Loan for low income

lalaluna88

Hi I'm looking for any recommendations for a loan for someone on a low income. Not ideal but I've racked my brains and can't work out another option.
I need about £1500, looking to repay a maximum of £100 a month if that helps.
Thanks in advance

Willing2Learn

More details are required.

eg
What is your friend's income?
What are their expenses?
What level of debt are they currently holding?

lalaluna88

The figures I've been given:
Monthly income £1504
Expenses £1350
Debts £2327

Expenses include repayments of cc and current loan. Potential new loan would pay off whats left of current loan.
Income figures are as it stands at the moment, council tax reduction and universal credit have been applied for.

jonesMUFCforever

lalaluna88 wrote: »

The figures I've been given:
Monthly income £1504
Expenses £1350
Debts £2327

Expenses include repayments of cc and current loan. Potential new loan would pay off whats left of current loan.
Income figures are as it stands at the moment, council tax reduction and universal credit have been applied for.

Is the income figure a salary or benefits?

lalaluna88

Salary approx £800 a month, the rest is child benefit and tax credits

jonesMUFCforever

I ask because a lot of benefits are not included as acceptable income for loan applications.
Check with the lender what they will accept.

[Deleted User]

What the debts are could have a bearing. £2327 credit cards/overdraft @ say 3% = £69pm.

If it's actually a £98 loan with £1000 outstanding + £1327 Credit Card, significantly changes it.

Will their own bank give them a overdraft at all? If income is low and account is conducted OK, that might be the best hope.

Or checking eligibility for any credit cards for 0% - putting that £100 towards repayments it could be cleared within 18 months.

Fairly high expenses + child/ren could be an issue in getting anything mainstream though sadly. I totally understand why, but it's the people on lowest incomes that need the help of a 0% etc the most.

Fluid do a 9/10 month 0% for poorer credit scorers, if that would help at all

DCFC79

OP I suggest your friend signs up to mse and makes a post an soa on the debt free wannabe forum, posters will look at the spending and suggest what could be cut back.

McKneff

As post 8.
Borrowing to pay off debt is never a good idea,

lalaluna88

Thank you for your replies, I shall pass the info on and get her to do a soa for the debt free boards