Disability Loans From LoanNow – Easier, Faster, and Better
You may be familiar with the phrase “your paycheck is your credit.” But working people aren’t the only ones getting payday loans. Although payday loans get their nickname from the wages and salaries many payday loan borrowers earn. But individuals receiving government payments are also desirable to many payday lenders because of the reliability of their monthly checks… Payday Disability loans taken by people receiving government payments can be just as dangerous for them as payday loans are for working borrowers. LoanNow provides the money people receiving government checks need — without resorting to payday disability loans.
The 2007 Military Authorization Act effectively banned payday loans that were previously available for men and women on active military duty. The Act capped interest charged on loans to active duty personnel to 36 percent – far lower than the 300-plus percent interest rates charged by many payday lenders. However, the Act does not cover veterans. Payday lenders are often very eager to provide payday disability loans to veterans receiving VA disability benefits, because checks are virtually guaranteed.
Social Security Disability Payments
There are two types of disability payments issued by the Social Security Administration: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). SSI is designed for disabled individuals with limited income and assets, while SSDI provides income to individuals who have worked in the past but are no longer able to work. People receiving SSI and SSDI payments are often approved for payday disability loans for the same reason veterans receiving VA disability payments are approved: government checks are virtually guaranteed to arrive like clockwork.
Loans for Training and Instruction for Disabled Individuals
Loans for disabled individuals can provide the means to finance instruction to enhance communication improve physical functioning and maintain a sense of independence. Individuals who are visually or hearing impaired will benefit from specialized training in Braille, sign language or other instruction that facilitates communication and literacy. Individuals with limited mobility can benefit from physical therapy to maintain or improve their mobility. Driving instruction with hand controls makes it possible for people who use wheelchairs to maintain their independence by driving their own cars.
Loans for Support and Caretaking Services
Sometimes all that’s needed to maintain independence is a moderate amount of support. Loans for disabled individuals can finance services such as cleaning, meal preparation and minor repairs around the house. These funds can also be used to pay for the services of personal assistants for disabled individuals.
Loans for Specialized Equipment and Household Modifications
Modifications and specialized equipment can make it easier for disabled individuals to function independently at work and at home. Loans for disabled individuals can finance modifications such as ramps for porches, hand rails on bathtubs and toilets, Braille plates on appliances like washers and dryers and hand controls for cars.
Getting a Bank Loan for Disability Do Not Always get Approved
In many instances, bank loans are the first choice for borrowers. It’s understandable: bank loans carry the lowest interest rates. In addition, many people borrow from their local banks, where they know the lending officer and are familiar with bank policies. But banks may be reluctant to approve loans for people on disability payments, because those payments are often modest and must stretch to cover expenses that people without disabilities don’t have to deal with.
Nonbank and Payday Loans can Demand Higher Interest Rates
Nonbank loans for people on disability payments can come from sources ranging from nonbank lending brokers and peer-to-peer lenders to less desirable sources such as pawn shops and payday loan stores. While some nonbank lenders maintain brick-and-mortar establishments, many operate strictly online. By doing so, they lower their overhead costs, while allowing borrowers to enjoy the convenience of submitting applications from their own homes, on their own time. But nonbank lenders often operate as intermediaries rather than direct lenders, sharing application with third parties or requiring borrowers to share information on a public website, with potential exposure to scammers and identity thieves. Payday lenders and pawn shops are especially undesirable sources of loans for people on disability payments, due to their high interest rates and demands for lump-sum payments combined with extremely short repayment periods.
The LoanNow Alternative, the Right Choice for Your Disability Loan!
Payday disability loans have the same detracting features as all other payday loans: high interest rates, required payment in full and short repayment periods. These three factors combine to make it nearly impossible for borrowers to repay their loans in full. The payday loan trap is just as real with payday disability loans, too. However, because disabled borrowers are unable to work, options such as getting a second job to attempt to pay the loan off aren’t really viable.
LoanNow allows borrowers to obtain the funds they need while avoiding the payday trap. That’s because LoanNow loan repayment plans are structured with manageable monthly installments that work with your budget – not demands for upfront payment. And LoanNow says NO to rollovers. Whether you’re working or disabled, discover for yourself why savvy borrowers make LoanNow their go-to source for personal loans!