Can I get a personal loan if my only income is Social Security?

How Social Security income qualifies: Social Security retirement and SSDI (Social Security Disability Insurance) benefits are counted as income by personal loan lenders. The ECOA (Equal Credit Opportunity Act) prohibits lenders from discounting income because it is from a public assistance program like Social Security. Your monthly benefit amount counts fully.

Documentation needed: Current Social Security award letter (SSA benefit verification letter). The SSA provides this at ssa.gov/myaccount or by calling 1-800-772-1213. The award letter shows your current monthly benefit amount, which is what lenders use for income verification.

Typical benefit levels and qualifying loan amounts: A $1,400/month Social Security benefit (approximately the average in 2026) supports approximately $350-$560/month in total debt payments (25%-40% DTI range). A $35,000 personal loan at 13% APR over 84 months has a payment of about $595/month. This may be too high for a $1,400 benefit alone. A $10,000 loan at 15% over 36 months is $347/month - much more manageable.

Lenders known to work with Social Security income: Upgrade, Avant, and LendingClub are known to accept Social Security as qualifying income without discounting. Local credit unions that serve senior populations are often excellent options with relationship-based underwriting.

SSI vs SSDI distinction: Some lenders distinguish between SSI (Supplemental Security Income, which is means-tested and can be as low as $943/month in 2026) and SSDI (Social Security Disability Insurance, which is based on work history). Both count as income, but SSI amounts are often very low and may not support a meaningful loan.