How Can You Get a Cash Advance Loan While You're on SSI?

Although you make think otherwise, people who receive SSI (Supplemental Security Income) can qualify for a cash advance loan. Most cash advance loans are made to people who are working. Unlike regular bank loans, which rely on a number of factors for approval such as collateral, cash advance loans are based only on the borrower's ability to repay the loan within a short period of time, almost always less than 30 days. Anyone who can verify regular income can qualify for a cash advance loan, including people receiving SSI.


Step 1

Show proof of income. Most lenders require a borrower's income to be paid by direct deposit to qualify for loans. The SSA (Social Security Administration) encourages direct deposit for benefit payments, which actually works to the advantage of SSI recipients when applying for cash advance loans. For people receiving SSI, the 1099 form issued by the SSA can provide proof of income for the previous year. People who have direct deposit receive a notice when their benefit increases because of an annual cost-of-living adjustment (COLA), which can also serve as proof of benefit income. For verification of current benefits, the SSA can provide a Proof of Income Letter, also sometimes called a budget letter, a benefits letter or a proof of award letter to a recipient upon request. While COLA notices and 1099 forms are most likely to be accepted as proof of income only for loans made early in the year, Proof of Income Letters are available any time of the year. However, it can take up to 10 days to receive the letter if the request is made on the SSA website. If a Proof of Income Letter is needed sooner, the beneficiary must contact the local Social Security office directly.


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Step 2

Gather other necessary documentation. Once the 1099 form or Proof of Income Letter has been received, the application process for a cash advance loan works just like it would for someone who is working. SSI income takes the place of employment income on the application. Everything else is the same: Proof of identity, bank account information, address, amount requested and desired repayment date.


Step 3

Apply for the loan. Applications can be made in person, by telephone and even online. Online and telephone applications frequently require documents to be sent in by fax before the loan can be approved while loans made in person require applicants to bring documents with them. After the application and documents have been submitted, approvals are often made in less than an hour, and the funds are made available through the applicant's bank account the next business day.


Things You'll Need

  • Telephone or Internet connection

  • 1099 form or COLA notification or Proof of Income

  • Proof of Identity

  • Bank Account Information



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