Need 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 personal 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
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.
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.
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.
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.
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.
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 loans
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
We offer loans throughout the UK
Copyright © 2018. 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 6PJ1st Loan may receive a fee/commission for either referral or completion of your loan application.
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.
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%.
Representative APR Example: 1212% APR variable. £300 borrowed over 30 days would equal total borrowing of £372.Personal Loans
Rates from 5.7% to 278%. Representative 51.1% APR. Representative example: £2,000 borrowed for 24 months. Total amount repayable is £6,512.44 in 24 monthly instalments of £271.36. Interest charged is £4,512.44, interest rate 112.8% (variable)Short Term Loans
Rates from 278% to 1576%. Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable)
This page provides information and advice on loans for people on a low income