Frequently Asked Questions
What is assistive technology?
Iowa Able defines assistive technology as any piece of equipment or adaptation that enables individuals to live more independently.
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What is Telework?
Telework is defined as paid employment that can be performed effectively from home or from other remote sites away from the employer’s office or place of business. In the case of self employment, Telework is defined as any self employment that is based from the home.
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Does Iowa Able provide grants?
At this time, grants are not a part of the Iowa Able lending program. For applicants who are unable to be financed through Iowa Able, referrals to other sources of funding will be made when possible.
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What can I use the money to purchase?
Iowa Able loan funds can be used to purchase home modifications, assistive technology and related equipment.
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I’ve never received a loan before, so I have no credit history. Will this affect my ability to get a loan?
Don’t let the fact that you don’t have a credit history (have not borrowed money before in your name) stop you from applying for an Iowa Able loan. Both with direct loans and loans that go through Iowa Able lending partners, many other factors are weighed in addition to credit history. The most important aspect considered will be your ability to pay back the loan. We will work through a process with you where we discover your capacity to pay back a loan and will take into account the many variables in this process. Iowa Able may refer you to other resources if a loan isn’t the right vehicle for you to obtain assistive technology.
We realize that our clients possess varying levels of financial knowledge, which is why we encourage all applicants and borrowers to complete Money Smart, a training program from FDIC designed to assist adults with enhancing their financial skills and learning how to create positive banking relationships.
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How much will it cost to get a loan through Iowa Able?
Iowa Able is a 501(c)(3) not-for-profit organization. It charges no fees for loan processing. However, depending upon the type of loan you are seeking, certain fees may be required (appraisal costs, lien searches, etc.). If any fees are required, this will be disclosed to you during the lending process. You will know all costs associated with the loan before it is processed.
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How much can I borrow?
You may request a direct Iowa Able loan that is between $500 and $10,000. For loan guarantees through Iowa Able lending partners, the loan/guarantee amount will depend on the loan request and applicant eligibility factors.
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What is the interest rate on the loans?
For a direct loan through Iowa Able, the interest rate is 2%. For loans through Iowa Able Lending Partners, the rate of interest will be established by the lending partner.
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How much will my monthly payment be and how much time will I have to pay off the loan?
The monthly payment will be individually determined based on the amount of money borrowed, interest rate and length of repayment. Length of repayment can range from 12 months to 5 years. Re-payment terms are based on the expected useful life of the assistive technology device, the individual’s ability to repay the loan, and the loan amount.
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How can I get an Iowa Able loan?
A: The first step in the process is to fill out a pre-application form. You may obtain a pre-application packet by:
1. Contacting Iowa Able: 641-856-2173, 641-856-3350 TTY or Toll Free: 1-888-222-8943 to request a pre-application packet;
2. Download a pre-application form from this website and then mail the pre-application to Iowa Able; or
3. Submit an application online.
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What if I need help filling out the pre-application?
A: If you have any questions or need assistance in filling out the pre-application, please call Iowa Able at 641.856.2173, 641-856-3350 TTY or toll free at 1.888.222.8943. You can also send questions through email, prlind@abilitiesfund.org.
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How long does it take to find out if my loan is approved?
A: Once your pre-application has been submitted and accepted, it will take approximately four weeks for the loan to be approved. When possible, the process will go faster, but in general, four weeks is what an applicant can expect.
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What happens if I have trouble repaying my loan?
A: The Iowa Able Foundation wants to help you maintain your good credit while you repay your loan. If you have unexpected financial difficulties because of a sudden illness or job loss, the Iowa Able Foundation can refer you to consumer credit counseling services.
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If denied, can I reapply?
A: If you are unable to meet lending criteria, you may reapply at any time.
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Where can I find additional information about Iowa Able?
A: This website contains detailed information about Iowa Able, its programs and processes. If you have additional questions or need more information on the loan programs or application process, please call Iowa Able at 641-856-2173, 641-856-3350 TTY or toll free at 1-888-222-8943.
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