What can I purchase with my assistive technology loan?
You can purchase any item, piece of equipment, or device that will permit you to improve your independence and quality of life. Examples include: wheelchairs, scooters, hearing aids, vision aids, vehicle modifications, home modifications (e.g. ramps, widened doorways, roll-in showers), and much more.
The purpose of this program is to provide low-interest loans for people with disabilities and seniors to buy equipment and devices to help them more easily navigate their daily lives.
The purpose of this program is to reduce and/or eliminate barriers to employment through low-interest loans for equipment.
Do I have to purchase the assistive technology I want from a certain store?
No, equipment or products may be acquired commercially from a store, from a specialty dealer, from a private seller, or may be custom made.
Who is eligible to apply?
Any resident of the State of Michigan who has a disability or any senior who needs assistive technology may apply. Family members and guardians may apply on behalf of the person with the disability. Applicants will need to become members of the Option 1 Credit Union in order to obtain a loan. If your loan is approved, you will be required to submit a $ 5.00 check or money order to Option 1 Credit Union to open up a share account in your name.
How much can I borrow?
There is no minimum amount; the maximum loan amount is $30,000. Your ability to repay the amount requested will help determine if your loan request is approved.
What is the interest rate on the loan?
Interest rates are determined by the Option 1 Credit Union at the beginning of each month. Currently, the loan interest rates are between 4.75 and 9.75%. The rates are dependent on how long it takes you to repay your loan and your credit score.
How long do I have to repay the loan?
Repayment terms are based on the expected useful life of the assistive technology device and on your ability to make the monthly loan payments. Repayment terms are as long as possible, up to a maximum of seven years in order to give the applicant the lowest monthly payment possible.
How can I apply for a loan?
You can apply for a loan by clicking on the application link to download an application, by contacting the Loan Fund Manager at United Cerebral Palsy of Michigan (800.828.2714), or by contacting one of our local application sites and requesting an application from them.