What Are Maternity Leave And Parental Benefits, And Do They Qualify Me For A Cash Loan?
What Are Maternity Leave And Parental Benefits?
Maternity and parental benefits are a form of Employment Insurance (EI) that offer temporary assistance to unemployed workers who are pregnant, recently gave birth, or caring for a newborn or newly adopted child.
To qualify, you must have accumulated at least 600 hours of employment during the past year. You will be compensated during your leave, however your average weekly earnings are significantly reduced, around 40%.
- EI maternity benefits are offered to biological mothers, including surrogate mothers, who are pregnant or have recently given birth. The maximum length of assistance is 15 weeks, which is started as early as 8 weeks prior the expected due date, and can end as late as 17 weeks after the actual date of birth.
- EI parental benefits are offered to biological, adoptive, or legally recognized parents caring for a newborn or newly adopted child. The maximum length of assistance is 35 weeks, and both parents can share the time.
How Much Will I Receive From Maternity And Parental Benefits?
Maternity and parental benefits fall under Employment Insurance so the same payment rates apply.
The basic benefits rate is 55% of your average earnings, up to a yearly maximum of $49,500, which works out to a maximum of $524 per week. Also remember your EI is taxable, so applicable taxes will be deducted.
Do I Qualify For A Cash Loan?
If you receive EI maternity benefits or parental benefits, then you qualify for a Magical Credit cash loan! Check out our blog for tips on maternity and parental leave. If your maternity budget isn't cutting it, Magical offers short-term cash loans to get you through difficult times.
Magical Credit is a Toronto-based private loan company that specializes in providing cash loans to people who are receiving fixed government income, such as maternity and parental benefits. If you need a loan during your maternity or parental leave, fill out an application or call us at 1-877-213-2088 now!
Disclosures:
Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626
NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.
Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.
The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.
