When it comes to personal loans for low-income people, one of the biggest myths that exist is that it is extremely difficult for low-income people to take advantage of a personal loan and that it is extremely easy for high-paying people to do the same. Higher monthly income can mean greater repayment capacity, but it is not the only factor that determines loan eligibility. Your credit score is perhaps the most important factor in determining loan eligibility, aside from your details. A person with low salary but a good credit rating can also borrow a personal loan or apply for a credit card as needed.

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