Are you worried about running out of cash in retirement? You are not the only one. Nearly half of the US population is concerned about running out of cash in their retirement. Retirees can face financial emergencies where they need money to handle their unexpected expenses. Payday loans can help you meet all your financial obligations.
Social Security recipients still qualify for payday loans, which account for many of the borrowers who are retired or disabled. Sometimes retirees need cash advances to pay for medical bills or other debt that piles up. A payday loan gives you an instant cash advance usually within a day of submitting the online application.
Retired Applicants
As the baby boom generation is aging, the number of retirees is
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Sometimes it takes a matter of shopping around before finding the lender who is willing to work with a retiree on Social Security. The borrower needs to be upfront with the lender and report income accurately.
Steps to Get Payday Loans
Applying for payday loans when you are on Social Security Income is very easy.
Step 1
Get a copy of your bank statement and your Social Security award letter. Payday loan lenders will review your bank statement and your award letter to verify you have a steady source of income.
Step 2
Search for payday loan lenders that offers cash advances to retirees on Social Security. Review all the terms and conditions of the lender like the finance charges, loan repayment period.
Step 3
Fill out the online application form to apply for payday loans. Submit all the required paperwork to the lender. Check the repayment amount to avoid renewing of your
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They have less savings and limited options when they face financial emergencies. Apart from limited income, they may have bad credit score that makes them high risk borrowers. This is where payday loans help. You can get the cash you need by applying for payday loans online that makes it convenient and easy. You don’t have to leave the comfort of your home to apply for the loan. The approval process is fast and you get money directly in your bank account.
Why Payday Loans Work
An instant cash advance can solve problems quickly between paydays. Only individuals who know they can repay the short-term loan quickly should consider payday loans. The main concern is that these fast cash loans come with higher-than-usual interest rates. But as long as the loan is paid off by the due date, which is usually the next payday, the interest rate won't matter much. It's a convenient way to gain access to cash without it affecting your credit.
Most payday lenders do not do credit checks and do not require a passing credit score. It's also convenient because the loan can be approved in a matter of hours. The money can then be used for anything including short weekend getaways. These loans are very useful in paying for car repairs. It also avoids tapping into money-earning savings
Payday Lending (sometimes called cash advance): The borrower uses a post-dated check or electronic checking account information as collateral for a short-term loan. Borrowers need only personal identification, a checking account, and income to qualify.
You are a 200-year-old endangered Hawksbill Sea Turtle twisting yourself into a foreign knot. Thrashing for freedom, panic sets in as your realise you are helpless in your bending cage. The ocean turns from turquoise green to Prussian blue as the sun slowly pierces the shadows of your watery grave. Bubbles rush from your mouth like stolen phantoms as you begin to contemplate your own mortality. Slowly suffocating, hope begins to fade. Deeper and deeper you sink into unconsciousness. Euphoria sets in as your panic begins to ease, in your mind you remember freedom, just a memory but not so long ago, is this death? Is this a good death? You take one last breath, and let go of
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Payday loans were created with the intention to assist people in times of financial need, for the short-term, with the promise to be repaid by the next working paycheck. In addition, payday loan companies such as Cash Connection even helped struggling people who didn’t use banks as a way to increase access to their services, in effort to convince nearly every type of person that they could benefit by pulling out a short term loan. This was a beneficial, ethical approach because during 1995 to 2003, banking overdraft fees nearly doubled and banks refused to serve individuals who sought payday loans, making payday loan companies the optimal choice for short term financial services. Nonetheless, the concept of assisting people in times of need and financial struggle at their convenience is an ethical approach with good intentions.
Scott Gilmore's “Me, The Other Scott, And payday-loans” is an educational paper based on Gilmore's experience with financial fraud, the stresses of Payday Loans and the stigma behind people who use payday- loans. Payday-loans can be a lifesaver in a pinch, but could metaphorically kill you in the long run. Additionally, payday-loans target the financially unstable and people in less appealing urban areas because they assume they are the ones who need the loans. In my opinion, it is unfair to label someone using payday-loans as poor. Gilmore supports this point as he states, “these are respectable people with jobs facing unexpected car repair, or running too short to buy back to school supplies”. The reality is not
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Melzer, B. T. (2011) The real cost of credit access: Evidence from the payday lending market. The Quarterly Journal of Economics.
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