The government offers social security disability checks to individuals suffering from a chronic disorder or long-term illness; it makes it easier for them to concentrate on their health rather than worrying about a source of income. Also, many such individuals may physically be unable to work, another reason why the government provides these funds to them.
However, one must note that the amount received through these funds is minimal, with the average amount ranging from $800-$1800. A social security disability check can only help one cater to basic necessities of the month. Of course, there are added benefits with rates of various essential items being subsidized for these individuals, but these funds without a doubt aren’t enough an amount to fund an emergency in case one does arise. That’s when individuals who rely on social security disability checks, consider applying for short-term loans.
Can I Get a Payday Loan with a SSDI?
Indeed, you can. If your earning of the month is through a social security disability check, and you’re able to prove the same, majority payday loan lenders shall agree to fund you. You see, a social security disability check is equivalent to your monthly source of income, and also comes on a fixed date just like a salary does. Now, direct lenders require one to have a stable source of income after which they accept loan requests and fund borrowers. Since a social security disability check is considered to be as good; as a regular source of income, majority direct lenders shall agree to provide funds to those who have SSDIs as their source of income.
What’s better? Many lenders offer both online payday as well as installment loans to make life easier for their borrowers. If you apply for a loan with such a lender, you can make repayment easier in your pocket. Installment loans from direct lenders are funds one must repay in parts over time. Unlike, the case of a typical payday loan that is meant to be repaid in lump-sum on the borrower’s next pay date.
These installment loans aren’t exactly the same as the ones offered by traditional loan lenders. For instance, online direct loan lenders offer installment loans at a higher price as compared to those offered by banks. However, they are transferred quickly unlike the latter and come with similar benefits as payday loans do, only better.
Can I Get a Payday Loan with a SSDI If I Have Bad Credit?
If you have bad credit but have a social security disability check as your source of income, getting funded by a direct loan lender shall not be too difficult.
Direct loan lenders do not solely rely on one’s credit status in order to fund them; instead, they depend on their source of income which ideally, should be stable on a monthly basis.
That way, direct loan lenders give a chance to their borrowers to improve their credit rating, by giving them an opportunity to repay them on the due date and help their credit rating increase.
Even if a borrower has a credit rating 300, several direct loan lenders shall be willing to fund them.
So, if you have bad credit but have a stable source of income through your SSDI, you can easily get a loan from your direct loan lender as long as you’re able to prove the same.
What Can I Use My Loan for?
You can use a payday loan for several reasons like:
- For an unexpected medical emergency
- Paying off extra bills
- Repairing a vehicle
- Visiting your family on a vacation
- To celebrate an occasion
- To re-do your house
What Do I Need to Get a Payday Loan?
Here is a generic list of documents direct loan lenders ask for to accept payday loan requests:
- Social Security Number
- Income statement/ Social Security Disability Check proof
- Checking account details
- Verifiable contact details
- Age proof (stating that you’re 18 years old or more)