Can My Loan Application Be Accepted If I Have Low Monthly Income?
Loans have always been a tricky subject for most people. With a barrage of requirements, qualifications, and everything else in between, it’s easy to get lost in the process. This is mostly due to the fact that it can be quite intimidating especially if you are not sure about which ones to take or where to go. For first time borrowers, this can be terrifying!
But no worries because we got you! To help clear things out a little bit, here are a couple of myth-busting truths that correct the connotations and mentality when it comes to loan applications:
MYTH: You can only apply for loans in banks.
FACT: While this is the usual mindset for people who haven’t applied for loans yet, this is no longer true at this day and age. Aside from established banks, there are other financial services who offer loans which you can apply for! Some of these include insurances, micro-lending services, and in line with today’s digital time – online cash loans! It’s easy, quick, and hassle-free. Perfect for first timers!
MYTH: You can’t apply for a loan with a low monthly income.
FACT: Wrong again! While most banks have a minimum monthly income requirement, the other available financial services make things easier especially for those who are not very much well-off. Some offer lower income qualifications, while there are others who do not have any minimum at all! As long as you have a steady source of income and can vouch to repay the amount within the specified duration, you can still submit your application. These companies’ goal is to accommodate those who cannot fulfill the requirements in banks and help them out. After all, most people who apply for loans are those who really are in need.
So even if you are not hitting six figures a month, don’t discredit yourself just yet because there are many choices that can suit your qualifications and help you with your financial needs. All you have to do is research well and find the right one for you.