Despite low income, the chances of finding a cheap loan are not necessarily bad for the borrower today. Numerous banks and credit institutions have just specialized in low-wage earners and have also adjusted the terms and redemptions to the requirements of people with low incomes.
Especially in terms of flexibility, many banks have improved their terms and offer a free use, any term, etc. to reach a large number of customers. A loan despite low income can be found today, for example, in the numerous online and direct banks on the Internet. The banks mostly offer free uses and low interest rates, even with a low income.
Criteria that should be considered when looking for a loan despite low income
When looking for a suitable loan, borrowers with a low income should of course be guided by the interest rate. The effective interest rate is the decisive criterion when looking for a loan, since it takes into account all costs that arise. In addition to the effective interest rate, the term is also not insignificantly involved in the total costs. Loans that are based on installment repayment are significantly cheaper than other forms of repayment, but it must still be taken into account that the interest costs are always determined from the remaining debt.
This is a disadvantage especially in the case of long maturities, since the remaining debt decreases more slowly, which means that the loan costs are also higher. However, a long term is particularly recommended, especially for low earners. A long term ensures that the monthly installments are low and the credit default risk is also significantly reduced.
Find a loan despite a low income with a comparison
In order to secure the best offer with the individually lowest interest rate, consumers should use the online loan comparison. Financial portals specialize in loan comparison and provide loan calculators for the cost-conscious consumer. Loan calculators allow a comparison with individual sizes (often loan amount, term, purpose, income), which means that particularly precise comparison results can be achieved. In addition, borrowers can permanently secure the lowest interest rate and enormously reduce their loan costs without much effort.