Social Security Payday Loans | All You Need to Know
There are various ways to request a payday loan when you are on Social Security income. You can make your application online using your cell phone, or on a pad or PC. The application process is fast, secure, and simple. Also, keep in mind that when you apply for payday loans online and are accepted, your lender may ask for additional information.
Generally, it takes 2-3 minutes to complete your online payday loan application form and less than that to receive an answer. If approved, your lender will contact you very quickly. You should know that you must be at least 18 years old to apply for a Social Security payday loan, and 19 in some states. When you complete your loan request form, make sure that all your information is correct, especially your checking account number and bank routing number.
Never apply for a loan if you are not sure that you can repay it on time.
What are Social Security payday loans?
These are short term, small loans (often $500 or less) that are provided to those on Social Security or Disability Benefits. Payday loans for social security recipients are becoming more common as the number of retirees grows every day.
Related Article: How to Get Social Security Disability Payday Loans
Types of SSI benefits that can be used for requesting payday loans
Both regular Social Security Payments and Disability Payments may qualify for payday loans.
How do Social Security payday loans work?
The process for applying for Social Security payday loans is no different from that of an individual who is currently employed. You complete an application form with all the relevant and accurate information. The only difference is that your Social Security Income replaces the employment income on your application.
The information that you may require to enter on your application includes:
- Valid phone number and email
- Date of birth
- Social Security number
- Bank routing number
- Driver's license or other acceptable ID
- Savings or checking account number
- Your residential address
Payday loans eligibility criteria for Social Security recipients
Getting a payday loan for SSI benefits is not any different than a standard payday loan. Payday loan lenders do not require that you have a job as long as you have another steady income source like Social Security benefits. Since there is no "employer" to verify, lenders will either ask for a copy of your Social Security award letter or a copy of a bank statement to confirm your record of the Social Security Income.
When a lender contacts you, they will explain what they may need, if anything. They will also answer any questions you may have and will go over the terms and conditions of your loan.
Things to Consider Before Applying for a Payday Loan when on Social Security
Payday loans with Social Security Income are not for everyone. When Social Security is your sole means of income, you should be extra cautious when borrowing money, especially payday loans, which have high fees. Be sure the amount you borrow is all you need and that you are comfortable to repay it from your next Social Security payment.
Social Security Payday Loan FAQs
Where can I get a payday loan when I receive Social Security?
There are lenders who have storefronts and online lenders. Most people find online direct payday lenders to be the fastest and easiest way to secure a Social Security payday loan. Here at CashOne, we have over 120+ direct lenders, so your odds of finding the right lender for your request are very good. Not all applicants are approved, but our success rate is more than 80%.
How do payday loans verify Social Security Income?
The two most common ways to verify your Social Security or Disability Income are a copy of your Social Security award letter or a copy of a bank statement to confirm your record of the Social Security Income.
What if I use my Social Security check as a means of getting a payday loan?
This is not a problem. You are actually only using the income as a way to secure the loan. You will never give your Social Security check to any lender or person. The loan funds are deposited directly into your checking account, and you repay in the same way. The repayment is often when you have received your next Social Security check.
What does it mean when my Social Security number has been put on hold by a payday loan business?
This is a rare occurrence, but it means that you have defaulted or not paid back your loan as agreed. It disqualifies you from getting another loan until you pay back the original one in full. If you cannot pay back your loan on time, contact your lender right away and find out if they can extend your loan or break it into smaller payments. Never take out more than one loan at a time, pay off the loan before considering another one.
We have helped over 500,000 people who have requested loans over more than 10 years, so you know we are a trusted resource if you need a short term cash loan.
Apply online for an affordable payday loan with CashOne today!
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