Search for Personal Loans for People on Disability at GreenPlaceLoans
If you are getting disability benefits, you are coping with a financial double whammy. You have a limited income with a lot of built-in restrictions while also having more needs than average.
One of the restrictions on means-tested benefits, like disability, is that there are limits on how much money you can have in assets, such as a savings account. Having too much money in savings can get you booted from the program.
So even if you are a wizard at getting by on very little, the system ties your hands and makes it outright against the rules to save up for large expenses. Yet, you likely need to periodically cover substantial costs to accommodate your condition.
Some examples of such expenses include home modifications (e.g. installing ramps), getting a new wheelchair and purchasing medical equipment. Such things don’t generally come cheap. So how do you cover them?
Well, one way is with a loan. Believe it or not, you don’t actually need earned income to get a loan. You just need verifiable income. Disability payments can count towards qualifying for a loan.
Of course, with such serious constraints on your finances, a loan is generally going to be a hardship. So you need to try harder than average to make sure a loan is the last resort.
Do Your Due Diligence
Anyone who is considering taking out a loan should first check to see if there is some other means to take care of it instead. This goes double if you are disabled and receiving disability benefits.
So before you take out a loan to cover your needs, look for some other means to address the issue that has you considering a loan. There may be programs geared towards people like you that will cover what you need.
Here are some places to start your search:
- Call 211 or go to their website to help you find local resources.
- Use the internet to search for grants or other programs that address the specific need.
- Call local churches.
- Ask a friend or relative to cover it as a gift.
Of course, where there is money and vulnerability, you can expect fraud and other scams. So you want to be especially careful in looking for assistance with a disability.
You can start with this government portal as a trusted place to begin looking for resources. They offer a variety of different programs, such as programs to help with repairing or modifying your home.
Churches sometimes have programs to help with various types of problems, but they don’t have a lot of money and they want to limit it to helping locals. So such programs are typically not well advertised. You will need to call them and ask if there is anything they can do for you.
You probably need to make a list of local churches and begin making phone calls. It may help to have some written notes about what you need and why to help ensure that you communicate effectively and don’t forget anything important. You should also plan to take notes about every church you call.
If you have any friends or relatives that may be able to help, a gift would be a terrific means to take care of things. One way to make sure this doesn’t interfere with your eligibility for disability benefits is to have them pay for the solution directly instead of giving you the money to cover it.
Of course, none of this is legal advice. Make sure you talk to your caseworker first and look up any pertinent rules before acting on any of the suggestions here. That’s the best way to avoid creating problems for yourself.
Some Tips For Covering Loan Payments While On Disability
Unfortunately, you very often cannot find a program that will graciously cover the thing you need. In spite of the number of programs out there and the feel-good stories you read in various publications, the reality is that you are often more or less on your own.
The odds are good that you actually looked for programs to cover it for free before you ever began searching for a loan program. You know better than we do how much of a financial hardship it will be to try to cover loan payments on a fixed income while coping with a disability.
You may need to get creative to find ways to free up cash to cover loan payments and still get your needs met. Earning more is probably not a realistic option. They will likely reduce your disability income if you start earning money.
If you think long and hard about it, there are often a few loopholes, so to speak. For example, you will be penalized for earning more money, but you won’t be penalized for cutting expenses.
So the following practices may help free up money to cover a loan payment and will probably not threaten your disability payments:
- Stock up when things are on sale.
- Clip coupons.
- Participate in cash-back programs and other reward programs.
- Return your empty cans and bottles for the refund.
- Get some of your food from food pantries, soup kitchens and similar programs.
- If you have a relative helping you out, have them pay for the item directly instead of giving you money.
If you know you need to come up with cash to cover medical equipment or a new wheelchair and cannot find a grant to cover it, making a list of ways to cut expenses may make you breath easier when considering a loan. Calling 211 and local churches and lining up some additional food resources and the like can help you feel confident that you really can cover this loan.
If a friend or relative gives you money directly, this can end up being counted against you for purposes of qualifying for disability or determining how much you get paid. If, instead, the same person pays your rent, medical bills or other items directly, it probably won’t. It may sound crazy, but most means-tested programs will count the two practices differently.
Of course, coming up with such answers is solely for your peace of mind. It won’t actually help you qualify for a loan. The loan application won’t let you talk about those types of resources at all.
But it can help you begin the application process with confidence. Knowing you have some means to get enough to eat in spite of taking on a new financial obligation can make all the difference in deciding to get it done and start the process.
Online Disability Loans
The internet has been such a boon to people with disabilities. Borrowing online has many benefits that appeal to people of all sorts, but these benefits can be especially valuable for someone with a disability.
Most disabilities impact mobility in some manner. Needing to go somewhere and navigate an unfamiliar environment can be a huge burden when you are disabled.
Being able to fill out an application online from the comfort of your own home is wonderful for pretty much everyone. For someone with a disability, it can be the make or break for getting this thing to happen at all.
The online loan process also protects you from having to visit a potentially dangerous neighborhood to borrow money. A lot of lenders, such as payday loan places, are found in sketchy neighborhoods. These are disconcerting for anyone to visit, but especially so for someone who is impaired and more vulnerable than average.
It also protects your privacy. Going to a loan place in person can broadcast to the world that you are borrowing money.
This can be problematic for anyone, but people with disabilities are often dealing with far more well-meaning interference than average. This can not only get on your very last nerve, but it can also use up your very last “spoon”.
If you are living with a disability, it makes sense to play defensively and proactively try to avoid extra hassles. You have more than enough hassles in life as is.
Preparing To Apply for a Loan
Before you start the application process, you should take some time to gather together a few important documents. At a minimum, you will need a photo ID and a recent bank statement.
You may need some other paperwork as well. If you have trouble remembering your address or phone number, now is the time to go ahead and pull up the file where you keep such information.
You will need to be able to provide information like name, address, phone number, total income and sources for that income. You will need to fill it out accurately, so take your time and double-check everything.
There are loan programs available for people with disabilities. But when you are at a loan portal, such as this one, you are applying for a personal loan. Your disability is not directly part of the equation, which can be a good thing.
You may also want to stop here and go to the bathroom, check if you are due for medication or have a snack and drink. Take care of yourself first so you are at your best while filling out the loan application. You will be glad you did.
The Application for a Disability Loan
This is a loan matching service. We do not lend money directly. Instead, we provide a service that gathers information from both applicants and lenders and then tries to find the best match.
This means you can fill out one application to try to get access to a number of loan products. It also means we work for you in trying to find you the right loan product for your needs.
Some loans can disburse funds to your bank account via direct deposit within 24 hours. In some cases, you may even be able to access the funds the same day you submit the application.
If you have gotten all your papers together, you can start the online loan application now. Just click here to be taken there.
Ready? Click the “Get Started” button!