What Is A Payday Loan?
For people with low or no income, the financial assistance they are receiving from the government is often not enough, especially when it comes to covering unexpected expenses.
Payday loans are small loans that can solve short-term financial problems.
Social Security disability benefits qualify as a steady source of income, which makes Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) recipients eligible for payday loans.
There are a few factors that will affect your loan eligibility, including your age, marital status and dependencies, length of time on social security, your credit history, additional income sources, and savings.
You must be at least 18 years old to apply for a payday loan.
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How To Apply For A Payday Loan?
The process of applying for a payday loan is very similar to applying for a loan when you are employed. The only difference is that your social security income will replace the employment income on your application.
To apply, you have to fill out an online application form. You can expect the funds you need to be available on your account in less than 24 hours after submitting the form to your payday lender.
Important Things To Remember Before Getting A Payday Loan
- Make sure to read carefully the loan agreement terms and conditions before signing the loan contract.
- Payday loans are expensive. Because of high-interest rates and fees, you may quickly end up in another precarious financial situation.
- You have to repay your payday loan within 2 to 4 weeks. Not paying on time could affect your credit score.
- A payday loan doesn’t count as income and doesn’t reduce your social security benefits.
- It is important to spend the entire amount of the loan. Any funds that you don’t spend in the same month will count toward your SSI resource limit of $2,000 the next month.
- Lending your payday loan money to someone else may affect your eligibility for SSI.
Services That Offer Payday Loans
When considering what payday lender to choose, you will first need to check the legal status of this type of loan in your state. Sixteen states and the District of Columbia prohibit high-cost payday lending.
You should only borrow from national lenders with an official website that displays the Online Lenders Association (OLA) mark. This is a guarantee that the company complies with the federal law. Don’t forget to check the lender’s reviews before you make your final decision.
Some of the services that offer payday loans are Check ‘n Go, Speedy Cash, and CashNetUSA.
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