Many people on social assistance need a cash advance but think they cannot qualify for one. They hear the term “payday loans” and believe that they cannot get a temporary, short-term loan with a regular paycheck. The truth is that many lenders are willing to work with individuals who are on social assistance programs, such as unemployment, welfare, rehabilitation, disability payments, or Social Security.
The Tricks to Getting a Cash Advance on Social Assistance
People who are on social assistance and need a cash advance can get one, but they do need to jump through a few more hoops. If you fall under this situation and need a cash advance payday loan to help pay bills or settle emergency expenses, follow the tips below:
1. Find a lender that does not discriminate against people who do not have regular 9-5 jobs. If you know anyone who is self-employed or paid on commission, check where they get their fast cash loans. Otherwise, Advance Loan Online publishes a list of lending institutions that want your business and are willing to work with you in order to get it.
2. Gather some basic information. To apply for a cash advance online, you will need to know at least the following information:
- Full legal name
- Date of birth
- Social Security Number
- Email address for notification
- Amount of money received each month
- Bank routing number and account number for direct deposit (Checking accounts are typically preferred, but some loan service companies are also willing to deposit your funds into a savings account.)
- Amount of loan needed
Note that a cash advance payday loan does not generally involve a background check. The lender will review your ability to repay the debt and will likely check lending records to see if you have defaulted on a cash advance before. If this is your first cash advance, then you do not need to worry about bad credit haunting you or not enough credit limiting your opportunities for approval. If you have taken out a cash advance loan before, you just need to make sure that you have paid it back, whether it was with this lender or another company.
Online cash advance lenders are limited by the states they serve. Your state may let you borrow up to $1500, or it may be one of the states that has passed laws to restrict payday lending. Click on the link to find your cash advance limits.
3. Submit the simple online application. You will receive a confirmation in your email, so be sure that the email address you entered on the loan application is valid. Some lenders will approve your short-term loan request immediately, while others will take up to a day to review your application details. Once approved, you can have extra money in your bank account within two business days or less.
Social Assistance Cash Advance Eligibility
Anyone who is on social assistance and needs a cash advance is usually looking for emergency money. In order for the cash advance application to be approved, the applicant’s monthly income must be at least $800. Some lenders may require a higher or lower amount.
This income requirement is based on the gross figure, which is the amount before taxes. If you have taxes taken out of your unemployment check, welfare deposits, disability funds, or Social Security checks, you may earn more income than you think for the purpose of a cash advance. Try to find the original social assistance amount before taxes, and put that number on your application.
Payday Loans for Individuals Receiving Social Assistance
A simple payday loan cash advance can be a Godsend for anyone in financial trouble. Keep in mind, however, that these loans are only meant to be short-term help, not a long-term solution. Cash advances typically carry high APRs and charge borrowers more in fees than they would pay with an equivalent credit card transaction. Still, cash advance loans can be a quick way to pay for car repairs, get the kids to school with the supplies they need, keep the lights on for another few weeks, or satisfy collection agencies and medical bills.
If you are on social assistance and need a cash advance, start comparing lenders today.