If you are living with a disability, ensuring that your income covers all your expenses can sometimes be challenging.
Living with a disability can bring added expenses due to the cost of purchasing specialized equipment and other necessities. Additionally, finding a well-paying job as a disabled individual can be challenging, which can make financial stability seem out of reach.
Unfortunately, statistics show that only around 30% of disabled individuals are employed, compared to over 70% of non-disabled people. This can create significant financial stress and uncertainty, making exploring all available options for support and resources essential.
With this thought in mind, it’s well worth keeping in mind that mistakes can sometimes happen. However, if this is a scenario you find yourself in, it’s important to start with the best loans for disabled persons because not every loan will necessarily be a good match.
Before we can look any further at the best loans and borrowing options for individuals who are living on disability, we first need to consider the different types of loans available on the market.
Of course, there is no specific type of disability loan; however, there are several types of loans that may be suitable options for individuals living with disabilities because they verify income that is from sources outside of a W2. These include the following options:
There are countless different reasons you might need a loan. The most common loan reasons for people with disabilities may include home upgrades, equipment purchases, and transport fees.
However, in some cases, folks on a fixed income may also need a short-term loan to tide them over until the next benefit check arrives. For example, if you’ve had to pay an emergency medical bill, you might find yourself struggling to afford the cost of your rent or food bills for the last week of the month — in which case, a personal loan may be helpful.
It’s not always clear which type of loan is best suited for Americans who rely on government assistance for daily living.
However, for most disabled individuals, a personal or installment loan will be the most practical option. Installment loans are a good option if you want to purchase an item, such as a new wheelchair. However, personal loans can also be excellent solutions if you need help with last-minute expenses.
Loans could be a simple option to keep you going until the next payday (or facilitate a larger purchase). However, it is very important here to recognize that the size and terms of your loan will influence how much you’ll need to repay at once.
Before you take out a new loan, you should consider when the repayments are set to start and how much each repayment is worth. Checking whether you can afford this from your benefit payments is a crucial step.
At this point, we’ve summarized some of the most important things you should know about disability loans. But how can you choose a good lender? Well, you may need to keep a few things in mind in this regard.
First and foremost, aim to choose a well-reputed brand. If your chosen brand has a good reputation, they are more likely to provide honest services.
In addition, make sure your chosen brand offers exactly the type of loan you need. You shouldn’t have to compromise on this point, after all. Luckily, effective loans for Americans on full-time disability are out there and available.
For example, Simple Fast Loans has a stellar reputation with excellent reviews on Trustpilot and both personal loans and installment loans. The company also works with borrowers with bad credit to ensure they get the money they need quickly.
If you have been struggling to make your income or disability benefits stretch far enough, taking out a personal or installment loan could be worthwhile.
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