One question that iCash is often asked is if someone can get a payday loan is they are on income assistance. It could be due to a permanent disability, student financial assistance, or temporary disability that has left with receiving income assistance, yet they never know what their options are. In order to educate those looking for options, today, we’re answering that question and explaining how payday and cash loans work when someone is on this type of income.
In short, the answer is most often “yes!” Though many think that income assistance can not go on a loan application, the opposite is true. Due to the regularity of your income and the fact that it is often deposited right to your bank account, cash advances and payday loans could actually be easier to obtain.
While each person will be given a custom loan agreement based on the specific qualification requirements of the lending business, those on income assistance have a much more stable source of income. As such, they can often expect a rate optimized around what they get each week or month.
However, it should be remembered that the total payback amount will be more than the principal amount. For example, if you want a $300 loan for 14 days, then the loan company will charge $15 per 100 taken or $45 in interest overall, and you will have to pay this back with the loan. This means that you won’t be able to take out as much as you might think after factoring in interest and your stable pay.
While what your income does help, there are a few other things that will affect these types of installment loans, payday loans, and cash loans. For example, your credit score, where you live and how long you’ve lived there, and how long you’ve had your job or source of income. Depending on these factors, you could see your interest rate grow or fall based on the risk that the loan company sees you as.
Yes. These types of loans often have a higher maximum allowable cost than others. IN other words, the interest that you will pay for this type of loan is often much higher than the interest that you could pay for a longer-term loan. However, this is due to the short nature of the loans. It’s important to have a payback plan so that you don’t fall behind and into a cycle of keeping up rather than paying off.
If your need isn’t to learn about loans, but make it to the next week, we understand. iCash is a payday lender that is looking to change the way people get payday loans and save money. With instant approval, you will be able to make it to the next week without issue. Our rates are stable, and our process is fast so that you know what you’re getting into right away.