Can I Get a Loan in Atlanta if I’m on Disability?
Nowadays, loans have become very popular. Many people have already taken and successfully repaid them more than once. Frequently, people with disabilities need loans. Are loans issued to such people in Atlanta at all? Yes. Getting a loan for a disabled person is real. Many financial institutions issue loans to such people. The main point of interest to banks or microfinance institutions is the borrower’s solvency. And people with disabilities are considered solvent because they receive a pension and disability benefits every month, and someone else is working.
Who can take out a disability loan in Atlanta?
As we know, people with disabilities have different degrees of disability, which determine the physical and moral state of a person. So, when a disabled person borrows money, this moment must be taken into account first of all. Below we will tell you what exactly you should pay attention to when contacting a financial institution.
If you have a serious health condition and have no income, except for pension, banks and microfinance institutions will probably classify you as an “unreliable borrower” since a seriously ill person can die without repaying the loan. So it makes no sense to contact the bank, they will decline your application in 90% of cases.
But if you really need money, then you can take out a loan in a microfinance organization – they are more loyal to borrowers. And the chance is much higher.
If you are on disability but at the same time work and get paid well, then it will be very easy to get accepted for a loan. To do this, you need to comply with all the necessary conditions and have the required documents on hand. You just need to submit an application and expect a response. If you are declined, it will not be related to your disease.
Available types of loans
There are several types of loans that disabled people can apply for:
- Bank loans. Such loans have lower interest rates and higher borrowing limits. But banks have strict eligibility criteria., and the application process is lengthy;
- Credit cards. This is a great way to build credit. Besides, credit cards offer benefits such as cashback rewards and fraud protection. But if mismanaged, credit cards can lead to debt and interest charges.
- And the most affordable option is payday loans Atlanta. They’re unsecured, easy to access as they have fewer requirements than other loans. Moreover, they don’t check your credit and require no collateral. Besides, the application process is purely online and takes only a few minutes. You do not even need to go anywhere to get the money.
And remember that you are first of all a US citizen, and only then an invalid.
It is important to remember that if you need an amount not exceeding $1,000, then you’d better choose payday loans; and you need a larger loan, then consider the other options: a credit card or a bank loan.
What documents are required?
In order to apply for a loan on disability, you need to collect all the necessary documents and keep them with you.
- identity proof;
- hospital records that prove you have a disability;
- documents that prove that you own immovable or movable property, if any (required only for secured loans);
- documents that prove you have a sufficient income.
The lender may also ask you to provide additional documents to get accepted for a loan.
Important: if you apply for short-term payday loans online, you are usually not required to inform the lender about your disability. You just need to be of legal age and have a steady income.
How to increase the chance of getting a loan on disability?
There are some rules that you may follow to significantly increase your chance of getting approved for a payday loan. But if you apply for a large loan (over $1,000), then most likely our advice will not help since in such cases managers are more demanding about your solvency.
- Collect all the necessary documents and be ready to present them at the first request of the organization;
- Submit an application to several lenders at once or use the online loan referral service;
- Provide proof of employment (if any).
Elderly people can also use this scheme. Payday loans for disabled people and retirees in Atlanta are available online 24/7.
Tags: disabilities, finance, loans, money, payday loans