Microfinancing is one of the most popular and demanded fields of loan, especially when it concerns people of middle age. However, not only the employed population may enjoy the benefits of an extremely convenient and flexible payday loan services. There are also certain possibilities for people representing older generations or the so-called dependent population to gain several benefits from microfinancing.
To begin with, let us discuss what payday loans stand for themselves. Basically, these represent short-term credits for a period of up to one month or 30 calendar days and in rather a small amount of money up to $500. The main prerequisites to get such a loan are to be at least 18 years old and have a stable source of income. The latter in many cases means not only the confirmation of employment and salary statements but also pension payments making these available for the greater part of the US population.
Financial Hardships Of The Elderly
It is not a secret that many pensioners in the US cannot live on the received payments and have struggles when it comes to means of sustenance. However, one of the possible solutions for people of this age would be to take out these short-term payday loans and repay these with the following pension payment. When it comes to the requirements to fulfill for those loans, there are several exceptions for pensioners which we have noted below.
In a case with people of elderly age who cannot present the confirmation of full-time employment, the following confirmations shall suffice:
- Social Security or pension confirmation: if you receive one of these payments, you qualify for a payday loan. In order to prove these financial, you should simply present the award letter to your online lender together with the payday advance request. In many cases, these letters are perfectly enough for the lender to approve the request.
- self-funding: for those who have been saving money throughout the whole life in form of different assets, confirmation of those shall usually suffice as a proof of regular income. This makes you qualify as a self-funding retiree. The only thing left to do is to convince the lender that your assets are solvent.
- part-time employment: this way does not really differ from the confirmation of the full-time employment. The only thing is that the part-time income shall be sufficient for lenders to approve your application.
To sum it up, people of all ages proved that they are older than 18 years old have an opportunity to take out a payday advance. While employees have to present confirmation of employment or another stable source of income, pensioners will have to give either a pension confirmation, self-funding proof or part-time employment confirmation.