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When you are the lending company off an advance loan

When you are the lending company off an advance loan

For many who borrow money not as much as a loan that really matters given that an excellent genuine contract, new SSA does not think about the cash you get about financing due to the fact earnings. Yet not, any cash you have still got from the mortgage in the week when you acquired it could be believed an asset.

In the event the SSA closes the loan you owe currency less than wasn’t bona fide (for instance, the SSA finds out that your particular father or mother offered your a gift from currency that you don’t have to pay straight back), the money offered you will be counted while the income regarding few days your acquired it and it will surely end up being counted because good capital for many who have the cash regarding the following the week.

For those who financing some one money, your own eligibility to possess advantages are affected; the specific method it will be affected hinges on if or not or maybe not the mortgage is actually bona fide and you may should it be a great “negotiable agreement.” A flexible arrangement is just one in which the bank can “sell” the borrowed funds in order to anybody else. Read More