Many American pensioners have a hard time making ends meet. If they’re hit by a sudden medical bill or other unexpected expense, they have nobody to turn to. They can always ask their children or grandchildren for help, but most often, many of them don’t want to be a burden on their loved ones.
In contrast to other dependent citizens, many pensioners can’t get a part-time job, often because of their health. In addition, employers prefer hiring younger individuals over senior citizens. How can they possibly pay bills and sustain their retirement?
Unfortunately, the truth is they can’t. This often pushes them toward borrowing money. The good news is that there are payday installment loan lenders who are willing to lend them money 24 hours a day, 7 days a week. Since most pensioners receive social security benefits, they can use this source of income when applying for a payday installment loan.
When applying for an online payday installment loan, pensioners can enjoy the following benefits:
· Not having to leave their homes to apply, saving money and time
· Instant approval
· Not many questions asked
· No credit check
· No hassle
Getting a payday installment loan using Social Security benefits is frequently the best solution for pensioners who are troubled with the rising cost of healthcare and basic necessities, unexpected bills or even sudden financial needs. In order to get a payday installment loan using Social Security benefits, borrowers must receive at least $800 in monthly Social Security and Supplemental Security Income (SSI). People who earn less than that amount may still be able to apply for a loan and request an additional review for special circumstances. In April 2011, the Social Security Administration paid an average of $1077 to each Social Security recipient, so the likelihood of qualifying for a short term payday installment loan is high.
The actual amount of your loan depends on the state where you live, but basically you may receive up to $1500. To qualify for the loan, you must be a legal resident of the United States and have an active checking account. Most lenders do not conduct credit checks, so even with bad credit you can still qualify. Most lenders charge $10 to $25 for every $100 borrowed.
Just like other short-term loans, payday cash advances must be repaid based on an agreed scheduled due date. Many pensioners on Social Security mistakenly believe that they are not eligible for a payday installment loan because they do not receive a paycheck weekly or every two weeks. The good news is that most online lenders are willing to postpone repayment for up to one month and some lenders will even take payments up to six weeks. The borrower just needs to let the lending institution know how frequently they receive their benefit and select a loan term that corresponds to their “payday.”
Pensioners with Social Security benefits now have access to loans through payday installment loans. Faster service and guaranteed approval are available for those who qualify. Pensioners, seniors, and early retirees can all get cash for medical bills, car repairs, travel plans, late bills, and unexpected expenses through applying for payday installment loans.