Your top questions answered
Does receiving ODSP disqualify me from getting a personal loan?
No. Spring Financial recognizes ODSP income as qualifying income. You don’t need employment income to apply; steady income, including disability benefits, counts. So, when you’re looking for a loan for a disabled person in Canada or need a loan while on disability in Canada, Spring Financial can help.
How much can I borrow if ODSP is my only income?
Spring offers personal loans ranging from $500 to $35,000; however, the amount you are approved for depends on your income, current debt payments, and ability to repay the loan.
Will a personal loan affect my ODSP payments?
According to ODSP rules, a personal loan isn’t considered to be income and won’t impact your monthly ODSP payments. However, lump-sum amounts that are held in your bank account for over 30 days can be considered as an asset. To ensure your benefits aren’t affected, you should use the funds within 30 days. Your ODSP caseworker can provide more information.
Can I get an ODSP loan with bad credit?
Yes, you can still get an ODSP Loan with bad credit with Spring Financial. This is because they consider applicants with all credit profiles and consider other factors in the approval process, including income, existing debt payments and your overall financial situation. While approval isn’t guaranteed, a lower credit score doesn’t automatically disqualify you.
What amounts and terms are available?
Spring Financial offers personal loans ranging from $500 to $35,000, with terms ranging from 6 to 84 months. The interest rates range from 9.9% to 34.95% with APRs from 9.99% to 35.00%. Since all personal loans with Spring are fixed, your rate will remain the same for the life of the loan. With reasonable rates and a quick approval, you can make a big purchase, pay down debt, or just use the funds for whatever you like.
How fast will you get approved and funded?
Spring Financial can offer you an ODSP loan the same day your application is approved; however, this is subject to verification. Most approved applications are funded in 1-2 business days, making Spring one of the fastest ODSP loan lenders in Ontario for urgent financial needs.
Does Spring accept CPP Disability or other provincial disability income?
Yes. CPP Disability (CPP-D), disability pensions, and other government benefits are also accepted as income. If you receive AISH in Alberta or PWD in British Columbia, these may also qualify. Each application is assessed individually, and more factors than just your income will be considered.
What do you need to apply?
For most applications, all you need is:
- Valid government-issued ID
- A completed online bank account verification (instant bank verification)
- Proof of income (bank statements showing regular deposits or ODSP payment stubs)
Depending on your situation, additional documentation may be required.
Is there a minimum income needed to qualify?
There is no minimum income amount required to get a personal loan. Your full personal finance situation is used in order to determine eligibility, not just your income.
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Spring Financial vs. payday lenders vs. banks
In Ontario, payday lenders can charge up to $14 per $100 borrowed, which equals roughly $182 on a $1,300 ODSP advance, and the loan is usually due within 2 weeks. If you’re unable to repay the amount, then the debt can add up really quickly. A personal loan gives you a fixed amount of money that you can pay back over a set period of time.
Payday Lender
Bank / Credit Union
- Accepts ODSP income
- Yes
- Some
- rarely
- Loan amount
- $500–$35,000
- Up to $1,500
- $5,000+
- Interest rate
- 9.99%–35.00% APR
- ~365% APR (annualized)
- Prime + varies
- Repayment term
- 6–84 months
- 14–62 days
- Varies
- Reports to credit bureaus
- Equifax + TransUnion
- Usually not
- Yes
- Credit check on application
- Soft inquiry only
- Varies
- Hard inquiry
- Prepayment penalty
- None
- N/A
- Sometimes
- Apply online
- Yes
- Yes
- Varies
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Apply in 3 simple steps right from your device
Three steps:
Complete the online Application
You can complete the application in minutes right from your device.
Verify your information
The team reviews your application and, to do so, requires bank account verification and ID. Proof of your ODSP income may also be required.
Receive your funds
If you’re approved, your funds are transferred to your bank account via e-transfer or direct deposit. You can receive the funds as soon as the same day; however, it’s subject to verification. Most loans are funded within 1-2 business days.
The basic requirements needed to get started
Be the age of majority in your province or territory (18 in Ontario)
Hold valid government-issued identification
Have an active Canadian bank account
Have a steady source of income
It doesn’t cost anything to apply, and you aren’t obligated to accept any offer that you may receive.
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Over one million applications received | Founded 2014 | Reports to Equifax & TransUnion
I was able to get a loan against all odds with a young credit history, high credit utilization, and a low bank balance. I was approved when I needed it most. Their process was smooth and professional. I’m truly grateful!
Emmanuel · Toronto, ON
“I was in need of emergency financial assistance, and Spring assisted me with funds in record breaking time, they gave me an affordable repayment plan. I am so grateful to them and would recommend you give them a try.”
Bobby · Calgary, AB
“Spring Financial deserves every bit of praise I can give them. After being turned down by multiple banks and feeling completely defeated, Spring Financial gave me hope when I had none. Highly recommend.”
Don · Winnipeg, MB
“They made it very easy to get the loan I was looking for. They are very courteous, professional, and communication was very good. They made sure I understood all terms and options. I can’t recommend them enough.”
Andrew · Vancouver, BC
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Learn more about ODSP loans in Canada
Contents
What is ODSP, and how much do recipients receive?
ODSP payments arrive on the last business day of each month. Recipients cannot predict or accelerate this schedule, which is why unexpected expenses between your benefit month payment dates can create real cash flow problems.
The Government of Ontario administers the Ontario Disability Support Program (ODSP). It’s a provincial income support program that provides financial assistance and essential support to eligible Ontario residents.
For the 2025/2026 payment term, the basic payment for a single person is $1,436 per month. Those who receive this benefit and have dependents will receive more. On top of the monthly payments that you receive, the program also covers disability-related items, including:
- Medical transportation
- Hearing aids
- Mobility devices
With ODSP, payments arrive on the last business day of the month. This schedule cannot be changed, so when unexpected expenses occur before the next payment date, a personal loan can help.
3 ways to borrow and which ones cost you less
Three main types of borrowing options are available if you’re looking for an ODSP loan or even just an ODSP cash advance in Canada.
Personal installment loans: With Spring Financial, you can borrow from $500 to $35,000 with fixed, equal monthly payments and loan terms of 6 to 84 months. The rates range from 9.99% to 34.95% and are significantly lower than those for a payday loan with ODSP in Canada. They also help build your credit history when you make on-time payments.
Payday loans for ODSP recipients: You can borrow up to $1,500 that is due in full by your next ODSP payment. The cost of these loans is $14 per $100 borrowed, which equals an annualized rate of 365% APR. If you’re unable to make the payment, then you can end up creating an expensive cycle of taking out another loan to pay off the last one.
Cash advance apps: With some cash advance apps, you can take out small amounts of money against your expected income with no interest, since a monthly subscription fee is charged instead. These can help cover small gaps from $20 to $250, but can’t help cover larger expenses.
For most people receiving ODSP, a personal installment loan is the best option for handling a larger expense. It’s the most affordable, and with Spring Financial, you can get your ODSP loan funded as soon as the same day your application is approved, subject to verification.
Unlike short-term loans like ODSP, payday loans online and e-transfer payday loans, which often have hidden fees, Spring Financial’s loan options are transparent and have no prepayment penalties.
Does your credit score matter?
Having a bad credit score or a low or limited credit history doesn’t exclude you from getting a personal loan. At Spring Financial, all credit profiles are considered, including those with poor scores. Income stability and existing debts are also considered in the review process.
One thing to consider, though, is that if your credit score is low, you will likely have a higher interest rate, ranging from 9.99% to 34.95%. You may also only qualify for a smaller loan amount; however, your approval isn’t guaranteed.
An upside of Spring Financial is that they report all of your payments to both credit bureaus: Equifax and TransUnion. If you make consistent, on-time payments, the loan can actually improve your credit history. Payday lenders don’t do this.
What lenders actually look for
When it comes to your loan application, lenders look at four things:
- Income: If your income is both regular and verifiable, it’s likely acceptable, like monthly ODSP deposits. This can be verified with bank statements.
- Existing debt: How much debt you already have will influence whether or not you’re approved.
- Credit history: Your repayment history on your past credit products will be taken into account.
- Loan amount requested: Whether or not you can afford the monthly payment determines the loan amount you’ll receive.
While employment income is what most lenders prefer, income sources like ODSP, which are both predictable and government-issued, can be seen as more stable than other income sources. This is because you don’t need a job to receive these payments.
With lenders like Spring Financial, you can get a personal loan using your disability benefits as qualifying income. The application process is the same as if you had employment income, and you can apply online in just a few minutes. In fact, Spring Financial is a trusted source for Ontario disability loans and a common choice for an ODSP personal loan in Ontario.
A warning about high-cost lenders
Unfortunately, it’s very common for those on a fixed income to be targeted by high-cost lenders. If you’re on disability, you must understand the full picture before you sign any loan documents. Payday lenders, both online and storefront, know how ODSP payment dates work and design their loans accordingly.
In Ontario, payday loans are capped at $14 per $100 borrowed, which doesn’t seem like much. On a $200 loan, that’s only $28; on a $1,300 loan, it’s $182. For someone who’s missed rent or has other expenses, that’s a lot of money, especially since it must be repaid within 2 weeks. If you can’t make the payments and have to roll the loan over, you’re then adding another fee cycle and subsequent loans.
Another thing to consider is whether or not the lender will show you the full cost of the loan before you sign. If they won’t, that’s a large red flag, and the lender should be avoided. A licensed lender in Canada is required to disclose the APR and the total cost of borrowing in writing before you commit to the loan.
Since financial challenges do happen and you may need to borrow money to cover sudden expenses, Spring Financial is one of many lenders that will accept your ODSP income for a loan approval. Predatory payday lenders and even traditional lenders who won’t accept your income can be avoided. With Spring, you can get your funds as soon as the same day, subject to verification.
Other disability programs are accepted across Canada
Getting a loan in Canada on disability benefits isn’t limited to ODSP in Ontario. In fact, Spring Financial operates throughout Canada and accepts disability income from other provincial programs. Here’s how some of the other programs compare.
CPP Disability (CPP-D): This federal disability benefit, also known as Canada Pension Plan Disability, is available to all Canadians. However, to qualify, you have to have a severe and prolonged disability and have made sufficient CPP contributions. The amount you receive per month will vary based on your situation, but this is considered stable income and is accepted by Spring Financial.
AISH (Alberta): AISH, also known as Assured Income for the Severely Handicapped, is available to residents of Alberta. AISH recipients may qualify for personal loans from lenders such as Spring Financial that accept government benefits as income.
PWD (British Columbia): PWD, also known as Persons with Disabilities Assistance, has a structure similar to ODSP. For many lenders, such as Spring, it’s considered an acceptable form of income.
Disability Tax Credit (DTC): While this isn’t considered income and won’t affect a loan approval, it is relevant when applying for other disability benefits like RDSP or other government programs.
Whether you need a disability loan in Canada, are looking for a loan for ODSP recipients, or need some extra money while receiving the new Canada Disability Benefit, Spring can help. Each application is reviewed individually to find the best loan options for your financial situation.
In fact, Spring Financial is an established lender of ODSP loans in Ontario. If you receive disability income from any provincial or federal program, the best way to check eligibility is to submit an application, since each one is reviewed individually.
Are there repayment options if your income is interrupted?
If your ODSP payment is delayed or your income changes, the best thing you can do is contact Spring Financial as soon as possible. Reaching out proactively gives the team the chance to assist before a payment is missed. If payments are missed without making other arrangements, additional charges may apply as outlined in your loan agreement. Your credit history could also be affected.
With Spring Financial, all of the personal loans are open, and you can make additional payments or pay the balance in full at any time without any prepayment penalties.
What can you use the loan for?
ODSP provides some coverage for disability-related expenses through its extended health benefits. If ODSP covers a need, that should generally be your first option. A personal loan is best suited for expenses that fall outside program coverage, aren’t covered by emergency assistance programs, or arise faster than the program can respond.
Personal loans can be used for a variety of purposes. In fact, ODSP recipients have gotten loans for a variety of reasons, including:
- Medical equipment
- Mobility aids
- Accessibility modifications
- Vehicle repairs
- Dental work
- Emergency expenses
In fact, funds from a personal loan with Spring Financial can be used for whatever you like, including to cover basic living expenses, address urgent financial needs, or even just to support your overall financial well-being and financial stability.
You have questions,
we have answers.
Does receiving ODSP disqualify me from getting a personal loan in Canada?
No, in fact, ODSP is recognized as income by Spring Financial and many other lenders. Even if you are receiving disability benefits, you can still get a loan since each application is reviewed individually, and other factors like existing debt and credit history are also considered.
Will taking out a personal loan affect my ODSP payments?
No. A personal loan is not considered income according to ODSP rules. That said, ODSP does have asset limits and keeping a large sum of money in your account for more than 30 days can affect your payments. The funds can then be treated as an asset, so it’s recommended that you spend or allocate them within that period.
How much can I borrow if ODSP is my only income?
With Spring Financial, you can get personal loans ranging from $500 to $35,000. However, how much you can receive depends on your ability to repay the loan. Your income amount, existing debts, and overall financial situation determine this. Once you apply, you’ll be able to know how much you can get approved for.
Does Spring Financial accept CPP Disability or other provincial disability income?
Yes. Spring Financial offers personal loans to a variety of income sources, including CPP disability benefits, disability pensions, and other government benefits. This includes ODSP, Ontario Works, CPP and OAS. However, the only way to know for sure if you qualify is to apply.
Can I get an ODSP loan with bad credit?
Yes. You can get a loan from Spring Financial with any credit score, including a poor credit score or even a bad credit score. It’s only one of the many factors considered in an ODSP income loan approval.
How quickly can someone on ODSP get approved and funded?
With Spring, you can receive a decision within hours of submitting your completed application. Your funds can also be deposited into your account as soon as the same day; however, this is subject to verification. For the most part, approved applications are funded within 1-2 business days.
What documents do I need to apply for a loan while receiving ODSP?
You’ll need a valid government-issued photo ID, completed online bank account verification, and proof of income. Usually, a recent bank statement showing your ODSP deposits will suffice as proof. That said, additional documentation may be requested.
Are there special repayment options for ODSP recipients if income is interrupted?
If you’re unable to make your payments, the best thing to do is contact Spring before your next payment is due. They may be able to provide assistance or make other arrangements.
Can I use an ODSP loan for medical equipment, mobility aids, or accessibility needs?
Yes, in fact, loan funds can be used for whatever you like. This includes:
- Medical equipment
- Mobility aids
- Home accessibility modification
- Other disability-related expenses
Once the funds have been deposited into your account, there are no restrictions.
Is there a minimum monthly ODSP payment amount needed to qualify?
With Spring Financial, there is no pre-determined minimum income requirement. Your eligibility is based on your overall financial situation, including all your income sources and existing financial obligations.
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