Do banks loan money for autistic children? The short answer to the question is "no" but some resources may be available for funds in certain situations.
Do Banks Loan Money for Autistic Children?
Banks make loans according to the borrower's ability to repay the loan. Families that have the funds to make the required monthly payments may apply for loans at their local financial institutions. There are some obstacles that potential borrowers face considering that the loans are for things that may be intangible.
Collateral can be a setback, especially if the loan is for therapies and treatments. A loan for an autistic child may pay for a therapy room filled with sensory and therapeutic equipment but this may not serve as viable collateral as far as the lending institution is concerned.
Families that need funds for their children with autism may look to other resources for the money. Monies may go to equipment, therapies or medical treatments.
Loans for Equipment
Homeowners can consider using equity in their mortgages for a home improvement loan if they want to add a therapy room in their home. Although it is not specifically a loan for autistic children, the home loan can help provide equipment for sensory integration therapy, occupational therapy and behavioral interventions.
Loans for Therapy
Therapy loans can be challenging to secure. Many services are readily available to families through medical facilities, school districts and local organizations for developmental disabilities. Parents can make the most of these resources by establishing a treatment plan that clearly outlines the child's needs, strengths, objectives and goals. Interventions should cater to the child's plan of care and therapies should follow suit.
In addition, parents can take a proactive role in their child's therapy. Working closely with therapists, developmental specialists and behavior specialists is important. Parents can learn behavioral interventions, discreet trials, sensory integration and speech therapy activities. Some organizations offer fee-based training for parents.
Loans for medical treatments are touchy and it would be difficult to secure one through a bank. However, some programs offer money for medical interventions. Many DAN doctors do not take health insurance and many of the treatments are not covered by medical insurance.
It is important to note that some medical treatments for autism are considered experimental. In addition, some can be dangerous. Chelation is a prime example of a medical intervention that carries considerable risks. Children have died during chelation therapy and parents should take this into consideration before moving forward with the risky approach.
Lend4Health is a nonprofit organization that raises funds for biomedical interventions for autism. The borrowers do not pay interest on the loans and they clearly spell out the terms of repayment in their requests. Among the creative loan strategies is "Cinco de Linco". On the 5th of every month, the organization encourages readers to loan five dollars to a family looking for loans for medical treatments for autism.
Those interested in securing a loan for biomedical treatments for autism should read Lend4Health's disclaimer.
Financial Planning and Autism
Among the most stressful topics parents face is their children's futures. This topic includes many facets including housing, work, social activities, and close relationships. Financial planning is a critical part of the parental worries. Many adults with autism are able to work and support themselves but they many need guidance when it comes to complex financial matters.
Planning early is an excellent approach but it can be challenging because of the financial demands that autism puts on a household. Families unable to find grants or loans for autistic children may want to find other resources. "Autism Financial Planning and Money" on I Autistic offers ideas and strategies for parents and adults with autism.
Do banks make loans for autistic children? In some cases, they may. It all depends on the borrower's ability to pay back the money. The question may be moot considering the other resources families have. Planning and research are critical for securing a child's future, whether on the spectrum or not.