subject: Low Income Personal Loans - Makes Your Life Smoother! [print this page] People with smaller amount of earning cannot fulfill all their necessities. In such a situation, they find it difficult to realize their needs and desires. These people find it difficult to get a loan as a lender before granting a loan considers the earning capacity of the borrower. In such a situation, low income personal loans can prove to be an aid for such people.
These advances are personal advances that are offered to people with fewer earnings. These advances help you overcome financial scarcities. They help you finance your requirements in a suitable manner.
Low income personal loans can be used for several purposes. With the help of these advances, you can buy a house, pay medical expenses, and pay-off outstanding debts, going for a trip and many more.
These finances are secured and unsecured. The secured amount ranges from 500 to 1, 00,000. The repayment duration ranges from 1 to 25 years. In these types of advances, you are required to provide a guarantee.
In unsecured form, there is no need for you to place collateral. The amount in these types of advances ranges from 1000 to 25000. The amount has to be paid back between 1 to 10 years.
The most important benefit is that the lenders do not consider your income while granting the advance. In unsecured form, you do not have to provide any guarantee. While in the secured form, you have the advantage that you have to pay less interest.
The main drawback is that in unsecured advances you have to pay a high rate of interest. In case of failure of repayment on regular intervals, you will have to pay penalty fees.
In order to avail this facility, the person should be 18 years and above, should have a regular source of income, should be a resident of UK and should have a valid bank account. If the applicant fulfills the above conditions, he can avail this facility.
You can apply through the internet from your house. You are just required to fill in the application form. And thereafter when your advance is approved, the amount is credited to your account.
by: Janey Copper
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