Payday Loans for People On Social Security

Apply for a Payday Loan with an SSI debit card if you have no other proof of income. Get the emergency cash from a direct lender same day.

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Payday Loans for People On Social Security

Author: 
Harriet Thompson
Payday Loans for People On Social Security

The idea is that almost all SSDI recipients are permanently and totally disabled and they just live off their SSDI payments. The payments are intentionally low because abled people don’t understand how being disabled works. There are multiple ways a person on SSDI might get extra money.

Read more about online Payday loans, that are legal and do not violate the spirit of the law.

Payday Loans for SSI recipients

Payday loans are becoming increasingly popular among people on social benefits since more and more lenders on the market differ in their eligibility requirements and application processes.  If you receive social security payments it is quite easy to get a loan, since your check is bound to arrive each month.

Any responsible lender will always do their part and try to find out whether you are in a good financial state to afford the loan. But only you decide how to spend your money, as the loan may be used for any purpose.

How to get an SSI loan?

Some people suppose that it is doubtful one would qualify for a loan being on SSI. But with some research, it is possible to get a payday loan with an SSI debit card. The only issue is the size of a loan a lender will offer and the interest rate attached to it. You only will know the amount after you submit all the paperwork. A copy of your bank statement and your Social Security award letter are necessary documents for both in-store or online applications.

What to watch out for with SSI cash advance

An essential note is that such cash advances may influence the benefits you receive from the government. If you are an SSI beneficiary, you might have to spend the entire loan amount before the month ends. Otherwise, you have to include the borrowed cash in your monthly report to the SSI provider. So it is recommended to take no more but only the amount you need for a particular expense. Acting this way you may be sure that your benefits will remain unchanged.

Depending on the lender, there are special rules that decide whether a loan will be treated as income or assets. Please note, that you should contact the SSA directly if you have questions about how a cash loan might affect your benefits.

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APR Disclosure. Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, APRs for installment loans range from 6.63% to 225%, and APRs for personal loans range from 4.99% to 450% and vary by lender. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.

Here's a quick example:

You borrow $1,000 with an APR of 3% over 3 years (assuming an annual APR calculation).
Year 1 interest: 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030
Year 2 interest: 1,030 x 0.03 = 30.9 and 30.9 + 1,030 = 1061
Year 3 interest: 1,061 x 0.03 = 31.83 and 31.83 + 1,061 = 1,092.83 In total, you'll pay back $1,092.83 at the end of the finance period.

For peace of mind, and to ensure you know what you're going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

Material Disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. We are an advertising referral service to qualified participating lenders that may be able to provide amounts between $100 and $1,000 for cash advance loans, up to $5,000 for installment loans, and up to $35,000 for personal loans. Not all lenders can provide these amounts and there is no guarantee that you will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This is not a solicitation for a particular loan and is not an offer to lend. We do not endorse or charge you for any service or product. Any compensation received is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan, including APR. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, their current rates and charges, renewal, payments and the implications for non-payment or skipped payments. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, register for credit or any loan product, or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Some faxing may be required. Be sure to review our FAQs for additional information on issues such as credit and late payment implications. These disclosures are provided to you for information purposes only and should not be considered legal advice. Use of this service is subject to this site’s Terms of Use and Privacy Policy.

Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.

Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.

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