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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.
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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. You can generally 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.
Just 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.
With SSI benefits capped at $783 per month for individuals, you might think short-term loans are your only option. But there are other types of financing you can consider first:
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.
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.
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.
If you only need to borrow a small amount, browse our guide to short-term loans to compare lenders.
Answers to questions related to getting a loan on disability.
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.
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.
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.
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