Nowadays, many lending companies accept CCB as a form of income, allowing families and single parents to apply for an installment loan to help them cover their living expenses. In this article, we will take a closer look at what an installment loan on child tax is and what you need to know about it.
Companies that Accepts Installment Loans on Child Tax
One of the perks of receiving monthly CCB is that you may be able to use it as leverage to get an installment loan. However, in order to get approved for an installment loan, you need to find out which lending companies accept child tax credit as a form of income.
Here are some popular lending companies that offer installment loans on child tax:
Magical Credit
Magical Credit offers installment loans on child tax of up to $20,000, with an interest rate between 19.99% to 46.8%. Their repayment term is from 6 months to 60 months.
Cash 4 You
Cash 4 You offers installment loans on child tax ranging from $1,000 to $10,000, with a flat interest rate of 46.93%. You can pay your loan between 12 months to 60 months.
Money Mart
Money Mart is another famous Canadian lending company that accepts CCB as a form of income. They offer installment loans of up to $1,000 to $15,000 with a repayment term of 12 months to 60 months. They charge an interest rate ranging from 29.9% to 46.9%.
Main Features Of Installment Loans on Child Tax
Here are some essential things to bear in mind when applying for an installment loan on child tax:
Interest Rates
Installment loans on child tax make a better option for borrowers as their interest rates are lower compared to payday loans. However, it’s important to note that a lender can only legally charge you a maximum interest rate of 60%.
Personal Loan Amount
You’ll be able to qualify for a more considerable installment loan amount when you apply for a personal loan that accepts child tax as a source of income. The amount can easily range from $300 to $10,000.
Term Length
One of the reasons why an installment loan on tax credit is more affordable is because the loan terms can extend to 5 years or more. This gives you more flexibility to pay back your loan.
Frequently asked questions
How much can I get from Canada Child Benefit?
Will applying for installment loans affect my Canada Child Benefit?
What are the requirements needed to apply for installment loans on child tax?
Can I apply for installment loans on child tax online?
How much will I be allowed to borrow?
Conclusion
If you are struggling to make ends meet and you have a Canada Child Benefit, then you can easily get an installment loan. There are several lenders that are willing to give you a loan on child tax, as long as you have the correct documents and your income is sufficient to repay the loan.