Can I Take out a Loan if I am on Disability Benefits?
Yes, you can certainly take out a loan if you are on disability benefits. But in this case, you should have a stable income that you can prove. Otherwise, it will be difficult for you to qualify for the loan.
Loans for People on Disability Denefits
Several factors will influence the amount of loan you get. It will also depend on how much income you have per month and your payments and debts. In all cases, though, our online calculator will be able to determine how much money you can save thanks to the loan you take out. You will also see what your monthly payments will be once you apply for the loan online.
Applying for a Short-Term Loan
For a short-term loan, you can apply online. Online, it takes about 20 minutes to complete the application process. This only takes a few minutes if you are currently employed and in good health. You’ll need proof of income for your current employment and proof of identification.
How Do Payday Loans for People with Disability work?
Once you apply for the loan online, you get approval in minutes. Then, you can choose how you want to submit your first payment. Usually, borrowers can choose between five ways to make their first payment:
- Direct debit from their Bank Account
- Transfer via Western Union or PlayPays
- Quick Cash Card
- MoneyPak or MoneyGram
You must make your first payment within 24 hours of receiving your funds in your account.
Why Consider Payday Loans for People with Disabilities?
Once you make the payment of $300 or more, or loan is yours for a full 12 months. This means that you will only need to make payments equal to the interest rate without additional fees or other charges.
You’ll have money in your hand in under an hour, and you can pay it back when you get your upcoming disability check. The money will come out of your account automatically. That usually feels safe.
Payday Loans for People with Disability Process
You will begin the application process online. First, you must provide some personal information, such as your name and phone number. Next, you must provide us with your bank account and routing numbers to deposit the funds we approve.
Payday Loans for People with Disability Rates and Terms
There are no fees for applying. You will be charged a $45 loan fee if you take out this loan. If you pay off the loan before its due date, you won’t have to pay that fee.
If you can make the payments as agreed to on your loan, your loans’ length and particular repayment are more than affordable. You must only make monthly payments equal to the amount of interest charged on loan. And, if you can make those payments on time every month, you will not ever have to pay any additional fees.
Risks of Payday Loans for People with Disability
Unfortunately, that is a common misconception. Payday loans can be hazardous. You may end up paying more for your loan than you borrowed if you don’t pay off the loan on time. The interest rates and fees on payday loans are very high. If you don’t pay the loan off by its due date, your lender will take their money back by automatically withdrawing money from your account between 26–31 days later. That can hurt your finances if you have an unexpected bill to pay.
Benefits of Payday Loans for People with Disability
First, you won’t need to worry about any credit checks. Even if you have bankruptcy or other negative marks on your credit history, you will be able to get approved for a loan. And because these loans are due quickly, the lender doesn’t usually study your credit history too deeply. Second, payday loans are straightforward to qualify for. To be approved, you must have a checking account in good standing and be employed at least part-time. You don’t want to pay off essential bills or unexpected expenses if you qualify for a payday loan.
How to Apply for Payday Loans for People with Disability?
There are places where you can get information on such loans. The internet is probably the best place to look for them. If you talk to those who have used these companies, you might get recommendations that will help you understand more how they work.