How to Get a Loan if You are Long-Term Sick or Disabled

If you are ill or disabled and you are in the low-income bracket it can sometimes be scary to enter periods of your life where you are seriously strapped for cash. There could be times where you require financial assistance to help you through a short-term problem, to pay unforeseen expenses, to pay for the repair or maintenance of household items that are essential to your well-being, or for myriad other reasons. One option is to look at finding a responsible payday loan lender, another is to use a credit card, or alternatively you could take advantage of a Budgeting Loan (if you are receiving certain type of benefits).

First, it is important that you understand your legal rights when looking to get a loan as an ill or disabled person. Your condition should not exclude you from getting a loan, and legally your application should be treated as fairly and equally as any other application. A bank or another type of credit service or lender should never treat you differently to its non-disabled customers. Even if you do not classify yourself as disabled, anti-discrimination rules might still apply to you. This could be the case for those people suffering from a mental health illness, such as depression, or for those suffering with cancer or HIV.

There are certain types of loans and benefits available to help a disabled person financially, whether that person is working or unemployed (over a short-term or long-term basis). The DWP have a list of benefit entitlements that should be looked at if you are disabled.

If you are working and have a regular income, and you have a good credit score, you will have plenty of options open to you when looking to secure a loan to cover a short-term expense. The following rules apply for any person applying for a payday loan or other form of credit, no matter whether that person is classified as disabled or not.

  1. Can you afford the loan?
  2. Have you worked out the cheapest way to borrow money?
  3. Do you know exactly how and when you will pay back the loan?

If you can answer all of these questions, and can guarantee that you have the financial means with which to repay a loan, you should go ahead with your application. If you have any doubts at all, take some time to investigate all of your options further. There is no point in placing your financial life into further difficulty just for a short-term fix.

For those on low income and receiving Universal Credit or other forms of benefits, a budgeting loan could be an option during a time like this. Always look at every possible outcome and option depending on your personal circumstances. It could be that for some people a payday loan provides a quick and simple fix, with the understanding it can be paid back next time that person is paid. For other disabled people, this might not be an option, and that is where it is good to look at benefits and loans available through the Social Fund.


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