Borrowing money doesn't necessarily stop once you hit retirement age. Even if you're collecting Social Security benefits and have other sources of income, you could face a major expense that exceeds your available funds. If that's the case, you may want to look into taking out a personal loan. Here is what you need to know.

How Social Security Benefits Work

澳洲幸运5官方开奖结果体彩网:Social Security benefits are administered by the U.S. Social Security Administration. They come in several different forms, e🌟ach with their own qualification requirements. They include:𒉰

• Retirement benefits
• Survivors benefits
• 澳洲幸运5官方开奖结果体彩网:Supplemental Security Income (SSI)
• 澳洲幸ꦜ运5官方开奖结果体彩网:Social Security Disability Insurance (S💎SDI)

How to Get a Personal Loan on Social Security

When you apply for a personal loan, prospective lenders will want to make sure that you'll be able to repay them when the time comes. The sources of your income aren't necessarily an issue, so long as you can prove you'll have enough money coming in to keep up with the payments on your loan.

In filling out a personal loan application, you'll want to include all of your income sources, whether that's through a job where you get a regular paycheck, alimony, child support, investment dividends, retirement income from Social Security or a pension, or anything else. How much you bring in each month can not only affect whether you can gᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚet a loan but also how much money the financial institution will be willing to lend you.

澳洲幸运5官方开奖结果体彩网:Getting a personal loan won't impact your 澳洲幸运5官方开奖结果体彩网:Soci🌟al Security retirement benefits. However, 澳洲幸运5官方开奖结果体彩网:if you're receiving SSI, it may affect that. That's because SSI has resource limits, and if you don't spend the funds you borrow in a given month, that amount will count toward your resource limit for the following month. In that situation, it makes sense to borrow only as much as you plan on using right away.🔯

The current resource limits for SSI recipients are $2,000 for individuals and $3,000 for couples, with certain assets, such as a home and one vehicle, being exempt.

Alternatives to Personal Loans

If you can't qualify for a personal loan, or simply don't want one, there are other options for borrowing money. These include:

Credit Cards or Credit Card Cash Advances

If you can cover your expenses with a credit card you already possess, you won't have to complete a loan application or add a new bill to your budget. Using a credit card could make sense if can pay off your balance the next month or within a few months. If you run a balance for an extended period, however, it can get expensive.

If you need cash, you could also consider a 澳洲幸运5官方开奖结果体彩网:credit card cash advance. Cash advances carry a different—and typically higher—澳洲幸运5官方开奖结果体彩网:annual percentage rate (APR) from normal purchases and usually involve some extra fees. So they can be a very expensive way to borrow.

Home equity loans or home equity lineཧs ✨of credit (HELOCs)

If you own your home, you can borrow against the equity you have in it through a ho💦me equity loan or home equity line of credit (HELOC). With the former, you typically receive a lump sum of money that you then pay back in regular inಞstallments. With the latter, the lender provides you with a line of credit you can borrow from as needed.

Interest rates tend to be lower with home equity products compared to personal loans. However, both home equity loans and HELOCs use your home as 澳洲幸运5官方开奖结果体彩网:collateral, so if you can't🃏 pay the money back, y🎃ou risk losing it.

Friends and Family Loans

If you're comfortable doing so, you can also ask close friends and family members if they can lend you the money you need. But make sure you work out a payment plan and stick to it to avoid any ill feelings. You may also want to put everything in writing, just in case.

The Bottom Line

Social Security benefits are one source of income that can help you qualify for a personal loan if you need one. The proceeds from such a loan won't affect your retirement benefits, but they can have an impact on your benefits if you're receiving SSI.