The latest applicant lives in Henderson Nevada, does not have a job due to his disability and receives SSI benefits on a monthly basis. As a result he is under a number of restrictions with regards to how much money he can earn as well as how much he has in terms of overall assets. He currently volunteers at a local organization that has helped him in the past as a means of paying back this support. He is in no way obligated to repay the support he received, but feels that morally that this is a good thing to do. He also receives support from the group and enjoys the social side of getting out and helping people.
He would like to borrow some money, $5000 when collecting SSI to pay for some improvements that he would like to make in his apartment to improve his overall quality of life. He does need to be careful that this loan is not perceived as income to avoid jeopardizing his income benefit. There are several comments that we need to make with regards to this loan application.
This potential borrower, although he has a steady income does not meet the criteria for a loan due to his income level. As a result it is unlikely that he would be approved for a loan. This is unfortunate for him, since the improvements he is interested in would certainly make his life easier. Even with a low interest rate loan that is spread over a five year term, the monthly payment will be too high for someone with his income level.
He may be able to secure some or all of the support he needs in terms of improvements by appealing to local business or other agencies in the community where he lives. With the right contacts it is possible to gain assistance for improvements in terms of free equipment and labor to accomplish what he is looking for.