Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
Compare loans for people on disability
On a limited income? You still have options when you need extra cash.
Loans for people on disability — often called SSI loans — are available even if you have a limited income or less-than-stellar credit. While short-term loans are the easiest to qualify for, you may be able to find more competitive offers from federal credit unions or even the federal government.
Compare short-term loans available to people who receive SSI
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Can I get a loan on disability if I have bad credit?
Yes, there are loans available for people who receive disability or SSI payments and have bad credit. Short-term lenders that offer payday, installment and auto title loans often accept poor-credit borrowers with limited income.
Generally, you can borrow between $100 and $1,000 with a payday loan, and installment and auto title loans tend to come in even higher amounts. Terms range from a few weeks to over a year.
But watch out: Short-term loans are expensive and not available in every state. Interest rates tend to be much higher than credit cards and other types of financing. Because of this, many financial experts advise against short-term borrowing when you’re on a fixed income.
What other types of loans are available for people on disability?
With SSI benefits capped at $783 monthly for individuals, you might think short-term loans are your only option. But there are other types of financing you can consider first:
- Social Security Disability loans. You may be able to receive a loan through SSI’s presumptive disability program. The loan amount is up to one month’s benefits, but you must be under extreme hardship — such as having no shelter or food — to qualify. To learn more, speak with your case worker.
- Payday alternative loans. Some federal credit unions offer payday alternative loans (PALs) up to $1,000 with APRs capped at 28%. You must be a member of the credit union for at least a month to qualify, however.
- Personal loans. If you have other forms of income, like a pension or child support, you might qualify for a personal loan. Otherwise, consider applying with a cosigner. Credit unions and online lenders typically have less-strict income and credit requirements than larger banks.
- Home equity loans. Are you a homeowner? You may be able to borrow against your home’s equity through a home equity loan or line of credit. This is a secured loan — meaning you use your house as collateral — but it often comes with more lax eligibility criteria than an unsecured personal loan.
- Credit card cash advances. This may be an option if you already have a credit card and haven’t borrowed up to your credit limit. Credit card cash advances have lower rates than payday loans, with APRs usually around 30% — not including additional fees.
- Short-term loan alternatives. If you have bad credit or can’t qualify for a personal loan because of your limited income through SSI, you may want to consider a short-term loan alternative. Our guide includes a list of state resources.
What does the Social Security Administration consider a loan?
A loan is any cash, food or shelter items you agree to pay back. As long as the agreement is enforceable by state law, it counts as a loan. This means it doesn’t count as income — unlike a gift you don’t have to repay — and doesn’t reduce your SSI benefits.
Alternative options for extra funds
You aren’t limited to borrowing when you’re on disability or receive SSI and need extra funds. Grants are another option to consider — and the best part is you don’t have to repay them. Here are a few resources to get you started:
While these grants are given to community organizations rather than individuals, this is a good place to find local HHS-funded programs that could help you.
- FinAid. Find a list of scholarships and grant opportunities for students with disabilities who need help paying for college.
Despite your limited income, there are still loan options available when you’re on disability. Just spend any funds the month you receive them so you don’t go over your SSI resource limit.
Frequently asked questions
Answers to questions related to getting a loan on disability.
What’s the difference between a loan and a grant?
A loan is a sum of money or other asset provided to you by an organization or individual. It has an agreed-upon principal, interest rate and repayment plan.
A grant is like a loan, but you don’t have to repay the money or asset given to you. These are usually made by the federal or state government, corporations, foundations and trusts.
Neither will count as income or impact your SSI benefits. However, money you receive from a loan and don’t spend within the month may count toward your resource limit, which could impact your benefits.
What happens if I lend someone else money while I’m on disability?
Your benefits may be affected. If the loan is considered a bona fide, negotiable agreement — and in most cases, it will be — any repayments you receive the month after you lend someone money will be considered a resource. This will count as income and affect your eligibility for SSI benefits.
Can a lender reject me based on my disability?
No, discrimination based on disability is illegal. However, this doesn’t mean you’re guaranteed approval.
Lenders still look at your income, credit score and other criteria to determine your eligibility. If you don’t make enough in SSI or disability benefits to cover the amount you want to borrow, you may not be approved.
More guides on Finder
Cleo cash advance app review
Cleo is a budgeting app offering cash advances up to $100.
8 Best cash advance apps to cover you until payday
Compare the 8 best cash advance apps for low fees, high limits and more.
Apps like FloatMe
If this app’s $50 limit is too low, alternatives like B9, Earnin and Branch may be a better fit.
6 cash advance apps that work with Chime
Many pay advance apps don’t work with this online bank — but here are six that do.
Cash advance apps: Best instant money apps in 2022
Get at least $25 in as little as 20 minutes with these five apps for instant money.
A to Z list of cash advance apps
A comprehensive list of cash advance apps that our experts have reviewed, including Brigit, Dave and Earnin.
How to borrow money from Cash App in 2022
Select Cash App users can get a short-term loan for up to $200.
Apps like Possible Finance
Choose from 5 options to find the best pay advance solution. Top names like Dave and Brigit are joined by 3 other pay advance apps.
Apps like MoneyLion
MoneyLion is a pay advance app stacked with features — and hefty fees to match. We’ve lined up 6 alternatives to help you go easy on your wallet.
Apps like Lenme
If you’re considering using Lenme for a pay advance but its negative reviews are holding you back, we’ve lined up 7 alternatives that could offer more reliability and transparency.
Ask an Expert