For much of America’s aging population, their financial lifeline comes from a single source: Social Security. It provides a check each month that many people simply could not afford to live without. But as useful as that check is, it often still isn’t enough to handle things like emergencies or unexpected expenses. Luckily, there’s another financial tool for those kinds of situations: payday loans.
If you’re a social security recipient you may be side-eyeing the above paragraph: after all, aren’t payday loans only for people who bring home an actual paycheck? And while it might seem that way, it’s actually entirely possible to be eligible for a payday loan while your sole form of income is Social Security.
Because it’s a recurring monthly form of income, most payday loan companies will accept Social Security as a way of securing a payday loan. You should always check what the requirements for a payday loan are for the company you’re going to be getting it from as they can vary from company to company, but for the most, you should be in the clear if you have your Social Security awarded. In general, to avoid having to make an extra trip, you should check to make sure you have all the required documents anyway, so just add this as an extra item to that list.
According to Pew Research, generally, “The first time people took out a payday loan: 69% used it to cover a recurring expense, such as utilities, credit card bills, rent or mortgage payments, or food; 16 percent dealt with an unexpected expense, such as a car repair or emergency medical expense.”
We’ve written before about the advantages of short-term lending, but it’s worth reiterating how strategically utilizing short-term loans can lead to long-term financial health. A small push here or pull there can significantly improve your situation: for example, instead of leaving a health issue to fester and worsen, you can nip it in the bud and save yourself thousands of dollar in medical bills in the future.