Ease your financial
burden with a family care loan
What are family care loans used for?
Out-of-Pocket
Caregiving Expenses
Respite
Care
Bills
Consolidation
Transitions
Or Travel
Why Get
A Personal Loan?
Personal loans can be used for a variety of expenses that arise as you are caring for your loved one. A big benefit of a personal loan is that it allows you to receive a lump sum of money to cover your needs now while paying it back in smaller amounts over time.
Another reason why a personal loan may make sense for you is that it does not require you to put up your personal property as collateral in order to qualify.
A personal loan can help family caregivers pay down and consolidate debt, fund near-term or emergency expenses, cover gaps in income due to the loss or limitation of paid work, or they can be used by family members that want to pay a family caregiver while still preserving the equity in their assets for the future.
Find out now if you qualify for a personal loan from our partners. It only takes a few minutes, and your credit score will not be impacted.
Who applies for a Family Care Loan?
The family member receiving care may elect to apply for the loan to pay for their family caregiver’s services. In other cases, the family caregiver themselves may elect to apply for a loan.
What are the advantages
of obtaining a personal loan?
Advantages of Personal Loans
- One lump sum
- Fast funding times
- No collateral requirement (protects equity in other assets like your home, car(s), investments, personal property, etc.)
- Lower interest rates
- Flexibility and versatility for use of funds (e.g., paying down or consolidating existing debt, covering personal expenses, etc.)
- Extended loan terms
- Easier to manage
Disadvantages of Personal Loans
- Interest rates can be higher than some alternatives
- Eligibility requirements
- Fees and penalties can be high
- Additional monthly payment
- Increased debt load
- Potential credit damage (if you do not adhere to the loan terms)
How quickly, and for how much, can someone be approved for a Family care loan?
Borrowers are typically approved within 24-48 hours and can have the funds deposited in less than 5 business days. Loan amounts range from $1,000 up to $100,000.
Are there other funding options available to family caregivers?
Yes! You should check with the state where you reside. Please note that these programs have specific requirements and not all family caregivers will qualify. This link will provide you with the available resources in your respective state: Caregiver Compensation Guide.
Apart from these resources available to specifically qualified family caregivers, other loan options may also be available to you, like home equity loans or other asset-backed loan options. These loan options typically have stricter covenants (rules), and they will require you to give up equity in your assets.