Low Income Personal Loans – Money for Homes or Cars Today
Posted on | February 24, 2010 | No Comments
If you are looking for money for a home or car today and you have a low income than you may want to consider a low income personal loan. Low income personal loans will allow you to borrow money even though you are not in a higher income tax bracket.
It is important to note that the amount of money that you will be allowed to borrow will be determined by your income but you should be able to borrow enough to at least put a down payment on a home or car. There are some personal loan companies that will allow you to borrow up to $25,000 cash but once again your income will dictate this.
If you have good credit yet you have a low income you may find that you can borrow a little bit more money. By having bad credit and a low income you are going to find it extremely difficult to borrow any large amount of cash. You will also find that your interest rate is likely to be high.
For the average borrower of money the interest rate for a personal loan is usually between 12% and 18%. Once again, if you have very bad credit you can expect to be in the high end of this range or possibly even about 20%. Some borrowers realize that they just need money and the interest rate is not that important. Please make sure that you have a plan to pay this loan off each and every month.
Author: Heather Best
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