Getting government loans for low income fixed interest rates are now possible through different assurance loans co-opted by the US government. In addition to this there are also low interest private loans, federal student loan direct programs and credit cards for people with low income. In this guide we take a look at the different financing options available to people on government benefits or who have a low level of income.
Government VA Loans Options for American Veterans
If you are an American military veteran or the widow of a veteran then you are eligible for government VA loans at low interest rates. The government VA loans can be used for mortgaging a house or land at a heavily reduced rate to retail loan offerings. These loans are available through private finance providers but they are guaranteed by the US government for the term of the loan. This guarantee saves you money because the lender is much more confident that they will; be repaid – even if you default.
Fixed Interest Rate Private Student Loans – The Direct Student Loans.gov Search
Private student loans fixed interest rate plans are available through the US government’s direct student loan.gov plan. The Student Loans website has more information on the direct student loans.gov plans and what you need to do to apply. The basics, however, are simply that you be in possession of a Federal Student Aid PIN from the Department of Student Services. If you can meet the requirements for a Student Aid PIN then you will also meet the requirements for a private student loans fixed interest rate plan. getting one of these can help you make it through your education whilst keeping interest rates lower, and this can be a great relief in your later life once you need to start paying off these loans.
Banks With Low Interest Loans – Another Way of Keeping Your Interest Rates Lower
Usually it is not possible to go through private sellers of financial products as a low income person. However, through government incentives and guarantees there are a number of smaller loans available for these people to take out. These loans can be well-suited to you as they are often have repayments based on your actual income. In addition to these providers there are also specialized financiers who deal only with low income and bad credit customers. If you are having trouble finding the right financial product for you then this might be your best option for help.
Keep Your Interest Rates Lower with Low Income Credit Card Options
Getting a credit card may seem like a terrible idea when you are already struggling financially but there are actually a number of credit card plans available tailored to people with low incomer. These card plans usually have lower limits, sometimes $500 or less and lower interest rates. However, you should still try to repay the credit each month before the interest takes effect since it can still end up costing you quite a bit. The usefulness of these cards will depend on your needs but one thing that cannot be disputed is the positive effect they can have on your credit rating – which can come in handy later in life when you go for a mortgage or personal loan.
Emergency Money Raising Tips
In addition to the above methods you can also raise emergency money through same day cash advance lenders. You do not need a good credit rating for these lenders, most do not even perform a credit check. Instead you are simply required to provide proof of your income, even if this is only a government check. Then the payday lender will work out an amount based off your income.
This way you will be able to pay them back easily as a percentage of your pay packet will simply be divided away for the loan repayments. The amount you can get varies depending on your income and the repayment term but it is usually enough get yourself out of a bind. Same day lenders usually have higher interest rates then traditional loans, however so be sure to keep this in mind if you are trying to decide between a same day loan and government loans for low income fixed interest rates.