Cash Advance Loans for Social Security Recipients: What You Need to Know

Cash advance loans are usually available to people who have the ability to repay their loan in one month or less, that is, before their next pay date. 
Social security income is a verifiable form of income that is received on a continual basis. You may be able to get a payday loan if you are a social security recipient and are experiencing a cash shortage with immediate expenses to be paid.

What Are Cash Advance Loans?

Cash advance loans are another term for a payday loan or short-term loan. They are fee-based loans with an average fee of approximately $10-20 per $100 borrowed. Fees are regulated on the state level, so your fees will vary based on where you live. Check your state website to see the regulations that apply to you.

Applying for a Cash Advance Loan

While applying for a cash advance loan, you will have to fill an online loan request form via a smartphone or other device and hit the submit button. Accuracy is important so make sure to check all the information you enter before submitting your form.

How to Apply for a Cash Advance as a Social Security Recipient

Show Proof of Your Social Security Income

If you are on Social Security, you can provide your proof of income by providing the 1099 form that is issued each year by the Social Security Administration and mailed to you. 

Provide All Other Relevant Information

You will need to complete a short, secure, and easy-to-fill loan request form. You will also have to provide an identity proof (usually driver’s license info), your date of birth, your Social Security Number, bank account information, the address where you live, and a few other pieces of information.

This process usually takes 2-5 minutes and can be completed from your smartphone or another device.

Tips to Get a Cash Advance While on Social Security

Here are a few tips to consider whenever you wish to get a cash advance loan while on social security. 

• Getting a cash advance if you are a Social Security recipient requires the lender to evaluate your unique situation. You could be asked for personal references such as family or friends. Make sure to have this prepared before you request your loan. Also, have all other financial information at hand in case questions are raised about your expenses.
• Before you submit a loan request, make sure to be fully convinced that it is worth it. You do not want to put yourself in a situation that will make things worse. Payday loans come with fees, and there can be penalties and additional fees if you miss a payment. This could cause the loan to be very expensive and difficult to repay. Never take out this type of loan if you cannot repay it on the due date. 
• The amount of  Social Security checks you receive each month will help determine the loan you will be eligible for. Do not expect to be approved for a loan if your request is large and represents a major portion of your income.

Do You Need to Get a Credit Check?

Obtaining a loan from traditional lenders like banks or savings and loans will require a credit check. However, for cash advance loans, there are no hard credit checks. These lenders offer loans to people with poor credit and are more concerned with your monthly income as it indicates your ability to repay the loan. Direct lenders often do soft checks, but these are not reported to the credit bureaus and do not impact your credit scores.  

Do You Need a Job Verification?

If you are still working, even at a part-time job, be sure to include this information on your loan request. It will likely increase your chances of approval. Also, omitting this information may be seen as a red flag by lenders for not completing your loan request honestly. Misinformation or leaving information out of your loan form will act as an automatic disqualifier.

CashinaMoment provides legitimate payday loans 24/7 and 365 days a year through its referral to more than 100 direct lenders. When you need urgent cash, consider requesting a cash advance or online loan.