If you are on of the millions of Canadians that are considered a low income earner, it may be difficult to obtain a loan from traditional lenders like banks.
Having an unfortunate credit history or having to deal with
financial issues can compound how easy or hard it can be to get a loan. It’s common for people currently dealing with
these situations to think that they do not have options that may cover their needs.
Personal loans much like those offered by Micro-Loan's are designed as alternatives to low value credit products like high interest credit cards and payday loans. They are one of the best options for those who need access to fair and affordable credit.
Who Can Qualify?
Anyone can qualify for a low income personal loan; it’s
easy, quick and affordable. Working with a lender who specializes in low income
borrowers is a great option for anyone whose finances are tight or who’s having
trouble getting the credit they need from a bank or other institutional lender.
If you’re currently living through one of the situation below then you may
qualify for a low income personal loan.
- A family with a low income that needs help with everyday expenses
- An individual with a low income that needs help purchasing a car
- Anyone with unfortunate medical expenses that they can't afford to cover
Low income earners can finally feel like they have more options. A personal loan will not only help you get back on your feet but it can cover your necessities while you do.
Get Back on Your Feet
Getting back on your feet after any type of personal,
professional or financial problem can be extremely difficult, stressful and
time consuming. So whether your income can’t quite cover your emergency
situation right now or a financial issue has drained your savings account, an
affordable personal loan can and will help you get back on your feet so you can
accomplish your goals and live your life.
Cover the Necessities
Covering the necessities for a large family or even for one
person is very expenses and bills can start to add up before you even know it.
Often we think charging our daily expenses to a credit card is the best way to
pay when cash is tight, but in reality credit cards are one of the worst ways
to pay for things like groceries and bills. The thing about credit cards is
that they often come with high interest rates and minimum payments that are so
low that you could potentially be paying for one month’s trip to the store for
years to come.
Choose a Loan That’s Worth it
Being a low income earner doesn’t mean that you shouldn’t
apply for a loan to help out with your financial needs or invest in your
financial future. Quite the opposite actually!
Income, savings and employment are no longer the only criteria used to
evaluate a potential borrower; this means loans are now available to anyone who
needs one.
What should I consider when deciding to apply for a loan?
- Make sure the payments are affordable for you based on your monthly income and budget.
- Don't over extend yourself financially
- Choose a lender that's right for you and your current financial situation
- Don't Settle for something that seems too good to be true or not worth your effort.
Choosing the best possible lender to work with, like Micro-Loan will not only allow to get the money you need but it will almost always guarantee that you'll be treated with the professionalism and respect you deserve.