7 best loans for low income

In this article you will learn about the best loans for people with low income.


If you have low income and are looking for a loan that fits your financial profile, here are our picks for you

best loans for low income
Find the loan that fits your financial situation. Source: Canva.

Lenders want to know whether you will be able to make your payments regularly and pay back the full amount you have borrowed. It is no wonder, therefore, that they have reservations when offering loans for individuals with a low income.

If you fall within that category of borrowers, you might be going through that tiresome process right now. If that is your case, we have got some good news for you.

Next Day Personal Loan review

Next Day Personal Loan review

With so many lenders in the market, finding the perfect personal loan for your financial needs requires time and commitment. Read our full review and see how this useful

There are a number of lenders which make personal loans available with low or even no income requirements. This does, however, come at a price: you must have good or excellent credit to qualify for the best terms.

You can still get your loan if you have a bad credit score, but you will likely have to pay a lot more in interest.

With that in mind, let’s have a look at our picks for the 7 best loans for low income, in no particular order.

1. Figure

With a nice loan minimum of $5,000, Figure offers a higher loan amount than many other lenders in the market. The lender offers loans at low APRs for individuals with Good or Excellent credit.


BadCreditLoans review: get a loan easily

Read this BadCreditLoans review and learn how this online loan aggregator helps you get the loan you need within minutes.

The application process for Figure loans is 100% online and takes just a few minutes to complete. Once you have submitted your application you will receive a decision fast.

Also, funding happens fast, within a business day or two. Plus, if you enroll in autopay, Figure offers a discounted interest rate.

2. Best Egg

With no minimum income requirements, Best Egg is another excellent option for people with a low income. It does require, however, that you demonstrate your ability to make regular payments on your loan.

With Best Egg you can take out loans for as little as $2,000. The company also offers one of the lowest starting interest rates in the industry.

3. Happy Money

best loans for low income
With the right loan you can overcome a financial emergency. Source: Canva.

Offering minimum interest rates which are on the lower end of what you can find with most lenders, Happy Money offers loans for people with low income starting at loan amounts of $5,000.

This lender allows you to customize your loan terms so that you can make sure that they work for you. Plus, it gives you access to a number of money management tools which will help you improve your financial health.

One caveat of Happy Money is that you can only use their loans to pay for credit card and debt consolidation. If that is not what you intend to use the money for, you might want to look for a different lender.

4. Avant

If you have a monthly income as low as $1,200, you are likely to get approved for a loan with Avant. It allows you to check your loan options without you having to incur a hard inquiry, so you do not need to worry about taking a hit to your credit score.

credit score to buy a car

What credit score is needed to buy a car?

If you are planning on buying a car but does not know what credit score you need to do that, we are going to help you find out.

Once you have submitted your application, it is possible for you to have the money deposited into your bank account within just one business day after you have been approved.

Mind you, however, that this loan does charge early payment fees in case you decide to pay the loan off early.

5. Prosper

Let’s start this one by saying that their website does not disclose a minimum income amount you must have in order to qualify for this loan.

However, you will need to provide proof of earnings. The good thing is that they offer long loan terms of up to 5 years, which makes monthly payments more affordable.

So even if you have a low income, you can still borrow as little as $2,000 and get a loan term that allows you to pay for it. Another good news is that this loan does not charge prepayment penalties.

It also accepts joint applicants, and if you enroll in autopay, you will get a 0.25% discount on your rate, which will help you save some money.

6. Lending Club

best loans for low income
Make that home repair you’re dreaming about with a loan. Source: Canva.

Lending Club offers personal loans with no minimum income requirements. You can take out loans ranging from $1,000 to $40,000 even if you have a low income.

The loans are available in all 50 states and they come with a low minimum APR. Also, Lending Club offers fast funding, which is excellent if you need money quickly.

This lender also gives you the ability to customize your loan offer. This includes customizing your loan rate, its term and payment options. This allows you to fit the loan perfectly in your budget.

7. Upgrade

Upgrade supports a wide range of credit scores and incomes, making it the perfect option for low-income individuals. Their minimum credit score requirement is 560, and the company reports to major credit bureaus, which helps you improve your credit.

blond businessman happy expression buy house mortgage loan real estate

What credit score do you need to buy a house?

If you are trying to find out what is the right credit score to buy a house, you have come to the right place. Read our article and find out!

If you have bad credit, however, Upgrade’s APR range can be a little high. Also, the company performs a soft credit check during the application process, which does not have an impact on your credit score.

It is also possible for low-income individuals to apply for a temporary reduction of the monthly minimum. You can even ask for a permanent modification of your loan so that it suits your situation.

The Bottom Line

When you apply for a loan, make sure you meet the credit requirements the lender has. This will ensure that you do not take an unnecessary hit to your credit score.

Also, the higher your credit score, the higher the chances of your loan being approved. Not to mention, a higher credit score makes it more likely that you will get the best rates and be able to save money on interest payments.

If you’d like to have an excellent credit score, we have a full guide to achieve it. Read the article on the following to keep learning about personal finances.

Young African Businesswoman Checking Credit Score On Laptop At Office

How to get an 800 credit score

Learn how to get an 800-point credit score and gain access to the best credit card and loan offers available in the market.

About the author  /  Danilo Pereira

Danilo is a copywriter with a passion for learning. Deeply interested in philosophy, politics and arts.

Trending Topics


Capitec Home Loan application: Flexible Repayment Terms For Savvy Borrowers

Ready to get a loan with low interest and flexible repayment options? Then follow our Capitec home loan application guide.

Keep Reading

Mastercard® Black Card™ application

Are you ready for the luxuries of life? Then learn how the Mastercard® Black Card™ application process works and how to get yours today!

Keep Reading

Bank of America® Customized Cash Rewards card application

To enjoy excellent cash back rates, read this post to learn how to apply for the Bank of America® customized cash rewards card.

Keep Reading

You may also like


Virgin Australia Velocity Flyer Review: Unleash Your Wanderlust!

Explore this review of the Virgin Australia Velocity Flyer Credit Card! Enjoy exclusive perks, and pay no annual fee for the first year!

Keep Reading

PenFed Power Cash Rewards Visa Signature card application

This PenFed Power Cash Rewards Visa Signature card application guide will help you get this card today and start earning 2% cash back.

Keep Reading

Credit One Bank® Platinum Rewards Visa with No Annual Fee review

This Credit One Bank® Platinum Rewards Visa with No Annual Fee credit card review is what you need to see if this card is for you.

Keep Reading