Dandy Disability Payday Loans Near Me
Last updated on October 14th, 2023 at 12:16 am
Hello there! My name is Randy and I work with Ready Payday Loans. Today, we’ll inform you about payday loans designed to assist disabled people. Disability payday loans may have some associated risks and downsides. Some lenders use predatory loan techniques to victimize helpless individuals who have disabilities. They convince customers to take out loans they cannot pay, and these lenders may levy hidden fees.
Despite these concerns, disability payday loans are useful to cover unexpected expenses. They are a good option for those in need of fast cash. We’ll provide you with safe ways of getting these loans.
You’ll learn how simple it is to find disability payday loans. You may use these loans to settle regular utility bills on schedule. This is regardless of credit or income status. People with disabilities can receive short-term financial support via disability payday loans. These loans are good for disabled people to get by between paychecks.
What is a Disability Payday Loan?
A disability payday loan is a short-term loan that you pay back when the next paycheck arrives. It can also pay when you receive monthly Social Security benefits. You may use this loan for everyday needs such as food, bills, or house payments. Disability loans are not a substitute for disability benefits.
What Are Social Security Disability Benefits?
Social security disability benefits are payments made to insured employees and their families. The Social Security Administration (SSA) program provides the benefits. You must have worked for a long amount of time to be eligible for these Social Security benefits. If you were paying Social Security tax from your income, then it counts toward insurance.
The Supplemental Security Income (SSI) program also allows disabled people to receive benefits. The program provides benefits if disabled individuals have low incomes and resources.
The medical requirements for all the programs are the same. You and your family may be eligible for benefits if the medical condition is severe. Eligibility also depends on if the condition is likely to last at least one year. That is, anyone unable to conduct any considerable profitable work for a long time is considered disabled.
Disability Payday Loan Eligibility Requirements
When submitting an application for a disability payday loan, you’ll need
- A decent credit score.
- A working phone number and email.
- To show that you are receiving consistent income from employment and benefits
- A current open bank account in your name.
- To be at least 18 years old.
- A Social Security number and are a US citizen or permanent resident.
How to Apply for a Disability Loan
You can take the following steps when applying for a disability loan:
- Check your credit: Check your credit rating for any inaccuracies. Make sure you don’t compromise your chances of getting a loan.
- Request guidance: Ask for financial help. You can contact your local Department of Health and Human Services.
- Explore special programs: Personalized lending packages can assist those with lower incomes.
- Compare prices from different lenders: Examine rates with many lenders. Look for lenders that will perform a soft inquiry on your credit before you’re ready to apply.
- Do not rush until you need the loan: Resist taking out the loan too soon. Doing so will prevent you from losing your disability income.
Personal Loans for Individuals Receiving Disability Benefits
Unlike disability benefits, the SSA does not process disability loans. Private lenders are the main providers of disability loans. The top 4 private lenders that provide disability loans are
- BadCreditLoans.com
Loan amount: $500 to $10000
Loan term: 3 to 60 months
Interest rate: 5.99%- 35.99%
BadCreditLoans.com assists consumers with all credit scores. You must have adequate income and benefits to be eligible for the monthly payments. To provide even more flexibility, the lenders here also set up revolving lines of credit. Their website includes a lot of information on loan fraud and how to prevent them.
- MoneyMutual
Loan amount: Up to $5000
Loan term: Short term
Interest rate: Differs
MoneyMutual is a top-ranked personal lending network for those with poor credit. The company has the ability to immediately link you with an appropriate lender. If you are 18 years of age or older, a US citizen, or a permanent resident, you can apply. If you get $800 a month in disability benefits, you may be eligible for a disability personal loan. To be eligible, you also need to have a functioning bank account, phone, and email address.
- CashUSA.com
Loan amount: $500 to $10000
Loan term: 3 to 72 months
Interest rate: 5.99%-35.99%
Regardless of your bad credit, CashUSA.com may help you apply for a disability personal loan. You must be at least 18 years old, a resident of the US, get benefits, and make at least $1,000 after taxes each month in income. They offer extended repayment terms that make planning for loan installments easier. CashUSA.com provides loans without checking your credit score.
- PersonalLoans.com
Loan amount: $500 to $35000
Loan term: 3 to 72 months
Interest rate: 5.99%-35.99%
For big loan amounts, PersonalLoans.com provides an outstanding lender network. It can prequalify you for a disability personal loan of up to $35,000. But, poor credit will limit the amount you can borrow.
To be eligible, you must receive at least $500 per month in disability benefits and income. Lenders with different financial services are available via PersonalLoans.com. They offer services such as credit monitoring, debt consolidation, and credit improvement.
What Alternatives Are There for Disabled People?
There are other options available while your disability claim is being processed. If you don’t match the qualifying standards or don’t want to take out a long-term loan, you can consider
Government Help
The government provides initiatives like welfare, financial help, SNAP, and unemployment benefits. You can check with your social service agency to determine the right government aid.
Disability Insurance
When you are unable to work due to a disability, disability insurance will cover a part of your earnings. There are two of disability insurance that is short-term and long-term disability insurance. Each has a distinct level of coverage and a different waiting period. You can register in a plan provided by your work or buy an individual policy. Brokers or insurance providers provide individual policies.
Worker’s Compensation
This is a type of compensation that is available for those who have a severe injury or are unwell at work. The method for making a claim for compensation varies from state to state. Do your homework and follow all the requirements when making a claim. Depending on the laws of your state, you can qualify for more disability payments.
Credit Card Advance
One of the simplest methods of receiving a short-term loan is with a credit card cash advance. A cash advance is will allow you to borrow money using your credit card.
If you already have a credit card that allows cash advances, you won’t have to fill out any loan applications. You also don’t have to go through a credit check. All you need is to visit a nearby ATM or a bank that provides advances.
You may borrow up to your cash advance credit limit with a cash advance. Cash advance’s largest APR is 36%. They are a type of credit card debt, and you must return the funds that you borrow.
What Impact Does a Payday Loan Have on My Disability Benefits?
There are two main providers of benefits for disabled individuals. One is Social Security Disability Insurance (SSDI). The other is Supplemental Security Income(SSI). They have different regulations on how they handle payday loans. Loans from private lenders are not viewed as income, as there is a rule to repay.
You can borrow money without risking your SSDI benefits. If you take out a loan while receiving SSI, there are a few risks involved. One main risk is that you will not be eligible for SSI benefits if you don’t spend the money in the same month.
This will count against your SSI resource limit. The limit is over $2000 for an individual and $3000 for couples. Contact your provider to see how their regulations affect your benefits.
Some More Thoughts On Disability Payday Loans
Disability benefits are not going to prevent you from obtaining the funds you need. But, if you get a loan, make sure you use the money in the month you received it, so you don’t over your SSI/SSDI asset limit.
It is advisable for disabled individuals to request small amounts of payday loans. This is to ensure that they remain eligible for government benefits.
Randy, Can I get a loan while waiting for my SSI benefits?
Yes, while you wait for the approval of SSI benefits, you could be eligible for a loan. You can get a loan under the presumptive disability program of SSI. The loan amount is equal to one month’s worth of benefits.
Randy, Can I receive a loan if I have bad credit and am disabled?
Yes, even if you have bad credit and depend on disability benefits for help, you may be able to get a payday loan. The secret is to negotiate with private lenders and borrow a small amount. Make sure you also have your checkbook available.
Randy, What Are Some Other Loans You Can Offer?
Well, I am glad that you asked me that. Ready Payday Loans is a loan connection service. We match borrowers with lenders who are lending out payday loans. Not only that, we are able to match people with other types of loans. Other loans that we can match you up with include:
Thank you for reading this article. If you have any questions at all about payday loans or any of the other loan types above, please get in touch.
Until next time!
-Randy 🙂
