How Can an SSI Recipient Get a Personal Loan?

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Getting a personal loan if you are an Supplemental Security Income (SSI) recipient is no more difficult than getting a loan if you are employed. Finance companies and banks will review your assets, debt-to-income ratio, and credit rating to determine if you are eligible for a loan.

Things You'll Need

  • SSI award letter 3 months of bank statements Photo identification (such as driver's license or state ID)

How to apply for a loan

  • Make a list of banks and finance companies you would like to do business with.

  • Call each company to set up an appointment. Appointments ensure that the loan representative is expecting you and can concentrate on helping you.

  • Dress formally (if possible) for the application process. A loan representative is more likely to take you seriously if you are professionally dressed.

  • Explain your situation to the representative and assure her that you have the ability to pay the bank back. If possible, cite credit references indicating that you pay your bills in a timely fashion.

  • Review the final terms of the loan proposal. It is a good idea to get several estimates so you can compare the financial terms of the loan.

Tips & Warnings

  • Always read the fine print of a loan contract Ask about prepayment penalties and late charges Never sign a document that you don't understand

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