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Yes – you can absolutely get a payday loan if you’re retired. There are a number of eligibility requirements to get a short-term, unsecured, or secured loan and none of them require you to not be retired. As long as you meet the other rules then you should be ok

Most retirees get a monthly social security check that they have contributed to during their working life. A social security check counts as steady income and that is what lenders will look like.

As with any type of payday short-term lending you should only borrow these loans if you need emergency cash now. It should not be used for long-term debt management and should definitely not be used for non-essentials like eating out, clothing, or discretionary spending. You should make sure to only borrow what you need – if you’re on social security you will be on a fixed salary each month and if you miss repayments you might be in trouble the next month if your interest payments increase.

Retired Payday Loans Key Points

  • You can get borrow money now if you are retired even if you don’t have a full-time job
  • The majority of payday borrowers are between 18 and 24 years old but as a retiree, you might still need to borrow money for emergencies
  • If you’re over the age of 65 you should have access to social security benefits – these can help cover expenses
  • You could also look at the Supplementary Accommodation Benefits program if you need cash now.

Can I Get A Payday Loan If Retired?

If you need to borrow money now and you are retired then you can absolutely get a payday loan. They can provide good financing options for those over 70s even if they are no longer in full-time employment. If you need cash for emergencies then applying for a short-term loan could be the way to go. You can get money into your checking account as quickly as 24 hours.

If you meet the requirements for a payday loan then there is no reason that you can’t apply. You will need to verify the source of your income (your social security check) and you could then be approved on the same or the next business day.

I’m Retired – Am I Eligible For A Payday Loan?

One of the requirements for a payday loan is to be over 18. Your typical retiree is over 18, so you’ll be ok there. After that, there are a number of eligibility requirements that you’ll need to meet when applying. The requirements differ from lender to lender and you might find that the eligibility requirements for a retired application are stricter. This can also happen if you are on welfare benefits, self-employed or you are new to your job.

They should still lend you the money but you might have to go through further eligibility checks when applying. You must make sure to meet the minimum application criteria – if you don’t meet those then you’ll automatically be declined.

Why Would A Retiree Need A Loan?

Just because you’re retired doesn’t mean you don’t have to pay for things. People of all ages have bills to cover, expenses to pay and even emergencies to deal with. There can also be more check-ups and medical bills to deal with.

You might have an emergency boiler repair that you need to do or there might be a leak in your roof. Whatever the case – retirees sometimes find themselves short of cash and in terms of a short-term loan.

This is where a loan might come in. They’re quick and easy and then can be paid back using your next social security check. Retirees won’t be able to ask for a cash advance from their employer as they are retired. This makes a payday loan a strong alternative.

What Are My Options If I Don’t Want A Payday Loan?

A loan might not seem like the best option so let’s explore what other alternatives exist. There are some solutions.

Social Security

Social Security during retirement can be a useful way of keeping on top of expenses. It isn’t recommended to be the main source of income but over 97% of adults between aged 60 and 89 do get social security benefits. If you are over 65 you also qualify for Supplemental Security income which can help top up your social security benefits. This is only available if you have disabilities and cannot access a wide range of resources.

Government Programs

If you are struggling financially then there are programs that can help you out. There are over 2,500 earned benefits that are available according to the National Council on Aging.


The National Council of Aging has a number of useful resources to help you financially.

It can be overwhelming to try and find the right resources but you just need some assistance in finding the right place to look. The NCOA actually hosts a website that can help you find relevant benefits. You can find it at

It can help you look through categories including health care, assistance, food, nutrition, and housing. It is all about asking for help and knowing who to ask – the NCOA can help with that.


Healthcare Support From The Government

If you need money to pay healthcare-related debts then the government can help. There are lots of options available at Healthcare – a US-run resource to help you find what you need. They can help you in the Health Insurance Marketplace to get new insurance or help you with open enrollment. They will make sure you know your options before needing to take out a loan to pay for healthcare.

What Can I Use A Payday Loan For?

Payday loans are designed for emergencies where you need a short-term injection of cash to get you through to the next payday. Common uses for a payday loan include hospital bills, emergency car repairs or even fixing a boiler in your house. Whatever emergency you are facing a payday loan could help.

However – payday loans are not designed for long-term debt relief and should not be used for non-essentials or non-emergencies.

Richard Allan

Richard Allan

Richard Allan is the founder of Capital Bean and a passionate writer about personal finance, budgeting and how to save money at home and work.

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