Low Income Loans For The Low Income Groups
Low-income personal loans are tailor made for individuals whose monthly source of income is low and cannot pay high monthly installments
. The main feature of this advance is that getting an approval from your lender, money will immediately be transferred in your bank account. Loan amount and installments will be set on the basis of your monthly source of income.
1.Features of Low Income Loans:
- The interest rates may be flexible or fixed. This is an advantage for people whose monthly income fluctuates.
a.Grace period is granted for six months. Monthly installments are overlooked during this time.
b.The interest rates are decided by the lender, He may reduce the interest rate in he likes.
c.No asset is required to be kept as security.
- No documents are required to be submitted. Your driving license and salary slip is sufficient.
Low-income loans can be obtained under two options. If the borrower can provide security, then he can choose a secured low-income loan. Security can be anything of value, like your car to home. Under this type, you can get a large loan amount of 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 unsecured loans. The financed amount is from 5000- 25000, with a repayment term up to 10 years.
The eligibility criteria are as follows;
1.The applicant must be over 18years of age.
2.The applicant must be a citizen of UK.
3.The applicant must have a stable income.
4.The applicant must have an active bank account.
Such advances can be applied for online. The applicant is required apply for credit on the lenders website .The lender checks the details of the applicant and sanctions the credit. The application form required the following details: The name and address of the borrower, bank account number and his contact number. Some lenders also ask for the birth date. After the required information is received, it is verified and the borrowers credit worthiness is determined. With the basic details approved, the finance will reach your account within just 24 hours.
by: Ashley P
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