Can you get a loan if you have a low income?

Fortunately, there are borrowing options if you earn a low income. Low-income loans refer to all personal loans that low-income individuals can qualify for. Many of these loans can also apply if you have a low credit score.

What is a low income loan?

Low-income loans are personal loans that are available to borrowers with lower-than-average incomes. There’s no specific threshold for what constitutes a low income, since each lender sets its own rules. LendingPoint, for example, requires a minimum annual income of $35,000.

What if I have a low income?

If you have a low income, you may not have access to many credit products, but a low-income loan can provide you with the access you need. Lower loan amounts: Lenders will typically offer you limited loan amounts if you have a low income, which may hinder your ability to meet your financial needs.