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 secured 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 we will get back to you with the most suitable loan we 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 work with 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.
If you have a parent, family or friend who will act as a Guarantor, you can apply for a Guarantor Loan from £1000 to £10,000. APR from 39.9%
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 gives you access to multiple lenders, finding you the cheapest loan based on your personal circumstances*.
For short term loans, payday loans, car loans, unsecured homeowner loansFor guarantor loans
For Homeowners only For people looking to remortgage or purchase property
- Our smart loan search does not affect your credit rating
- It finds 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 we successfully get your loan paid out. We will endeavour to find the most suitable loan or plan for your individual circumstances. We will do everything we 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
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
We offer loans throughout the UK
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, Manchester. 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 an Introducer to Charles Frank Finance Ltd for secured loan business
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 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.
Representative example: Assumed borrowing of £18,000 over 120 months, with a fixed borrowing rate of 6.5% per annum for the first 60 months, followed by 60 months at the lender’s standard variable borrowing rate of 4.95% above Bank of England Base Rate. There would be 60 monthly instalments of £227.38 followed by 60 instalments of £221.71. Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee (£1,530); Lender fee (£495). This would result in an overall cost of 9.1% APRC. Minimum Term 12 months. Maximum Term 300 months. Maximum APR charged 49.9%.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
*Subject to application being approved by the lender. Not all lenders are able to provide up to £5000
Although our 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
Where the loan recommended is a Secured Loan, security will be required on your home
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Loans with bad credit history Loans for people on a low income Loans for young people aged 18 to 21 Loans for tenants and people who are renting Loans for people on a blacklist Need a loan today Guarantor loans with bad credit Short term and Payday loans Urgent Loans for emergencies Loans paid in 1 day £500 loans £900 loans £600 loans £5000 Secured homeowner Loans £20000 Secured homeowner Loans 12 month loans Bishops Waltham loans. Secured loans and Personal loans Bromley loans. Personal and secured loans in Bromley Berkshire loans. Personal and secured loans in Berkshire Haslingden loans. Personal and secured loans in Haslingden Urmston loans. Personal and secured loans in UrmstonThis page provides information and advice on loans for people on a low income