Can I Get A Payday Loan If I Am Retired?

Author · Modified on 11 July, 2023

Yes! Almost anyone, including retirees, can qualify for a secured or unsecured short-term loan. In the US, 66.9% of 65-74 year olds are retired as of Q3 2021. For those who are retired, it is totally possible to get a loan, as long as they meet the simple requirements.

The payday most retirees enjoy is a monthly Social Security check, and that’s what’s borrowed against.

However, as with any potential borrower, you should only consider a payday or short-term loan in an emergency and when you’re sure there’s money coming in to pay it off on time. Failing to repay your loan can lead to negative consequences including additional fees and damage to your credit record. Therefore, you should be sure you’ll have a means of repayment, which can be more of a puzzle if you aren’t in employment.


Payday loans can provide some significant benefits for the over-75 age category.


Key Points:


  • It is possible for retirees to get a payday loan, even though they aren’t in full time employment.
  • While the majority of borrowers are 18-24 years old, retirees may still need loans to cover costs such as medical bills and dental care.
  • Other means of financing for retired individuals include Social Security benefits, which are available to those over the age of 65. Over 90% of those in this age bracket claim this support.
  • There are further programs to financially help retirees, including Supplementary Accommodation Benefits.


Can You Get a Loan if You Are Retired?


Yes! Payday loans can provide some significant benefits for the over 75 age category, as with any age category, even if you have retired from work.

Whenever you need immediate cash, you can apply for a payday loan and get funds into your checking account as soon as the next business day.

If borrowers, including retirees, meet the loan requirements and verify their source of income, they can be approved on the same day.

Additionally, if you collect benefits from the Social Security Administration (SSA) and can verify your payments, you’re typically eligible for a payday loan.


Why Would I Need a Loan as a Retiree?


At any stage of life we have costs to cover. As we age, sometimes there can be more check-ups and bills that need covering.

Maybe you need to cover a medical bill, or maybe your boiler has broken and you need it fixed as soon as possible. When these things happen, you can find yourself strapped for cash and in need of a solution to this financial problem.

That’s where loans come in! Due to their speed and ease, they are often the most suitable solution, especially when you are retired, given that you can’t ask an employer for a cash advance, or simply know you have your payday coming soon.


Am I Eligible For a Payday Loan?


As a retiree, you are beyond the minimum age requirement of 18.

The criteria may vary from lender-to-lender and whilst you might initially meet the basic criteria, some lenders might be more strict in terms of your minimum monthly income and also for those who are on welfare, self-employed and have not been employed for long than a few weeks or months.

However, it is important to note that if you do not meet this basic criteria, your loan application is likely to get declined early on. The basic criteria includes but is not exclusive to:

  • You must be a legal US citizen.
  • At least 18 years of age.
  • You must have a valid current/checking account, for your loan to be paid into.


Dime Alley accepts people with all types of credit histories. As the broker, we find the most suitable lender for you that it most likely to accept your payday loan claim.


Other Financial Options For Over-75s


If a payday loan doesn’t seem like a suitable option to help you solve your financial situation, there are other options for short-term cash relief that are more geared towards retirees.


Social Security


Social security for retirement can be used as a method of helping retirees with their cost of living, but shouldn’t be used as the main source of income for retirees. However, it is reported that 90% of individuals over the age of 65 receive Social Security benefits, and it is ultimately a major source of income for the majority of senior citizens.

In addition, senior citizens over the age of 65 can qualify for Supplemental Security Income, which bolsters the amount from Social Security, if they can prove that they have disabilities and access only to limited resources.


Government Programs


At both the federal and state levels of government, there is financial support available for the over-75 age category. Specific programs such as the Supplementary Accommodation Benefit provide support to eligible seniors who have a low income and are living in designated care residencies.

Programs such as the Housing and Urban Development assists low-income seniors who are struggling to meet their mortgage payments. Similarly, the USDA helps with housing repair loans and grants at a low-level fixed income rate. The Low Income Home Energy Assistance Program (LIHEAP) helps low-income seniors manage the cost of their home energy bills.


Healthcare Support


If your financial hardship is healthcare-related, the government will often try to help you to get on-top of it. It is reported that seven million elderly Americans have problems paying their medical bills.


It is reported that seven million elderly Americans have problems paying their medical bills.


What Can a Payday Loan Be Used For?


Payday loans are designed to assist those in urgent cash crises. You might consider using one to cover a hospital or veterinary bill, get your car repaired, or fix your boiler. Whatever difficult circumstance you face, a payday loan can get you the money you need to tide you over until payday.

Such products are not designed to be used for shopping or frivolous spending and should never be used to make repayments on other loans.

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