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Is Social Security Money Borrowable? Not Exactly, But Kind Of

You can come to a place where you require a large amount of cash to fix your automobile, take care of a house repair, or take care of some other need. You have choices at that time. You might discuss with lenders taking use of the assets in your home or using an unsecured loan. However, if you are old enough to get payments from Social Security, you might want to think about taking out a loan from them.

How to obtain a Social Security loan informally

You cannot take out a loan from Social Security or loan money against your benefits in the future. For instance, you cannot request a $5,000 loan and then request that Social Security reduce that amount from your benefits after you begin receiving them.

Yet, you may apply for Social Security soon and then cancel your claim later. You may be able to get money from Social Security using this technique, but it includes some risks.

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