Personal Loans for People with Disability
Being Disabled comes with lots of challenges. Apart from the normal everyday difficulties, you can also face financial challenges, most of which people without disabilities may not have to face.
The good news is; you can access personal loans for people with disabilities. What are they? Where can you find them? Are you eligible? We have that and more.
- Amount
- Repayment Time
- Processing Time
Opploans
- $500 - $5,000
- 9 - 24 Months
- Determined by lender
Credit Lend
- $100 - $2,500
- Determined by lender
- 1 – 2 Business day
Cash into cheque
- $100 - $1,000
- 1 – 2 business days
- Next business day
- APR range
- Fees
- Terms
- Amounth
- Unemployment protection
Bank 1
- 6.95%–35.89%
- Up to 5% transfer fee
- 3–5 years
- $1,000–$40,000
- No
Bank 2
- 6.95%–35.89%
- Up to 5% transfer fee
- 3–5 years
- $1,000–$40,000
- No
Bank 3
- 6.95%–35.89%
- Up to 5% transfer fee
- 3–5 years
- $1,000–$40,000
- No
Table of Contents
What are Loans for People with Disability?
Loans for people on disability are meant to cushion you as you wait to determine whether or not you are eligible for disability benefits. This includes cash advance, payday, and installment loans.
You can use these loans to take care of such personal needs as medical expenses, paying for a vacation (though not recommended), or purchasing household items.
However, while at it, look out for lenders who are out to take advantage of your situation. By charging high-interest rates.
Instead of pay-day and title loans from private companies, government loans and grants for disabled people will suffice. These loans, despite having strict eligibility criteria, come with better terms and lower interest rates.
They are available to people with disabilities or their caregivers.
Requirements to qualify
Qualification requirements for personal loans for people with disability differ from one lender to another. However, the following are the universal requirements;
- You should be a US resident
- You must be either disabled or a caregiver of a person with disability
- You should either be unable to work or earn less
Please note that the lender may still use other forms of assessments to gauge your ability to repay the loan. While others will be to determine interest rates.
However, this should not scare you as you can still access good loans for people on disability with lower interest rates.
Please note that the lender may still use other forms of assessments to gauge your ability to repay the loan. While others will be to determine interest rates.
Personal Loans for People On Disability Benefits
- Versatility: Mortgages restrict the use of your loan to either a home or car purchase. Personal loans for people with disabilities, on the other hand, are highly versatile. You can use them for medical expenses, home improvement, to sponsor your education, or to fund a vacation.
- Lower interest rates: Apart from pay-day and title loans, disability loans from friendly institutions come with friendly interest rates.
- Quick turn-around: Most of these loans get approved within minutes of filling out the application forms.
- Friendly repayment terms: Apart from pay-day lenders, other lenders work with flexible repayment periods. Plus, you can also repay your loan in manageable bits instead of doing it all at once. To ensure you’re dealing with installment lenders, watch out for such phrases as ‘cash within 24 hours’, ‘quick-fix cash,’ ‘loans for people with a poor credit score.’ Pay-day lenders mostly use such. And they carry with them high-interest rates and unfavorable payment terms.
What do you need to know about?
Before you apply for a personal loan for people with disabilities, here are a few things you should know about it.
- Interest rates: Personal loans for people with disabilities attract lower interest rates compared to traditional payday loans. You shouldn’t confuse this with same-day disability loans that often carry hefty interest rates. You can easily qualify for them, and they may seem flexible. However, their interest rates and other charges can easily place you in a financial mess.
- Repayment terms: Disability loans are flexible and repayment can extend up to 25 years. Presumptive disability payments, on the other hand, don’t need to be repaid even if you don’t qualify for disability benefits.
- Flexibility: Disability loans are highly flexible. Unlike with a car or home mortgage, you’re not restricted to a specific way of using the loan. You can use it to pay your medical expenses, make your home more accessible by acquiring specialized appliances, or paying for your education.
- Qualification criteria: Personal loans for people with disabilities are meant for disabled individuals and their caregivers. Spouses, children, and legal guardians can apply for these loans. You must also meet other requirements by lenders such as demonstrating the ability to repay.
- Guarantee: Most disability loans don’t require you to have a guarantor.
You must also meet other requirements by lenders such as demonstrating the ability to repay.
How much can you borrow?
You can access loans of between $100 to $20,000.
Disability loans are available regardless of your credit score. However, those with good ratings have access to higher loans. They can also access loans at lower interest rates and more flexible repayment terms.
However, before you go for a disability loan, try out other alternative sources. Family and friends can be excellent sources of soft loans. The good thing about them is they are more likely to give you very friendly terms.
Alternatively, you can also seek grants and other assistance from the Government and private foundations. With such, you won’t have to worry about repayment, high-interest rates, or having a stellar credit status.
Grants for disabled people
Unlike loans, grants don’t have to be repaid. They’re financial awards from the Government and other private foundations.
The only thing you have to do to get them is to demonstrate that you deserve the award by writing compelling proposals. Other eligibility requirements differ from one institution to another.
Here are some of the common grant types.
- Government grants: The Government has cash grants for veterans, people with disabilities, marginalized people, among others. Check out with the federal and state Government for such.
- Education grants: Various foundations give up to $25,000 yearly to persons living with disabilities to finance their education.
- Business grants: the federal government awards grants to disabled individuals who wish to start a business.
- Housing grants: The Federal Government and the Department of housing gives out housing grants to persons with disability. Such come in the form of rent assistance, housing vouchers, and home purchases.
Financial alternatives for people with disability
Here are some loan alternatives you can try out.
- Commercial loans: Lots of commercial banks and other financial institutions have loan products for people with disabilities. You can use these to buy specialized equipment and make your home more accessible.
- Mortgage loans for people with disability: People with disabilities who wish to be homeowners can access such loans from multiple lenders. Be sure to check them out.
- Small Business Administration (SBA) Business Loans for Disabled Entrepreneurs: Disabled entrepreneurs can get financial assistance from SBA. This is an even better option for Individuals who have trouble getting traditional jobs or would just prefer having their own businesses.
- Disability insurance: Disabled individuals who are employed can access disability insurance from their employers. Check with your employer to see if they have such an arrangement. You can also buy such policies privately.
- Government Assistance: The Government has put in place multiple programs to help disabled people with their needs. That includes low-interest loans and grants.
Frequently Asked Questions (FAQ)
Yes. You’re still eligible for a loan even if you’re receiving disability benefits. However, lenders will still look at such things as credit rating to issue you with a loan.
Any US citizen of 18 years and over who is disabled or taking care of a disabled person. Other requirements may vary from one institution to another.
You can borrow up to $100,000. But that depends on such things as your credit score and ability to repay.
That can vary from a few hours to several days, depending on the lender.
Yes. You can access grants, commercial loans, disability insurance, and even loans from close friends and family.
