Can You Get a Payday Loan on Social Security?

Anelle Valdes
Anelle Valdes
a wooden security lock sits on top of coins to represent a secured loan

The short answer is yes, you can get a few different loans while receiving financial assistance from the government that falls under its social security policy. Payday loans, personal loans and a variety of installment loans can be approved for you even if social security payments are your main or only source of regular income.

To help you get the most out of your loans while applying with your social security policy, we’ve compiled a few tips that cover how you can apply with social security, build credit for even better loans in the future and find lenders who will work with your situation.

How Social Security and Loans Work Together

Payday loans can get you out of a tight fix when your money is stretched thin and an emergency suddenly happens. Flexible installment loans can act much the same way when your social security support isn’t quite enough to address various medical expenses, emergency repairs and other unexpected situations.

It’s no wonder the lending situation around social security can often be complicated: those who have been recently injured or who are unable to work often don’t have more income to draw from when unexpected financial problems or emergency expenses arise. Despite this, you can still find lenders who are willing to offer payday loans for SSI recipients.

This is because social security payments can still qualify you for a loan. One of the most stringent requirements for payday and installment loans is a reliable flow of monthly income. Because social security is a valid income source, you can still quality for a loan, even when looking for bad credit installment loans.

What Do SSI Recipients Need to Request before Applying for a Payday Loan?

If you’re considering a social security payday loan and you’re wondering whether Wise Loan can help you, contact us today to determine what you will need to apply for a loan. You can apply today to find out about what rates and loans are available for your situation. Even if we can’t suit your needs, we can work with our network of reliable lenders who may be able to offer assistance. 

Building Credit with Payday Loans

When most people think about loans that build credit, they think about mortgages and car loans. While these long-term loans can and will improve your credit score with regular, timely payments, they’re not the only way you can go about improving your credit. Whether you’re in the market for a small online installment loan or a bad credit installment loan, it’s still possible to find a direct lender who can help you make a long-term investment in your credit.

While most payday and personal loan lenders won’t report your timely payments to the credit bureaus until you have a deficit in your payments, you can still find other lenders who will. At Wise Loan, we believe that great customers should have great benefits, which includes building up your credit so your next APR on a loan is even lower!

As you take control of your payments with installment loans, you can grow your credit. Besides being great in a pinch, online installment loans can help you avoid bad decisions that often come with financial emergencies. Consolidate debt, avoid late fees that hurt your credit and get the care you need with a reliable lender.

Wise Loan will Work with You

It is possible to apply for payday loans with social security income. We’re happy to work with you if you’re receiving government assistance through social security payments. You can apply for a loan today or get in touch with us to find out what we can do for your specific situation.

Besides providing great customer service and a low, short-term Annual Percentage Rate (APR) for bad credit installment loans, we believe in empowering our clients. Enjoy cash incentives for timely payments and watch your credit build as you work with us!

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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