Can I get a personal loan on a low income?
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I have a job and good credit. What is is the minimum monthly income I need to borrow £10,000?
sixtieschick
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
it is possible to get a personal loan on a low income but all companies will set their own minimum criteria.
what would make sense initially is to use a comparison site to get an indication of the monthly costs for loans. 5-8 years is usually the maximum term but if you can afford to comfortably pay sooner, you should.
the lender will need to know that after all your living costs you can afford the loan repayment and then still have an excess for emergencies - again this amount will vary.
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what would make sense initially is to use a comparison site to get an indication of the monthly costs for loans. 5-8 years is usually the maximum term but if you can afford to comfortably pay sooner, you should.
the lender will need to know that after all your living costs you can afford the loan repayment and then still have an excess for emergencies - again this amount will vary.
