just make sure they are also financially stable and ready for the lender’s review process.

Look in Guarantee loans.

These loans, intended for borrowers who cannot be approved, require a co-signer to assist you. A surety loan is also easier to obtain because your co-signer’s credit is checked rather than yours. By signing your loan, they agree to take over the remaining balance if you can’t afford it anymore, so make sure they’re aware of this before you sign up. If your co-signer’s finances are strong enough, you can even get a better interest rate. Also, you can gradually improve your credit as long as you keep track of your payments.

Check your credit.

As we mentioned above, many creditors don’t check your credit before getting approved, but doing it yourself is a good way to know if you’re financially stable enough to handle debt.

Pay your other debts.

This is one of the most important things to do before making any financial decisions. If you already have other debts (credit card bills, etc.), it is best to pay them off before applying for a loan. If you can pay off your debt and still repay the loan, it’s safer to apply.

When can a child benefit from help?

There are many reasons why people should apply for a loan. Even if the government gives them a little extra money each year, families currently taking advantage of Canadian child support are no different. Depending on the current income of the parents or parents and the number of children they have, it can be very difficult to support a family while taking care of all the other expenses they may have such as a mortgage, car payments, etc.

Some parents may even need a loan to cover the costs of their daily expenses, such as groceries, rent or utilities.

It can be especially difficult for single parents to earn enough to raise their children and finance their home, a car, and other necessities, so a loan can go a long way during times of financial uncertainty.

Especially when it comes to families with multiple involved members, parents and children, all kinds of emergencies can arise, both medical and financial, which may require a loan to cover the costs of a particular situation.

Are you eligible for Canadian child benefits?

To be eligible for the CCTB Payday Loans, you must have a child under the age of 18 in your primary care and be a Canadian resident. Eligible parents can apply online through their CRA account or submit the RC66 CCB application form.

To continue receiving these benefits, you must file your income tax return every year, regardless of your income, even if you are not currently receiving any income. This rule also applies to your spouse or partner, if you have one.

How do you receive your CCB payments?

Once the benefit is approved, the parent will be paid in monthly installments via bank deposit or check from July of that year to June of the following year. After the parent and/or the spouse/partner in a stable union have filed the income tax return, the amount of their benefit will be recalculated in the following July based on the data in their tax return, until the child or children aged 18 years.

Frequently Asked Questions About Child Benefit in Canada

Will applying for a loan lower my Canadian child support benefits?

Taking out a loan while receiving Canada Child Benefit will not affect the amount you receive now. Because? Because a loan is considered a debt and not an income.

Can I apply for a loan online?

Yes, there are many lenders available online. Be sure to read customer reviews and look up the lender in the Better Business Bureau database to confirm it’s a real company.

What is a Baby Bonus Payday Loan?

A Baby Bonus Payday Loan is essentially a short-term loan based on the amount you receive from your Canadian child support.

What documents do I need to apply for a loan that accepts the child discount?

If you are applying for a personal loan or a personal loan, you must provide proof of income. Therefore, you may be required to provide bank statements or a government form showing that you are receiving payments from the CCB. You must also provide a photo ID for identification purposes. Depending on your lender, you may also need to provide bank statements and pass a credit check for approval.

Loans and their Canadian Child Benefit

Depending on the number of children you have and their ages, the amount you receive from your Canadian child support may be beneficial. This, along with your annual income, can help you get approved for the loan you need. As long as you and your spouse, or you as a single parent, can demonstrate that you can afford the cost of the loan payments, you can find a lender that meets your financial needs.

CCTB Payday Loans Conclusion

You can use your Canadian Child Benefit (CCB) to help you qualify for loans that accept child tax. You can get a personal loan or an installment loan. Payroll loans are more expensive but have more flexible eligibility criteria.