While payday loans are known to be a means of some extra funds during though times that can be very easy to get as compared to traditional and other kinds of loan lending solutions (credit their very simple eligibility terms that are very easy for one to meet), they can be quite hard to get if one doesn’t fit into that bracket and doesn’t meet all five major criteria that majority lenders ask for, sooner or later, namely:
- Social Security Number
- Income statement/ pay stub
- Checking account details
- Contact details
- Age proof
When it comes to those who are below 18, it is impossible for them to get a payday loan. But does that necessarily mean that once one officially becomes an adult, they can easily get a payday loan? Well, we would say that that depends on a few other factors.
Indeed, people above age 18 can qualify for a payday loan, given they meet the basic other criteria. That means that apart from being a resident of the country and the state that they are borrowing a loan in, they have to meet the other terms including having a stable monthly income and a checking account at the least.
Payday Loans for Retirees
The average age Americans retire is 62 or when they stop working for good, whichever comes first. However, with the fact that people desire a more comfortable and a hassle-free life as they grow up to become veterans and senior citizens of a country, comes the harsh reality that not everybody is paid a pension.
Those who are, are fortunate and along with receiving the benefit of a life-long income, also benefit from being able to receive payday loans being retirees, because they meet the “stable income” criteria put forth by their lenders.
What If You Don’t Receive Pension?
It can be difficult for you if you do not receive any pension; that may mean that you do not have a stable source of income on a monthly basis. For your expenses, you may be relying on your savings and insurance in case of an emergency.
Payday lenders do not fund those who do not have a stable income, which means that even if you’re retired (which means that you’re way above 18 years of age) they may refuse to fund you since even if you meet their age-related criteria, you do not fulfil the income related one.
In fact, some lenders even mention that they fund those between the ages of 18-65 only.
Also, it isn’t necessary that a person who is retired but gets a pension shall certainly receive a payday loan. Whether or not he/ she does get approved shall depend on the lender.
So, Where Can You Get Some Extra Funds From?
You can approach a car title loan lender or a traditional lender. You can even ask your family or friends for help when you need extra funds but are retired. Apart from that, you can also use the benefits offered by the government for senior citizen if that applies.