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Young happy person in wheelchair reading about the best personal loans for people on disability benefits

The Best Personal Loans for People on Disability Benefits

Life can throw unexpected challenges at us, and when you're already dealing with a limited income, it can be especially tough. We understand how difficult it can be to navigate life emergencies when you're facing financial constraints. 

Additionally, many Americans are dependent on government disability benefits to survive and make ends meet. While it is often overlooked or even politicized, Americans can receive disability benefits for a variety of reasons, including (but not limited to):

  •        Chronic illnesses: Chronic illnesses such as cancer, heart disease, diabetes, or multiple sclerosis can severely limit a person's ability to work.
  •        Cognitive disabilities: Conditions that impact cognitive functioning, such as intellectual disabilities or autism, can also make it difficult for individuals to work and may make them eligible for disability benefits.
  •        Injuries: If a person experiences a severe injury, it can restrict their ability to work.

Yet, even with disability benefits and sound financial planning, some Americans can have trouble paying their bills when an emergency arises. A fixed income is just as described — there is only so much money coming in each month.

When these emergencies come about, many people will turn to a loan to provide financial relief. If this situation describes your circumstances, here are some personal loans to consider when you’re in a financial crisis. 

There are several ways a personal loan can help you out during rough times, especially if you’re getting by on a limited income. The rest of this article will go over personal loan options to consider when during a rough period.

What's a Disability Loan?

Although there isn't a formal classification, individuals receiving disability benefits may seek loans to address various requirements:

  • Cover additional costs while relying on SSI/SSDI benefits. Make sure you check your income requirements if you are on SSI because you don't want your loan to exceed your asset limit.
  • Acquire specialized equipment like wheelchairs or mobility aids.
  • Manage living costs until SSI/SSDI benefits become available. 
  • Pay for emergency medical bills.

4 Types of Disability Loans

It's never easy when unexpected financial emergencies come knocking, especially when you're already living paycheck to paycheck. Life can be relentless, and it can feel like there's no way out of a tough financial situation.

Government Loan Programs

The government offers several resources to consider to help you cover your expenses. The Affordable Care Act, for example, can help you save on health insurance, while Medicaid is a public health insurance program aimed at helping low-income families get the healthcare they need for little to no cost.

The Supplemental Nutrition Assistance Program is another resource that can help you put food on the table via a benefits card that lets you get your groceries for a discounted price.

If you’re struggling to make ends meet, consider researching additional government programs, benefits, and grants you may qualify for to save money on living expenses. You may find that you can save money on housing, food, healthcare, and taxes.

Personal Loans

During a financial crisis, personal loans can provide a much-needed lifeline. With so many lenders offering personal loans, it's essential to shop around and carefully consider the eligibility requirements before choosing a direct lender.

By researching and comparing various lenders, you can identify which ones are more likely to approve your application and offer you the best terms. Look for a lender that can meet your specific needs, whether it's a quick turnaround time or flexible repayment options.

It's crucial to choose a reputable lender that can provide you with the financial assistance you need during a difficult time.

Auto Loans

Securing an auto loan as a person with disabilities involves considerations beyond the typical applicant. Prioritize accessibility by exploring vehicles that accommodate your mobility needs. Additionally, inquire about potential adaptive equipment financing options to modify your vehicle for enhanced comfort and convenience.

Financially, aim for a manageable monthly payment that aligns with your budget, factoring in any disability-related expenses. Research lenders open to applicants with diverse income sources, and inquire about potential disability-specific loan programs or discounts. Clear communication about your unique circumstances can aid lenders in tailoring suitable loan solutions.

Mortgage Loans

For individuals with disabilities, pursuing a mortgage involves key considerations.

  • Prioritize a home's accessibility, assessing features like ramps, widened doorways, and accessible bathrooms.
  • Seek mortgage lenders experienced in working with disability-related income, and inquire about potential assistance programs or grants. 
  • Ensure your budget accounts for disability-related expenses when determining a feasible mortgage amount. 
  • Consultation with a financial advisor can help align your homeownership goals with your unique financial situation.

By thoroughly researching lenders and programs tailored to disabilities, you can navigate the mortgage landscape with confidence.

Can I Get a Personal Loan with My Disability Check?

Yes, you can get a personal loan with only disability income, like SSI or SSDI. Rest assured, the Equal Credit Opportunity Act ensures that financial institutions cannot discriminate against individuals with disabilities. Leveraging your government assistance income might provide a pathway to obtaining quick cash loans, subject to the lender's eligibility criteria.

When seeking funds, lenders evaluate various factors, with your credit history and income taking center stage. Lower credit scores can pose challenges in securing favorable loan offers, potentially affecting your access to disability loans. Fortunately, tailored financial solutions like Simple Fast Loans exist for those with less-than-perfect credit scores. 

It's worth noting that an active bank account may be a requirement for electronic fund deposits. While cashing government checks sans a bank account is feasible, obtaining disability loans may necessitate opening a checking account. The silver lining is that enrolling in a checking account often comes with minimal fees, and even individuals with imperfect credit can initiate this process.

Who Qualifies and How To Get Started

Personal loans give you access to a lump sum of money that you can use at your discretion. Shortly after taking out a personal loan (usually less than 30 days), you’ll start making regular payments on the loan.

While they can be extremely useful, you should never take out a loan if you don’t need to; moreover, you should make sure that you’re capable of repaying the loan before you apply. You might consider this cashflow option in the following difficult situations:

  • Your car breaks down and needs repairs – Your car is extremely valuable for transportation, and it’s important to nip any problem in the bud so that it doesn’t get blown out of proportion. Consider a personal loan if you’re hit with a big repair bill you weren’t expecting.
  • Your home needs urgent repairs – Similarly, your home is an important asset that needs protecting. If you don’t have the money upfront for structural repairs, consider a personal loan as a cash flow option.
  • You need to travel for business – Growing your business only spells out good things for your financial future, which is why you might consider taking out a personal loan to fund business travel expenses.

To summarize, any life circumstance where not taking action would wind up leading to more expense or complications down the road is a time to think about personal loans. Simple Fast Loans boasts the following benefits on their personal loans:

  • Quick application process
  • No collateral required
  • Loans from $200 to $3,000
  • Quick loan decisions

What Do I Need for a Personal Loan on Disability?

You can get started with your personal loan today through Simple Fast Loans by filling out the online form. In order to qualify, you’ll need to have the following on hand:

  • Your ID
  • Proof of income
  • Your SSN

You’ll need to be at least 18 years of age to apply. If you have any questions about the loan process or the application requirements, then feel free to contact a Simple Fast Loans representative. They will be happy to help you with any questions you may have.

Keep in mind your credit score is a factor in securing most types of loans, and Simple Fast Loans will run your credit through an independent credit bureau before approving you.

Of course, you may still be able to get a personal loan for bad credit but just be aware that your terms may change as a result.

Why Choose Simple Fast Loans for a Disability Loan?

Not all direct lenders have your best interest at heart, and if you’re on a limited income, then you’ll want to make sure you have a direct lender you can trust during difficult times.

Simple Fast Loans offers convenient personal loans with amounts going as high as $3,000 that you can use to cover medical bills, auto repairs, or any other type of emergency that pops up. You may still qualify to receive the money you need, even on a limited income.

You never need to put up any of your assets to get a loan through Simple Fast Loans, and the entirety of their loan process is done online, including verification of your ID and bank account information.

All of this information is processed securely and confidentially. Simple Fast Loans will never share or sell your data with a third party. In addition, you’ll never be prompted to sign something you don’t understand, and all terms and fees are laid out for you to review upfront.

Simple Fast Loans is committed to helping you get the money you need during an emergency, so if there’s anything you don’t understand about the loan terms, then be sure to ask one of their expert licensed loan representatives.

Final Thoughts

There are many resources available for people on benefits, and a limited income may not hold you back from getting a personal loan. If you’re on benefits, Simple Fast Loans may be able to help you get a personal loan when you’re in the midst of an emergency.

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