Life doesn’t always go as planned. If you have suffered a recent health crisis or accident, you may be facing new challenges.
In addition to adapting to a change in mobility or disability, you may also be facing financial challenges. If this is the case, a disability loan may be the right thing for you.
Not all disability loans are created equal, however. Read on to learn more about loans for people on disability.
Make a Repayment Plan
Getting a loan isn’t free money. All money borrowed will require repayment with interest. Think of it as “buying” money. You’ll be paying a premium to get the cash you need on hand.
This may make sense if you are temporarily unable to work or dealing with excessive medical bills; however, you should always create a detailed repayment plan and look for opportunities to cut your daily expenses until the loan is repaid.
If you’re looking to repay your loan ahead of schedule, be sure to talk to your broker about fees that may be associated with early repayment. In some cases, you may be exempted from this. There may be a minimum term that you must pass before repaying the loan to avoid hefty fees.
Watch out for Predatory Lenders
Getting a loan isn’t always easy. If your credit score is less than perfect, you may have fewer loan options available. Bearing this in mind, don’t be tempted to take an offer that isn’t in your best interest.
Predatory lenders often offer high-interest loans to the people who can least likely afford it. Payday loans are a common example of this predatory financial market. To ensure your long-term financial security, you’ll need to stay alert.
When shopping for a loan, don’t be discouraged if you get turned down. Keep shopping! You’ll want to look at reputable lenders, like Bonsai Finance, and compare your options before settling on a lender.
Keep your head up and compare the offers available to ensure that you’re receiving the most favorable interest rate and the lowest fees.
Get Money for Home Renovations
Adapting your home to suit your needs isn’t cheap. In this case, however, you may not need a loan.
A “Disabled Facilities Grant” may be able to help if you need to make changes to your home. These changes may include widening doorways, installing stairlifts, or adding ramps to your home.
Because these funds aren’t loans, they don’t require repayment. Explore your options before applying for a loan if you believe you may be a candidate for this grant.
Disability Loans Are Your Right
Now that you know more about disability loans and how they can help you, you may be wondering if you’ll have a harder time getting approved than someone who isn’t experiencing health or mobility challenges.
We have good news. It is unlawful for a lender to discriminate against you during the loan approval process. Anti-discrimination laws protect your right to a loan. With a mindful approach to the loan shopping process, you can get the money you need without ruining your longterm financial health.
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