Payday Loans For Ss Benefits

Payday lending is godsend or evil, depending on who you ask

The Kentucky Coalition for Responsible Lending recommends these financial alternatives to payday lenders:

■ The Federal Deposit Insurance Corp. found through a pilot project that included banks in Kentucky that small-dollar loans can work. Some banks will loan small amounts.

■ Federally chartered credit unions also loan at a lower interest rate. They are subject to an 18 percent cap.

■ A cash advance on a credit card, at about 30 percent APR, can be a less expensive way to get emergency cash, depending on the terms of your credit card.Read the fine print or ask your bank for details.

■ advisers nonprofit consumer credit can help develop a plan to repay debt and provide financial education.

■ Many churches, faith groups, charities and community organizations to provide emergency assistance.

Penny Troeh do not remember what she needed for the first time - perhaps $ 250 to fix his truck so she can get to work. Then she went to a payday lender in Whitesburg, wrote a check for a little more and came away with cash.

Two weeks later, when she couldn't cover that check, she borrowed from another lender to get the money to pay off the first. Then, two weeks later, another one.

There are five payday lenders in Whitesburg; eventually Troeh had loans out at all of them, just to pay off her other loans.

"It got to where all my pay was going to them," Troeh said.

Fees for the loans, which seemed small at the time, had mushroomed until they ate up her entire paycheck.

Last spring, the state established a database to track payday loans - loans or deferred deposit, as they are called borrowers because lenders write a check to hang on for two to four weeks .

Since 1998, state law limits borrowers to two loans totaling $ 500, but until the database was launched there was no way of knowing if someone did what was Troeh done.

Apparently, many people have been: In May, after the database available online, 51.5 percent of all loan applications were rejected. More than 16,000 borrowers had more than 152,000 loan requests turned down, (an average of nine each), according to data from the Kentucky Department of Financial Institutions.

Views of database reversed

Payday lenders say the database, which they originally resisted, has addressed the problem of illegal loans "thereby bringing an end to the perceived 'cycle of debt,'" John Rabenold, president of the Kentucky Deferred Deposit Association, said in an October news release.

How to apply for social security disability | Mywebarticle.com

How Do I Apply?

I want to get started with my Social Security Disability Claim, what can I do first?

You have two choices when it comes to filing your Social Security Disability Claim.

1- File Your Own Claim for Social Security Benefits – Please be aware, statistics show that most people who apply for Social Security benefits on their own are initially DENIED.

The first option involves completion of all of your own filing, paperwork, communication, correspondence, court hearings and appeals entirely on your own.

2 -Get Professional Representation to Help You Apply for Social Security Benefits – Statistics show that 90% of qualified applicants get approved with the help of a Social Security attorney, lawyer, or advocate.

Experienced Social Security Disability Advocates are available to guide you if you feel you would like help. These experts know how the system works, and will handle most of it for you. They won’t let the Social Security Administration take advantage of you or deny you what’s rightfully yours.

With representation you:

* Increase your chances of winning dramatically * Avoid fee payment unless you win

Regardless of the choice that you make in filing your claims, you will be required to present the same documentation and understand the filing process so that you can maximize your benefits. Below is information to help you understand the filing requirements.

Applying The Right Way

If you believe that you are disabled and unable to work, you should apply for benefits as soon as possible. The process of evaluating an application for disability benefits is extensive. Even if approved, your benefits may not actually pay out to you for some time. Consequently, the sooner you apply for benefits once disabled, the sooner you will have the security of Social Security Disability or Supplemental Security Income.

Filling out the application and forms There are many forms that must be completed thoroughly and accurately. This is not a process that you should rush through. Making a mistake in your application can delay a judgment for weeks. The application is the first piece of evidence the SSA uses in making a determination for your claim. It is therefore extremely important to understand how to make statements that will help your claim and avoid terminology or admissions that will result in a denial.

Many applicants find the claim forms to be confusing. Not only is an applicant dealing with the stress of becoming disabled, but in order to complete their application they must comprehend a significant amount of unfamiliar terminology. Phrases and words that may seem to mean one thing to an applicant may have a very specific, and perhaps different, meaning to the SSA. This can make the process of proving your disability frustrating. If you are unfamiliar with what is required by the SSA, a hastily completed application will almost definitely result in a denial of benefits.