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Personal Loans for People on Disability
With years of experience working for top firms in this field, Regan is an expert on the topic of loans.
Unlike other people, individuals having physical disabilities have to deal with more challenges in their lives. Nevertheless, financial needs don’t discriminate between the two types of people and there is no reason why people living with disabilities should be sidelined when it comes to accessing credit. Unfortunately, there are various challenges that get in their way.
Applying does NOT affect
your FICO® credit score!
Ultimately, the bone of contention when borrowing short-term loans is providing substantial proof of stable employment. This means that most individuals who are beneficiaries of disability funds have difficulty accessing the credit. RealiasticLoans can help you get Personal Loans for People on Disability from a reputable lender.
Disability Payments
Individuals who are on the SSI Disability are eligible to receive a stipend on a monthly basis from the government. But this is not compensation for work done.
Through a Military Authorization Act, the government imposed a maximum interest that a payday lender can charge officers on active military duty. The act capped the rates at 36% and therefore made it impossible for active servicemen and women to access these short-term loans. Nevertheless, this act conspicuously leaves the veterans out of the equation meaning that it’s possible for veterans to access the credit services. Since the monthly checks for disabled veterans are certain, online financial providers are more than willing to offer Personal Loans for People on Disability.
Typically, the Social Security Administration provides SSI payments to disabled persons with limited assets as well as income. In addition, people who held job positions in the past, but are no longer in a capacity to work due to a disability normally receive SSDI payments. If you receive any of these payments, getting the loan for people on SSI is quite easy since your check is bound to arrive each month.
Why Getting Disability Loans Can Be Important
Loans for People on Disability can be very instrumental in helping make life easier and enjoyable. Training and instruction can be critical when you are living with a certain disability because it can improve your overall functioning and raise your independence. People who suffer from hearing or visual impairment can finance specialized instruction to improve interaction with people and basic services. On the other hand, physical mobility can be improved through physical therapy and advanced driving instruction for disabled drivers. All this can be financed with disability loans.
For a disabled person to continue enjoying life, they may need some form of support around the house. Whether its meal preparation or cleaning chores and repairs, such loans can help you pay for these services when the need arises. At the same time, equipment that helps in minimizing the challenges experienced may need some modification or repairs. Whether it’s the ramps around the house that needs repairs or the braille that makes equipment usage friendly, installment loans for social security disability may be a good source of funds.
Applying does NOT affect
your FICO® credit score!
Getting a Loan When You Are Living With Disabilities
Basically, the process of getting a loan is identical for both able-bodied individuals and persons with disabilities. In a nutshell, the most important thing here is to sufficiently demonstrate your propensity to repay the debt by the time it’s due. In some instances, your creditworthiness may be scrutinized during the loan approval process.
Unconventional credit providers are lenient with disabled persons and they accept government social benefits as proof of stable income. As far as credit scores are concerned, most short-term loans are issued based on your ability to service the loan, and therefore you may still access the credit even when you have less than perfect credit scores. But if you intend to apply for special loan products, it’s important that you have some sort of certification from a recognized medical institution.
Ways You Can Spend the Funds
Most dealers offering social security disability loans don’t dictate how the money can be used. As such, you may decide to use the money in some of the following ways.
- Settling household bills
- Vehicle and equipment repairs
- Paying for medical expenses
- Undertaking specialized training
The features of social security disability loans
Like most short-term credit, a disability loan can help you when you are facing financial hardships. Here are a few benefits.
| Feature | Benefits |
|---|---|
| Quick online application The approval is quick and easy to qualify Quick turnaround time |
The process can be finished in under ten minutes The requirements are less stringent Upon approval, you get the cash within one business day |
Avoiding Dangerous Traps
If you search for Personal Loans for People on Disability on your browser, you will get tons of results with all kinds of offers. The truth is that not all of the providers are genuine in what they state. In fact, persons with disabilities may be targeted by illegitimate lenders because they now their social payments work like clockwork and hence assured of the money.
Before taking any loan, it’s prudent to ascertain that you are dealing with a lender who is authorized to operate in your state of residence. If they are not registered, it’s highly likely that they don’t adhere to federal and state lending laws. Dealing with such dealers will only bring you additional woes.
A responsible lender will always do their part in trying to find out whether you are in a good financial state to afford the loan you have requested. This is done by checking your financial backgrounds such as income and bank statements. If you come across a company nagging you to take more than you can comfortably pay, you should avoid any further dealings with them since the end result will be cyclic debt.
What You Need To Know Before Taking a Disability Loan
Getting a loan may influence the benefits you receive from the government. To illustrate, if you are an SSI beneficiary, you might have to spend the entire loan amount before the month ends. Failure to do this, you will have no other option but to include the borrowed cash among your assets when you will be submitting your monthly report to the SSI provider.
Therefore, this is why you need to take only what you need for a particular expense. This will ensure that your benefits will remain unchanged and your debt burden will be lighter.
Applying does NOT affect
your FICO® credit score!
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