Financial Loans for Assistive Technology Now Available in California!
Fortunately, on July 11th, CFILC launched a low-interest financial loan program for Assistive Technology called FreedomTech that may be able to help.
What is FreedomTech?
FreedomTech provides low interest financial loans to Californians with disabilities to purchase assistive technology.
FreedomTech Financial Loan program is one of 38 programs nationwide that offer an alternative lending option to individuals and families interested in purchasing Assistive Technologies to live, work, learn or play more independently in California. The program was established with funding from the U.S. Department of Education, Rehabilitation Services Administration.
What is Assistive Technology (AT)?
Assistive technology is any device, item, piece of equipment or product designed to make life easier for a person living with a disability or age related limitations.
Some examples include but are not limited to:
• Hearing Aids
• Vision Aids
• Vehicle Modifications
• Home Modifications
• Computers, Tablets, and Smartphones
• Sports and Recreational Equipment
• Computer Software / Hardware
How much can a person borrow?
The amount applicants can borrow is based on the value of the assistive technology (AT) and/or service(s) being purchased and the applicant’s ability to repay the loan. The minimum loan amount is $500 and the maximum is $15,000.
What is the interest rate?
The interest rate is currently 6% which is fixed for the life of the loan. Borrowers can lower their interest rate to 5.75% by signing up for automatic payments (ACH).
What are the loan terms?
Flexible payment terms are available from 6 months to 5 years depending on the usable life of the equipment and the amount the applicant can afford.
What are the fees?
There is a one time origination fee equal to 1% of the amount borrowed. This means that for every $1,000 borrowed, there is a $10 origination fee charged. The fee can be financed into the loan so there are no out of pocket fees or paid at closing to reduce interest charges.
Who can apply?
To be eligible, loan applicants must meet the following requirements:
• 18 years or older
• California Resident
• Identify as an individual with a disability or representing someone with a disability
• Demonstrate the ability to repay the loan.
Are there any income requirements?
There are no income requirements as long as applicants can show the ability to repay the loan.
Are there any credit score requirements?
We do request a credit report and score; however, applicants are evaluated on a case by case basis.
How to apply?
Learn more and apply at www.FreedomTech.org or call 916-737-5358.