It’s not easy for the average customer to get their hands on a loan, especially if they are in a low-income bracket.
And there are plenty of other options to help you make ends meet.
We’ve rounded up the best personal loan tools and services available.
You can apply for a mortgage if you’re over 65 You can pay off a personal loan in three or four months You can borrow from a bank or other financial institution for up to 30 days You can buy your own home If you’re on low income, it’s unlikely you’ll have to pay interest on your loan – but you might be able to get a discount if you can afford to.
You’ll need to be in a lower income bracket to qualify, but the difference can be huge, depending on your credit score.
Personal loans for people with low incomes Most banks have some kind of personal loan repayment option.
If you can pay it off in three months, you can qualify for a low interest rate.
This is a fixed monthly payment, which is often paid over the course of a year.
But you’ll need a credit score of at least 660 or 660+ to qualify.
The amount you can borrow depends on your personal circumstances and whether you live in a home that’s not owned by the bank or the mortgage lender.
The interest rate depends on the type of loan you’re applying for.
You might be eligible for a fixed rate if you have less than £25,000 in the bank’s own savings.
If that’s the case, you’ll probably qualify for either a variable rate or a variable loan if you’ve been in a mortgage for a long time.
A variable loan is a loan with variable interest rates.
It’s available if you apply for one of the following: an old-style fixed-rate mortgage, which offers fixed payments over a number of years