getting a disability loan

What Type Of Disability Can Get Disability Loans?

A slew of various types of disability loans can help with everything from covering vital expenses, such as groceries to mortgage payments. For those with a disability, a financial emergency can hit particularly hard. There is typically an uneven history of employment and low income due to overall health restrictions.

Disability loans can help cover a financial emergency, especially during the sometimes-long periods between applying for disability benefits and waiting to see if you are approved. Many different types of disabilities can qualify for disability loans, though in many cases, approval is often based on financial history or specific lender rules.

Here’s Who Can Qualify For Disability Loans

Disability payments are doled out by the U.S. Social Security Administration. Before even applying for disabilities, some may qualify for an advance payment. Those who qualify usually have comparatively severe forms of disability, and such funds can cover up to six months between application and approval.

For those looking for disability payments, the SSA looks at several key aspects of each case. These include employment status and income, the severity of the condition, whether the condition is listed under an eligible list of medical conditions and if someone is still able to work, whether it’s still doing the work they used to do before the condition or whether they can perform another type of work.

1. Disabled Veterans

Common among disability loans are those designed for veterans. Around 25% of military veterans live with some form of disability. The U.S. Department of Veterans Affairs offers many different loans for disabled veterans, including ones that help with clothing, car, home payments, and disability compensation.

2. Those Who Have Disabled Children

Many government and nonprofit programs offer disability loans for parents whose children are disabled. The federal government’s Supplemental Security Income is for those under 18 who meet the disabled definition, and the benefits are the same as those offered to disabled adults.

There is also Medicaid assistance for health care and tax deductions tied to caring for disabled children. Additional numerous nonprofit grants are available for children, including those provided by Easter Seals and the Federation for Children with Special Needs.

single mom needs disability loans

3. Disabled Students

College students who meet disabled guidelines can also qualify for disability loans. Nearly 20% of college students have some form of disability, ranging from mobility challenges to learning difficulties. The cost of college is often financially prohibitive, leaving little wiggle room for disabled students to pay for health insurance or other assistance.

Disabled student scholarships are offered by many organizations, and databases listing such scholarships are available through the National Directory of Financial Assistance Programs for Post-Secondary Students with Disabilities and the National Center for College Students with Disabilities Clearinghouse.

4. Disabled Senior Citizens

Older Americans are eligible for numerous disability loans that can help with housing, health care, and meals.

Supplemental Security Income general helps those who are 65 or older, and Medicare offers health coverage for those who either have a physical impairment, severe medical needs, or fall under a certain level of income. Another is the Program of All-Inclusive Care for the Elderly, which specializes in at-home care for those older than 55.

Title Loans Are An Option For The Disabled

Some disability loans are not tied to a specific age or type of disability. With title loans from Utah Title Loans, Inc., those with disabilities can easily qualify for a loan of up to $15,000 in as little as 30 minutes.

Our title loans do not have age or income requirements, and those who are disabled do not have to prove disability or severity of the condition. Title loans work by offering a short-term loan in exchange for a vehicle’s title to help with a financial emergency. Borrowers keep their vehicles for the duration of the loan.

There are very few requirements tied to our title loans. You need to have the lien-free title to your vehicle, your vehicle available for a quick inspection, and a driver’s license or form of state-issued identification. We also encourage those with a range of credit histories, good and bad, to pursue a title loan with us.

To begin the process, fill out the short inquiry form on our website. A loan representative will quickly give you a call to guide you through the rest of the title loan process.

differently abled loan

Get Started Today

Disability loans can be an option for disabled veterans, families, or single parents who have disabled children, disabled students, or seniors. If, however, you don’t qualify for a disability loan, title loans in Utah can be an alternative to help overcome any financial emergency. Just go online, give us a call, or visit one of our locations near you if you are able. We’re here to help!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.