Personal Loans For Those On Low Incomes

Consumers earning a less than average wage were given a boost this week when it was announced that Bath and North East Somerset (BaNES) and Weese Reinvestment Trust were teaming up to offer personal loans to those on low incomes.

The loans will be provided by the Trust at 3% and will be used for essentials such as home repairs. People on lower incomes finding it difficult to gain credit will be given the opportunity to receive a personal loan. The low-rate loan can be used to cover issues such as roofing and electrical repairs.

Those eligible for the low-rate loans are working people, single people and older people - all of whom generally live on lower incomes. Disabled people on benefit will also be considered.

It will be a welcome relief to those people who will have tried to gain credit before, but were overlooked due to their lower incomes. The scheme is also said to cater for those people who had not previously received help from the council.