Writer: Eric Bank
Editor: Jon McDonald
Reviewer: Ashley Fricker
Key Takeaways
Our experts reviewed income requirements, funding speed, and repayment options to identify borrowing choices for Social Security recipients:
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MoneyMutual: Best for exploring short-term loan options through one simple online request.
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Upstart: Best for personal installment loans that consider documented Social Security benefits as income.
Millions of people receive Social Security benefits or Supplemental Security Income, but an unexpected bill can still stretch a monthly budget. Some lenders consider these benefits as income, giving recipients a way to seek cash even without employment income.
Below, we review loan network and lending platforms that can help you explore short-term and personal installment loans, including options for bad credit. Some offer funding as soon as the next business day after approval.
Cash Advance Loans That Accept Social Security Benefits
These loan networks and lending platforms offer ways to seek cash for unexpected expenses. Options including short-term loans and personal installment loans, and participating lender may consider Social Security benefits as income.
You can explore potential offers online, with some providers offering funding as soon as the next business day after approval. Review the total cost and repayment schedule to find an option that fits your benefits budget.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual connects borrowers with lenders that may accept Social Security benefits as income. Its short online request offers a convenient way to explore cash for an unexpected expense, including options for applicants with bad credit.
You generally need at least $800 in monthly income to submit a qualifying request, along with meeting other requirements. If a participating lender approves your loan, funds may arrive in as few as 24 hours. Review the repayment schedule to make sure it fits your monthly benefits budget.
2. Upstart
- Personal loans starting at $1,000
- Find loans you prequalify for, complete your application, and close your loan
- Loans for 300+ FICO Scores
- Checking rates doesn’t impact your credit score
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $75,000 | 6.3% – 35.99% | 3 or 5 Years | See representative example |
Upstart lets Social Security recipients explore personal loans using documented benefits as income. Its application considers income and other factors alongside credit history, and checking your rate won’t affect your credit score.
A personal loan through Upstart can provide cash for an unexpected bill, with fixed monthly installments that help you plan around your benefits income. Funds may be sent as soon as the next business day after you accept an approved offer, subject to verification and timing requirements.
3. Avant
- Personal loans of $2,000 to $35,000
- Compare rates in 3 minutes without affecting your credit
- 550 minimum credit score required
- One form taps into 22 lenders at once
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $35,000 | 9.99% – 35.99% | 24 to 60 Months | See representative example |
Avant offers personal loans that can help cover a medical bill, repair, or other unexpected expense. Applicants receiving benefits can provide that income for verification, and you can check you loan options online without affecting your credit score.
Fixed interest rates and predictable monthly payments can make repayments easier to plan around a regular Social Security deposit. Approved funds may arrive as soon as the next business day, depending on approval timing. Review any administration fee, which is deducted from your loan proceeds, when deciding how much cash you need.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
You can qualify for a loan from SmartAdvances.com as long as your benefits earnings exceed $1,000 per month. Its website says that some of its lenders accept requests from benefit earners, including Social Security recipients.
You’ll also need a driver’s license or state-issued ID to verify your identity prior to loan approval.
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
PersonalLoans.com requires you to collect at least $2,000 a month in earnings or benefits to prequalify for a loan. Its website says, “In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits.”
Beyond finding you a speedy cash loan, PersonalLoans.com can also connect you to providers of credit repair, credit monitoring, and debt settlement services.
- Get up to $5,000 as soon as tomorrow
- Easy to use & only takes a few minutes
- Instant answers from lenders who want to work with you
- Funds deposited directly into your account
- All credit types welcome — good or bad
- See official site, terms, and details
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $5,000 | Varies | Up to 180 Months | See representative example |
LendingStore.com connects borrowers with lenders that can offer up to $5,000 in financing as fast as the next day. It welcomes applicants of all credit types, no matter how bad their scores.
Lenders in its network require applicants to bring in $800 per month and only stipulate that it be regular income, not from employment.
7. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com can prequalify you for a personal installment loan if you receive at least $1,000 a month in after-tax earnings or benefits.
You’ll also need to provide your email address, phone number, and checking account information. While CashUSA.com considers loan requests of up to $10,000, a low credit score will probably reduce the amount you can borrow.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
For BadCreditLoans.com to prequalify your loan request, you must show a regular income from full-time employment, self-employment, or Social Security benefits.
The amount you can borrow will depend on your income and credit profile, but each direct lender on the BadCreditLoan.com network sets its own loan approval criteria. You can apply for a personal loan or a revolving line of credit, whichever better suits your needs.
What Is a Cash Advance Loan?
A cash advance loan is a short-term borrowing option often tied to your income schedule, whether it’s from a job or another consistent source.
While payday loans are one choice, you can also consider other borrowing options like short-term personal loans or credit card cash advances.
Payday loans are notorious for being the priciest type of cash advance, thanks to their triple-digit APRs and very brief repayment terms. You don’t need a credit check to secure a payday loan, which is paid back in a single lump sum.
Average Payday Loan APR by State
Sources: The Pew Charitable Trusts and the Center for Responsible Lending
The Consumer Financial Protection Bureau warns consumers about the risks associated with payday loans.
An online short-term personal loan requires a credit check and usually has an APR no higher than 36%. You repay the loan in a series of installments.
Most credit cards allow you to take cash advances up to a set limit with APRs no greater than 36%. While you may undergo a credit check to obtain a credit card, cash advances from the card require no further credit inquiries.
Can I Get a Cash Advance Loan When My Main Income Is Social Security?
Most lenders are open to accepting your Social Security benefits as your main income source. In fact, they often favor this over a regular paycheck because:
- You receive your money every month as a direct deposit.
- Your benefits continue for the remainder of your life.
- The amount you receive can grow each year due to cost-of-living adjustments.
- The federal government ensures payment.
On the flip side, employment income isn’t as stable; you might lose your job, or the company might shut down. Plus, you might not always get cost-of-living raises.
Even with how reliable government checks are, lenders still want to make sure you don’t get in over your head. They’ll look at how much you owe compared to what you make (even in benefits).
Since most reputable cash advance loans don’t require collateral, they usually come with higher interest rates. Because of this, it’s important to know exactly what the loan will cost you before you sign anything.
That’s why we created this tool to give you a peek behind the APR curtain before you choose a loan:
Taking a quick minute to plug your loan amount into a loan APR calculator is a smart move. It can show you how much interest you’ll likely pay over time, and whether loan payments will fit into your budget.
Also, remember that a lot of lenders can set up your due date to align with when your Social Security check hits your bank account, which can help you avoid being late with your payment.
How Do I Prove Income For a Cash Advance Loan?
Your lender may require documented evidence of your income before approving a loan. The evidence may include any of the following:
- Bank statements
- Paycheck stubs
- Benefits verification income letter from the Social Security Administration, and other sources
- Tax returns
- IRS W-2 and 1099 forms
- A notarized document from your employer
Your lender may require online access to your bank account records to verify your income. If your main income is from the government, the best way to prove that is with a Benefits Verification Letter (sometimes called a budget letter).
You can easily download a copy online by logging into your Social Security account.
Most modern lenders use safe, online systems to check your bank account information. This lets them see your steady stream of direct deposits without you needing to access and upload a bunch of extra documents.
And that quick check speeds up the process, so you could still take advantage of the fast funding options most online lenders offer.
Can I Access Other Government Programs While Receiving Social Security?
Federal and state governments make available various other helpful programs to Social Security beneficiaries. A partial list includes:
- Medicaid for low-income persons under 65 years of age
- Medicare, including programs to pay for Medicare Parts A and/or B of low-income beneficiaries
- SSI benefits
- Social Security survivor benefits
- Supplemental Nutrition Assistance Program (i.e., food stamps)
- Social Security disability insurance
- Temporary Assistance for Needy Families (TANF)
- Unemployment benefits
You can contact the Social Security Administration and your state or local government for detailed information about resources available to you.
The Direct Express Card may be useful to folks receiving federal benefits. It is a prepaid debit card designed for direct deposits of federal benefits, like SSI.
Just like other prepaid debit cards, the Direct Express Debit Card does not require you to have a bank account to receive your direct deposits.
Are Cash Advance Loans Safe?
Any loan with a high interest rate can be risky, especially if you rely on Social Security and live on a fixed income.
Payday cash advances are among the most dangerous options because APRs can reach 391% or more. Those steep fees can make repayment difficult and create even bigger money troubles.
Personal loans are usually easier on your budget than payday loans, though they may still cost more if your credit is less than ideal. What makes them appealing is the ability to pay the balance back over time through monthly installments that can feel more manageable.
If you receive Social Security disability benefits, you may qualify for a personal disability loan. In most cases, this type of loan is based on the disability benefits you receive each month.
Credit card cash advances are expensive, usually charging an APR of between 25% and 36% for subprime cardholders. You can repay the loan according to your schedule as long as you make the required minimum monthly payments on your credit card. The interest charges will mount up if you don’t repay these advances quickly.
An Income of $800 a Month Can Qualify For Cash Advance Loans
Short-term loans for Social Security and SSI recipients are available from several sources, including cash advance payday loans, personal loans, and credit card advances. The required income amount may be modest.
For example, our top-ranked lending network, MoneyMutual, requires an income of only $800 a month to prequalify for a cash advance loan. Keep in mind that most loans for folks with bad credit are expensive and can be pretty risky.
If you’re having a hard time covering your expenses on Social Security income, it may help to contact a nonprofit credit counseling organization. These groups can offer free guidance to help you build a workable budget. A local social worker may also point you toward programs and support available in your area.
