Getting a payday loan is a relatively simple process, but it can be difficult to secure one if you are receiving government benefits.
Whether you receive public housing assistance, Social Security payments, or other funds from the government, most lenders will not consider these sources as viable income.
However, there are still ways to get a payday loan if you rely on government benefits for your income. One option is to ask someone else with stable employment for help.
For example, you could ask a family member or friend with a steady job for help in securing the loan and repaying it over time.
1. Unemployment payday loans
Applying for a quick loan with unemployment benefits is relatively easy. Once approved, you can have your loan in your bank account on the same day.
The application process is typically less than 15 minutes. You will be required to provide your last 3 tax returns, verification of your assets, and a credit check.
If you have a poor credit history, you may have a harder time getting approved. Fortunately, there are plenty of lenders who specialize in providing loans for those with bad credit.
These lenders can offer guaranteed instant loans. You may be able to pay back a smaller loan amount if you repay it within a few months.
Applying for a payday loan on unemployment benefits may require a few steps. You should first determine whether you qualify for government aid. The rules for eligibility vary from state to state.
If you are unemployed or have been laid off for a few months, you will almost certainly be eligible. Using your government benefits as collateral helps you increase your chances of getting approved.
2. Social security disability payday loans
Social security disability payday loans can provide you with short-term cash assistance if you’re disabled and unable to work. These loans are available from a variety of different lenders and credit unions.
The good news is that you don’t have to have a perfect credit history to qualify for a disability loan. Moreover, you don’t have to worry about paying back the loan until you receive your benefits.
The bad news is that you might have to pay a high-interest rate if you have bad credit.
Getting social security disability payday loans can be challenging, but it is possible. It’s important to find a reputable and trusted lender. If you’re living on social security and need money right away, you can apply online for a loan.
Before applying for a social security disability payday loan, however, you should understand what you’re getting into.
3. Child tax benefit payday loans
Child tax benefit payday loans can be used to meet unexpected expenses. You can use the money to cover small unplanned medical aid, purchase groceries, pay utility bills, and other urgent expenses.
However, you should avoid overusing the loan. Overusing the credit line can lead to the rolling over of the loan. You can also take out a loan for a longer term when you are short of funds.
You can use the child tax benefit to get a cash advance, a payday loan, or an installment loan. These loans are easier to obtain, but they tend to be expensive and should only be considered a last resort.
Consider other options such as nonprofit organizations or local charities that offer free financial help to low-income families. These organizations often provide food, utilities, and rent assistance.
You can also contact bill providers and ask for longer payment plans or due date extensions.
Child tax benefit payday loans can be easy to qualify for. All you need to do is complete an online application form with basic information about yourself and your child.
The application process can be completed within minutes, and you can receive your money the same day. You can even apply on weekends if you have a need for short-term funds.
