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Can I get a cash advance from a payday loan if I'm on social security?
Payday loans are for anyone who has a payday and it really doesn't matter whether your paycheck comes from a job or whether you receive a social security or SSI check. In all cases, on payday or when you receive your social security or SSI check your finance charge will be deducted from your checking account. You can then decide whether to pay down your payday loan or pay the cash advance loan off entirely. Even recipients of social security have the option of renewing the payday loan and making payments when they receive their next social security check.
One thing to keep in mind is that social security and SSI pays a monthly check so you may incur more interest on your payday loan than someone who receives a paycheck every week or two weeks. Because of this the payday loan finance charge deducted from your checking account will be larger.
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