Your non-payment will be listed on your credit report for at least seven years and will make it difficult for you to qualify for other loans. If you don’t repay your loan, it will have a negative effect on your credit score. What happens if I default (stop repaying my loan)? We can try to help you work through your situation and may be able to help financially if it's a short-term problem. What happens if I have trouble repaying my loan?Ĭontact Easterseals Nebraska if you know you are going to have trouble making your monthly payment. Term length is decided by the Loan Review Board at the time of application. Repayment terms vary based on expected useful life of the assistive technology device, debt-to-income ratio, and credit history. How much time will I have to pay off the loan? In July 2021, the borrower interest rate was 3.25%. The interest rate for all our loan programs is based on the Wall Street Journal Prime Rate. The rate changes from time to time, so you should ask for the current interest rate when you apply for a loan. Or, give us a call and we can help you work through it! Download the application packet below and complete the preparation worksheets to help you answer this question based on your situation. However, your ability to repay the loan will affect the amount you can borrow. If the item is computer or software related and the vendor you chose is online, the item may be purchased for you online and sent directly to your home.ĭepending on the program, our loan amounts range from $100 to $35,000. Once the closing paperwork is signed, you will receive a check made out to you and the vendor for the vendor to cash. For a Mini-Loan, closing will take place by mail. If approved, how will I get the loan closing documents and the money?įor any AFP or Telework loan approval, closing will take place in person at a First National Bank of Omaha location. Loan applicants meeting “excellent” borrower criteria set forth by our Loan Review Board may receive a fast track approval once we receive credit history information from the bank. We will need to time to run your credit history and for our Loan Review Board to vote. Once a complete application is received, you can expect a decision on your loan application within a week. How long will it take to process my loan application? Note: Our Alternative Financing Programs cannot not reimburse for items already purchased. The decision to extend a loan is based on several factors including, but are not limited to, debt-to-income ratio and credit history. The Loan Review Board is made up of individuals with disabilities and community stakeholders who oversee the loan programs and review loan applications. Once complete, we will submit it to our Loan Review Board for a decision. When we receive your application and supporting documents, we will review it to ensure that it is complete. You must have determined the item(s) you wish to finance and the loan amount needed before submitting an application. How does the Nebraska Alternative Financing Program make decisions about my application? Our loan programs can help people of all ages and income levels. "Non-traditional" technology or home repair items may be considered if they would help maintain or increase independence.Īny service that helps a person to select an appropriate assistive technology device as well as any services required to help train those using the device.Īny Nebraskan with a disability, aged individual, or family member are eligible to apply for a loan. Examples include, but are not limited to vehicles with modification, ramps, grab bars, widened doorways, hearing and vision aids, scooters, lift chairs, stair glides, or iPads or computers with special software. Loans are serviced directly at Easterseals Nebraska.Īssistive technology is any device that helps a person with a disability maintain or increase independence or overcome a barrier to employment. Mini-Loan - For any AT device or service requiring a loan between $100 - $1999.Loans are serviced through First National Bank of Omaha. Telework - For an AT device or service necessary to secure a telework opportunity from home or overcome a barrier to employment requiring a loan between $1,000 - $35,000.AFP – For any AT device or service requiring a loan between $2,000 - $35,000. Alternative Financing Solutions is a service of Easterseals Nebraska that provides low-interest loans for the purchase of assistive technology devices and services.
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