I receive SSI but need a fast cash loan to pay my rent

(Request from Latecia in Woodside, California) I do receive SSI but need a fast cash loan to pay my rent thank you.

Dear Latecia,

I can appreciate your need to pay your rent on time. However, I must question your need for a loan to accomplish this.

SSI barely pays enough to scrape by each month. It is not meant to be a permanent solution for families. Instead, it is designed to cover the most basic living costs (rent, food, utilities), leaving almost zero funds for anything else.

If you are currently receiving SSI as your sole source of income, you will likely have zero funds left over each month to make a loan payment. In other words, not only will you not be able to repay a loan, but you probably cannot qualify for one either. It is therefore best to avoid applying for any loans, as each inquiry will only lower your credit score further.

It should be noted that you cannot be discriminated against if the source of your income is SSI. Lenders cannot treat that income any differently than they would if you were employed or received other income.

Where the issue comes in is the lack of disposable income. Lenders will discover that your living costs are taking up all of your income, leaving nothing to repay your loan proceeds.

You may find some lenders who appear to be willing to loan you money in your situation. Beware of these wolves, as they will generally charge you upfront fees and then spin the loan off on someone else. A fast cash loan is generally a type of payday loan, which is a completely unaffordable loan product.

If you are having trouble paying your rent, this is information that should be revealed to your social worker. I believe that the Redwood City office may be the closest to you, although the receptionist can help you contact the proper agency location. Call 650-599-3811 for San Mateo Human Services.