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Loans for People on Disability

If you’re on disability and have limited income or poor credit history there is a type of loan that is available to you. It is called SSI. Of course, short-term loans are easy to access, but you may get a better deal from the federal credit union or the federal government.

Can I get a bad credit loan on disability?

While most lenders don’t like applicants with not-so-good credit history, and most people find a solution in searching for Bad Credit Loans in Wyoming, the rules for people with disability may differ somewhat. Short-term lenders may offer payday, installment and auto loans for people who receive disability or SSI payments and have a poor credit history. You can obtain somewhere between a $100 and a $1,000 loan, if it’s a payday type, while there are even bigger amounts available in auto and installment loans. Terms may vary from a couple of weeks to a year.

Don’t get excited too fast. Of course, there’s a catch. Short-term loans may be costly and not available in every state. Therefore, for people on a fixed income, it is generally advised to stay away from borrowing on such terms because interest rates are much higher than other types of financing.

Things to consider before opting for a short-term loan

Getting a loan may put you on a slippery slope, where more debt is accumulated in order to pay off the previous one. Before you go to take out a quick loan, consider other sources of money:

  • Non-profit organizations, for example, charities or churches. They often provide the necessities for those in need and might help you too.
  • Extensions. If you’re behind on payments, talk to your provider. More often than not, they will come around, especially if you’re on disability.
  • Side gig. Try freelancing or take on an additional project at work. Also, a good option is to ask your superior for early payment.

What types of loans are an option for people on disability?

It is known, that SSI benefits are capped at $771 per month, so it looks like short-term loans are the only option for individuals. But actually, there are other types of financing:

  1. Social Security Disability loans. Talk to your case supervisor about this one. It is available for people with no food or shelter, who is barely surviving.
  2. Payday alternative loans (PALs). To obtain this type of loan you must be a member of the federal credit union for at least a month. Then they can offer you up to $1,100 loan with APRs capped at 28%.
  3. Personal loans. You can apply by yourself if you have other means of income, for example, child support or pension, or with a cosigner. In this case, your best options are online lenders and credit unions, rather than large banks, because they have looser requirements.
  4. Home equity loans. Through a home equity loan or line of credit, you might be able to borrow against your home’s equity. Using your property as collateral may lead to better eligibility criteria than personal loans.
  5. Credit card. If you haven’t borrowed up to your credit limit on your credit card, then cash advances hight be a good save for you in case of an emergency. They have lower rates than payday loans. You can count on APRs not more than 30%, but keep in mind that this number doesn’t include additional fees.
  6. Short-term loan alternatives. This might be an option for you if you think you can’t apply for a personal loan because of limited income through SSI. If you have bad credit, however, you can check out Bad Credit Loans in California. Maybe you’ll get help there.

Always make sure you’re eligible before applying for any of the above.

Will a loan count as an income for my SSI or disability payments?

Usually, no. But there are cases when a loan might count against your SSI or disability payments:

  • If you received money as a gift, which you don’t have to repay, it can be counted as an asset and put you over the SSI resource limit. This might take the benefits away from you that month.
  • If you don’t spend the cash within the month after obtaining a loan. The leftovers will be counted toward your SSI resource limit and make you ineligible for benefits.

What to keep in mind is not to go over a $2,000 individual SSI resource limit. Don’t borrow more than you absolutely need – this will save you from accumulating too much debt and also from cutting off your benefits for the month.

What Is Considered a Loan by Social Security Administration?

Any cash, food or shelter that you agree to pay back is considered a loan, as long as the agreement with the provider is enforceable by state law. Therefore, it doesn’t count as an income, so doesn’t affect your benefits.

What Are the Alternative Options

Before borrowing any money it’s best to consider other means of getting extra funds – without the risk of ending up in a cycle of debt. There are a few resources that you can get help from – and you won’t have to pay back:

  1. Grants.gov. Learn how the grants work, what they cover, if you’re eligible, and what you have to do to obtain them.
  2. Health and Human Services (HHS) grants. Local HHS-funded programs could be of use to you, and this is a place to look for them.
  3. Administration for Children and Families (ACF) grants. Another great place to find a friendly funded resource locally.
  4. FinAid. If you’re a student on disability, this program might help you pay for college.

In Conclusion

It is hard by itself to be on disability and have limited income. It’s even harder to find a lender that would offer you an affordable rate that won’t put you in more debt or jeopardize your benefits. Still, you can find a reliable company and a loan type that suits your needs. Just do your research, make informed choices and don’t go over your SSI limit.

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