If you are are retired and working with a fixed income, you may need help getting a little cash here and there. You can find places that offer cash advances on Social Security checks. For those who rely on their social security checks to get by, advances can help when money is tight or in the case of an emergency.
Cash Advances for Social Security Recipients
Social Security checks are considered to be income that is verifiable and regular, like a paycheck. Thanks to these features, places like MoneyLion offer cash advances are available for Social Security recipients. Let’s review what a cash advance can do for Social Security recipients and the many uses for these advances.
Unforeseen Events
Life can be unpredictable at times and that only becomes more true once you retire. Many unforeseen emergencies can come about. Whether you have to repair a leak in the roof or are facing a health scare, you may have not accounted for that expense. Taking out a cash advance on your Social Security payments can protect you from potentially going into debt or from being unable to get the services you need.
Running Out of Funds
Budgeting is hard in general. But budgeting for the rest of your life after you’ve retired can be even more difficult. It is almost impossible to completely predict every expense you will need to save for, and as life happens, you may find yourself running out of funds. Thanks for lenders like MoneyLion, you can use your Social Security checks toward a cash advance.
Financial Emergency
Advance payments on Social Security checks can be available for a financial emergency. That means you need money from a threat to your health or safety. Examples include not having enough funds for food, clothing, shelter or medical care.
Where Are Cash Advances for Social Security Recipients Available?
Nowadays, it is more common for lenders to recognize Social Security checks as income acceptable for a loan. Remember though, that whatever you borrow will be deducted from the total amount of Social Security support you will receive. There may also be additional fees or interest rates applied to your cash advance. Here are a few options of cash advance issuers:
- MoneyLion: Provides an Instacash program that allows users to borrow at 0% APR
- FaaastCash: A great option for those with lower credit scores.
How to Make the Most of a Cash Advance
A MoneyLion cash advance can be an extremely helpful financial tool. Here are some tips on how to make the most of it.
Only Take As Much As You Need: Sometimes you will qualify for a larger cash advance than you’ve requested. Be sure to only take the amount you need as you will be responsible for paying back the full amount plus fees and interest. The more money you take, the more you will end up paying in interest. So, it is best to take out less as it will save you money in the end.
Make Timely Payments: However much you borrow, be sure to make payments on time. Doing so will help you avoid additional fees like fines or rollover penalties. Also, the longer you wait, the more you will have to pay back so it is in your best interest to pay the loan back as soon as possible.
Frequently Asked Questions
Do cash advances hurt your credit?
Taking out an advance will not affect your credit; however, if you fail to make timely payments it will hurt your credit.
Can banks give cash advances?
Yes, you can get a cash advance from banks; however, there will usually be a fee.