People with disabilities have their own wants and needs. A person with a disability may need money to purchase some expensive product. In order not to postpone the purchase for a long time, you can contact the bank to borrow money. In this article, we’ll talk about whether people with disabilities can get loans.
Can I get a loan on disability?
Banking structures do not provide people with disabilities with preferential conditions for obtaining loans. It will be even more difficult for people with disabilities to obtain loans from a banking institution than for people who do not have health problems. First of all, disabled people are regarded by banks as persons who will not be able to pay off their loan obligations with a high degree of probability. When considering an application, banking organizations classify such people in the highest risk group.
In order to get a loan, you will have to prove your solvency, but since a disabled person for health reasons cannot work on a permanent job, there may be some problems with obtaining a loan.
Many factors influence the decision to issue a loan to a disabled person. In each case, it is necessary to understand individually. First of all, attention should be paid to the disability group. For example, it will be not as easy for a disabled person with a severe disase to get a loan as for a person in a wheelchair.
Are all disabled people able to get a bank loan without exception?
A borrower with any disability type (in theory) can get a loan.
- People with significant deviations and health disorders who cannot move independently and people with disorientation or inability to communicate will find it difficult or even impossible to get a bank loan;
- A person who can move independently or with the help of auxiliary items and who are able to navigate in space and communicate with other people can even work. Thus it will be easier for them to get a bank loan;
- If a person has minor or moderate health problems and can continue to work with some restrictions will likely be accepted for a loan.
Features of lending
People with any type of disability can expect to receive a loan under standard banking conditions.
The borrower must provide the bank with all the necessary documents. He or she must confirm income (this may be wages, pension, social benefits, etc.). You should also provide a document from a medical institution about a stable state of health. If the borrower has a serious illness that can lead to death, the financial institution will not provide the loan.
Since credit organizations are wary of borrowers with disabilities, most often, to get approved for a loan, you need to attract guarantors or provide collateral.
Because of the lower risks, banks are more willing to approve secured loans. If the borrower at some point cannot continue to repay the loan, then all obligations will fall on the guarantor, or the collateral will be sold.
To get a loan secured by real estate, a disabled borrower will have to deal with some nuances. If he or she owns only one apartment, then using such real estate as collateral will not work. Nobody has the right to deprive a disabled person of their only home, therefore, when applying for a loan, it is worth considering another real estate, if any.
The following real estate objects can act as collateral under the loan agreement:
- private houses;
- garages and parking spaces;
- country house.
The main requirement for the collateral is its liquidity. If a disabled person has his/her own car, then it can also become collateral.
To get a loan with the involvement of guarantors, there are also a number of requirements:
- the higher the amount borrowed, the more guarantors will be needed;
- the guarantor typically must be between the ages of 21 and 65;
- the person who acts as a guarantor must receive high wages, have good work experience and perfect credit history;
- the guarantor must be a US citizen.
Can a disabled person get a loan without a guarantor?
There are no specialized concessional lending programs for people with disabilities. But the borrower can choose easy-to-get payday loans that involve no collateral and no guarantors. The most popular product in the US market is online loans in Arkansas. Here will be able to borrow $100-$1,000 on favorable terms even if you are on disability. Eligibility criteria are easy to meet, the process involves no collateral/guarantors. The portal contains offers from trusted companies, you just have to fill out a short application form and get matched with the right lender. Matching is carried out automatically. The platform will help you quickly navigate the offers from licensed online lenders. Applying for a payday loan online is easy and speedy. Short-term lenders go to meet responsible payers, striving to make the terms of cooperation as profitable as possible.
Payday loans are designed to help everyone who desperately needs money for a large purchase, medical treatment, vacation, debt consolidation, training, etc. You can improve your financial situation quickly without risking becoming a victim of a fraudulent scheme. Personal data specified in the questionnaire are not subject to disclosure to third parties. The borrower’s information is confidential.
It is not necessary to contact each lender and find out the terms of lending – we will do this for you. For example, if you reside in Fort Smith, you can visit the page devoted to payday loans Fort Smith AR and find out the expected rates and fees for your city, get a list of licensed lenders and read user reviews. The page describes the lending features as detailed as possible and understandable for a client who is a first-time borrower. Using this page, you can easily understand how profitable a payday loan offer will be.
You do not need to do paperwork to confirm your solvency. Payday lenders trust borrowers and try to make cooperation long-lasting. to get approved, you just need to have some kind of identity verification, a steady income, a bank account in your name. The application is processed immediately. You can receive money credited to your bank account as soon as the same day.
Thus, payday loans are very popular among disabled people because they can be obtained from the comfort of their homes. The entire procedure is online, it is only important to have a stable Internet connection.
How to repay a payday loan
Payday loans are usually due on the day you get paid or close to this date. Lending terms range between 5 and 30 days. You must typically pay off the debt in one lump sum. The faster you repay the loan, the less the overpayment will be.
To borrow money and not ask relatives and relatives for help is the dream of a person who cannot leave his/her home for objective reasons, With online payday loans, it is easy to get fast cash in a short time.