Can Social Security Recipients get a Cash Advance Loan?
Did you know there are millions of people on social security that do not have any other sources of income? Did you know many of them may still be eligible for a cash advance?
Many people live on a fixed income with little additional income coming in. But there are times when additional money is needed – a cash advance. Although most cash advance payday loans are only available to people who are working, some lenders do offer cash advance loans to social security recipients.
How can Social Security Recipients get a Cash Advance?
The process is actually the same as for working individuals. Read on about some of the specific actions you would need to take.
How Social Security Recipients can apply for a Cash Advance
1. Provide proof of your income
The first criteria for all cash advance loans is showing you have income. The income could be from many sources: traditional job income, social security, annuities, disability, and so on. For Social Security you can provide your 1099 form as proof of income for the previous year. The form is issued by the SSA.
2. Gather the required information
There is always some basic information you need to provide. It is much less than a bank would ask for, but you will need to provide proof of ID, your SSN, and checking account info. Most of the other information requested you will know e.g., your address, phone, and so on.
3. Request your loan
Now, you should plan to take 2-5 minutes to fill in a short, secure cash advance loan form. Most people do this from their smartphones, but a pad or PC will also work well.
Tips regarding a Cash Advance while on Social Security
It is important you know that a cash advance loan is an obligation. As a result, providing accurate information is critical to your loan request. Cash Advance loans are not for everyone, and you must be sure you can repay your loan from your next check before you consider getting one. You should also know that if your total income is less than $1,000 a month you will likely have your request declined.
Are there any hard credit checks?
No there are not any hard credit checks. Cash advance lenders focus on your income and do soft checks that do not affect your credit scores.
What about work verification?
If you are working and provide that information on your loan request form, you may have your employer contacted to verify you are working there even if it is part-time.
When you need a cash advance now, FaaastCash can help.