How do I Apply for a Payday Loan if I am on Benefits?

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Hi there. Look, I am on benefits since 2016, but now it’s the first time I need to borrow some money in order to cover some expenses. Are there any options available for me? Could you please help me understand where I should start my search for a loan? What documents can I prepare?
– Jordan

The Answer

Applying for a payday loan if you are receiving benefits (i.e., disability, social security or unemployment) is not much different from applying for a payday loan under other circumstances.

You Still Need to Have an Income

However, responsible payday lenders need to see some proof of your income.

In case you are on benefits, instead of furnishing pay stubs from work, you need to submit documentation which demonstrates you are receiving assistance.

What Documents Are Needed to Prove Your Income

This could mean a copy of a recent unemployment pay stub, an award letter for benefits, or so forth.

So long as the lender believes based on your documentation that you can pay back the loan on time, there is a chance they will consider granting it.

Reviewed by: Casey Bond
Date Reviewed: April 12, 2019

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The answer on this page is provided in collaboration with some of our trusted lenders who are proud members of the Online Lender’s Alliance. The purpose of the provided answers is to inform the consumers about the specifics of online lending. It should not be treated as legal advice or regulatory guidance. The information is updated periodically and may include links or references to third-party resources or content. SDL365 does not endorse any third-party nor does it guarantee the accuracy of the third-party information. We encourage you to consult other resources that might serve your needs and take into account your particular situation.

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