Get a low-salary loan for great interest rates from flypay.ng. Personal loans are more readily available than any other type of loan, and at lower rates—so take advantage!
It’s no secret that financial institutions prefer to make loans to people who have steady income and are less likely than others to default.
Low-income individuals will find it difficult to obtain a personal loan, but not impossible. Factors other than income—such as credit score and age—can determine whether someone is eligible for a loan.
If you meet all other requirements, obtaining a low-salary personal loan is simple. Let’s look at how to get one in more depth.
Personal loans are the most readily available type of loan and have among the shortest approval periods if you meet the minimum eligibility requirements
Financial institutions consider a person’s disposable income when deciding whether or not to grant that person a loan, and they typically require applicants to have at least 30-40% of their net monthly income available for spending.
Depending on the applicant’s annual income, financial institutions will lend up to 600,000 naira as a personal loan. Therefore, if a person’s monthly income is below a certain threshold, he or she can easily obtain a personal loan with an appropriate amount and repayment schedule.
>> MORE: Get Quick Loans Online In Nigeria Up To NGN 600,000
Because people with low salaries are considered a high-risk group, they have to pay higher interest rates on personal loans.
Low salary loans from flypay eliminate the idea that people with low salaries are unable to obtain a personal loan. Loans such as this can help you finance your dream vacation, pay for tuition fees or cover any other large expenses
Low-income individuals sometimes have difficulty managing their finances—but flypay is here to help. With our personal loans for low salaries, you can meet any financial need with ease.
Furthermore, due to the minimum income requirement, not everyone is eligible for a personal loan. Is it even possible to apply for an immediate personal loan while working your first job?
Some factors to keep in mind before applying for a loan
Principal – You agree to pay back a personal loan with interest, which is the lender’s fee for giving you money and letting you pay it back over time. You’ll have to make monthly payments that include both your portion of the debt and an additional amount designated as interest. Interest is usually stated as a percentage rate.
Annual Percentage rate – To ensure that you understand the true cost of a loan, financial institutions calculate their interest rates in an additional way—the annual percentage rate (or APR). In addition to your stated interest rate, the APR factors in other lending costs such as origination fees.
Interest – You agree to pay back a lender the value of money that you have borrowed plus an additional amount representing interest. This monthly fee is calculated as a percentage of your balance, and it increases proportionally over time—meaning the more you owe,the bigger this “interest payment” will be.
Unsecured Loans – Personal loans are unsecured, meaning you don’t have to put up any collateral. Whenever you take out a home or automobile loan—where the asset serves as collateral for the creditor—you will most likely need an excellent credit rating to get that guarantee on your interest payments. Secured personal loans, on the other hand, demand collateral and may have lower interest rates compared to unsecured loans.
>> MORE: 13 Different Types of Loans Everyone Should Know About
Maximum personal loans for salaried individuals
The maximum loan amount is totally up to the bank’s decision, but some personal loans are available from banks up to 600,000 naira while others are limited 1 million. You can apply for a personal loan based on your annual earnings if you’re salaried employee.
Many financial institutions require applicants for personal loans to submit a salary slip and proof of income. However, many people do not receive these documents from their employers due to the diverse nature of employment today. You have the following options in this situation:
You can apply with another person who can supply the necessary documentation. In this instance, the co-applicant must also have a good credit score, a steady income, and, yes, salary slips or other proof of steady income.
Before you apply for a personal loan with a low income, check the eligibility requirements, processing costs and your credit score. Then head over to flypay Personal Loans and make an instant online application!
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