Best Loans for Low Income

Upgrade is an online lender that offers personal loans ranging from $1,000 to $50,000 with terms up to 84 months. Not only does Upgrade offer flexible loan amounts and terms, but borrowers can also benefit from a fairly low minimum APR. Be aware that the lowest rates are reserved for borrowers with excellent credit. 

This lender’s maximum APR is relatively high, so keep this in mind if your credit isn’t great. Borrowers will also pay an origination fee ranging from 1.85% to 9.99%. The fee is deducted from your total loan amount before you receive the funds. A $10 late fee may also apply if you’re behind on a monthly payment.

Upgrade doesn’t have a set minimum income requirement (according to customer support), though it’s possible this lender will request documents to confirm certain aspects of your finances. Consider pre-qualifying for a loan with Upgrade and connecting with its support team if you have questions about borrower requirements.

Universal Credit is another online lender with no minimum income requirement, according to customer support. Eligible borrowers can take out loans up to $50,000 with repayment terms as long as 60 months. Its loans are available in all 50 U.S. states, though it doesn’t currently lend in Washington, D.C.

Despite its perks, Universal Credit also has some drawbacks. Its APR range is high relative to competitors, and its loans have fairly high origination fees, of 5.25% to 9.99%. There are no prepayment penalties if borrowers opt to repay loans early, though there are late fees of up to $10.

Best Egg has a very low annual income requirement of $3,500 for its personal loans, making it worth exploring for those with low earnings. This lender offers loans ranging from $2,000 to $50,000, and lower-rate secured loans are also available. Both its minimum and maximum loan amounts are fairly high, so if you need to borrow a small sum, another lender may be a better choice. 

Best Egg’s minimum APR is competitive, which could make it a contender for those with decent credit. But its maximum APR of 35.99% is fairly high. Origination fees of up to 8.99% also apply. Despite this, Best Egg charges no late fees or prepayment penalties, and borrowers benefit from free credit score access. Overall, it could be a good lender for low-income borrowers seeking to track their credit score progress over time. 

For borrowers with an annual income over $12,000, Upstart offers a compelling personal loan product and competitive rates. Borrowers can choose from loans as small as $1,000 or as large as $50,000, and loans can be used for several purposes, including debt consolidation, home improvement, medical bills, moving costs, and more.  

Unlike some lenders that require fair or good credit, Upstart is willing to work with borrowers who have credit scores of 300 and above, provided they meet its eligibility requirements, along with borrowers who have limited credit. Borrowers must be at least 18 years old, have a valid bank account, and have a verifiable income, employment, and U.S. residential street address. 

Upstart personal loans do come with some fees, though, including origination fees of up to 10% of the loan amount and late payment fees of 5% or $15, whichever is greater.

Avant is an online lender offering loans from $1,000 to $35,000 with flexible repayment terms of up to five years. It offers relatively fast funding times, with loan proceeds available as soon as one day after approval. Borrowers don’t necessarily need a high salary or great credit to qualify either; Avant requires an annual income of just $1,200 net per month ($14,400 per year) and a minimum credit score of 550 (according to customer support). 

Despite its perks, there are also some drawbacks to be aware of. Avant has relatively high APRs compared to competitors, and it charges administration fees of up to 4.75% of the total loan amount. Despite this, its personal loans could still be a decent choice for people with low incomes seeking fast funding and flexible qualifying criteria. 

Achieve, formerly Freedom Plus, offers personal loans up to $100,000 for borrowers with a range of credit profiles. Its minimum credit score requirement is just 620, which makes it a suitable option for borrowers with fair credit. This lender may also be a good choice for those seeking a larger loan. 

According to customer support, you’ll need a minimum income of 2.5 times your desired loan amount to qualify for a loan with Achieve (and you’ll need to meet its other criteria, as well).

But as with any lender, Achieve’s lowest rates may only be available to borrowers with excellent credit. Those with fair credit may end up with a high APR—and this lender’s max APR is relatively high. Achieve adds origination fees, which can be up to 6.99%, to its loans. It doesn’t charge any prepayment penalties, and it doesn’t confirm whether or not late fees apply if you’re behind on a monthly payment. 

If you need to borrow money to consolidate credit card debt, Happy Money offers a personal loan exclusively for this purpose. Its competitive rates and terms make it worth considering if you’d like to replace high-interest debt with a potentially lower-interest loan. Doing so will also let you consolidate multiple payments into one, making it easier to track and manage monthly costs. 

You don’t need a high income to qualify for a Happy Money loan—you’ll just need to prove that you have three times your monthly income in savings, along with meeting the other borrower criteria.

Borrowers can check their rates without a hard credit pull, and Happy Money can pay your creditors directly if you’re approved for a loan. 

But this lender also has some drawbacks to be aware of. Its credit score requirements (640 minimum) are higher than some competitors, and its minimum loan amount of $5,000 is also fairly high. For these reasons, this lender is likely a better choice for borrowers with good credit who’d like to borrow a fairly significant amount.