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Yes – you are able to get a payday loan on Social Security. If you are not working due to retirement or disability, social security payments might not be sufficient in some cases therefore you might be in need of some extra funds in your account. 

Often payday lenders will reference employed borrowers however there are a large number of borrowers who are no longer working and rely on their Social Security as a form of income. These payments may be enough to cover your regular payments and spending, but if an unexpected payment is needed, such as medical bills or car repairs, additional urgent cash might be needed. 


Does Social Security Come Within Payday Loan Eligibility Criteria?


Yes. To be eligible for a payday loan in the US having a regular source of income is required therefore lenders will consider customers who use Social Security as a source of income.

If you apply with Harpsey via our simple online process, to meet the eligibility criteria you must have a regular income of more than $800 per month to have your application approved by one of our reputable lender partners. This requirement exists so that payday loan lenders have assurance your income is sufficient to meet the repayment terms of your loan. 

Social Security qualifies as a source of income therefore if you are in need of a payday loan, complete Harpsey’s simple online form today, even if you have bad credit, and you could have access to funds in your bank account the very same day. 


What Else Do I Need To Be Eligible For a Payday Loan?


In order to be eligible for a payday loan in the US, there are some simple criteria that must be met in order to get approval for your loan application. To avoid any disappointment, take time to check that you meet the following requirements before applying.

  • You must be a US citizen
  • You must be over the age of 18
  • You must have a stable income of $800 or more per month (from your employment, benefits or Social Security)
  • You must have a checking account into which your loan will be deposited

If you check all of the above boxes, you can start your application for an online payday loan today – it takes just minutes to complete from wherever you are located. 

If you have Social Security as your sole source of income you might be tempted to fill out your details inaccurately. Note that filling in false information for a payday loan is a form of fraud. To avoid any problems and secure a loan offer it is important to fill in accurate details with the most up-to-date information you have. 

What Else Do I Need To Be Eligible For a Payday Loan?


How Quickly Can I Get a Payday Loan On Social Security?


If you are on Social Security and looking for a payday loan, we at Harpsey understand there is some urgency in securing the funds you need. Our simple online application takes just minutes to complete and you will receive an instant offer on your mobile, laptop or desktop screen. 

Once approved, and after some additional checks from your chosen lender, you could have access to $100 or up to $35,000 in your live checking account within an hour, 24 hours or by the next working day.


What Should I Consider Before Getting a Payday Loan On Social Security?


If you are applying for a payday loan on Social Security it is essential to have confidence in your ability to repay your loan. If you struggle to meet your repayments it can have serious consequences including late fees, additional interest and damage to your credit score.

Consider what you are borrowing a payday loan for. They should not be used for regular payments such as rent or to pay off other loans. A payday loan is a short-term loan and should only be used as a solution for unexpected payments. If you are relying on Social Security, borrowing too much could mean you could struggle to pay your other expenses. 

If you think you might find difficulty in repaying your loan, you could explore other options like borrowing from family and friends as this type of borrowing is unlikely to gain interest and will have more flexible repayment terms.


Will I Need a Cosigner For My Payday Loan If I Am On Social Security?


No. Harpsey does not require you to have a cosigner on your application form for a payday loan. As long as you meet the requirement of having a steady income of $800 or more per month, we will work to match you with a lender most likely to approve your application. 


Am I Able To Get a Guaranteed Loan If I Am Using Social Security?


We cannot 100% guarantee your loan application will be approved, however we work with a wide pool of lenders who can consider many different financial situations. We will work to match you with a lender with the most competitive rates who is most likely to approve you. 

If you have a history of bad credit, don’t let that worry you and prevent you from applying today. Even if you have had a previous application denied by a bank, you could still find an offer through Harpsey.