PATF has two loan programs:
|Loan Amount||$100 – $2,000*||over $2,000**|
|Repayment Terms||Minimum monthly payment of $20 Maximum repayment term is 3 years||Repayment term is based upon the expected life of the device|
|Examples of AT||
* If the applicant meets eligibility guidelines, PATF may be able to offer a grant of up to 50% of the loan request. The borrower must exhaust all other funding options, and must have a household income that is no greater than 200% of Federal Poverty Guidelines. The grant is only available in conjunction with a mini-loan. PATF does not extend grants only.
** If a borrower has good credit, then their loan may be approved as a traditional loan for up to $60,000. If there are credit issues such as a low FICO score, high debt-to-income ratio, or no credit history the bank may request that the PATF Board of Directors guarantee or back the loan. If the Board agrees to do so, the maximum amount an applicant can borrow is $35,000.
Who is eligible to apply?
- PATF is a program for Pennsylvania residents who need assistive technology devices and/or services.
- PATF can help people of all ages, disabilities and health conditions.
- People of all income levels may apply for a loan. An applicant must have an ability and willingness to repay a loan.
All PATF loan applications must include a vendor quote that specifies the cost of the assistive technology that will be purchased with the loan. PATF can extend loans in amounts lower than the cost of the assistive technology, but cannot extend a loan in an amount greater than the cost of the assistive technology.
PATF will extend loans to purchase a broad range of assistive technology. Examples include, but are not limited to the following:
- Wheelchairs and scooters
- Hearing aids
- Computers, tablets and specialized software
- Aids for daily living
- Vehicles that have been adapted or require adaptations
- Home modifications for accessibility
- Adaptive sports equipment
Loan Repayment Terms
The length of the loan term is based on the expected useful life of the assistive technology device to be purchased.
General Criteria for a Loan
PATF does not discriminate because of race, color, sex, gender, ethnic origin, religion, sexual orientation, disability or age. All borrowers are treated fairly and according to the same standards.
The loan applicant can be the person with the disability, an older Pennsylvanian, or someone who is applying on behalf of the person with the disability, including a family member or acquaintance.
Four important considerations when PATF is reviewing an application for approval are:
- Assistive technology device/service and its purpose
- Credit history
- Debt-to-income ratio
- Ability to repay the loan
If the applicant has a history of credit problems, he/she must demonstrate that there is a workable plan to deal with these problems.