Why Do Payday Lenders Ask for Your Social Security Number?
When you submit an online payday loan application, your information goes through a verification process. In almost all cases, your credit is not checked; that is, there is no ‘hard’ credit check that would affect your personal credit report. But the lenders need to confirm that you have a steady income or if you are living on the benefits from the Social Security program. In both cases, you will be required to provide your Social Security number.
What is a Social Security Number?
A Social Security number (SSN) is a nine-digit number issued by the U.S. government to all U.S. citizens and U.S. residents who are eligible to apply for one. The government, as well as other financial institutions and insurance providers, use this number to keep track of your lifetime earnings and the number of years you have been employed or worked. Your Social Security number is also used to determine your disability income and retirement benefits (when needed).
However, if you don’t have a Social Security number, financial institutions won’t be able to run a credit check on you, which will make it difficult for you (if not impossible) to get a credit card or loan.
Why is Your Social Security Number Needed When Applying for a Payday Loan?
All lenders need a way to determine if you are creditworthy. They do so by running your social security number through an independent service that provides verified history of your credit. If you do not provide your SS number, they cannot approve your loan request. Lenders identify you through your social security number.
The independent service companies provide lenders credit history for payday loans for people on SSI, including information regarding any previous payday loans you have had or currently have. They also provide any information about defaults on payday loans in the past. All of this information is important to the lender in evaluating your loan request.
Where to Get Payday Loans on Social Security?
You should get payday loans for people on social security with CashOne because we have high approval rates for loan requests even with bad credit scores or low incomes. Our loan application process is encrypted and secure. Our lenders offer fast transactions, and you get holiday payday loans in as little as one business day with no fees from us.
However, be sure to assess your financial status before making any loan decision. Short term loans of any kind can be either beneficial or a bad decision that may result in more significant credit problems. If you make an informed decision, you will reduce your risk and will likely have a better experience. There are payday loans for people on social security.
Need a payday loan from a lender that accepts social security recipients?
Just fill out our short online payday loan request form, and we will refer your request to more than 120 licensed lenders. It’s easy, fast, and secure with CashOne!
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