Can I Get An Interest Free Loan From Social Security. Can i get a interest free loan from my social security? Michael, because social security does not exist to provide interest free loans, you can only withdraw an application and repay benefits received within 12 months of beginning them.
The religious groups often depend on donations or tithes from their members, so money is limited. Under this rule, an individual 62 years or older can start collecting benefits but stop the benefits within 12 months of the start, repay the benefits collected, and then still be. Yesterday, the social security administration announced that you'll no longer be allowed to pay back benefits and refile for a higher withdrawal.
However, any funds that you borrow which you do not spend in that month will count toward your ssi resource limit of $2,000 for an individual (or $3,000 for a couple) the next month.
If you enter into a valid loan agreement, the value of the cash or item you receive is not income and does not reduce your supplemental security income (ssi) benefit. It's also, not like having an interest free loan for a year and paying interest thereafter. (istock) social security benefits can. Senior citizens can turn to a retirement plan for any funds.
