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There are a great variety of bars and restaurants for a low cost meal in Istanbul. Kebabs are a typical fast and cheap option, meat pieces with vegetables and bread.
If you're looking for a restaurant, there are also the famous lokantas, traditional food restaurants, and the meyhanes, fish and seafood restaurants. The best of this kind can be found on the bank of the Bosphorus and the Sea of Marmara.
There are other good options to enjoy a variety of specialties and I recommend visiting them at night, the atmosphere gets so much better, with life music and torches, a very typical Turkish scene.
I went to Balikçi Sabahattin: Cankurtaran, its name means the Fisherman, so you can imagine the delicious gastronomy they offer. Seafood to enjoy in a wooden house, cosy and relaxing.