by Aidan Kang, CFA
Senior Writer
UPDATED: October 13, 2022

If you are in need of money, you might be wondering if it is possible to get a loan if your income only comes from Social Security. Maybe you need extra cash but you are hesitant to ask from your family members or your friends. Or perhaps you are looking for a bigger loan amount to finance your other needs. One question that you might be asking is: Can I get a loan with Social Security Income?

Just because you are on Social Security does not mean it is impossible for you to borrow money. There are different options that you can look into if you need additional funds. Depending on the urgency of your need or the amount of cash you require, some options might be more suitable for you.

What Kind of Loans Can You Get on a Social Security Income?

In the United States, around 61 million people get Social Security benefits every month. People who get these benefits include retired workers, family members of retired or deceased workers, people with disabilities, and family members of disabled people. If you fall into one of these categories and you are receiving Social Security Income every month, you might be asking the following questions: Can someone on disability get a loan? Are there loans for seniors on Social Security? Below are some of the common types of loans that you could get approval for.

1. Payday Loans

As the term suggests, payday loans are short-term loans designed to be paid when you get your salary. For people who are on Social Security Income, even if you are not employed anymore, you can still qualify for a payday loan. Most payday loan lenders consider Social Security Income as an alternative source of income so you can get payday loans with an SSI debit card or as long as you show proof that you are indeed receiving Social Security benefits.

You have to take note, however, that you can only borrow a small amount when getting a payday loan. The amount usually ranges from $100 and $1,000. Because payday loans have to be paid in 14 to 30 days, the interest and fees are often very high – averaging 398% APR (Annual Percentage Rate).

Even with many financial experts advising against getting a payday loan because of the high fees, the reality is that this is the easiest type of loan that you can get if you are on Social Security Income. While it is not exactly the best type of loan, payday loans are first on our list because they are the most accessible way to get emergency cash if you’re really in a bind.

2. Online Personal Loans

There are many websites online that are either direct lenders or platforms that can connect you to potential lenders. These sites offer online personal loans which are usually popular with unemployed people looking for emergency loans. Many online lenders do not do hard credit checks, accept people with bad credit, and they also accept Social Security Income as an alternative income source.

The difference between online personal loans from payday loans is that you are usually allowed a longer period to repay the amount that you borrowed. With many payday loans, borrowers are unable to pay back the amount in a short period of time so they end up rolling over the loan which means borrowing again to repay the amount. This becomes an unending process and borrowers fall into the trap of paying more fees and interest rather than paying only the original amount. With online personal loans, you can usually extend the repayment period to 3 to 6 months. The longer repayment period gives you more time to save up the money so you don’t default on the loan.

3. Credit Card Advance

If you have a credit card and you still have some unused credit, you can make a cash advance. Many retired workers may not be familiar that this is a possibility that’s why they immediately turn to payday loans. You might be surprised to know that the interest rates associated with a credit card cash advance are typically much lower than a payday loan.

If you are using your credit card to automatically pay your bills, you have to make sure that you pay the cash advance so that your bill payments for the next months will be covered.

4. Home Loan

Many Americans dream of owning their own home but if you are disabled or retired, what are your chances of getting a mortgage? The good news is that even if you are on Social Security Income, you can still get a loan to buy a house. There are different programs that you can check out that can help you get a mortgage.

Community HomeChoice Program

Loans awarded through this program are often referred to as Fannie Mae loans for disabled individuals. Fannie Mae is an enterprise sponsored by the government that is under the conservatorship of the Federal Housing Finance Agency. The Community HomeChoice Program provides help to low-income people with disabilities to buy a home.

Housing Voucher Program

Previously called Section 8, this program helps low-income people, disabled people, and the elderly in getting decent housing. While this is more popular as a rent assistance program, this also allows low-income families to use the funds for home ownership.  The advantage of this program is that people on Social Security Income can choose a house in the private market.

FHA Loans and VA Loans

If you are on disability income or are retired, you can still try applying for an FHA loan or a VA loan (for veterans). These are home gov loans for the disabled and elderly that may accept Social Security Income. While FHA loan requirements are generally known to be less relaxed compared to conventional loans, there are also downsides in getting an FHA Loan. However, if you have a good credit score, it is still worth a look if you could qualify.

Where Can I Get Cash Loans if I’m on Social Security Income?

If you need fast cash, you’re probably looking for different avenues on where to get an easy loan. As discussed in the earlier sections, the easiest ways to get money fast is to get online personal loans or payday loans.

Below is a list of lenders that you could check out. Note that depending on your state of residence, loan limits and fees could vary.

1. is an online lender available in all 50 states that allows you to borrow cash and repay it in installments. They claim that they deliver fast approvals and you can even get the money in one business day. You can borrow $500 to $35,000 depending on your state limits and personal credit information.

According to their website, you can borrow from even if you’re unemployed or with bad credit as long as you can show a source of income. In their list, Social Security Income is accepted. Depending on the amount that you are borrowing, you can repay the money back from 3 to 72 months. In terms of interest, it can range between 5.99% and 35.99% making it more attractive than the 398% average interest of many payday loans.

Sounds too good to be true? Well, the only catch is that you have to have at least $2,000 minimum gross income to qualify. So, if your Social Security Income is lower than $2,000, then you cannot apply.


CashUSA is a company offering personal loans that accepts Social Security Income as an alternative income source. You can borrow $500 to $10,000 and you can repay the amount from 3 to 72 months. The interest rates also range between 5.99% and 35.99%.

The website claims that it can give you a decision on whether you are approved for a loan or not in just minutes. With CashUSA, you are only required to show a minimum of $1,000 income every month to qualify.


Check ‘n Go is a lender that offers installment loans, payday loans, and cash advances for people on Social Security Income. If you can show your SSI award letter, you can qualify for a cash loan, which you can get on the next business day. The amount that you can borrow can range from $100 to $3,000 depending on the type of loan that you choose and the limits set by your state of residence.

The downside is that the interest rates of a payday loan from this lender are quite high. The exact rate will depend on your state but it is around 391%. The Check ‘n Go website, however, argues that if you do not have a choice and you need emergency cash to pay your credit card, paying this fee is still much cheaper than being charged a late payment fee on your credit card.


Another payday loan lender that accepts people on SSI is According to their website, if you receive regular Social Security Benefits, your loan request is likely to be accepted but it is still not guaranteed. The amount you can borrow depends on your state of residence ($100 to $1,000) and fees can be from $10 to $30 for every $100 you borrow.

5. CashatPayday

You can tell by the name that this lender offers payday loans. According to their website, you can apply for a payday loan from a direct lender and get approval in minutes. They even offer 1-hour payday loans so if you are approved, they say that you can get your money in just an hour. This is an attractive option for people who need cash now. First-time borrowers can borrow $400 but after you establish that you are a good borrower, your borrowing limit will increase $100 every time – up to $1,000.

When you fill your application form for a payday loan at, they will ask you for your source of income and the options include Social Security, Disability payments, and Pension. The disadvantage is that because it is a payday loan lender, the APR can range between 365.00% and 1564.28%. In fees, this is $30 for every $100 borrowed.

What are the Requirements to Get an Online Personal Loan or Payday Loan?

To qualify for an online personal loan or a payday loan, you still have to meet basic requirements. The upside is that you don’t need a good credit score and you don’t need to be employed to qualify for one. Below are the basic requirements set by many lenders.

  • Proof of income or alternative income. For people on Social Security Income, you can show your SSA-1099 form or Social Security Benefit Verification Letter
  • You have to be least 18 years old
  • You must be a citizen of the United States
  • You must have a valid I.D.
  • You must have a working phone number
  • You must have an active checking account

While most lenders say that they will not check your credit, some lenders still look at your credit score to determine how much you can borrow. If you are on Social Security Income, having a good credit score can help you get approved for a loan.

Getting a Loan While on Social Security Income

Being on SSI means your source of funds is already very limited every month. It is not uncommon for you to find yourself short in cash before you get your next Social Security payment. If you need emergency cash, getting an online personal loan or a payday loan could be your only choice. If you are in this situation, make sure that you only borrow the minimum amount that you need so you can be sure that you could pay it back given the short period of time.

Another option is to check out ways on how you can earn extra money on the weekends or get a work from home job without a startup fee. You can also read our recommendations on how to get free money and how to earn $1,000 fast.