The question most often that rises in our heads is that ‘can you get a payday loan on your USDirectExpress SSI card?’ The clearest answer to this question is that it solely depends upon the issuer of the debit card that you own.
The Direct Express card is a prepaid debit card offered to the federal benefit recipients who receive their benefits electronically. The debit card offers the convenience and security of using electronic transactions to spend and access your money rather than using cash for purchases.
You do not need to have a bank account to sign up for the card. There is no credit check or minimum balance requirement. The direct express card is the best way to avail federal benefits. There are various benefits apart from this:-
- It’s Safe: The need to carry large amounts of cash is no more important and no risk of lost or stolen checks would exist.
- It’s Easy: Your money is automatically deposited to your card account on payment day each month. You won’t have to wait for the mail to arrive.
- It’s Convenient: You can make purchases anywhere the Debit MasterCard is accepted and get cashback at retail locations, banks and credit unions, and ATMs throughout the world, on your own convenience.
What makes you eligible for a payday loan?
For most of the cases, people who receive Social Security payments could qualify for a payday loan. That is the scenario considering the lender’s criteria to be qualified for a payday loan. A trusted source of income for every month is a leading criterion to get a payday loan.
Social Security meets the requirements of being considered a trusted source of income, making all of its receivers eligible for payday loans.
Requirements for Payday Loans:
If you want to avail a payday loan and you also are an SSI recipient, you will require a copy of Social Security award letter as the lender f your loan will have to confirm if your source of income is a trusted one or not. This process can be compared to any other cash advance where your bank statement is needed as a confirmation for your income and savings.
Important points to consider:
- Generally, most of the payday lenders are prepared to work with the applicants who are receiving a Social Security income, but you must also keep in mind that some lenders might not be willing to do that.
- Figure out the lender that you want to lend from, with care. You should try settling for the ones who are transparent with their fee structure and agreements.
- You must read all the terms and conditions properly.
These loans come with high-interest rates and if your payment is delayed you might have to face huge penalty rates. It can work nicely for you if you are responsible. Hence, using the loan wisely and repaying it on time is of high importance here.