Small income credit: the minimum conditions to be met
In order to get low-wage credit, the minimum requirement is to have a salary, no matter how much it is, or at least from a stable financial source. People who do not have an income cannot benefit from a credit, except in certain exceptional cases subject to special conditions. Who are affected by this low income credit option? Well, it can be people looking for a job, employees with a fixed-term contract or temporary workers .
In addition to income criteria, banks can also look into other essential details, such as the debt ratio which must be particularly low. If the borrower has already taken out loans before, he must not have had repayment incidents, if he still wishes to contract new credit later. In addition, one must be of legal age and must be a resident of United States.
- Loan for a small salary: the different types within the reach of borrowers
- Setting up a file for a small income credit application
Loan for a small salary: the different types within the reach of borrowers
Among the personal loan offers available, from which low-income families can also benefit, we can notably mention the loan without proof. The borrower does not need to provide quotes or invoices. He can use the sum as he sees fit, whether it is intended for the acquisition of a car, interior equipment or to materialize vacation or job search plans.
In terms of credit for small income, we can also talk about revolving credit , micro credit and loan between individuals, generally without interest. You can, for example, consider this mini-credit if you are already registered with the bank of United States. As for revolving credit, it offers low-income households a reserve of money that they can benefit from as they are repaid.
Families with moderate incomes can also apply for an earmarked loan, the procedures for which are relatively flexible because it is intended for a specific project. The lender will therefore ask for supporting documents. It can be a loan for work, a car / motorcycle loan, etc.
Setting up a file for a small income credit application
You have to have a solid record as they say to benefit from a simple loan, so when it comes to a consumer credit for small income, you have to essentially redouble your efforts to put all the chances of his side.
Personal documents may be requested when applying for a small income loan. We can essentially talk about pay slips or other proof of income, proof of address (or EDF invoice, tax notice, etc.) and a photocopy of the identity card.
Apart from the documents to be provided, your file must also not include banking incidents , such as late repayments, essentially in the three months preceding the next loan application.
The steps to select your small income loan
What are the steps to take to have a small loan that fits perfectly into your debt ratio? As with ordinary credit, applying for low-wage credit follows much the same procedures. Remember that these same procedures may vary depending on the lending institution in question.
Any request begins essentially with the analysis of its needs. The borrower must determine what he needs in order to be able to choose the right lending agency. But this step is not easy given the panoply of online credit companies. To do this, you can go through a small income credit comparator.
Once the lending institution obtains your loan application file, it will analyze all the criteria in great detail: repayment capacity, payment incidents, solvency, etc. When the loan is granted, you will have the funds within the agreed time frame.