Disability loans no credit check

Types of Disability Loans with no Credit Check

Even with bad credit, you can still get a loan. There are disability loans that have good rates with no credit checks. They include;

Personal Loan

One of the most favorable loans a person with rough credit can get is a personal loan. This is because the approval of a personal loan is based on regular government checks and not proof of employment. 

Although there are no special personal loans for the disabled, recipients of disability benefits from the government can borrow small amounts of money from sub-prime lenders and pay it back from their future disability checks. Lenders are particularly comfortable giving out personal loans to recipients of disability benefits from the government because government benefit checks are consistent and reliable.

A personal disability loan is especially great because it allows recipients to borrow money against future checks and maintain their financial eligibility.

Different Personal Loans with no credit check 

There are different personal loans with no credit check, which are instead based on other criteria. They include;

Personal loans based on income 

Disabled persons can get a personal loan based on their monthly income. Lenders of personal loans based on income do not consider bad credit history; instead, they consider monthly income. When applying for personal loans based on income, recipients will need to fill in their employment information. 

Personal loans for people with no credit history 

People who do not have a credit history, for instance, young adults, can easily get a disability loan with no credit check. For people in this category, lenders use utility bills, rental history, and other financial information that they can easily get. These types of loans are available to help young disabled people struggling financially settle their basic needs.

Personal loans for SSI and SSDI recipients

People on Supplemental Security Income (SSI) need to keep the loan as small as possible when getting personal loans. Only request for as much money as to need to settle a current need and avoid going overboard. This is because being a beneficiary of SSI means having limited resources and needing financial assistance from the government. Having a large of money at the bank ( above $2000) at any time calls for unnecessary attention and places you at risk of jeopardizing your monthly government benefit. It is also best to spend the money you borrowed as soon as you can.

Personal loans for people on Social Security Disability Insurance (SSDI) benefits enable recipients to borrow money against future checks. People in this category pay taxes and therefore do not have resource limits as in SSI recipients. This means they can borrow more significant amounts of money. 

How to Get a Personal Loan 

Banks and Credit unions are the places you can get a personal loan. Different banks and credit unions may have additional regulations and qualification criteria for personal loans. Since not all banks and credit unions offer personal loans with no credit check based on disability, you may have to take your time to search for those that do.

Generally, obtaining a personal loan involves filling a submission form either online or otherwise. How well you fill the submission form determines how fast the approval process of your loan will be. When filling the form, ensure to;

• Keep your requested amount as low as possible
• State the reason you need money
• Select ‘Benefits’ as your source of income 
• Have your driver’s license number or state ID at hand
• Have your bank account and routing number at hand.

Payday Loans

Another loan you can get with no credit check is a payday loan. Payday loans are also called cash advance loans. Disability recipients can get a cash advance against their next Social Security Insurance (SSI) payment. This means that their next SSI payment serves as collateral for the loan. 

People on disability benefits can also get a payday loan without a bank account. You can simply use your Direct Express debit card. To get a payday loan using your debit card, you will need your card number and PIN during the application process. In this case, the funds will be sent directly to the debit card once your loan is approved.

A major advantage of getting a payday loan is that it is fast. You can get your money within 24 hours to 48 hours of applying. Although quick and easy to secure, a payday loan can be quite risky if you roll over your balance on multiple occasions. Not only could you end up with a truckload of debt on your hands, but you will also be required to pay other additional fees such as “late-repayment fees” and “rollover fees.” 

The best way to benefit from payday loans is to pay the entire balance immediately after receiving your next SSI payment.

Final Thoughts

There are loans with no credit checks available for people with disability benefits. A lot of them have good rates and offer favorable repayment options. You, however, need to keep your requested amount small. This way, you can stay on top of your finances and still maintain your eligibility.