The low-income loan is very limited in the credit market, just observe the minimum income requirements of some online lenders. However, finding a low-income loan does not have to be an impossible mission.
There are some lenders that provide credit with very affordable interest rates for those with low incomes, so we will address where to find this type of loan and how it works.
Understanding the low-income loan
There are companies that work with the specific credit modality for low income people.
- Work with a formal contract or be self-employed?
Negative loans, short-term loans, group loans, and payroll loans are examples of alternatives available.
- Know the different types of loans and their advantages
Generally. these listed credit options offer loans with very restricted amounts, such as up to R $ 5 thousand, except for the payroll loan, in which it reaches a consignable margin of up to R $ 90 thousand.
This modality usually has higher interest rates compared to traditional loans.
- How does interest on loans work?
What to do to get my credit approved
For your credit to be approved it is necessary to follow the requirements requested by the private lender or credit company.
Some lenders may or may not require a minimum income to approve the loan.
To find out if this requirement will be required by the company that will apply for the loan, enter the website and look for this information.
Even if the company does not determine a minimum income, be aware of other possible additional fees you may pay.
- What credit options are available? See which one is best for you
Comparing Low Income Loan Options
Look closely at the points listed when comparing your loan options:
- Interest: pay attention to the interest rate of the loan requested and also know the fixed and variable interest rates.
- Charges: include service fees, insurance, among others, rates vary from lender to lender.
- Loan deadlines: time limit for the loan to be taken care of not to get in the way.
- Minimum loan amount: See if the loan requested has a minimum value for the loan or for the installment.
In addition, it is essential to be aware of the CET (Total Effective Cost) of each loan option, use this factor to decide which is the choice that best meets your needs.
Still have not decided which loan to take? Simulate with the Financial Group. We guarantee ease, security and speed.
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