It is difficult to get low income loan from banks
It is not possible to take a loan from nationalized or well know private banks if you do not have a credit rating, own house, or a car. If you look back, then you can notice that in the past pay day lenders use to provide low income loan to needy people. But they use to charge huge interest rates on these types of loan and it use to make the borrower’s pecuniary state of affairs worse. Now some banks are offering and some have planned to offer low income loan by providing minimum amount as loan. This will also help build low income group’s credit rating.
