PostHeaderIcon How can I get a loan with Social Security, Disability, and self employment as my only income?

I am a single mother of two who owns her own business. I am currently also a full time college student working toward a degree and am disabled and receive social security and disability. I currently have about $30,000 in secured and unsecured debt and could really use about $5000 to really get my business on its feet. I would like to find a loan to consolidate all of this debt into one payment. I don’t really care about interest rates, I just want my credit paid off and I want it all in my name so as not to burden my parents any further. My problem is this, all debt consolidation companies I find require you to have more than $7500 in unsecured debt, and I cant seem to get a loan with my credit (or apparent lack thereof) and financial situation, being on social security and not having been in business long enough to establish a decent earnings report. Are there grants for disabled mothers or some type of repayable federal aid?

2 Responses to “How can I get a loan with Social Security, Disability, and self employment as my only income?”

  • Christina R says:

    Well i cant really recall the name of the disabitlity company but or loan company that says that if you work and you cant afford to pay off you debt then you get goverment financial aid or money that you dont have to ever give back.Obama believe it or not set up this plan to help people like you that work their buts off and cant afford to live with such debt. hope this helps you really helped me with the house plan thing.

  • Smilin'_Bob_The_Enzyte┬«_Guy says:

    You ARE stuck between a rock and a hard place…

    You do realize that when you DO report this income, that you will be in danger of losing your disability payments??? Its damned if you do and damned if you don’t.

    There are no grants or federal aid that I know of except for applying for an SBA loan, and that is where the federal government backs a substantial portion of the loan. An SBA loan is a LOAD of paperwork with no outcome guaranteed.

    Stay away from Debt consolidation companies.. they make their money off stretching out your payments and you are paying THEM the interest, and not the CC company. You still end up running up the debt again, and then have nowhere to go….

Leave a Reply

Powered by Yahoo! Answers