Hello again gang, and today we want to talk about loans for retired people and disabled people. This speaks close to my heart because I know how difficult it can be to get approved for a personal loan if you are not employed because you are disabled or simply retired. Really want to make sure people don’t make the mistake of applying for a loan with a lender (or lenders) that would take advantage of the elderly or the disabled. It’s quite insidious to take advantage of people who, for any reason, can’t get employment in the job market and are desperate for a loan.
First a Note About Getting a Loan on a Fixed Income (Because usually retired or disabled people are on a fixed income)
For fixed income (due to retirement) and/or disability income a few points are worth remembering. Though it may be difficult to budget monthly to live with dignity, let alone service a new loan, banks accept this income as being as secure as steady employment, depending on your circumstances. If you can service the loan and remain within their lending ratios (GDS and TDS) you are very likely to get approved for that loan.
Commonly people on fixed incomes assume they automatically don’t qualify. That is a myth. Think of it this way; if you have the cash flow available to service the debt, and it’s a proven source of income, why wouldn’t a lender want to take a risk and lend to you? Don’t forget, that they are making a lot of interest off of your loan approval. Perhaps they wouldn’t consider you if your credit rating is poor. Perhaps your fixed income may expire, or is conditional on some other commitments? When in doubt, arrange an appointment with your branch to ask the loans officer(s), what would it take for me to secure a new loan through your bank?. If they are an honest lender, they’ll tell you exactly where you stand.
In cases of disability income you will be required to prove income is long-term and guaranteed for the duration of your life if applying for a long-term mortgage of 30 or 40 years.
If you are in a wheelchair or you are crippled due to an injury or a disease, then getting approved for a loan can be very difficult. Why? Because banks, their loan officers, and private lenders will not consider your assets as security on the loan. Often lenders will not consider disability pension, or social security income as a valid income to pay down a loan with them. So what do you do?
The first thing to do is to avoid non-legit lenders, and make sure you apply for your loan with reputable lender. Loan sharks are everywhere these days and they are still on the front page of every major news paper, defrauding clients and promoting bad sub-prime loans for the sole purpose of reselling them to others. Of course, in your case, if you are retired or disabled you likely just need a smaller personal loan, and not a full blown mortgage. Some retired people who have their houses paid off will apply for a reverse mortage to liquidate some of their asset(s), but that is not likely your case, considering the title of today’s discussion.
Getting Approved for a Loan if You Are Retired
The most important factor for getting approved for a personal loan if you are retired, is to show the lender you have income stream outside of a 401k or disability pension. This is why so many retired people take on part time jobs. They apply for part time jobs for three reasons usually – one, for the medical insurance, two for the extra income, and three, so they can get approved for a small personal loan.
So this is an otpion to consider. Can you get out of the house a few days or evenings a week and work a part time job that does not cause much strain on your body, causing you pain and discomfort? If the answer is yes, I highly recommend doing so. When you go see a lender, bank, or credit union, they are not going to have a problem giving a loan if you are semi-retired. If you can’t prove to the bank that you have an income to pay down the loan with, they are not likely to approve your financing.
Another way to get approved for a loan if you are retired is to have strong co-signer or co-borrower. These are two entirely different types of loan products. A co-borrower is on the hook for the paying back of the loan if something happens to you – that can mean many things resulting in you not being able to make your monthly installment. You may not be able to make your installment payment anymore due to death, or lack of a sustainable income. For whatever the reason may be, the co-borrower will be then held responsible to pay back the loan in full, with all interest (APR) and closing fees.
A co-signer is different because the retired individual (maybe you) is simply being “vouched for” by the co-signer and they are not “on the hook” for paying the bi-weekly, or monthly installment payments. Often a the would-be borrowers pride will not allow such an arrangement because the co-signer or co-borrower would likely be one of their children or family member. The retired and the elderly usually have a great deal of pride and would never even enter into a loan agreement that was using a co-signer. But you know the old saying – right? – “Pride goes before a fall”. When it comes to eating, keeping a roof over your head, paying for medication, and clothing yourself, you may HAVE to consider a co-signer or co-borrower on the loan agreement documentation.
Getting Approved for a Loan if You Are Disabled
Getting approved for a loan if you are disabled can be very difficult, and it saddens me deeply to see people in such financial situation when they have enough daily challenges to overcome. Being disabled can be VERY expensive, even with all of the social nets in American and Canadian society. The disabled are often helped with social programs so their monthly expenses are cut down considerably – but disabled people are HARDLY living in the lap of luxury.
I encourage people who are disabled to find some way they can create some income so that the banks and lenders will consider giving them a loan. There are many disabled people who thrive in our society and in our communities – there are disabled people who make millions of dollars actually, so try not look at your physical challenges as hopeless – there is ALWAYS hope! Of course there are some case where people are disabled so badly that they cannot do any kind of physical work. They may be in a wheel chair and they may not be able to even use their hands to type, use a phone, or carry out everyday simple tasks. In these cases it usually comes down to the family members of the crippled (I should say disabled as some find the word crippled very offensive) to lend them some money, or help them with a free personal loan that does not need paying back. I suppose this is a gift, or some kind of charity though, and pride does not allow many completely disabled people to except charity.
IF, however, you are are refined to a wheel chair can use your hands and speak, you can earn some money. If you can earn any money outside of what you have coming in every month social security or a disability pension, then it’s much easier to get approved for a personal loan. I’ll give you a great example. You can start creating an income online by using your computer from home. There are many ways of making a monthly income just by using the phone or typing on your laptop. As long as you have a phone line and an Internet connection, then you can make some money – in some case lots of money. This is how we actually started California Loan Find – we hired this company to build this turnkey business blog for us.
For disabled people, just like retired people (as above) if you have a co-borrower or co-signer, that can help greatly in getting approved for a personal loan at your local bank or private lender. Try and be careful when dealing with online lenders. Make sure that if you are on any kind of online loan site you read their terms of service pages, and pay special attention to their disclaimers and “small print”. Don’t become a victim of some online loan shark.
Below Are Some Related Loans - Borrower Requests and Approvals
One of the questions that we get asked at CLF regularly is,"should I scale ...
Continued from [2] As it turned out one of their children moved back to Calif...
I see these commercials on television with old television and movie stars who ar...
Do You Need a Personal Loan Approved Today? Use the comment form below and use FIRST NAME ONLY for you intial loan request.
Our community of friendly folks might be able to help you!
Use
the comment box at the bottom of this page and tell us,
- how much you need to borrow
- what type of loan you need
- what State you live in
- how quickly you need the loan
Your
email is never made public, saved, or shared. Your privacy
is never compromised.
Unkind
words will not be published.
Thanks for visiting Californialoanfind.com ;-)
Other Loan Applications
BELOW IS A LOAN CALCULATOR FOR CARRYING OUT SOME LOAN CALCULATIONS-------------------------------------------- Enter the loan amount, year of term, interest rate, and payment periods (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).--------------------------------NEW! --> Join our Non-Profit Peer-to-Peer Lending Forum--------------------------------
When filling out your initial loan request, use FIRST NAME ONLY and NO PHONE NUMBERS please. This is for your privacy and security. Thank you for using Californialoanfind.com!
13 Responses to “Loans for Retired and/or Disabled People”
Leave a Reply
The Complete List of Lending Categories for California Loan Find - Get Approved Today!
- Madera Loans
- Military Loans
- Minority Loans
- Mobile Home Loans
- Modesto Loans
- Mortgage Freedom
- Mortgage Loans
- Mortgage Refinancing
- Motorcycle Loans
- No Collateral Loans
- Non Profit Peer to Peer Lending
- Non-Conforming Loans
- NonProfit Debt Consolidation
- Palm Springs Loans
- Payday Loan Reviews
- Payday Loans
- Personal Information/Security
- Personal Loans
- Petaluma Loans
- Poor Credit Home Loan
- Porterville Loans
L
M
N
O
P
Q
R
- Sacramento Loans
- Salinas Loans
- San Bernardino Loans
- San Diego
- San Francisco Loans
- San Gabriel Loans
- San Jose Loans
- Santa Ana Loans
- Santa Barbara Loans
- Santa Clara County
- Santa Clarita Loans
- Santa Maria Loans
- Signature Loans
- Special Financing
- State of The Economy
- Stockton Loans
- Student Loans
- Subprime Loans
- Surgery Loans
R
S
T
U
V
W
Y
May 15th, 2010 at 4:44 am
No bank or lender will give me a loan because I’m disabled and not working (no job) but i get benefits every month. What can I do to get approved?
May 15th, 2010 at 10:10 am
Hi Gerald, sorry to hear you can’t get approved for a loan – YET. If you have a fixed income from benefits every month, and your debt load is not too high, lenders will usually approve the note (loan).
I would seriously look at ways of checking the credit bureaus and getting your FICO score straightened out first before applying again.
Here is one of our articles on how to understand your credit rating. Please check it out.
http://californialoanfind.com/understanding-credit-hits-with-credit-bureaus/
August 11th, 2010 at 10:11 am
[...] well, and they have disability income paid to them every month for two other family members. They may be able to get a disability loan as well for living expenses, but right now they are at a critical juncture where they need [...]
January 3rd, 2011 at 2:49 pm
I am on short term disability and will be returning to work in mid February 2011. I need a quick loan for living and medical expenses.
March 12th, 2011 at 10:04 pm
I am in a very desperate situation. My only income is $930.00 a month from social security. Due to the many medical problems of my back and left leg, I can no longer work in the nursing field which I worked in for 30+ years, due to the many restrictions placed on me because of my disabilities. To supplement my social security, I did volunteer work with the elderly for $2.65 an hour, but I had to quit because the clients in order to be served, had to belong to an organization.
I can’t even do a simple thing like cashiering because it is so painful to free stand for me. Everyday my back and leg seem to be getting worse. Every month I am overdrawn at the bank, causing me more financial problems. I owe so many people so much money, that I will never be able to re-pay. Living from month to month is just terrible because up on til now, I never worried about not having enough money because I could work more hours, because nursing is always short staffed. I was hoping to somehow be able to attend a Medical Transcription Program named CareerStep. They do not offer any type of scholarships. Because it is not a university, so there are no degrees associated with the program. There is a great demand for this training, because it is considered “Specialized Profession”, meaning that someone just off of the street can’t do it. If possible, I would like around $1,500.00 deposited into my bank account immediately. If I would be considered for the education, I would need to purchase a new computer, because most Medical Transcriptonists work out of their home, which is perfect for me. There are other costs involved in the course. The computer that I have now is having a lot of problems, new ones each day. I can neither afford to have it repaired or to purchase a new one. I thought that I would attempt at typing at home on-line, but that is no longer an option for me. I truly hope that I will be considered for the immediate loan of $1,500.00 and the loan to further my education so I no longer have to live on air. I have never have been so depressed or disillusioned. I feel that there is no way out for me. I am in never-ending cycle of financial problems, also a new one every day. I can’t borrow any more money from the people whom I did before. All that I ask, please find some way to help me. Thank you for your time on my behalf. Before I forget, I live in Washington State, where the unemployment is 10% or more. More and more people are leaving their homes to live in their cars, or worse. Once again, thank you. I will be awaiting your reply.
March 14th, 2011 at 5:56 am
I was wondering if my desperate message had been received? I have no way of knowing, due to my computer not working correctly. At this point in time, I only can receive emails, but unable to open or reply. If my message was received, just send me a message someyhing to the affect…yes, message received. Please understand, I am so desperate that I just don’t know what to do. Please help me! Thank you.
March 20th, 2011 at 7:40 am
Hi Lynne,
Yes. Carol has been reading your comments too. She looks after trying to do follow up. We get so many requests for loans now it’s hard to keep up. So sorry to hear about your financial predicament.
Regarding the fact that you say no-one will lend you any more money, the reason is likely that you are not able to pay back the loan with a low income level.
Consider finding some work that does not involve doing any physical activity. If you get a loan for $1500 that will be a high-interest short-term loan with a high APR (something like a payday loan), and you don’t need anything more than that.
Our suggestion is to limit spending in everyday life, and THEN start learning how to earn more money in a different way than you have in the past. You seem to be a good writer, so I highly recommend you take a look at being a paid writer on the Elance web site (search it on Google). People will pay you to write at home and you can make money without any physical work.
We have many different lenders that use our site to advertise, and we have a featured link in our header for $1500 loans that have to be paid back in 100 days you could consider, but remember that the APR is quite high on these.
May 25th, 2011 at 7:31 pm
I am looking for a small business loan of $60,000. I am on a disability pension and want to earn my own money but I require money to invest. I would like to pay off my debts (less than $2000), purchase a car, relocate and start my business. I am finding it difficult to obtain a loan as I do not have a good credit score.
December 1st, 2011 at 1:52 am
Hello,
My name is Ben, and I am looking to see about some ways of achieving a loan with any possibility of benefit from my disability. My credit score is not perfect, but I assure you, I feel I can accomplish – without a doubt – the business I am planning to start.
I’m hoping to borrow between 12,000 and 77,000 depending on which parts of my business I will be able to implement and make active, (my business plan is pretty versatile), and I’m hoping to start pretty soon if I can.
My disabilities are aspergers, schizo-effective and bi-polar. Among these disabilities, I get a lot done – even now. I run an unofficial business called Megacool Computer Repair, in Hagerstown, MD. which with its success has seriously inspired me to move further.
Thanks so much!
March 28th, 2012 at 10:25 am
I live in california. I am looking for a small low interest loan or line of credit ($800.0 to 1,000.00.) would like ot pay back over 90 day period. Local credit unons are not doing these small loans.
March 28th, 2012 at 10:28 am
Are there really loan designed just the disabled with fixed income? If so please refer me right away.
March 29th, 2012 at 9:28 pm
I am disabled with Parkinson’s disease ( early stages )and have not been able to work. I receive Social Security Benefits, 2000.00 a month. It has been very hard to make ends meet on less than half of the income I was earning and I have fallen behind on rent and bills. I have managed to keep my head above water for the last 5 years, unfortunately at the expense of others (bills) and credit files. I’m trying to survive financially till the end of the year when a settlement of a suit will be finalized. Right now we are in the process of determining and agreeing on the amount of the settlement. I am in need of 3000.00 dollars with low monthly payments and with no penalty for early payment in full. I will be paying the monthly payment and when I receive the settlement money I want to pay the loan in full. Please help or guide me in the right direction of someone who can. thank you.
March 30th, 2012 at 1:36 am
I am in need of a $3000.00 personal installment loan very quickly ( in the next three days )to avoid eviction, car repairs and penalties on late bills. I am on fixed income receiving Social Security Disability benefits. I live in California. I have poor credit and can afford monthly payments of up to $250.00