Bad Credit Whiz


How Much Can You Save?






« »

Low Income Personal Loans – Are There any Takers?

September 10, 2009

Author: Allison K.Watkins



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 low income personal loans is that straight after getting an approval from your lender, money will be in your bank account. Loan amount will be set on the basis of your monthly source of income.

How Much Can You Save?



Credit Rating

Your credit rating will not have an impact on whether you are going to get an approval for low income personal loans or not. It means that people with bad credit can also get an approval for these loan packages. However, when your credit rating is good, you are going to get some concession in the form of interest rates.

Interest Rates

With regard to interest rates, you can opt for adjustable interest rates or fixed interest rates. Both has its advantages and disadvantages but in the long run fixed interest rates is a much better option especially if your monthly source of income is limited. When you go for fixed interest rates, you will find that your monthly installment will remain constant throughout the duration of the loan. In adjustable interest rates, there is always a possibility of increase in monthly installments on the basis of market condition.

Repayment Schedule

Before accepting any low income personal loan package, it is quite important that you keep a keen eye on your repayment schedule. After all, repayment schedule plays a significant part in improving your credit rating. Make sure that lender set your repayment schedule on the basis of your financial condition. When this is the case, you are not going to miss any monthly installments and therefore your credit rating is going to improve.

Features of Low Income Personal Loans

Find below some of the main features of low income personal loans.

  • You are going to get a grace period facility of six months. During grace period, you do not need to pay monthly installments.
  • You can shift from adjustable interest rates to fixed interest rates and vice versa. This is extremely useful for individuals whose monthly source of income fluctuates quite a bit.
  • Lender has the full authority to reduce your interest rates. But this will only happen when you have a good repayment record.
  • You do not need to put anything as collateral.
  • To get an approval for low income personal loans, you do not need to submit too many documents. Your driving license and salary slip is more than enough.
Categories: Categories Personal Loan

5 Responses to “Low Income Personal Loans – Are There any Takers?”

  1. I am seeking a Bad Credit, installments, fixed income, Personal Loan for $1500-$2000.
    This loan will be for a much needed family purchase & guaranteed repayment with monthly obtained income. Please grant me a loan!
    Sincerely,
    Kristen Stickles

    [Reply]

  2. rkbirkholdbates says:

    So what lenders out there specialize in these types of loans? Finding a legitimate finance company is next to impossible.

    [Reply]

  3. William M. Davis says:

    @ Kristen Stickles: First of all thanks for stopping by here and leaving your message. Well Bad Credit Blog is not affiliated with any loan lending company. I would suggest you look for lender in your state online or ask around in family or friends. Feel free to write again if Bad Credit Blog can help you in any way.

    [Reply]

  4. William M. Davis says:

    @ rkbirkholdbates: You are right with all the scams and swindling case we often hear it really becomes like catch 22. But nonetheless it is not impossible to find a legitimate lender, look out for companies online in your state and make sure to visit their offices personally. Always double check for company reputation, and years they have spent in market, if possible talk to their old customers to get fair idea about their dealings and all.

    [Reply]

  5. Melanie Puckett says:

    I have had an extremely difficult time getting a loan with my bad credit and low income. My credit was ruined after I suffered a divorce,which left me a single mother of three. I tried to improve my situation by going to college and after my third year I suffered a head injury that stopped my college and my employment. I could not pay my credit cards or bills until I was accepted for disability. I had no other choice because of seizures, chronic headaches, migraines, memory problems etc. The disability took about two years to get the approval. However my funds are just$664.00 a month for the SSI and $25.00 for Disabilty. So I do not even get over $700 a month from my disability, which makes it hard to make it month to month. I am in serious debt and can not seem to get myself out of this terrible situation. I have tried over and over to borrow the money but I am desperate and need help please.

    [Reply]

Leave a Reply