10 Loans for People on Disability With Bad Credit (Personal, Payday, etc)

The best loan option for people on disability who have bad credit is a personal loan from a peer-to-peer lending platform, such as LendingTree, LendingClub, loansunder36, and Pick a Lender. This should allow you to get the most favorable rates. However, personal loans almost always require a bank account. For options that don’t require a bank account, you may want to try a payday loan or a title loan. But, keep in mind, these loans are riskier and are sometimes considered predatory. Below, we have the list of lenders that work with people on disability — even if you have bad credit.

What to Know About Loans for People on Disability With Bad Credit

Being on disability — either Supplemental Security Income (SSI) disability or Social Security Disability (SSDI) — can make it difficult to get approved for a loan, especially if you also have bad credit. The most favorable type of loan is usually a personal loan, which often has the best terms, even if you don’t have another source of income and your credit history is less than ideal. There are also payday loans and title loans. Keep in mind, however, that both of these can end up being costly. Payday loans are meant to be paid off after your next payday. If the loan is rolled over — thus extending the loan length — you’ll pay more interest and fees on top of already high interest rates. Alternatively, title loans use your car as collateral and are banned and/or considered predatory in many states. These should be last-resort options.

Personal Loans for People on Disability Benefits: The List of 5 Places

You can use a personal loan for just about anything. These loans are “unsecured,” meaning you don’t have to offer up any collateral. But, because of this, it may be more difficult to be approved — especially if you have limited income and a low credit score — but it’s not impossible.

Peer-to-peer lending platforms are a good place to start your search. With a peer-to-peer lending platform, you fill out one application that is sent to a network of lenders, which then reply with their offers. This system promotes competition, which can help get you better terms on a loan, as lenders know you’ll likely have other options. In the list of lenders below, we’ll note which are direct lenders and which connect you with lenders.

Also, be aware that personal loans are not typically “instant” loans. After approval, you will typically receive the funds within one to three business days, depending on the lender.

Note: You will need a bank account to apply for a personal loan, especially if you’re on disability and have poor credit. If you need to open a bank account, you may want to check out our list of the best checking account options (many of which are fee-free).

LendingTree

  • Peer-to-peer or direct lender? Peer-to-peer
  • Terms of the loan: Vary by lender
  • Minimum loan amount: $1,000
  • Minimum credit score: None specified
  • Credit check required? Yes
  • Requirements: Must be at least 18, a U.S. resident, and have a verifiable income, a Social Security number, and a checking account.
  • Fees: Vary by lender
  • Source: LendingTree FAQ page
  • Find out more or apply

Our related article has more information about LendingTree’s lending practices.

LendingClub

  • Peer-to-peer or direct lender? Peer-to-peer
  • Terms of the loan: Vary by lender; all loans have a minimum 36-month repayment period
  • Minimum loan amount: $1,000
  • Minimum credit score: None specified
  • Credit check required? Yes
  • Requirements: Must be at least 18, a U.S. resident, and have a checking account
  • Fees: Origination fee of 1% to 6% of your loan amount; late fees are either 5% of the unpaid amount or $15, whichever is greater. There is a check-processing fee of $7, but it is waived if you are paying the loan in full.
  • Source: LendingClub Help Center webpage
  • Find out more or apply

loansunder36

  • Peer-to-peer or direct lender? Peer-to-peer
  • Terms of the loan: Vary by lender; all loans have an APR under 36%; repayment periods are between 60 days and 72 months
  • Minimum loan amount: $500
  • Minimum credit score: None specified
  • Credit check required? Yes
  • Requirements: Must be at least 18, a U.S. resident, have a source of income, a Social Security number, and a checking account.
  • Fees: Vary by lender
  • Source: loansunder36 Terms & Conditions page
  • Find out more or apply

NetCredit

  • Peer-to-peer or direct lender? Direct
  • Terms of the loan: Vary by state; minimum six-month repayment period
  • Minimum loan amount: $1000 (minimums may be higher in some states)
  • Minimum credit score: None specified
  • Credit check required? Yes
  • Requirements: Must be at least 18, a U.S. resident, have a source of income, a Social Security number, and a checking account.
  • Fees: Vary by state; may include origination and late/missed payment fees.
  • Source: NetCredit FAQ page
  • Find out more or apply

Pick a Lender

  • Peer-to-peer or direct lender? Peer-to-peer
  • Terms of the loan: Vary by lender
  • Minimum loan amount: $100
  • Minimum credit score: None specified
  • Credit check required? Yes
  • Requirements: Varies by lender; typically, you must be at least 18, a U.S. resident, and have a source of income, a Social Security number, and a checking account. In some cases, you may need to meet a minimum monthly income.
  • Fees: Vary by lender
  • Source: Pick a Lender FAQ page
  • Find out more or apply

Other Options: Disability Loans With No Bank Account Required & Disability Loans Fast

Personal loans may be a safer route and give you better terms, but nearly all personal lenders will require a credit check and a bank account — and the process to get your funds can take up to a week. So, what if you don’t have a bank account and/or you need the money fast? It is possible to get a payday loan or a title loan, but, as we mentioned above, these are riskier options.

Disability Payday Loans

It’s relatively easy to qualify for a payday loan, and you can have the cash in hand immediately (if you apply in-person) or within a day or two (if you apply online). An added bonus is that with disability benefits, your income comes from the government on a schedule, so it is seen as guaranteed.

It can, however, be difficult to find reputable payday lenders. Here is one option that offers disability payday loans (with no bank account required in three states):

Moneytree

  • Terms of the loan: Vary by state
  • Minimum loan amount: Varies by state
  • Minimum credit score: None
  • Credit check required? Yes
  • Requirements: Must have a valid ID and Social Security number and a source of income; Moneytree does not require a checking account in Nevada, Idaho, and Washington.
  • When will funds be available? In-store, immediately; online, within one to three business days
  • Source: Customer service and the Moneytree FAQ page
  • Find out more or apply

Disability Title Loans

As a last resort, if you have a car, you may consider a title loan. Title loans use your car as collateral, so bad credit is not an issue and you don’t need to have a bank account. Also, you can get the money within 24 hours.

Be aware that if you cannot pay back the loan, the lender can repossess your vehicle. Title loans are actually banned in about half of the United States because they are considered predatory. If your state allows title loans, we’ve listed some options below, ordered starting with the best overall options.

Check Into Cash

  • Loan amount: $1,000 to $25,000
  • Minimum credit score: None
  • Credit check required? Yes
  • Requirements: Must provide proof of residence, proof of income, the title to your car, and a valid ID
  • When will funds be available? Usually within 30 minutes of applying
  • Source: Check Into Cash FAQ page and customer service
  • Find out more or apply (paid partner link)

Max Cash Title Loans

  • Loan amount: $2,500 to $50,000
  • Minimum credit score: None
  • Credit check required? Varies by lender
  • Requirements: Must provide a “free and clean” title, three references (cannot be related to you), a government-issued ID, and a Social Security number
  • When will funds be available? Same day
  • Source: Max Cash Title Loans FAQ page and customer service
  • Find out more or apply

LoanMart

  • Loan amount: Varies by state and the value of your car
  • Minimum credit score: None
  • Credit check required? Yes
  • Requirements: Must provide proof of income, proof of residence, the title to your car, and have a valid driver’s license
  • When will funds be available? Within 24 hours
  • Source: LoanMart FAQ page and customer service
  • Find out more or apply

TitleMax

  • Loan amount: Up to $10,000
  • Minimum credit score: None
  • Credit check required? Only in California
  • Requirements: Must be at least 18, have a source of income, a lien-free car title (meaning your car is paid off), and a government-issued ID.
  • When will funds be available? About 30 minutes after applying
  • Source: TitleMax FAQ page
  • Find out more or apply

For more information about TitleMax, see our article about the company’s repossession policies.

In Summary

Loans for people on disability with bad credit are out there. Getting a loan when you’re on disability and have bad credit is possible. Your best bet is to apply for a personal loan through a peer-to-peer lending platform. The competition naturally allows for better terms. Personal loans typically require a bank account though and may take up to a week to process. For no-bank account options and/or faster processing, try a payday loan or a title loan. But, keep in mind, these are costlier and riskier than a personal loan.

Looking for more loan options for bad credit? Check out our article: Collateral Loans & Hard Money Loans for Bad Credit: List of Providers

Looking to get back to work? We suggest the article: Occupational Therapy Goals: Short-Term, Long-Term Examples

Think you may qualify for a hardship loan? Here’s our article about that shows what a hardship loan is and where to get one.

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