While receiving Social Security income (SSDI), I was denied a business loan and, instead, given credit. Was I denied a business loan because of the $8,000.00 savings cap placed upon recipients of certain types of Social Security income? In other words, does acquiring a business loan, as opposed to being given a certain amount of credit, result in the same cash savings that the Social Security Administration uses to calculate one's eligibility for certain kinds of Social Security income disbursements?
According to Shannon at the Social Security Administration, Supplemental Security Income, SSI, is welfare, an outright grant from being ever unemployed, and Social Security Income, SSDI, is a work-related income from being disabled while being employed. One time, one of the physicians, face-to-face with me, at the Sacramento County Mental Health Treatment Center said, "you (I) have SSI," repeatedly, without honoring my statements to that same physician, during that same conversation between himself and me, of my receiving the SSDI, not the SSI. Why was a physician particularly adamant about a receipt of the SSI, not the SSDI?
At the U.S. Bank branch located at U.S. Bank Plaza in Sacramento, California, when I asked for a business loan, did any U.S. Bank representatives think that I might have been receiving the SSI, which, according to Shannon, is attached to an $8,000.00 savings cap, instead of the SSDI, which is not attached to any savings cap whatsoever? In other words, since an SSI-recipient can lose his or her SSI from retaining more than $8,000.00 in savings, whereas an SSDI-recipient can save any amount of money whatsoever and, at the same time, not lose any SSDI, have any U.S. Bank representatives failed to provide me with a business loan on account of anyone's confusion about whether I receive SSDI or SSI?
Why wouldn't anyone receiving SSDI and needing a business plan receive business-plan-writing assistance, enough to help him or her receive a business plan and thereby avoid going bankrupt from the resulting credit-card charges applied to business and business-planning purchases?
The key is business planning. After U.S. Bank denied me a business loan and immediately sold me a secured credit card, I planned my business experimentally with lots of unplanned, hit-or-miss purchases applied to my FDIC-insured credit. I am still experimenting with business purchases and planning, even after having been discharged of my Chapter 7 bankruptcy, a consumer-credit, not business-credit, as in the Chapter 13, type of bankruptcy.
I think that any bank should honor any SSDI-receiving customer's requests for any loans whatsoever, as long as that customer agrees to pay back a certain amount of money every month to that bank for a certain agreed-upon loan amount. Bankruptcy is inexcusable. Banks should simply provide affordable loans, not extended credit.
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