Don't agree to work for peanuts. Young developers are easy target for "startup" or predatory corporations as they can do mindless coding for hours and if you throw in free pizza on Fridays, they'll work day and night for almost nothing. Once you get burnt out you get replaced with another young wannabe developer. But you'll have damaged health and no savings. If offer is low and you think you'll get experience - you won't. Just look more for something that respects you.
Nonstarter, obviously no one wants to work for peanuts, and it's easy for people with established careers to give that advice but not very useful for most younger people with little resources
My advice then would be to live frugally, do personal projects and save and save, then leave the company if you have 3-6 months of living covered. You can spend more time on getting your CV right and searching for offers. If recruiters and/or companies see you have a company known for paying peanuts, they'll unlikely to hire you unless they are the same predatory company. Nobody wants a burnt out employee that won't respect him/herself. That's why you wouldn't put such company on a CV and should have a good personal project to show instead for that time frame.
