Disability might make it challenging to maintain financial independence. You may want to consider a disability loan if you’ve been disabled and won’t be able to work for a while and don’t have enough savings or other income to cover your expenses.
Disabled Loan Prerequisites
● Authentication required. A valid government-issued photo ID, such as a driver’s license or passport, is required.
● Documentation of financial support. You’ll need to prove that your monthly salary is sufficient to repay the loan on time and without placing undue strain on your budget or the budgets of those who rely on you (such as children). If you are self-employed, you must provide records detailing your income and expenditures for the previous fiscal year.
● Evidence of a disability is required. To do so, they must provide documentation from the Veterans Affairs Canada (VAC) or the Social Security Administration (SSA) showing that they are medically unable for full-time employment in any position requiring their skills.
● Applicants should offer a mailing address that does not require a forwarding service, or, if they do not currently have one, should explain where they intend to reside once they are approved.
Requirements For Receiving A Disability Loan
● You need to be between the ages of 18 and 65 to apply.
● You need to make at least $1,500 per month, or $3,000 per month if you’re a family of four. Never let your monthly loan payments equal more than half of your gross income.
● To qualify for this type of loan, you should have a strong credit score of 600 or above. Before applying for a loan, it’s a good idea to see our article on how to build credit if you don’t already have one.
When applying for a disability loans canada, it is vital to do some background reading and learning. Your eligibility may be affected by several factors, including your income and credit history. Contact us today if you have questions about the eligibility criteria for a disability loan in Canada.