How to get a loan for a disabled person?
Do banks work with this category of borrowers. The current economic situation makes us think about lending even to people with disabilities. According to the law, the physical state of health does not determine the rights of a citizen. When applying to a bank with an application for a loan, disabled people provide a generally accepted package of documents and go through the usual verification procedure. Why do people with disabilities get denied loans more often than others?
Why is it harder to get a loan for a disabled person?
By refusing to receive a loan, banks reserve the right not to voice the real reason for making such a decision. However, the terms of the loan agreement usually describe cases in which the loan issuance service is not provided. Among them:
- complete incapacity or limited capacity;
- complete disability;
- lack of a permanent place of work;
- insufficient level of income.
These reasons can only indirectly be related to the presence of a disability in a person, but any of them allows the bank to make a negative decision on a loan application.
Getting a loan for a disabled person of the 3rd group
It is easier for an employed citizen with disabilities to get a loan from a bank. The final decision depends on the group of disability. It will not be difficult for a disabled person of the 3rd group to take a loan, since this group involves minor health problems and practically does not affect the ability to work. If a citizen satisfies other mandatory requirements, then employees of a banking organization will approve his request for a loan.
Obtaining a loan for disabled people of groups 2 and 1
Life insurance, which is an additional guarantee for the bank to return funds, is practically unavailable for people with disabilities of groups 1 and 2. Insurance companies do not provide their services to people with disabilities of groups 1 and 2, or they offer too low payments.
Where to get a loan for a disabled person and how to do it
If the disability does not manifest itself in any way, does not affect the person’s ability to work, and he does not plan to indicate a pension as a source of income, then the best option would be to keep silent about his state of health when applying. Difficulties may arise when applying for a loan, which involves mandatory life insurance. If the client hid the diseases that he had at the time of the contract, then in the event of an insured event, the insurance company will refuse to pay off the debt.
It is possible to increase the interest of banks in a client by issuing a guarantee or a pledge of property. Many banks have lending programs, the main condition for which is the pledge of real estate or other valuable property. The willingness of the client to provide additional guarantees increases its value in the eyes of the financial institution.