For all people the need of additional funding is relevant, regardless of their status and health. About one-fifth of the US population has health problems with varying degrees of severity, which make them disabled.
Naturally, this does not make their life easy. That is why families with members with disabilities need credit no less, and probably even more than those with no disabled members.
There are many types of loans and each has its own pitfalls. To understand which type of lending for people with disabilitiesis most suitable for you is not so easy, and a mistake can lead to undesirable financial consequences.
To do this, we suggest that you read the manual specially prepared by our team about loans for people with disabilities.
What is a loan?
The act of providing money or other material goods for a certain period, at the end of which the borrower will have to return what he borrowed and pay interest – this is called a loan.
Loans help to stimulate the economy of the state and enable consumers to purchase various goods and services. Lending for people with disabilities can be provided by various financial institutions and companies, the government, and private individuals.
There are various ways of getting and paying off a loan:
- It may be a loan by installments, when a borrowed amount is issued one-time, and the repayment is divided into a certain number of equal payments;
- Credit line that has a limit established by the lender within which it is possible to use the funds many times, if it was timely repaid.
- Loans can be secured or unsecured. With secured loans the borrower provides the lender with its own valuable property as security for the return of the loan funds. If the borrower does not repay the loan, the lender uses collateral to compensate his expenses.
How to get a loan
To get a loan you need to meet requirements for borrowers. Often these can be minimum requirements, such as being at least 18 years old, living in the USA, having an account in one of the US banks and having a source of permanent income.
If you meet these minimum requirements, most lenders will be ready to consider the possibility of issuing a loan to you, regardless of whether you are a person with disabilities or not.
The next important point to pay attention to before applying for a loan – is your credit rating. This condition will affect the decision of the lender to grant you a loan and the conditions for its provision.
You can find out your credit rating by requesting a report from one of US credit bureaus. It is available free of charge once a year. More requests will be paid. If your credit rating is not lower than 630 points, then there is a high probability of approval of the loan.
There are several government programs in the US to provide financial assistance to people with disabilities. These are SSDI, SSI and BA. SSDI is social disability insurance for those who have become disabled. SSI is Supplemental Security Insurance, which provides assistance for people with disabilities over 65 who have low incomes. VA is Veterans Administration, which provides assistance to veterans with disabilities.
For more information on government funding programs, go to Disabled World and Gov Loans. In addition, in all 50 states there is the Center for Independent Living or Virtual CIL.
Will a loan affect government benefits?
Getting a loan can affect in some way the benefits that you have from the government. When you receive benefits from one of the three main programs, you may lose, or reduce benefits. In some cases, you will have to declare a loan, taken as one of your assets.
Financial institutions Loans
Before you apply for a loan from one of the financial institutions, find out what financing programs for people with disabilities you may have available for free. Banks can provide you with one of the special loans for your specific needs. For example, to equip your home with ramps, elevators and other special equipment.
Loans for learning for disabilities
There are special types of loans that provide opportunities for people with disabilities to make their lives less dependent on the help of other people. It can also be a special therapy to increase mobility of people with disabilities.
These lending for people with disabilities have the possibility to hire workers to cook, clean, repair the house and do other domestic work.
If you intend to do a business to increase your independence, then you can contact the SBA or the Small Business Administration to finance your business in order to secure self-employment.
The National Association of Realtors provides information about mortgage loans for people with disabilities with a lower interest rate. Banks and other lenders are not allowed to refuse you a mortgage loan because of your disability.
Do not deal with payday loans
You may want to get a quick loan to solve the problem when getting into an emergency financial situation. Payday lending for people with disabilities often have tough conditions that can make it difficult to repay it while you can apply for preferential terms from other lenders, as a person with a disability. With the usual payday loans you risk a long cycle of prolongations with high interest payments.
Get your credit
You have received information about loans for people with disabilities and now you understand what opportunities you have. First of all, find out about the soft loans for you, and then apply for a it.
You can apply for a loan on our website to get offers from different lenders that may be available to you. If you have any difficulties with the choice of loan, you can contact us. Our experts will provide you with the necessary advice.