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Poor credit personal loans based on income only appeal to people with adverse history appearing on their traditional consumer report from Equifax, Experian, or Trans Union.
Adverse experience leads to a low FICO score, which makes it hard to find a willing lender.
A consumer can afford to borrow money when they have a low debt-to-income ratio (DTI).
Either way, expect to pay more in fees and interest – if approved.
Income-based personal loans without a traditional credit check come in several flavors with sometimes-interchangeable definitions.
The type of contract the lender may offer depends on affordability.
Qualifying for a personal loan based on income only means having a realistic set of expectations.
Without using a traditional credit check, the lender must see that you can easily afford the periodic payments. Choose a principal amount and repayment term that is sustainable.