How to Get a Cash Advance for Social Security Recipients

How to Get a Cash Advance for Social Security Recipients

Those who are on social security and don’t have an additional source of income may still be eligible for a cash advance loan. In any society, a significant percentage of the population lives on a minimal income. In the U.S., some of these people rely on social security to meet life’s expenses. There are times when additional funding is necessary. Although most cash advance loans are only available to individuals who are working, some lenders offer cash advance loans to social security recipients.

Usually, cash advance loans are available to people who have the ability to repay the full loan amount under a short period, which is usually on his or her next pay date. Since SSI is a verifiable regular income, you can get payday loans for social security recipients to deal with your cash emergencies.

How to Apply for a Cash Advance when You’re Under Social Security

If you are on social security and wish to get a payday loan, you should follow a couple of steps. The steps ount you need to sort out the issues that you might have.

Step 1: Show proof of income

The first step when applying for payday loans for social security recipients is showing proof of income. You have to know that payday loan lenders cannot issue any funding until they are sure you have a reliable source of income. This is because your next paycheck serves as security for the loan amount that you will receive. In most cases, the lenders require your income to be remitted through a direct deposit for you to be eligible for a cash advance.

If you are on Social Security, you can show the 1099 form as proof of income for the previous year. The form is issued by the SSA. When you receive your benefits through a direct deposit, you will get a notice when your benefits increase. Such benefits mainly increase due to the annual cost-of-living adjustment (COLA). COLA can also serve as proof of your social security income.

You can also request a budget letter or Proof of Income Letter from the SSA to serve as proof of income. Unlike 1099 and COLA forms that lenders consider as proof of income only for loan applications submitted earlier in the year, budget letters can be obtained at any time of the year. You can make your request for the Proof of Income Letters from the Social Security Administration website. After making your request, however, you might have to wait for up to 10 days to receive the letter. If you would like to get your letter earlier, you should contact the SSA directly.

Step 2: Collect your documentation

Besides the proof of income, payday lenders will also want to see other documents. They use these documents to determine if you qualify for a cash advance. Keep in mind that the application process is no different from that of an individual who is working. The only difference is that your SSI income replaces the employment income on your application. The documentation that you are required to present may include (but is not limited to):

  • Proof of identity
  • Date of birth
  • Social Security number
  • Bank routing number
  • Driver’s license
  • Savings or checking account number
  • Your residential address
  • The loan amount requested
  • The length of repayment

Step 3: Apply for the loan

There are various ways to request a cash advance when you are on Social Security income. You can make your application online, through your mobile phone, or on your landline. The application process is fast and simple, especially when you do it online. However, you must keep payday loans for bad credit in Chattanooga in mind that when you apply via online application or on the phone, you might need to send in your documents via fax. When you decide to visit the lender’s physical office, you will need to carry your documents with you.

Laisser un commentaire