Loans for low earners
Apply NowNeed a loan but have a low income? To find out how much a personal loan could cost, complete your details and you will get a personalised loan quote for people on a low income. Loans available for young people aged 18 to 21. Find out the monthly payments on a low income loan.
This illustration is for a standard loan. Depending on your circumstances, you may not qualify for a standard loan, but may be offered a short term, high cost (payday) loan. Complete the application and the broker will get back to you with the most suitable loan they can offer
What is Low Income Loan?
If you have a low income, you may have found it hard to get a personal loan. This is because lenders want to make sure that you can meet the repayments on a loan, and that the payments are affordable. If you miss payments on a loan, this is known as a default, and could give you a bad credit record. That is why it is especially important to make sure that you can afford to meet the repayments.
Remember, although you may feel you can afford the payments now, your situation may change due to unexpected emergencies, such as higher than anticipated gas or electric bills. It is also worth thinking about what would happen if your income reduced further by having shorter hours, or losing your job.
Can I get a loan with a low income?
At 1st Loan, we introduce to brokers who specialise in loans for people who have a low income, although the terms of the loan will depend on your circumstances. You can apply for a loan from £50 up to a maximum of £25,000. You can apply for a loan today even if you have a bad credit record. Loans are available to people such as self employed or young people aged 18, 19, 20, 21 and over.
What types of loan are available to people on a low income?
There are various types of loans available to people on a low income, such as personal or unsecured loans, payday loans or short-term loans. You must always check with the broker that the payments are affordable before you take out the loan; this is even more important when your earnings are low.
How much will a loan cost me if I am a low earner?
You need to complete the short application form to find out how much a loan will cost you.
Please make sure a personal loan is right for you before taking it out. You should always think very carefully before committing to any form of credit or borrowing money.
Financial Difficulties
If you're trying to manage existing debt or in financial difficulty, consider what your options are before you borrow. For further help on managing your money visit the Money Advice Service.
Further Information
Further information on low income loans:
Gov.uk information on Budgeting Loans
Credit Reference Agencies Experian
Equifax
Our fast, secure application forwards your enquiry to a broker who has access multiple lenders. They aim to find you the cheapest loan based on your personal circumstances.
- The broker's smart loan search does not affect your credit rating
- It aims to find the lowest rate loan available to you
- Secure, two minute application
Who might need a low income loan?
- I have bad credit
- I am self employed
- I am on a low income
- I am young aged 18, 19, 20 or 21
- I am a tenant
- I want a car loan
- I have a poor credit history
- Vehicle loan for motorbike or caravan
- I am renting
- I am on a blacklist
- I need immediate fast loan
- I need money paid in bank today
- I want a guarantor loan
- I need a short term loan
- I need a payday loan
- I want a personal interest rate
- I want a secured homeowner loan
Important Information
This is the bottom line. As a company, we only get paid if your loan is paid out. The broker will endeavour to find the most suitable loan or plan for your individual circumstances. The broker will do everything they can to get your loan paid out as quickly as possible.
If you are looking for a new loan to replace other forms of credit, such as credit cards, Hire Purchase or other loans, you are advised that the duration of the new loan will be longer or the total amount payable will be higher than your existing arrangements
Copyright © 2020. 1st Loan is a trading style of Joel Malach. We are authorised and regulated by the Financial Conduct Authority. Firm registration number 720851. Data Protection Licence Number: Z8904952. Registered Office: Warwick House, Lowes Road, Bury. BL9 6PJ
1st Loan may receive a fee/commission for either referral or completion of your loan application.We are an authorised credit broker and not a lender that has access to multiple lenders across the UK. We cannot lend you finance ourselves - only refer you to a lender who can.
1st Loan is a responsible broker, and as such, would not be able to help if you are looking for us to pay out a loan to someone who is unemployed or receiving benefits as a primary income, who is in financial difficulties or cannot afford to make full loan repayments.
Please see our Responsible Lending Code of Practice for further information or for contact details of organisations who can help people in financial difficulties
Please read our Treating Customers Fairly Policy which shows our commitment to treating our clients fairly and meeting their expectations of high quality service.
1st Loan is not a lender and does not make credit decisions. 1st Loan introduce loan enquiries to a broker (TdotUK Limited) that matches customer applications with lenders in their network based on the information provided, in exchange for a commission paid by the lender for advertising services provided. There is no guarantee that you will be accepted by a lender or that you will be offered terms suitable for your financial needs. Not all lenders will be able to provide amounts up to £5000. The time required to process and transfer the loan varies by the lender. This website does not directly endorse any particular product or service. Any information on this site should serve as opinion only. As a condition of extending credit, some lenders you may be matched with may run a credit check from a credit reference agency. Late or missed payments may be subject to increased fees and/or interest rates.
Although lender searches will not affect your credit rating in any way, if you are accepted by a lender, they may carry out a full credit search in order to assess your ability to repay
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