I Receive SSI, Can I Still Get a Cash Advance?
If you receive SSI, Supplemental Security Income and you are wondering if you can still get a cash advance loan then you’re in luck. People who receive SSI can still get cash advance because cash advances are primarily based on the person’s ability to repay the loan. When you have SSI, it is a regular income that you can typically show proof of via bank account verification which means that even people who do not have a job but who have SSI can still get a cash advance .
Cash Advances Require Proof of Income
Although SSI is not considered work income you can still use this steady income as a means to get a cash advance. If you are like most people who receive SSI, then there’s already a chance that your money is directly deposited into your bank account once per month which means that the cash advance lender can easily verify the income that you have by reviewing your bank statements. If you do not have your SSI set for direct deposit, consider adjusting this so that you can more easily qualify for a cash advance loan in the future.
Some cash advance companies will accept your SSI 1099 as proof of income if you do not already have the money direct deposited into your checking account but you will have to be able to show that the money is placed into the account at some point in order to prove that you have the ability to pay back loans with this account. If you can’t find your 1099
and you don’t have your SSI income deposited into your checking account then you can get a Proof of Income Letter from the Social Security Administration which can serve as proof of income when you apply for a cash advance. Typically, it is fastest and easiest to apply for and be approved for a cash advance when you have your SSI income direct deposited into your bank account.
Applying for a Cash Advance
When you apply for a cash advance there will be some paperwork that you need if you do not have your SSI direct deposited into your checking account. Typically, if you can’t show proof of your income via bank statements that prove you have direct deposit, then you will have to have a 1099, tax return or other paperwork with you to prove that you have income. For SSI, you can bring a 1099, a statement of benefits or a Proof of Income Letter with you when you apply for a cash advance.
If you apply for a cash advance online then the supporting documents that prove your SSI income may have to be faxed in to the lender. If you wish to qualify for a loan without having to fax paperwork in then you should consider having your SSI direct deposited into your checking account. Although you may have to take additional steps or provide additional paperwork when you apply for a cash advance and SSI is your only income, this should not deter you from attempting to take out the loan. You can still qualify for a cash advance even when SSI is your only form of income.
Category: Payday loans