9 Low Income Loans: Personal Loan Bank Rates For Tight Budgets

If you have a limited budget, it can be difficult to get approved for low-income loans. Lenders want reassurance that you will be able to make timely loan payments and repay the full amount owed. If your budget is tight, your lender may have reservations about approving your loan.

Luckily, some lenders offer personal loans with low or no minimum income requirements. Good or good credit is required to get the best loan terms. Otherwise, you could end up paying much more interest over the life of the loan unless you find a more affordable alternative to access the funds you need.

These lenders offer consumers on a tight budget flexible personal loan solutions at competitive interest rates.

Avant 9.95 percent 12-60 months
best eggs 7.99 percent 36-60 months
shape 5.74 percent 36 months or 60 months
happy money 8.99 percent 2 to 5 years
lending club 8.30 percent 3 to 5 years
Marcus by Goldman Sachs 6.99 percent 36-72 months
prosper 6.99 percent 2 to 5 years
upgrade 7.46 percent 24-84 months
start-up 5.6 percent 3 or 5 years


Avant offers personal loans starting at $1,200 per month. Easily review your loan options without affecting your credit score. Even better, you can have your loan proceeds deposited into your bank account in as little as one business day after approval. There is also an early repayment penalty if you decide to pay off the loan early.

best eggs

Best Egg has no minimum income requirements. However, you must have sufficient income to demonstrate your ability to make timely loan payments. You can get a loan for as little as $2,000 and the starting interest rate is one of the lowest in the industry.


Figure’s minimum loan amount is slightly higher at $5,000, which is higher than many of the other loans on this list. Still, if you have good or good credit, you can take advantage of lower APRs, so it’s worth mentioning. The lender also offers an easy online application process, fast funding times, and discounted interest rates for borrowers who enroll in automatic payments.

happy money

Happy Money’s loan starting amount is also $5,000. The lowest interest rates are on the lower end of what you’ll find among lenders. In addition, you can customize the loan terms to make it suit you. You can also access a range of money management tools to help improve your financial health. Keep in mind that loans can only be used for credit cards and debt consolidation, so they may not be the best option. please give me.

lending club

Lending Club personal loans are accessible to low income borrowers as there is no minimum income requirement. These loans range from $1,000 to $40,000, are available in all 50 states, and feature low minimum APRs and fast funding times. You can customize your loan offer, including interest rates, terms and payment options, to work with your financial situation.

Marcus by Goldman Sachs

Marcus does not charge loan application, origination or prepayment fees. Additionally, the low interest rates make it a cost-effective option for low-income borrowers. You can also skip payments without interest or fees after making 12 consecutive payments.


Prosper requires proof of income to get a personal loan on Prosper, but the site does not disclose any minimum amount. The advantage is that you can borrow for as little as $2,000 and get loan terms of up to 5 years. This equates to more affordable monthly payments. There is no upfront penalty and co-applicants can also apply. Also, signing up for AutoPay gives him a 0.25% discount rate, saving even more money.


Upgrade offers personal loans at competitive rates. Loan amounts start at $1,000 for him, so he doesn’t have to worry about borrowing more than he needs or struggling to pay it off each month. Even better, there is no minimum income limit to qualify. Funds can be deposited into your bank account within 1 day of approval.


Upstart has flexible eligibility criteria for consumers seeking personal loans. You must earn at least $12,000 a year to be approved. There is no minimum credit score requirement. The loan amount starts at $1,000 and the interest rate is reasonable, so you can make monthly payments without spending too much on your budget.

Regardless of the amount of loan you apply for, check your credit report and score to see where you stand. If you find an error in your credit report, dispute it and have it removed as it may be lowering your credit score. Also remember that the most competitive interest rates for personal loans are usually reserved for borrowers with good or excellent credit scores. more likely to offer the best terms.

Avoid submitting other credit applications before applying for a loan. Each result is a tough credit check and can drop your score by a few points. Also, applying for many credit accounts in a short period of time can lower your score. Additionally, it is perceived as a greater credit risk in the eyes of the lender.

The most important thing is to look at your spending plan and figure out what loan payments you can afford. There’s little room for change, so you’ll need to be realistic about your current spending and income to determine the exact amount. Using a personal loan calculator can also help you estimate your expected monthly payments based on the loan amount, term, and interest rate.

If money is tight and low-income loans don’t work for you, consider the following alternatives.

  • Credit Union Loans: Some credit unions offer small emergency loans to their members. These loans are often referred to as payday loan alternatives. These are sometimes reserved for individuals with low income or credit problems who have trouble qualifying for personal loans elsewhere.
  • Payday Loans: These short-term loans cater to borrowers with low credit ratings, but are expensive and should only be used as a last resort. You can pay up to 400% interest, with most loans capped at $500 and paid on your next payday.
  • Secured Personal Loans: To obtain a secured personal loan, you need collateral. If you default on your loan, you run the risk of foreclosure. Still, some consumers take advantage of these loans because the eligibility requirements are less stringent. You can borrow at a lower interest rate than a traditional unsecured personal loan.
  • Pawn Shop Loans: Pawn shop loans are also collateralized and available to low-income borrowers. You have to hand over the item to the pawn shop and receive the cash. The pawnbroker will hold the loan (and any applicable interest) until it is paid in full. However, if you fail to pay, the pawnbroker will sell your item to recoup your losses.

Some lenders set minimums for small personal loans, but only a portion is worth your business. Be aware of the interest rates and loan terms they offer and the fees you pay when you take out a loan. Since you are working on a small budget, you should stay away from lenders who charge application, origination, processing, or other fees so as not to underestimate your budget.

Also, ask about eligibility requirements to ensure the lender is suitable. Remember to check reviews from past and current borrowers and make sure they are licensed to do business in your state to make sure they are a reliable option.


If you’re on a tight budget and need a personal loan, some lenders can help. Before you formally apply for a loan, be sure to research the lender and make sure he gets at least three loan quotes. However, if you can’t get approval for a low-income loan, consider a cost-effective alternative: a credit union loan. Alternatively, if you are dealing with a serious financial emergency, a secured personal loan, payday loan, or pawn shop loan can be your last resort.

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