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.
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.
Qualification requirements for personal loans for people with disability differ from one lender to another. However, the following are the universal requirements;
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.
Before you apply for a personal loan for people with disabilities, here are a few things you should know about it.
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.
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.
Here are some loan alternatives you can try out.
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.