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75% of personal loans now require a minimum income75% of personal loans now require a minimum income, compared with 68% six months ago. As Mortgage Introducer magazine reports, fully three-quarters of providers now expect would-be borrowers to earn a certain amount before they’ll consider giving them a personal loan. The credit card market has undergone a similar – if more drastic – change, with 47% of credit cards now requiring applicants to have (on average) an income of around £18,000 or more, while six months ago just 31% required a minimum income. Excluding certain personal loans with extremely high APRs (Annual Percentage Rates), the average minimum income required for a personal loan is now just over £23,000. |
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THINK
CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT A fee between 0% and 10% of the loan may be charged on some plans depending on credit history and ability to prove income. Example: Loan of £15,000: 120 monthly repayments of £204.66, 10.4%APR variable. Loans secured on residential property. |
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