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Loans for Social Security Recipients
Benefit income is stable, predictable and fully qualifying here. We match the payment date to the day your deposit lands.
Social Security retirement and survivor benefits are stable, predictable, government-backed monthly income. From an underwriting point of view that is close to ideal, and we treat it as qualifying income in exactly the same way as wages.
| Key loan information | Details |
|---|---|
| Loan amount | $200 – $5,000 |
| Term | 14 days to 24 months |
| Representative APR | 17.99% – 400% depending on product |
| Minimum income | $1,000 a month, benefits included |
| Proof | Benefit award letter, SSA-1099, or bank deposits |
| Collateral | None required |
| Credit check | Soft inquiry, no FICO® impact |
| Funding | Same or next business day |
Proving benefit income
- Your annual benefit verification letter from the Social Security Administration
- Form SSA-1099 from the previous year
- Bank statements showing the monthly deposit, usually verified electronically
- Your my Social Security online account, which can generate a benefit letter in minutes
Matching the payment to your deposit date
Benefits arrive on a fixed schedule tied to your birth date, which makes scheduling straightforward. Tell us the date your deposit lands and we will set the due date a few days after it, so the payment never has to compete with the gap at the end of the month.
Borrowing on a fixed income
The strength of benefit income is that it does not fall. The constraint is that it does not rise either, so a payment that is uncomfortable in month one will be uncomfortable in month twelve. Two practical rules:
- Pick the payment you could still make in a month with an unexpected medical cost, not the maximum offered.
- Prefer a slightly longer term. The extra interest usually costs less than the consequences of a missed payment.
Before borrowing, it is worth checking whether a program covers the cost outright. The benefits.gov screening tool and dialling 211 both point to assistance with energy, medical and food costs that does not need repaying.
Which product fits
| Situation | Product |
|---|---|
| A bill before the next benefit payment | Payday loan, $200–$1,000 |
| Dental, medical or a home repair | Installment loan, $500–$5,000 |
| Combining higher-rate balances | Debt consolidation loan |
Eligibility
- 18 or older and resident in a state where we lend
- At least $1,000 a month in verifiable income, including benefits
- An active checking account in your name, open at least 30 days
- Government-issued ID and a Social Security number
Related pages
Disability and SSI recipients, part-time income, and cheaper alternatives worth checking first.
Frequently asked questions
Can I get a loan on Social Security?
Yes. Social Security retirement and survivor benefits count as qualifying income. You need at least $1,000 a month in total verifiable income and an active checking account in your name.
What proof of Social Security income do I need?
A benefit verification letter from the Social Security Administration, an SSA-1099, or bank statements showing the monthly deposit. Most applications are verified electronically with no documents.
Can a lender take my Social Security benefits if I do not pay?
Federal law gives Social Security payments broad protection from ordinary creditors and bank garnishment, with limited exceptions such as federal taxes, federal student loans and child support. That is a reason to borrow only from lenders licensed in your state.
When will my payment be due?
We set the due date a few days after your benefit deposit lands, so the payment does not compete with the end of the month. Tell us your deposit date during the application.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.