Are you looking for loans for felons? Many ex felons ask if there are loans for felons that they can apply to after release and the answer is yes. Find out where to look and how to apply for loans for felons.
Sadly, loans for felons are not available to many ex felons. Loans for felons are not necessarily denied to felons because they were incarcerated or because they have criminal records. There are no specific loans for felons; what happens is that many ex felons lose the integrity of their credit reports while they are incarcerated so many financial institution refuse to give loans for felons.
Coupled with the difficulty of finding a job, people with previous felony convictions are unable to start their own business without loans for felons; therefore, any ex felon is doomed to live in really dire economic situation after serving their sentences.
Though there are no specific loans for felons, the assistance that the government provides may be in the form of loans for other concern, which the ex felon can take advantage of. Understand that even though there are no specific loans given to newly released ex felons, there are government programs that are given to various sectors of the society (including people with felony convictions) to get financial help through loans.
An ex felony can apply for such program to get the loans that he really needs.
These programs are funded with hundreds of millions of dollars and any ex felon who wants to their education, get additional trainings or get vocational skills can take advantage to them.
Here are a few of the programs you can apply for:
The Second Chance Act:
The second chance act do not provide direct loans or grants to the ex felon. The funding are given to nonprofit organizations that can help ex felons get trainings, education and a little push to start on their own. Grants to as much as $500,000 can be given to such nonprofit organizations under the administration of the Department of Labor.
Stafford loans are loans that any ex felons can enjoy should they wish to continue with their college education. Stafford loans are not given directly to the ex felons, they are straightaway sent to the school to pay for the ex felons’ tuition and other fees. Fees may include living expenses such as transportation and rents. In some cases, the money for such fees are paid directly to you or be placed in your account with the school, depending on the school policy.
Subsidized loans for felons have interest rates of 5.6 percent. Non subsidized loans have interest rates of 6.8 percent and has to be paid while you attend your education.
The eligibility for the Stafford Loans has nothing to do with the kind of criminal offense you were convicted for. However, if you are convicted of drug offense while studying under the program, the loans will be forfeited.
Any ex convict who has an alcohol addiction can apply for federal assistance under the Americans with Disabilities Act. As mentioned above, there is assistance that you can use that are not necessarily specified for people with felony convictions alone.
Under the Americans with Disabilities Act many get financial assistance for vocational and educational pursuits.
Social Security Administration:
Ex convicts are eligible too, for standard Social Security benefits, Supplemental Social Security Income (SSI) or Social Security Disability Income (SSDI). You may also apply for Medicare Healthcare benefits through Social Security Administration. And if you are still prison, you can apply for food stamps prior to your released from jail.
Although loans for felons may not be as bountiful, there is plenty of assistance available for ex felons. If you have recently been released from prison; you need to understand that even though most institutions and banks deny loans for felons, there are ways by which the government helps ex felons financially. Never give up as there will be help on your way. Find assistance and loans for felons from the mentioned programs and institutions mentioned above!