Payday Loans with Social Security Income – Borrow or Not

Having money is important in today’s world. Money gives you freedom; freedom to start a new venture, freedom to secure your child’s future, or even freedom to earn more money. There are always going to be reasons for you to want more money. A financial emergency may arise due to an accident, unpaid bills, or an unplanned holiday.

However, there are individuals who strongly oppose the idea of borrowing money and are left with no lenders when they need financial assistance. Individuals who are employed can receive loans easily, but this is not true for individuals on Social Security.

When a person on Social Security needs a small loan or a cash loan for an emergency, the Payday Loan companies are willing to assist them. Social Security is no longer a factor in extending loans to SS recipients. Here’s how you can go about obtaining a loan if you are on Social Security.

Social Security Payday Loans

Seeking a payday loan is simple. All you have to do is simply apply for a loan at the payday center. Repaying the loan is just as easy as writing a postdated check. When the check is deposited in the individual’s account, it is cashed and the loan is repaid automatically.

Crisis Loan

The main difference between a Social Security payday loan and a Crisis Loan is that crisis loan is given out by the government. As the name suggests, Crisis Loans are issued only during the time of crisis. So the only way to seek a crisis loan is to prove severe threats to you or your family’s health or their well-being. Receiving a crisis loan is a bit more difficult than obtaining a payday loan.

Applying for a Crisis Loan from Social Security

You can fill out two forms to apply for these loans. The SF400 form or the SF401 form. Both forms have been uploaded on the Social Security website. If you are not too computer savvy, you can request that the form be sent to you through the mail, or, the form can be obtained by calling 1-800-028-8822. After the application is received, an interview may be required before the loan is processed. Some applications may be refused without any further interviews. If you are in desperate need of loan for reasons that are not severe threats, it might just be a better idea to seek a payday loan.