Welcome to Beneficent Relief’s application page! Before applying, please ensure you understand the program’s requirements and have read through the Frequently Asked Questions.
Eligibility for a loan from Beneficent is as follows:
- Post-tax Income below the Market-Based Measure (MBM) as defined by the Government of Canada. For example, a household of 3 people in a Toronto must have a household income below CAD $44,470 post-tax. You can view the reference table here.
- Positive net cash flow in order to be able to repay Beneficent Relief loans
- Guarantor consent
- Debt based within Canada e.g. the loan cannot be for credit card debt in the US
- Debt must be high interest-bearing i.e. credit card, payday loan, emergency loans, or similar
Loan Process
Please familiarize yourself with the loan process below before applying, as this will ensure unnecessary delays are avoided, especially regarding documentation requests. The loan process may take up between 2-3 weeks, as illustrated below
2-3 business days
Loan officer assigned
Once your application is submitted, a loan officer will be assigned to your case and will reach out for a screening call to verify your details. Your loan officer is your human connection to our organization and will guide you through each step of the process
1-3 business days
Interview
If your initial screening call was successful, your interview will be booked to gather your financial details and understand your circumstances
5-7 business days
Assessment begins
Upon successful completion of the interview, your officer will begin gathering documents and completing a financial assessment to determine your eligibility for a loan. During this time, it is critical to comply with all documentation requests to ensure a speedy decision
3 business days
Loan issued
Once the assessment is complete, the loan committee will convene to analyze your case and arrive at a decision on eligibility. Should you be granted a loan, the decision will be communicated and contract will be issued. At this time, we will gather consent from your guarantor and obtain your signature. Funds will then be released and the loan will be issued!
Loan application
After reviewing all the information above, please fill out the following initial application form, and you will be contacted shortly!
Note: in order to manage significant demand for Beneficent Relief loans, our loan intake will be temporarily suspended. If you have a significant or emergency case, please contact loans@beneficentrelief.ca with any questions.