Best Low-Income Personal Loans

Securing one of the best low-income personal loans could be very challenging, but most lenders utilize income to evaluate if you will be given the funds or not. Moreover, most lenders have various criteria and approve lower incomes than other lenders.

Best Low-Income Personal Loans

Certain lenders don’t establish particular minimum income criteria and review your financial situation when assessing your loan application. In your quest for personal loans with limited income, exploring various options becomes crucial to identifying the most economical loan tailored to your needs.

What Are Low-Income Personal Loans?

Low-income personal loans are forms of personal loans that offer minimal monthly or annual income criteria. However, lenders might request credit and income. However, a minimal income won’t prevent you from getting a loan. In addition, these loans have many objectives, such as funding home renovations, covering medical expenses, or consolidating high-interest debt. They provide a huge sum upfront, are repayable over time, and often have a fixed interest rate.

Furthermore, securing a personal loan with both poor credit and minimal income might lead to a high-interest rate. Meanwhile, various lenders have an interest rate limit of 36%; some provide loans with a significant interest rate. Lastly, before approving a personal loan, especially for borrowers looking for minimal income. It’s crucial to comprehend the terms and loan costs.

The Best Low-Income Personal Loans

In this article, we have compiled some of the best low-income personal loans based on certain factors such as interest rates, fees, loan amounts, and duration offered.


LightStream is the lending arm of Truist, which provides the best low-income unsecured personal loans ranging from $5,000 to $100,000. The loan amounts depend on the purpose of the loan.

Although lenders are offering smaller loans than LightStream’s minimum, those lenders present a higher maximum loan as the repayment options span from 2 to 7 years. The customer support team is accessible for seven days to potential borrowers. While existing ones can seek assistance from Monday through Saturday.

As it lacks a mobile app for loan management, customers can easily manage their accounts through To qualify, applicants need a good credit history with a minimum credit score requirement of 660, but prequalification is not available.

Navy Federal

Navy Federal Credit Union provides a loan range of $250 to $50,000, standing out as the best low-income lender for its flexibility in loan amounts. The credit union extends personal expense loans, used for various costs like vehicle repairs, travel, and weddings, alongside home improvement loans and debt consolidation.

However, it does not collect origination fees from borrowers but charges a late fee of $29 for those unable to pay. Also, it’s provided by a credit union, which has a maximum APR of 18% for individuals with lower credit scores.

Lastly, to secure a personal loan from Navy Federal, one must become a member. It’s only available to active-duty or retired service members, veterans, and their families and household members.


Upgrade is an online platform that provides personal loans within the range of $1,000 to $50,000.With terms that extend up to 84 months. Additionally, it offers flexibility in both loan amounts and terms with competitive interest rates.

However, it’s crucial to note that minimal rates are reserved for borrowers with an excellent credit history. Upgrade generally offers a high maximum APR, especially if your credit is bad.

Additionally, borrowers also settle an origination fee ranging from 1.85% to 9.99%, reduced from the total loan amount before repayment. A late payment fee of $10 might also be added.


Rocket Loans provides the best low-income personal loans through Cross River Bank. Borrowers can get cash the same day they apply. To be eligible for this quick funding, successful applicants must finish their applications and sign the promise paper on a workday.

Furthermore, there are cases where getting funds on the same day is impossible; the typical time to get the money is around two to four days. Lastly, the minimum credit score is 580. While the smallest income required is $24,000, and they don’t allow a co-signer or co-borrower.

Happy Money

A Happy Money personal loan is the best low-income option if you are looking to consolidate your credit card debts and cover them with a minimal interest rate. In addition, it aims to assist consumers in paying their entire credit card debt and focuses its loans specifically on debt consolidation.

Furthermore, you won’t be able to utilize a Happy Money loan for home upgrades, renovations, education, expenses, and so on. Also, borrowers can remove loan amounts ranging from $5,000 to $40,000, with loan terms stretching from 24 to 60 months.

Moreover, it has website features like an inquiry tool that enables you to search for loan options depending on your credit report without affecting your credit score. Lastly, there’s an origination fee, which determines your credit score and application. The better your score, the lower your origination fee and interest rates will be.


PenFed is also a good choice for those searching for a low interest rate on their income. Credit union interest rates are at 18%. Additionally, it does not request an origination fee but presents a quick funding procedure, as you receive back your funds within 1-2 business days.

Furthermore, it enables applicants to secure a joint personal loan, which enhances their chances of getting approved. However, it’s crucial to note that your co-borrower will be on the line for repaying the loan.

To qualify for PenFed, you must become a member, unlike Navy Federal, which requires a military relationship, which is not necessary. You can secure eligibility by opening a savings account with PenFed, requiring just a $5 deposit.

Universal Credit

Universal Credit is an online lender that does not have a minimum income requirement, making it the best low-income personal loan. Qualified borrowers can secure loans ranging up to $50,000, with repayment terms extending up to 60 months.

Furthermore, this lender offers loans across 50 U.S. states, except Washington, D.C.
Despite its accessibility, it has some disadvantages. Also, its APR range is high compared to other lenders, and its loan has a high origination fee ranging from 5.25% to 9.99%. However, there is no charge for prepayment penalties if borrowers choose to pay back the loan early, but there is a late fee of $10.


Avant is a lending platform for consumers that provides both secured and unsecured personal loans within a third-party bank, namely WebBank. It was established in 2012 and is located in Chicago.

In addition, unsecured loans are accessible in Washington, D.C., and all states except Hawaii, Iowa, New York, Vermont, West Virginia, and Maine. It also operates with low-income borrowers with fair to good credit, setting a minimum qualification score of 580.

However, it charges applicants late fees and interest as well as collecting payments without authorization. Also, the platform requests a minimum income of $20,000, and it does not permit co-signers or co-borrowers in its lending arrangements.


SoFi is an online-based lending platform that provides unsecured fixed-rate personal loans across all states, disbursing a total of over $50 billion in loans. It was established in 2011 as it provides minimal APRs and does not request origination fees, late fees, or prepayment penalties.

Furthermore, if you want to secure a debt consolidation loan, it’s essential to note that the lender does not provide direct payments to the borrower’s other creditors. This means that the loan is directly deposited into your bank account, and you will settle debts with other lenders individually.

To be eligible, applicants must have a minimum credit score of 650 and a minimum annual income of $45,000.

PNC Bank

PNC Bank offers more networks to over 2,600 locations across the United States. Also, it provides small personal loans with a starting amount of $1,000.Given that PNC Bank follows a traditional model, obtaining a loan may require an individual to visit one of its branches. In addition, it provides fixed rates and doesn’t charge for prepayment or origination fees.

Additionally, individuals with a checking account with PNC Bank might qualify for a rate discount. However, it’s crucial to note that the interest rates and terms presented by PNC Bank could depend on your residential location.


Reviewing some lenders that provide personal loans is determined by low-income personal loans. In addition, lenders must provide a suitable annual percentage rate (APR) and a loan amount as low as $2000 and below.