Can I Get a Payday Loan with Disability Income?
Payday loans are very flexible and easy to qualify for as long as you can prove you have a steady source of income. The question remains - do disability or Social Security payments count as a source of income?
Some lenders consider disability payments and Social Security payments a source of income. That said, it is ultimately the decision of the specific lender. As a part of our free matching service, we work with a wide variety of lenders to give you the best chance of qualifying for a payday loan. As you can see, you have a great advantage when applying for a short-term loan through us. Our competitors may only be working with one or two lenders with stringent lending guidelines.
Common Types of Disability Income
The Social Security department outlines two of the most common types of benefits for people with disabilities.
First, Social Security Disability Insurance will pay benefits to disabled individuals, those on long term disability and certain family members if the recipient(s) are insured under the program. To qualify, the disabled recipient must have worked a certain period of time and paid Social Security taxes throughout that period.
The second common type of disability payment is known as Supplemental Security Income. This benefit is paid out on a financial need basis. It is meant to provide assistance to aged, blind, and disabled individuals with limited income.
Steps to Take
When applying for a payday loan, be sure to specify your disability or Social Security payments as income. You may be required to include proof of income by faxing your award letter to the lender you are dealing with. This requirement varies from state to state. If approved for a payday loan, it is recommended that you pay off the loan in a timely manner. Most borrowers strive to pay off loans by the next payday, or when a disability check is received.
Consider other types of supplemental income that can be included on your application. Even if you work part-time or seasonally, reporting this income will make it easier to get qualified for a loan.
In short, it can sometimes be challenging to get a payday loan on disability, but it is certainly not impossible. Whether you are on long term disability or are receiving supplemental income, we encourage you to begin the application process on this page. We work hard with some of the best lenders in the country to get you the cash you need in a hurry.
