Loans for fixed income are one of the options available for borrowers today, but what do they really mean?
Is it something that you have been looking for?
In this article, you will find everything that you should know about this type of loan.
Although the conditions and requirements of lending companies may differ, the standard application procedure requires you to provide the information about your job, income, and credit score.
Since lots of Americans find it difficult to keep their credit score high enough, there are lending businesses giving them an opportunity to get money despite this fact.
This often means, however, that this will cost the applicants more money.
So, what are the cash advance for fixed income?
The thing is that you may have another source of income than your salary.
For instance, you can get government benefits every month or you have some investments that allow you getting a regular income.
In this case, you should be looking for lenders offering payday loans for fixed income for those who have not been worked for more than three months for the same employer.
Where to Get Such Loans
It is possible to get payday or installment loans if you have a fixed income, but you just need to find the right lender.
Your success in this case also depends on the source of your income and how much you actually get every month.
So, if you provide proof that your source of income is reliable, your chances of getting the money increase.
There are lenders that provide fixed income loans, and you can easily find them online.
At the same time, if you have a good level of income but also bad credit, the situation becomes more complicated for you.
The thing is that your creditworthiness still matters, and the lender can decide to deny your application if your credit score is not high enough.
Also, as it was mentioned above, some lenders are willing to give you their money despite your poor credit score but they will want you to pay more for that.
This means that, on one hand, you will get the money, but, on the other hand, you should make sure that paying the high interest will be bearable for you.
When You Should Agree to Pay More
People with bad credit may be offered to pay a higher interest rate, so if you have received such an offer, should you accept it?
The thing is that getting such a loan is your chance to improve your credit score if you manage to pay everything back on time, but you still should make sure that you will be able to cover all the expenses without problems.
Low Income Installment Loan
If you have a fixed income, which is not a salary that you get at your work, you still have high chances to qualify; however, your chances of that decrease if your credit score is not high enough.
While there are lenders who can offer you to get the money despite the low creditworthiness, you should consider such offers carefully because usually, they come at higher interest rates.
Get the Money You Need Fast
Representative Example For APR, Loan Cost & Fee :
If you borrowed $1,000 over a 12 month period and the loan had a 3% origination fee ($30), your monthly repayments would be $94.56, with a total payback amount of $1,134.72 which including the 3% fee paid from the loan amount, would have a total cost of $164.72. Representative 29.82% APR. Interest Rate 24%.
SafetyLend.com cannot guarantee any APR since we are not direct lender ourselves.