Having a long-term disability is undoubtedly a very unfortunate situation. From having difficulties when it comes to completing household work to being unable to work to earn their daily bread and butter on a regular basis, such a situation can cause a lot of trouble to those who have to go through it. That’s why, the government has chosen to offer Social Security Disability Checks to those who really need money but may be unable to earn it themselves due to suffering from a long-term disease.
Social security disability checks are grants offered by the government to individuals suffering from a chronic disorder or a long-term illness, to make it easier for them to concentrate on their health over having to worry about where to earn money from. Also, many such individuals may physically be unable to work which is 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? There are many lenders who offer both online payday as well as installment loans to make life easier for their borrowers. If you choose to apply for a loan with such a lender, you may be able to make things easier on your pocket when it comes to repayment. Installment loans from direct lenders are funds that one is required to repay in parts over time, unlike 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, the installment loans offered by online direct loan lenders come at a higher price than those that are 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 of 300, there are a number of direct loan lenders who 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 Payday Loan for?
Your payday loan can be used for a number of reasons including:
- For an unexpected medical emergency
- To pay off extra bills
- To get a vehicle repaired
- To visit 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 the generic list of documents asked by most direct loan lenders in order to accept payday loan requests:
- Social Security Number
- Income statement/ Social Security Disability Check proof
- Checking account details
- Verifiable contact details
- Ag e proof (stating that you’re 18 years old or more)