9 Low-Income Loans: Personal Loans for a Tight Budget - Credible News

If you’re looking for low-income loan options, online lenders or local credit unions could be a good choice.
Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

Read more” > Lindsay VanSomeren Edited by <a href="https://www.credible.com/blog/author/aharrison/" class="entry-meta__tooltip" data-tooltipjs="" data-tooltipjs-hover="true" data-tooltipjs-placement="top" data-tooltipjs-close-on-outside-click="true" data-tooltipjs-title="  Credible’s editing process includes rigorous fact-checking by experts to ensure that all content is accurate and up-to-date. This article has been reviewed, edited, and fact-checked by Ashley Harrison. As a Credible authority on personal finance, Ashley has covered topics that include student loans, personal loans, and more. Her work has appeared in Student Loan Hero and LendingTree.Read more” > Ashley Harrison Updated October 13, 2021
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If you don’t make a lot of money and need to borrow funds, you might wonder if low-income loans are available.
While there’s no official definition for what low income entails, it’s generally considered as being lower than the median household income, which was $68,703 for full-time workers in the U.S. as of Sept. 2020, according to the U.S. Census Bureau. This broke down into $57,456 for men and $47,299 for women.
Borrowing money with a low income can be difficult, but there are low-income loan options that might make it easier.
Here’s what you should know about low-income loans:

There are some lenders with less stringent income requirements than others. Keep in mind that you’ll still likely need to meet other eligibility criteria to qualify, though — such as having good credit.
Here are Credible’s partner lenders that offer low interest personal loans to borrowers with low incomes:

Each lender sets its own threshold for how much you’ll need to earn to qualify for a personal loan. For example, while LendingPoint requires that you have a yearly income of $20,000, you only need a $12,000 income to potentially qualify with Upstart.
Generally, lenders want to know you’ll be able to afford the new loan.
Lenders also typically have other requirements to determine your eligibility, such as your:
This is why it’s important to compare as many lenders as possible to find the right loan for your needs.
Regardless of whether you qualify, make sure you’ll be able to keep up with your loan payments before you borrow.
You can use our personal loan calculator below to estimate your monthly payments. Simply enter the loan amount, interest rate, and loan term to see how much you’ll pay over the life of the loan.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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If you’re ready to apply for a low-income loan, follow these four steps:
If you’re ready to find your personal loan, remember to shop around and compare as many lenders as you can. Credible makes this easy — you can compare your rates from multiple lenders in just two minutes. Plus, you only need to fill out a single form instead of multiple applications.
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Low-income personal loans aren’t your only option if you need to borrow cash. Here are several alternatives to consider:
Learn More:

While some lenders might not be willing to work with borrowers who are either unemployed or self-employed, others do. Here’s what you might expect if you fall into either of these categories:
Check Out: Fair Credit Personal Loans

If you don’t qualify for a low-income personal loan, there are three options that might help you become eligible in the future:
Keep Reading:
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6​If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.
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