What Are Social Security Disability Loans?
Suppose you have any disability due to which you cannot work or earn for yourself. In that case, you might get attracted towards getting a personal loan while waiting for the disability decision from social security. You must think wisely before getting into another debt without an assurance of the social security's approval for your disability.
While on disability, it is generally not a good idea to apply for the typical personal loan, as they have more than 100% APR (annual percentage rates), apart from documentation and origination fee. Payday loans are even higher, with an APR of around 400-500%, trapping you in a never-ending cycle of debt.
Under the SSI disability program, social security offers emergency loans of 30 days' benefits to people who qualify. In order to qualify, individuals must be facing extreme hardships, such as difficulty finding shelter, food, etc. Social security presumptive disability checks should be used to repay the emergency disability loans.
How to Apply for A Social Security Disability Loan?
The first step for applying for a social security disability loan is knowing whether the applicant is eligible for the loan according to the criteria and qualifications of the disability defined strictly by the SSA. After that, the applicant has to fill in the paperwork before the deadline and submit the application via phone, in person, or even online. It may take a certain period of time to know the result.
Some people find it difficult and complicated to get social security disability loans. Do not worry. Here is another option – disability payday loans. US Installment Loans works professionally with a wide network of lenders to increase your chances of getting this loan. Keep reading to learn how to apply online.
What Can You Do to Build Credit While on Disability?
When you are disabled, building credit is no different from when you are not. Building your credit on disability can be done in several ways.
Pay your bills timely
The credit score you receive will be affected by the payment history of your account, which will increase your chances of getting approved for a loan. As a result, make sure you pay all your bills on time and approach lenders who can send payments to bureaus on your behalf.
Pay debts whenever possible
Paying your debts whenever you can is a great way to keep your credit score positive. It will help you in qualifying for future loans, as you would have a record of clearing your debts on time.
Do not max out credit cards
The more frequently you use your credit card, the more likely it is that your credit score will be negatively affected. When you have a credit limit of $1000 and you are using $500-600 out of it, this indicates that you have a high credit utilization of 50-60%. As we suggest, keeping your credit utilization rate at a maximum of 30% is one of the best ways to avoid getting a bad credit score.
How to Get Disability Payday Loans Online?
If you are unable to move about or suffer from pain and aches, your earning potential can be significantly reduced, leaving you with no steady income.
It is therefore evident that you wish to relieve the strain on you caused by daily life expenses, medical expenses, and utility bills. In this case, you can directly visit US Installment Loans to learn how you can apply for a disability payday loan in the comfort of your own home.
Here is how you can get disability payday loans online:
- In order to get a disability payday loan online, you need to find a lender who can accommodate your needs. For example, you need to choose the type of disability you have.
- If you get the approval, it will not take much time for the funds to be disbursed into your account. In some cases, the outlets lack the fund to transfer it to you instantly, so the money may not be put into your account immediately.
- To increase your chances of getting approved for your disability payday loans, consider different lenders and loan options.
- Depending on your credit history, earnings, experience, and employment, lenders will make a final determination on whether or not to offer you a loan.
How Much Do You Want?
Benefits of Using Payday Loans for People on Disability
If you have become disabled as a result of a mishap or an accident recently, it is evident that you will require financial assistance as soon as possible. People with poor credit scores and payment histories are rarely helped by conventional financial institutions.
Here is where payday loans for disabilities come to the rescue. The payday loans for people on disability come as a life saver with an array of benefits.
- Non-strict approval requirements
- Quick loan transfers
- Negotiable loan payments in some situations
- Covering most expenses due to accidents, emergencies, weather damage, etc
Even if you have a poor credit score or debt repayment history, a professional lender can negotiate a loan slightly higher than the standard payday disability loan amount. If you provide all the necessary documents to your lender, including invoices, disability proof, and other essential papers, you can get payday loans up to $5,000.
Besides, payday loans also come with a flexible repayment plan, according to the effect the disability has on your daily life.
Frequently Asked Questions
1. Can I get a payday loan while on disability?
If you qualify, getting a payday loan while on disability is possible. General requirements for the loan application include a good credit score and the amount of existing debt. It may not take longer than three business days for the loans to get approved once you are qualified.
2. Do disability benefits count as income for a loan?
In the majority of cases, yes, it does. If you have been getting disability benefits for a long time, with permanent disability insurance, it will count as a steady income to qualify for the disability payday loan.
3. What is direct express emergency cash?
The direct express emergency cash lets users access up to $1000. This money can be directly transferred to a Direct Express credit card if you do not have a credit card for your bank account. This service lets the users conveniently open accounts without a credit card.
Now that you have learned the benefits and rules of applying for a payday disability loan, it is still essential to look into every aspect of the loan requirements and other features before making the final decision. Payday loans can instantly lift up the stress and tension bound to people with disabilities, affecting their daily lives and earning potential. Therefore, if you are capable of using your money wisely, a payday loan can prove to be a significant help in reducing your financial burden and rebuilding your life.