Personal Loan – When you need it the most
Sometimes it happens that you find yourself in a situation where you do not have
enough money to cover even your basic needs; for instance, a small house to live in, or medical care, pay back your mortgage etc. Left with no option, you start looking for a loan to cover your basic needs.
If you find yourself in a similar situation, looking for a personal loan to take care of your basic needs, you need not look any further. You are in the right place.
What Personal Loans Have to Offer You?
Personal loans provide you with the money to cover your basic needs at a time, when you need it the most. However, it is wise to remember that it is still a loan, and you are required to repay it. The question arises, you need money urgently and wants to apply for a personal loan, but are worried about your monthly earnings; which are not enough to pay off a substantial amount every month or so. Wondering, how would you repay the instalments with your meagre monthly income?
Personal Loans For People With Meagre Monthly Income
Regardless of what you can afford, a commitment to repay means everything to a lender. If your financial situation allows you to pay only 50 dollars a month, that would be OK.
If you have a meagre monthly income, that does not stop you from qualifying for a personal loan. If you think you can set aside some amount for your basic necessities out of your meagre monthly income, than you are possibly qualified for a personal loan.
Criteria for Personal Loans for Poor
Every lender or lending institution has its own criteria to give personal loans. Normal procedure calls for higher rates if there is a higher risk.
That does not sound very pleasing, isn't it? But, this is not totally unjustified. The lenders need to keep some security for themselves. To secure themselves, they keep the interest rates higher for high-risk cases, just in case you fail to repay.
Conversely, people who genuinely need the money urgently are also some of the most sincere people in paying the loan amount back. There can be several reasons for this, for instance, they have truly seen how each dollar is valuable; and they are also appreciative of the lender or lending institution, which helped him at a time with the money, when it was most needed.
Free Grants
You might also get fortunate enough to win a free grant. These are specially meant for the poor, and who truly are in dire need of money. If you qualify for a free grant, you would not be required to pay back the money at all, unlike the personal loans for poor.
Usually free grants are given through sponsorships.
Check out the different lending institutions near you to find out if you qualify for a free grant. Even, if you do not find yourself qualify for a free grant, you still have an option to go for a personal loan, tailor made to your requirements.
Good Luck!
Personal Loan When you need it the most
By: Jenny Maloy
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