Too low income is one of the main reasons for refused credit applications in banks. If you have a low monthly salary, do you have the chance to get extra cash in a different way?

Even a decade ago when the bank rejected the loan application due to low income, we were condemned practically to a handful of non-bank companies whose announcements could most often be found on power poles. Such loans were not only expensive to pay, they were repaid in monthly installments, and for each installment, the loan company employee reported directly to our place of residence. Although such companies exist until today by granting home loans, their cost has not changed and they are expensive to pay. Fortunately, during this time competition on the non-banking market has grown to such an extent that in this type of offers we can literally pick and we can choose for ourselves the offer that suits us best.

Will they also be able to obtain such a non-bank loan even with low income?

Will they also be able to obtain such a non-bank loan even with low income?

Loan companies generally approach a potential customer a bit less restrictively than banks, therefore the chances of getting a loan by this way are higher, both in the case of low incomes and in many other cases, eg in the case of a negative credit history in BIK. This does not mean, of course, that such loans are granted to people who do not have income at all. Companies in their own way verify the creditworthiness of the client, although in the case of smaller amounts of loans, it is rare for a company to require us to send additional documents confirming the income obtained. If such a situation occurs, it is usually enough to send the account statement itself, on which information about the account receipts from the last few months will be recorded.

Short-tems with no certificates at low income 

Short-tems with no certificates at low income 

In the case of short-term payday documents such as a statement of income are rarely sent. Such loans were to be provided quickly so that the customer could enjoy additional cash as soon as possible. Therefore, most companies do not require a potential client to lose additional time to send some additional documents. Obtaining a loan is supposed to be simple and without any additional obstacles, which is why some of the companies even leave the need to perform a verification transfer in order to obtain a payday. Thanks to such applications as  the borrower is able to obtain a payday without paying a verification fee in the form of 1 PLN or “PLN” 

Returning, however, to the topic of people with low incomes – how low can income be to get the loan you need? An opportunity to get a non-bank loan is likely to be obtained by all those receiving a fixed monthly salary. I am also talking about those people who work part-time, have a pension or pension and receive no more than 500 or 600 zlotys on their hands. Of course, in the case of people with such a low income, the chances of getting a larger loan will be rather small, which is why loan companies make the amount of the loan dependent on our creditworthiness.

If we decide to reach for a non-bank loan because the low income was the main problem that we did not receive additional cash through the bank, we should first specify what loan we need. Is it supposed to be a small loan which we will want to quickly pay off (it’s best to check payday loans) or it should be an alternative to a bank loan or installment loan, so a loan that we will pay in monthly installments. Once we decide on a specific type of loan, then we will be left to find the right company with the services that we want to use. In this respect, as we have already mentioned, we will have a wide range – a lot will depend on the amount of the loan we need and with what repayment period.

The last months on the non-banking market have shown non-banking loans no longer need to deter potential customer with high costs. New customers of payday loans such as Vivus, Extraportfel or Netcredit have the opportunity to make the first loan completely free, without incurring any additional costs or obligations. Also in the case of non-bank installment loans, we are dealing with more and more attractive loan offers. It is enough to look at new offers from companies such as Wonga, Ratka or Aasa who have the lowest available loan installments with repayment in monthly installments.

To find a suitable non-bank loan offer with low incomes, we can use ready-made solutions such as loan and payday rankings or financial product comparison, which in this particular case is a comparison of non-bank loans that can be found on sites such as Pozabanki.com.pl non-bank loans

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