If you’re one of the recipients of the SSDI, then you know how difficult it is to acquire financing or loans. This is because banks and other traditional financial institutions often don’t qualify your SSDI payouts as a source of income, and if you don’t have other sources of income they basically write you off their potential borrowers’ list.
Don’t worry, though – because there are ways that you can borrow money for emergencies just from your SSDI payouts. You can get various services including bad credit loans, installment loans, and title loans with your SSDI from reliable online loan marketplace such as CocoLoan!
What Are Disability Payments?
There are two types of social security available for people with a disability: SSI and SSDI.
- SSI - Short for Supplemental Security Income, this type of social security insurance is designed to help individuals who have limited assets and income.
- SSDI - Social Security Disability Insurance, this insurance is meant to activate when individuals who worked in the past but are now unable to work because of their disability.
Traditional banks might not cater to individuals receiving these forms of disability payments, especially if they have low credit scores. But online loan creditors within the trustable lender network of CocoLoan are willing to take on this risk because they know that these insurance paychecks will arrive regularly.
In What Situation Can A Disabled Individual Apply For SSDI?
Compared to SSI, the Social Security Disability Insurance (SSDI) is a government-issued benefit specifically for disabled individuals, and SSDI is one of the most significant financial aid for workers that now can’t work due to their disabilities. But not all disabled persons can qualify for an SSDI, depending on their situation.
State agencies that operate with federal guidelines are the ones that decide whether a disabled individual qualifies for SSDI or not. Typically, disabilities that prevent you from working are prioritized.
Other factors will be considered, such as the following:
- Employment status upon disablement
- The severity of your condition
- Ability to perform your current job role
- Ability to look for other employment
Is It Possible To Get Cash Advances On Disability Payments?
Big banks and other traditional lenders most likely wouldn’t consider disability payments as valid forms of income enough for a loan. This is because, aside from your ability to pay, these institutions will also check your credit history and score to determine your trustworthiness. So if you have bad credit and are receiving disability income, you will most likely be rejected by banks.
Unlike traditional financial institutions, most online lenders that provide cash advance services will consider disability payments as regular income since these government benefit payments are sure to arrive on time, every month, which ensures that the borrower will have the capacity to pay. As a result, after proving yourself with the disability payments eligibility, lenders may still approve your request even if you don’t have a regular job.
I'm Not Having A Good Credit Record. Can I Still Get Cash Advances With Disability Payments?
You can still get instant online loans without a good credit score or financial history, but only if you borrow through online platforms like CocoLoan.
Here at CocoLoan, most lenders we work with won’t consider your credit score as the primary deciding factor when determining your loan eligibility. Disability payments are ideal for online loans because they arrive regularly every month, as long as you are eligible – therefore, if you have a regular source of income as such, online lenders will believe that you always have the capacity to pay.
How Does CocoLoan Compare
|Why Trust CocoLoan?|
|How much can you get?||$50 to $35,000||Zero upfront charges|
|What are the loan terms?||1 - 36 months||Easy repayment|
|Are credit checks needed?||Yes||Mostly soft pulls|
|Are bad credit accepted?||Yes||All credit considered|
|How to apply?||Totally online||Simple and straightforward|
Can I Get Cash Advance Services Using My Disability Payments Through CocoLoan?
You can get cash advances on your disability payments through a variety of channels online, such as individual lenders or through online loan brokers. However, one of the best ways that you can borrow against your disability insurance is through a lender network at CocoLoan.
CocoLoan is an online loan marketplace that connects hundreds of online lenders across the country; all you have to do is submit an application to get multiple offers. Here’s how you can do it.
- Submit your application. Fill up our easy-to-use application form containing fields for personal information, employment status, and more.
- Select the best offer. Once approved, you might receive multiple offers, so pick the one that works best for you.
- Review agreements. While confirming the deal you want, ensure you’re fine with the loan details.
- Receive funds. After everything is sorted out, you will receive the loan amount in the account that you provided.
Fast and Easy Loans You'll NeedApply Now
What Should I Keep In Mind When Getting Cash Advance Using Disability Payments?
While getting cash advances with disability payments is viable with online lenders, not all online lenders have the same level of trustworthiness. There are a lot of them out there, and some will inevitably be operating in bad faith, meaning that if you want to safely get a loan from your disability payments, you’ll need to be very careful. Here are a couple of things you should keep in mind.
- Loan terms. Things like interest, repayment dates, credit limit, and more directly impact the usefulness you can get out of your loan, so evaluate them carefully.
- Processing speed. Some online lenders can take up to two business days to process your request, while some can take only hours. Determine whether this speed is enough for you.
- Reliability. Take care that you’re not scammed; trust only establishments with credible history and multiple online reviews.
Cash Advances On Your Disability Payments
A disability insurance benefit is a type of social security insurance that helps people with disability lead better lives. While they’re technically insurance payouts, they’re classed the same as income. This means you can take out a cash advance on disability payments, depending on the lender. But, even if big banks and traditional institutions let you borrow money based on your disability payment alone, you will also need to have good credit for the request to go through.
Fortunately, you borrow a cash advance on your payouts from online lenders that you can connect to reliable networks like CocoLoan. This platform will connect you to the best lenders for disability paychecks, and let you pick from various offers.