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Low Income Loans can Help you Battle Your Needs

For those who have a low income, life can be pretty hard at times. Especially for those instances where you need some funds for a big plan, you might be upset by your limited financial resources. However, you may still make your plans possible through external financial aid. You will find the loan scheme called low income loans suitable to your financial situation and needs.

Low income loans are loans advanced to those who are earning a low level of income. In this case, “low income” may be defined as one which is 50 to 80 % of the area median income. If you current salary meets this standard, then you may avail the loan without further ado.

Low income loans may be availed with or without the provision of collateral. Both options are available so you will not have any trouble regarding issues of collateral. if you have the ability to pledge a valuable personal asset like a house, property or car as collateral against the loan, then you may avail the secured option. The amount of money provided under this option is large and may go as high as £100000 for long repayment terms that could last as long as 30 years. Unsecured option allows you to avail the loan without providing collateral. The interest rate could be higher while the loan amount may be allowed up to a sum of £25000 only. However, the repayment term is much shorter and may last for a maximum of 10 years only.

Low income loans may be obtained for use in any purpose you are interested in. It may be taken to help buy a car, renovate your home, pay off debts or to finance a holiday or wedding. Whatever the requirement, you can be assured of availing low interest rates through these loans in general. Flexible repayment options are also allowed in many schemes. To find the offer of your choice, take the help of online comparison sites. They can give you free quotes within minutes so you can find good deals swiftly and without incurring any cost.

Summary

Low income loans are available to those who earn an income which is 50-80% of the area median income. These loans can be obtained with or without collateral.  They may be used for any personal purpose.