Michigan Assistive Technology Loan Fund

The Michigan Assistive Technology Loan Fund (MATLF) has made it possible for residents of Michigan who have disabilities (and seniors and their family members) to obtain loans to buy assistive technology devices and services (which include modification to vehicles and homes). The website’s FAQ section has the following answer for the kind of products/services that can be bought with the loan money:

Examples include: wheelchairs, scooters, hearing aids, vision aids, vehicle modifications, home modifications (e.g. ramps, widened doorways, roll-in showers), and much more.

There is no minimum amount for the loans, but the maximum amount is $30,000. The loan interest rates vary between 4.75% and 9.75%, depending on several factors that would determine how easy it would be for the person seeking a loan to pay it all back. Repayment terms can be as long as possible, up to a maximum of seven years.

The applicant will have to submit a (rather lengthy) form which can be downloaded here. The form is available in .pdf, .doc, and .rtf formats.

The factors that determine whether an applicant’s loan would be approved are their credit score, how long they have lived at their current address (at least one year), income, debt/income ratio (maximum 50%).

Source: petoskeynews (thank you @mpaciello on Twitter!)


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