Some disabled people have the need to borrow loans for expenses that cannot be performed with government aid or that they prefer to amortize in different installments. Many of the most popular banks have special plans for the disabled. Keep in mind that they can vary according promotions and dates.
One of the advantages of loans for the disabled is that when receiving government aids which are not very high, many have installments that can be paid in several years, for example 5 years and with amounts of money that are very acceptable.
Loans for people with disabilities are characterized by lack of interest and they give in advance between $3,000 and $10,000, with a repayment term of between one and five years, depending on the product purchased. They do not charge commissions, so they are one of the most interesting credit arrangements as it equates, and even improve, the conditions of other social loans.
It is necessary to deliver the bills of reforms or adaptations of homes and vehicles, as well as purchase invoices of wheelchairs, artificial limbs, hearing aids or other items. The holders of the loans can be both the people with disabilities and their caregivers.
The offer is still limited, since few entities have opted to commercialize this product.
What are loans for people with disabilities commonly used?
Applications that can be given are varied. But next are some of the most common examples, which are intended for this kind of financing.
Credit for the adaptation of a vehicle: in many casesit is necessary to resort to costly modifications to cars that will be used by disabled people.
Devices to improve hearing or sight: they usually are not very expensive, but it could be one of the reasons.
Medications or expensive treatments: some diseases have very expensive professional costs or medicines that are quite expensive, something very unfair.
House reforming: another of the most popular causes is to be ableto adapt houses to make it more convenient and simple to use.
Some countries have passed special laws to enable disabled people to access financial services.
A good law makes people with disabilities to have access to mortgage loans. People who have a disability of 33% or higher, can access reverse mortgages.
Keep in mind that it is not always necessary to resort to financial entities or banks, to pay for certain products. For example, there are companies in charge of adapting homes for disabled people, who have their own funding.