Cash Advance Apps for Social Security / SSI Recipients

When living on a fixed income, it can sometimes be difficult to make ends meet, especially if you receive an unexpected medical bill, have a flat tire or are just a little short this month. Fortunately, many cash advance apps treat Social Security benefits as a form of income, so you can take advantage of a small loan when you really need it.

8 top cash advance apps for Social Security recipients

Check out these cash advance apps that accept Social Security benefits as income — which means you may qualify for an advance.

How do cash advance apps work?

Cash advance apps work by connecting to your checking account and analyzing your banking activity, particularly your deposits. Based on your account activity — and your ability to meet other basic requirements — it’ll determine if you’re eligible for an advance and how much you can borrow.

If you need an advance, you can request it through the app and receive the funds within a few days or immediately if you pay an express transfer fee. In most cases, you’ll repay the loan within two weeks — when your next deposit hits your account.

However, some providers allow you to pick your own date to repay the advance, offer extensions or give you up to 30 days to pay it back. You usually can’t get another advance until you’ve paid off the current one.

Typical requirements for cash advances

Most cash advance apps have similar requirements to qualify:

• Be at least 18 and a US citizen or permanent resident
• Have an active checking account (may need to be at least 60 to 90 days old)
• Proof of minimum average bank balances, which vary by provider
• Evidence of regular, recurring deposits (some require direct deposit)

Pros and cons of cash advance apps for Social Security recipients

Cash advance apps can be a handy tool when you need a little cash before your next check comes in, but there are also some downsides.

Tips for Social Security recipients getting a cash advance

Before you download a cash advance app, there are a few things to consider:

• Check provider requirements. While most cash advance apps have similar requirements to qualify, the exact criteria can vary quite a bit. Make sure your banking and income requirements match the provider you’d like to use.
• Watch out for monthly subscription fees. Some cash advance apps don’t charge monthly fees, while others do. Consider if the monthly charge is worth it, especially if you think you won’t use the app often.
• Consider instant transfer fees. Most cash advance transfers are free if you can wait a few days. But if you need the money right away, many apps charge a fee for express transfers. Compare fees from multiple apps to find the best deal — some are much less expensive than others.
• Don’t borrow more than you need. Even if you’re eligible for a $200 advance, you may not want to borrow the full amount if you can get by without it. Borrowing too much — and too often — can land you in a cycle of debt.
• Consider your banking needs. Some cash advance providers only offer cash advances to customers who have a bank account with them. If you’re happy with your current bank, look for an app that offers transfers to external bank accounts.

Watch our video on cash advances for Social Security Recipients

Alternatives to cash advance apps

If you’re not eligible for a cash advance app or need to borrow a larger amount, consider these alternatives:

• Personal loans. If you need a larger amount than cash advance apps offer, you may want to consider a personal loan instead. You’ll probably need decent credit to qualify, and the lender will charge you interest, but you’ll have longer to pay it back.
• Payday alternative loans (PALS). Some federal credit unions offer payday alternative loans for up to $1,000 with reasonable interest rates and longer loan terms, but you’ll need to be a member to qualify.
• No credit check loans. If your credit is bad and you can’t get a personal loan, you might qualify for a no credit check loan instead. However, some options may have interest rates as high as payday loans.
• Local programs and resources. Local government agencies, nonprofits and other organizations offer free financial services and help with immediate necessities like food or utilities for those in need.

Bottom line

Living on a fixed income can be hard, and anyone can find themselves a little short on cash. A cash advance app offers a quick and easy solution to bridge those temporary shortfalls. Just be sure to look around and find the one that best fits your lifestyle and financial situation.

Frequently asked questions

Can I get a loan if I’m on disability from Social Security?

Your loan choices may be more limited if your main source of income is from Social Security, but you’re not without options. Consider our list of providers that offer loans for people on disability.

Can I get an advance on my Social Security benefits?

The Social Security Admission (SSA) offers one-time emergency advances in only a few cases. For example, if you are due Supplemental Security Income (SSI) and your payments are delayed or not received, you can probably get an advance.

If you’re a Social Security recipient having a financial emergency — meaning there is a threat to your health or safety — you should be eligible for an emergency advance payment.

Can I get my Social Security money early?

You can request your Social Security retirement benefits as early as age 62, but you’ll only be eligible for a reduced amount because 67 is the official retirement age. For example, if you started taking benefits at age 62, your monthly check would be about 30% less than if you waited until 67.

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.

Written by

Lacey Stark

Writer

Lacey Stark is a freelance personal finance writer for Finder, specializing in banking, loans, investing, estate planning, and more. She has 20 years of experience writing and editing for magazines, newspapers, and online publications. A word nerd from childhood, Lacey officially got her start reporting on live sporting events and moved on to cover topics such as construction, technology, and travel before finding her niche in personal finance. Originally from New England, she received her bachelor’s degree from the University of Denver and completed a postgraduate journalism program at Metropolitan State University also in Denver. She currently lives in Chicagoland with her dog Chunk and likes to read and play golf. See full bio