7 Advantages of Using the Social Security Loan Program
There are different disabilities that can make it impossible for many Americans to work. Some people suffer from back pain, mental illnesses, and heart diseases that keep them out of work. Others have neurological disorders, respiratory diseases, and injuries that stick them on the sidelines. If you ever find yourself in this unfortunate position, you could be entitled to disability benefits. About 15 million Americans collect them every month. You might also qualify for a Social Security loan program that will help you get your hands on any extra money you might need. There are loans for people on disability that can help them in a variety of ways.
Check out seven of the biggest advantages of using a Social Security loan program below.
Covers You While You Wait to Get Approved for Disability
Those people who can’t work due to a debilitating injury or illness can often get approved for disability. This allows them to collect money from the government every month in place of their normal income.
The problem for many people, though, is that there is usually a period of time between when someone stops working and when they start collecting disability. Many times, they’ll face huge financial hardships during this gap.
A Social Security loan program can make the financial aspect of life more manageable for those people trying to get approved for disability. By obtaining disability loans, they can keep themselves afloat until disability checks start coming in.
Prevents Your Credit Score From Taking a Huge Hit
An injury or illness can do more than just ruin a person’s professional life. It can also ruin their credit score if they’re not careful.
If you’re not able to afford most of your bills after suffering an injury or illness that keeps you out of work, it won’t be long before creditors come calling. They’ll want you to pay up…or else.
They may even report you to the credit bureaus before long. It’ll send your credit score plummeting.
With a Social Security loan program, you can avoid this. You’ll be able to keep up to date on your bills and maintain your current credit score.
Allows You to Retain Possession of Your House and Car
One of the biggest concerns that people have when they’re on disability is losing their house and/or car. These are the two biggest assets that most people have, and without them, they would be lost.
If you’re concerned that you may lose one or both due to a disability, using a personal loan to pay for one or the other might be a great idea. You can ensure that you don’t lose your house or have your car repossessed due to your disability.
Continues to Put Food on the Table
About 75 percent of Americans no longer eat three square meals a day. Many people are skipping at least one meal—usually, breakfast—on a daily basis.
If you choose not to eat one of your three meals because you’re too busy or aren’t hungry, that’s your choice. But there are lots of people going without one or more meals per day because of a lack of finances.
Eating should be a basic fundamental right for everyone. You should either figure out how to get on a program that will provide you with the food you need—or see how a Social Security loan program might be able to benefit you.
It’ll continue to put food on the table for you at the end of every day even if you’re struggling with a disability.
Helps You Get Access to a Caretaker
Not everyone who goes on disability requires a caretaker. There are plenty of people on disability who are able to function just fine on their own without the help of someone else.
But there are some people who can’t get around like they used to due to a disability. These people need to hire a caretaker to help them lead a life that’s as close to normal as possible.
Of course, a caretaker costs money, and it’s money that someone on disability might not always have. A Social Security loan program can provide you with the money you need to get access to a caretaker if you need one.
Provides You With Money for Medical Equipment
Is there medical equipment that you’re going to need to manage your disability? You might need a walker, a breathing apparatus, or something else to help you deal with your health issues.
In a perfect world, your health insurance company will cover the cost of the equipment you need. But if they don’t, you could be on the hook for it.
A disability loan will allow you to get whatever equipment you need quickly so that you’re not stuck trying to make do without it.
Makes It Slightly Easier to Deal With a Disability
Dealing with a disability in 2019 is a lot different than dealing with one 40 or 50 years ago. There are ways for someone on disability to lead a long and productive life.
But that’s not to say it’ll be easy! You’ll always have something to worry about when you’re on disability, be it your health, your finances, or some combination of both.
A Social Security loan program can put your mind at ease and let you know everything is going to be OK. You’ll always have the option to get your hands on money should the need ever arise.
Take Advantage of a Social Security Loan Program Today
If you’re having trouble making ends meet because of a disability, you don’t have to let it keep you down.
Taking part in a Social Security loan program will make it easy to get money when you need it. It’ll also make it easy to pay a loan back.
Would you like to see some of the other loans that might make money less of a concern for you? Work your way through our blog to see which loans might be a good fit.