Quotes In Minutes
It takes just a matter of minutes to complete and submit your quote form. Get started now and you could soon have a loan offer sitting in front of you. One of the biggest things that you need is a source of income and Social Security or SSI will qualify as income for many of our lenders.
Depending on many factors, you may be offered either a payday loan or an installment loan by one of our lenders. Both of these loans may be suitable for SSI or Social Security recipients but there are some notable differences between the loans.
With an SSI payday loan, you can borrow several hundred dollars and it will be repaid on your next payday or in the case of benefits, your next disbursement. The loan is paid back entirely in one chunk.
The good thing about payday loans is that they are easy to get. Even those with bad credit can be approved as long as you show a source of income and have good contact information. This makes payday loans the only source of credit for many individuals.
Another good thing about these loans is that they pay quickly. You may be able to get approved in a matter of minutes and then have your money in your bank account as soon as the next day.
There is, of course, a bad side to payday loans. The chief one is the short pay back period which can be a problem. If you are in a financial emergency and need a loan, it can be tough to get back on track in just a few weeks. This is what payday loans expect you to do.
Chances are good that you do not have a lot of extra money left over when you receive your Social Security or SSI. Despite this, you will be asked to pay back the entire loan in one payment. This can be tough.
Another negative to the payday loan is the high interest rate. Lenders charge a fee per $100 borrowed. When you factor in the loan length, interest rates can exceed 400% which is huge.
Installment loans work a bit differently. They break the repayment back over many months. This could be a loan of 3 months or it could stretch the loan over several years. Loan length may be determined by your lender, the amount borrowed, your income and your credit.
The good thing about an installment loan is that it is for a longer period of time. This can give you longer to recover from a financial solution by breaking the payments up. It makes a payment much less stressful on a budget.
In addition, you can usually borrow more money with an installment loan. You should be careful of how much you take out because of your fixed Social Security income but more money is an option in many cases.
Lastly, interest rates may be lower with installment loans when compared to payday loans. Lower interest is always a good thing.
Installment loans might be a bit harder to qualify for since the loan may be for more money and more time. You can still often get approved with bad credit however so, don’t rule this type of loan out just yet.
Another negative is that although the interest may be lower, you will be paying it for a longer time. This might mean that you end up paying more interest overall.
Budgeting On Social Security SSI
If you are on a fixed income from benefits it is important to budget. There will likely be no give or flexibility in your finances so you need to be careful. Here are some tips for those who need to make ends meet on benefits from Social Security.
Make A Budget
If you have not sat down and made an actual budget, you need to know exactly where your money is going. It does not have to be anything fancy, just write down a list of your monthly bills and your allotments for food, entertainment, gas, etc. When you have them all written out, you can add them up and compare them to your Social Security or SSI income. Then you can determine where cuts need to be made.
Sign Up For Equal Payment Utilities
Many utility companies have introduced equal payment plans. The idea is to average the cost of your utility payments and come up with a payment that will be nearly the same all year long. Utility overages are a common cause of people taking out emergency loans. With equal payment plans, you won’t be hit with a huge August electric or January gas bill. Call your providers and see if they offer such a program.
Find Work At Home Opportunities
You may not be able to work outside of the home but you still might be able to make a few bucks from home. Offer, for example, to pet sit in your home while people are away. You can make an easy $10 to $20 a day while getting to love on a friendly pooch.
Surveys are another good way to make some extra spending cash. No, don’t believe the hype you are not going to make a fortune doing surveys. A good goal is more like $50 to $100 a month. Not a lot of money but you can do it while you watch tv.