What Is a Social Security Payday Loan?

Social security payday loan is a short-term, small cash advance extended to the social security beneficiaries of the state or the federal government, who have a limited but steady income source. Such loans are characterized by higher interest rates, referred to as the APR (annual percentage rate), and are granted on an agreement with the borrower that they will pay back the loan amount by their next social security payment date.

Steps Needed for Applying

The applicants of this loan need to provide the verification document as proof that they are a social security beneficiary. At the time of the loan amount request, the borrower needs to furnish a copy of the social security grant certificate, an active bank account number, and a valid photo ID.

Tips for Getting Social Security Payday Loan Online

Like other payday loans, a social security payday loan can be acquired by partnering with a legitimate online payday loan firm, who can help you get it from a network of lenders. Be mindful of the company’s loan rates to ensure that you’ll be able to manage repayments. If you’re okay with everything, just complete a request form online and submit it along with your social security information.

Author's Bio: 

Robin Williams is an Executive at CashOne, which serves to connect consumers across the U.S. quickly with its authorized lender network. Robin has more than 20+ years’ experience in Administrative Management, with several years in the lending industry.