Financial Loans for Assistive Technology For Oklahomans with Disabilities
The Oklahoma Assistive Technology Foundation (OkAT), in partnership with Oklahoma ABLE Tech and BancFirst of Stillwater, can provide financing options with low interest and flexible repayment terms for Oklahomans to purchase needed assistive technology (AT) to help them live, work, and learn independently.
Qualifying purchases for the loan can be anything used as AT, in any amount, large or small. Common items financed through the program include:
- Communication devices
- Daily living aids
- Durable medical equipment
- Hearing equipment
- Home modifications
- iPads for specialized use
- Lift chairs
- Mobility devices
- Ramps
- Smart home technology
- Vehicle modifications
- Vision equipment/glasses
Loan Features
- Fixed low-interest rate for the life of the loan
- Easy, flexible repayment terms
- Can be used to cover co-pays
- Payment made directly to the vendor
- Special qualifying terms for applicants who have limited income due to a disability-related circumstance
What Are The Loan Terms?
OkAT, Oklahoma ABLE Tech, and BancFirst, together, are able to provide a variety of lending products to meet consumers’ needs. This program is an 8% interest rate loan with flexible lending criteria that can be repaid up to 36-60 months, depending on the item purchased.
Based on funding availability, the loan will either be processed directly with the nonprofit or through the banking partner, BancFirst of Stillwater. Funding priority at the nonprofit will be given to applicants with low income. The Annual Percentage Rate (APR) will be 8% for a loan directly through the nonprofit and will vary for the BancFirst loan due to loan documentation fees. Loan requests denied by BancFirst will be reviewed by the nonprofit for eligibility for a loan guaranty.
- AT equipment loan – this loan can be repaid over a term of up to 5 years, depending on the AT purchased. There is no minimum or maximum loan amount, and it can be used for AT or durable medical equipment.
- Microloan – this loan has a maximum loan amount of $3,000 and can be repaid over a term of up to 3 years. This product offers additional credit flexibility, and applicants who do not qualify for the AT equipment loan may qualify for this product.
- Home accessibility modification loan – this loan can be used for home modifications to improve accessibility, such as ramps, bathroom modifications, or smart home technology. The maximum loan amount is $25,000. The maximum term is 5-7 years.
How Do I Apply?
Oklahoma ABLE Tech and the Oklahoma Assistive Technology Foundation (OkAT) work collaboratively to provide improved access to and acquisition of needed assistive technology (AT) for individuals with disabilities of all ages. This is provided through financial loans, alternative funding resources, and financial education.
This loan provides low-interest rates, more flexible underwriting guidelines and repayment terms than do most consumer credit loans, and provides alternative banking options for individuals with limited income or damaged credit due to medical conditions.
If you have any questions, please call 405-744-4254, 800-257-1705 or email staff@okatfoundation.org.
- Apply online, where you can start your application and, if you need to, suspend and then resume your entries, then submit.
- Download and complete the OkAT Application for Credit (PDF). If you need assistance or have questions, please contact us at 405-744-4254, 800-257-1705, or email us at staff@okatfoundation.org. Once the PDF application is complete, please send it via mail:
Oklahoma Assistive Technology Foundation (OkAT)
601 S. Washington #282
Stillwater, OK 74074
or fax: 405-744-2487
Financial loans for assistive technology and employment are provided by the Oklahoma Assistive Technology Foundation (OkAT), in partnership with Oklahoma ABLE Tech and BancFirst of Stillwater.
More Than Just Loans!
The Financial Loan Program also offers financial education services. Stephanie Hesser, Lending Specialist and Certified Financial Health Counselor through the National Association of Certified Credit Counselors, provides personalized financial education, including help with:
- Budgeting
- Dealing with collections
- Understanding and disputing credit report errors
- Recovering from identity theft
- Navigating financial crises
Contact Stephanie Hesser for more information
Stephanie Hesser
Financial Loan Program Lending Specialist
Phone: 405-744-3995
Email: stephanie.hesser@okstate.edu
Financial Health Tip Sheets
- High Cost Debt (PDF)
- Identity Theft (PDF)
- Credit Reports & Scores (PDF)
- Guide To Buying a Used Car (PDF)
- Managing Your Debt & Credit (PDF)
- Money Values & Influences (PDF)
- Savings (PDF)
- Scamming Tactics (PDF)
- Spending and Savings (PDF)
Do you have an Oklahoma ABLE Tech Financial Loan Program Success Story?
Share your success story with Oklahoma ABLE Tech’s Financial Loan Program today.
Financial Loan Success Story
Do you need a loan for AT? The Financial Loan Program’s low-interest loan rate helps to make these purchases affordable. To apply for a loan, complete the online application.
Niko and his family were referred to Oklahoma ABLE Tech by the Oklahoma Office of Disability Concerns. After a subdural hematoma and spinal injury required Niko to start using a wheelchair, Niko’s family needed a mobility van.
Niko’s family received a loan to purchase his mobility van through the Financial Loan Program at Oklahoma ABLE Tech. Now, Niko enjoys the freedom the van provides, especially on trips to the mall and basketball games. He is looking forward to going on a longer trip in a new van soon!