You iliar with the phrase “your paycheck is your credit.” However, 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.
Disability Loans: Veterans Administration Disability Payments
The 2007 Military Authorization Act effectively banned payday loans that were previously available for men Rhode Island cash payday loan 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.
Disability Loans: 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 can receive payday disability loans for the same reason veterans receiving VA disability payments are accepted: government checks are virtually guaranteed to arrive like clockwork.
Disability Loans: Loans for Training and Instruction for Disabled Individuals
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 eligible for payday disability loans for the same reason veterans receiving VA disability payments are accepted: government checks are virtually guaranteed to arrive like clockwork.
Disability Loans: 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. Also, funds can also be used to pay for the services of personal assistants for disabled individuals.
Disability Loans: 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 changes such as ramps for porches, handrails 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. Also, 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 address.
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 a form 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 brief 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 viable.
LoanNow allows borrowers to obtain the funds they need while avoiding the payday trap. That’s because LoanNow loan repayment plans’ structure has easy 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!