Cash advances for social security beneficiaries • Benzinga

If you’re retired and working on a fixed income, you may need help getting a little extra 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 an emergency.

Cash advances for social security beneficiaries

Social Security checks are considered verifiable, regular income, much like a paycheck. Thanks to these features, places like MoneyLion offer cash advances that are available to 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 sometimes be unpredictable and that only becomes more true once you retire. Many unforeseen emergencies can arise. Whether you need to repair a leak in the roof or are dealing with a health issue, you may not have factored in this expense. Taking out a cash advance on your Social Security payments can save you from going into debt or not being able to get the services you need.

Short of funds

Budgeting is difficult in general. But budgeting for the rest of your life after you retire can be even harder. It’s almost impossible to fully plan all the expenses you’ll need to save for, and as life goes on, you could find yourself running out of funds. Thanks to lenders like MoneyLion, you can use your Social Security checks for a cash advance.

Financial emergency

Advance payments on Social Security checks may be available in times of financial emergency. It means you need money against a threat to your health or safety. Examples include lack of funds for food, clothing, housing, or medical care.

Where are cash advances available for Social Security recipients?

These days, it’s more common for lenders to recognize Social Security checks as acceptable income for a loan. Remember, however, that anything you borrow will be deducted from the total amount of Social Security assistance you will receive. There may also be additional fees or interest rates applied to your cash advance. Here are some cash advance issuer options:

  • Silver Lion: Provides an Instacash program that allows users to borrow at 0% APR
  • FaaastCash: A great option for those with lower credit scores.

How to get the most out of a cash advance

A MoneyLion cash advance can be an extremely useful financial tool. Here are some tips to get the most out of it.

Take only the amount you need: Sometimes you will be eligible for a larger cash advance than you requested. Be sure to only take the amount you need, as you will be responsible for repaying the full amount plus fees and interest. The more money you take, the more interest you will end up paying. So it is better to withdraw less because it will save you money in the end.

Make timely payments: Whatever amount you borrow, make sure you pay on time. This will help you avoid additional charges like fines or rollover penalties. Also, the longer you wait, the more you will have to repay, so it is in your interest to pay off the loan as soon as possible.

Frequently Asked Questions

Are cash advances hurting your credit?

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Are cash advances hurting your credit?

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Jungyun Kim

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Taking out an advance will not affect your credit; However, if you fail to make timely payments, it will hurt your credit.

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Can banks give cash advances?

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Can banks give cash advances?

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Jungyun Kim

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Yes, you can obtain a cash advance from the banks; however, there will usually be a fee.

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