When you’re living on a shoestring budget, life is hard enough as it is. Add to that a sudden financial emergency requiring several times more than you earn on your paycheck and things really start to become critical. The worst part is that the traditional lending system seems to be inclined away from borrowers with a relatively low income. But if you find yourself in dire straits, don’t worry—there are quality personal loans for low income earners within reach.
The relief you need comes in the form of non-traditional personal loans. The lenders who offer these loan solutions generally have very accommodating, flexible requirements. They’re much more accessible than banks and don’t conduct credit checks on their clients.
Not only are they more likely to approve you—they do it at a faster pace. Whereas banks generally take a few weeks (if not longer) to process their applicants, providers of personal loans for low income earners do so in a matter of minutes. You can have cold, hard cash in your pockets within 24 hours of applying.
You also tend to have a more convenient loan experience with these non-traditional loans. Many such lenders offer online services that allow you to apply from anywhere and at any time as long as you have a computer or smartphone. You don’t have to take time out of your busy schedule to go to the loan store before it closes. You don’t have to fill out page after page of mind-numbing paperwork. And you don’t have to wait in a long line behind other applicants.
When are Non-Traditional Loans the Right Choice?
When most people think of applying for a loan, their thoughts first turn to banks. It’s understandable, considering that banks are some of the oldest financial institutions in the nation and carry an air of respectability and trustworthiness.
Banks loans do have a lot of benefits. They tend to have low annual percentage rates when compared to other lending institutions on the market. They provide both secured and unsecured loans. And they can provide very large sums of money.
Unfortunately, bank tendencies often favor higher-earning borrowers. The processes behind giving out a loan cost the bank money. Since their expenses are about the same no matter how much a client requests, they tend to favor large loans since these bring them more revenue in the form of interest. This puts low-income borrowers looking for relatively small loans at a disadvantage.
Orion Bank is one of the largest, privately held community banks in the nation. Founded 31 years ago and approaching $3 Billion in total assets, Orion Bank is FDIC Insured and an Equal Housing Lender. Orion Bank has 23 offices located throughout south Florida. Orion Bank offers various personal banking and business banking solutions...
Large bank mergers fair lending review could be enhanced with better coordination : report to the Honorable Maxine Waters, and the Honorable Bernard ... of Representatives (SuDoc GA 1.13:GGD-00-16)
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