No one should struggle to qualify for a loan, yet many disabled men and women face hardship qualifying for personal loans when they are disabled. The problem is that short-term loans require you go present proof of regular employment, and that leaves people receiving disability payments from applying for emergency cash loans. Personal loans for SSI Disability or Social Security Disability offer the funding you need, when you need it. People who are on Social Security Disability or SSI Disability receive a monthly stipend from the government. It's not payment for work, so it doesn't qualify you for a standard payday loan. This is where cash loans for people on Social Security Disability benefits come in. When money is tight and you need cash instantly, a loan against Social Security Disability or SSI Disability benefits secures the funding you need.
Are There Special Loans for Disabled?There are several loan products for disabled men and women. There are loan products that help the disabled buy homes. The Social Security Administration may be able to give an advance in times of financial distress that are deducted in even payments over the next six SSI payments. It can be harder to get a car loan on SSI, but there are ways around it. If you need cash to cover an emergency expense and don't qualify for things like SSI advances, a cash advance loan may be a suitable alternative.
Can a Person on Disability Buy a House?“Can I buy a house on a disability pension?” is a question we hear a lot. The answer is it's tricky. When you're permanently disabled, it's still possible to buy a house, but it's not easy. The Fair Housing Act protects people with disabilities, but lenders typically want to see people who have enough cash for a down payment. To qualify for SSI, you cannot have more than $2,000 (single) or $3,000 (couple) in assets. That can make it very hard to save enough money. To find a lender who will work with you, look for programs like the UDSA Direct home loan, VA Home Loans for disabled veterans, Habitat for Humanity, HUD, or Fannie Mae. It's not a guarantee that you'll be approved, but there's a better chance. You could also look into purchasing a tiny home. It's not as big, but prices are lower and you may be able to work out a deal where you rent to own. A cash advance loan could get you the money you need to pay the deposit.
Can I Get a Credit Card on Disability?When you're on disability, your income may not be very high. It can make it harder to get a credit card, but it's not impossible. Low-income earners can get credit cards, but the interest rate may be higher. It's also likely that you'll get a smaller credit limit. If you can't get a credit card that meets your needs, an installment loan may be a better option.
Can I Get a Personal Loan on Disability?Disability loan products are possible, but interest rates may be higher. There's a reason for this. If you get a disability check from the Social Security Administration, the lender takes a risk. Banks and credit unions have to see at least two months worth of benefits in your savings before they can freeze any funds. If you don't have two months of savings, they can't freeze any money. Here's an example of how this works. Say you take out a fast cash loan for $1,000 and don't repay it as promised. You get $1,200 a month in SSI payments, so you'd need $2,400 or more in your account before any wages could be garnished by the bank. You can remit payment yourself, but the lender can't call the bank and demand that money be frozen by the bank, only a judge can do that. Because the lender takes on more risk, the rates are for these loans are higher. If you pay the loan back on time, it's not bad. If you fail to pay and keep letting the interest and late fees add up, it can become devastating. Make sure you understand when and how to repay the disability/SSI loan before you take it out.
Can I Get a Loan With Low Income?When you apply for a loan, underwriters look at your credit score and debt to income ratio. It's possible to get a loan with low income, but it's often riskier as you simply don't have as much money or assets. As a result, interest rates will be higher. We can help you find a cash loan product that best suits your needs and has the best interest rate and fees.
Can I Get a Personal Loan on Centrelink Payments?Centrelink payments are a benefit low-income people in Australia receive when they're disabled, unemployed, retired, etc. When you receive Centrelink benefits, it's still possible to get a personal loan. The loans you get while you're receiving Centrelink benefits may have higher interest rates. Online payday loan companies also usually require repayment within a few weeks. These loans are meant to help you get through a rough time. They're not designed to be long-term loan products.
What is Emergency SSI?There are four forms of emergency SSI. They are: Presumptive disability or blindness – SSI payments are made while the Disability Determination Services make their decision. Typically, these are given to new amputees, people who become blind or deaf, suffer from a debilitating condition that impacts mobility, neurological disorders that impacts activities of daily living, etc. Immediate payment – Up to $999 is paid to people who just signed up and are being entered into the system or others who are dealing with a delay of benefits and urgently need money for food, shelter, or clothing. The money is deducted from the next SSI payment. Expedited reinstatement – After landing a job and having SSI payments stop, if that job ends, you can have your benefits reinstated without having to reapply. Emergency advances – Money paid in advance to SSI recipients who are in the middle of a financial emergency. That advance is paid back over six regular SSI monthly payments.
Who Qualifies for a Disability Grant?Disability grants provide funds for people who meet certain criteria. These grants do not have to be repaid. To qualify, people usually have an official diagnosis with a health condition like:
- Brain injury
- Hearing impairment
- Medical disability
- Psychiatric or physical disability