Low Income Loans : Fiscal Aid For Low Income Borrowers
A person"s monthly salary is the backbone of his financial life
. As UK is still reeling under the after effects of recession, the pay structure is still low. People are not given adequate salaries benefiting their job. These people may find it difficult to make ends meet with the pay they are receiving. Thus low income loans are granted to help these people with their daily requirements.
Low income loans can also be availed for online. It enables the borrower to acquire finance without having to stand in line. This greatly simplifies the entire application process. The finance is granted within a day if all the formalities are completed.
These advances are slightly easier to obtain as compared to other loans. The interest rates charged are thus flexible or fixed as per the applicants need. This is beneficial for people whose monthly income fluctuates. The rate of interest and the amount to be lent is decided by the lender himself. This financial aid requires less documentation to be submitted. Only the driving license and salary slip of the borrower is required to be submitted.
If the borrower is in the position to provide security, then he can opt for a secured low income loan. The security to be placed can be anything of value, like your car to home. Under this type of finance, the applicant is allowed credit ranging from 500 to 1, 00,000 with a repayment term up to 25 years.
If the applicant is not in a position to provide security or is unwilling to do so, he can apply for an unsecured low income loan. The financed amount is from 1000- 25,000 with a repayment term up to 10years. The borrower must be a citizen of the UK. His salary must fall in the low income bracket. People who do not fit this requirement are not allowed credit. The money is transferred directly into the borrowers account when the finance is sanctioned.