Best Loans for Low Income: Flexible Terms and Fast Funding
Best Loans for Low Income: Flexible Terms and Fast Funding View All Best Loans for Low Income: Flexible Terms and Fast Funding
- Top Picks
- Upgrade
- Universal Credit
- Best Egg
- See More (2)
- Upstart
- Achieve
- Compare Providers
- Why Trust Us
- Methodology
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What to Know First
Investopedia’s choice for the best loan for low-income borrowers is Upgrade. It offers loan pre-qualification, fast funding, and a low minimum credit score requirement. All of our top picks for low-income borrowers feature manageable rates and fees, flexible repayment terms, and fast funding times.
Here, we highlight the lenders with the lowest minimum income requirements from among 59 leading lenders we continuously track in our personal loan database.
Today’s Top Picks
- Best With No Minimum Annual Income Required: Upgrade
- No Minimum Annual Income Required: Universal Credit
- No Minimum Annual Income Required: Best Egg
- $12,000 Annual Income Required: Upstart
- 2.5X Loan Amount in Income Required: Achieve
Why Trust Us 59 Lenders reviewed 45 Loan features considered 2,655 Data points analyzed 284 Primary data sources used Investopedia collected data from dozens of lenders to evaluate the factors most important for borrowers. We used this data to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and more to provide unbiased, comprehensive reviews and help you make the right borrowing decision for your needs. Read our Full Methodology
What to Know First
Investopedia’s choice for the best loan for low-income borrowers is Upgrade. It offers loan pre-qualification, fast funding, and a low minimum credit score requirement. All of our top picks for low-income borrowers feature manageable rates and fees, flexible repayment terms, and fast funding times.
Here, we highlight the lenders with the lowest minimum income requirements from among 59 leading lenders we continuously track in our personal loan database.
Today’s Top Picks
- Best With No Minimum Annual Income Required: Upgrade
- No Minimum Annual Income Required: Universal Credit
- No Minimum Annual Income Required: Best Egg
- $12,000 Annual Income Required: Upstart
- 2.5X Loan Amount in Income Required: Achieve
Why Trust Us
59 Lenders reviewed 45 Loan features considered 2,655 Data points analyzed 284 Primary data sources used Investopedia collected data from dozens of lenders to evaluate the factors most important for borrowers. We used this data to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and more to provide unbiased, comprehensive reviews and help you make the right borrowing decision for your needs. Read our Full Methodology
Best Loans for Low Income: Flexible Terms and Fast Funding
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- Best Personal Loans for Bad Credit
| Company | APR | Credit Score est. | Loan Amount | More Details | |
|---|---|---|---|---|---|
Best With No Minimum Annual Income Required : Upgrade
- APR Range: 7.74% – 35.99%
- Loan Amount: $1,000 – $50,000
- Loan Terms: 24 months – 84 months
On Investopedia
Why We Chose It
Upgrade doesn’t have a fixed minimum income requirement (according to customer service), although you must have a debt-to-income ratio of under 75% and a minimum credit score of 580.
Pros & Cons
Pros
-
Long repayment terms available
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Funding as soon as one business day
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Relatively high maximum loan amount
Cons
-
High maximum APR
-
Origination fee
Overview
Upgrade does not specify a minimum required income to qualify, but it does note a debt-to-income ratio of 75%, which puts its loans in reach of many borrowers. Its minimum credit score requirements are also accessible to many borrowers.
While its rates on the low end are reasonably competitive, borrowers with lower credit scores or lower annual incomes should expect to pay rates closer to the upper end of the advertised range. The same is true for the range of origination fees.
Upgrade was founded in 2017 and is headquartered in San Francisco, California. Since its founding, it has provided more than $35 billion in loans and credit.
Additional Details
| Minimum Credit Score | 580 |
|---|---|
| Origination Fee | 1.85%–9.99% |
| Days to Fund | One day after approval |
Read the Full Upgrade Personal Loans Review
No Minimum Annual Income Required : Universal Credit
- APR Range: 11.69% – 35.99%
- Loan Amount: $1,000 – $50,000
- Loan Terms: 36 months – 60 months
On Investopedia
Why We Chose It
Like its parent Upgrade, Universal Credit has no fixed minimum credit score requirement. Instead, it evaluates a borrower's ability to repay by analyzing debt-to-income ratios and credit scores.
Pros & Cons
Pros
-
Pre-qualification available
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Fast approval and funding
Cons
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Origination fee
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Relatively high APRs
Overview
Universal Credit is a subsidiary of Upgrade and shares many of its parent company’s borrower requirements, including no fixed minimum income requirement and a low minimum credit score. The similarities stop there as Universal Credit features higher advertised APRs, higher origination fees, and less flexible repayment terms.
If you’re considering a loan from Universal Credit, pre-qualify first and compare terms (with Upgrade, or another lender on your list). Shopping around is an easy way to be sure you’re getting the best possible rates and terms.
Universal Credit is an online lending platform based in San Francisco, California, and has been offering personal loans since 2020.
Additional Details
| Minimum Credit Score | 580 |
|---|---|
| Origination Fee | 5.25%–9.99% |
| Days to Fund | One day after approval |
Read the Full Universal Credit Personal Loans Review
No Minimum Annual Income Required : Best Egg
- APR Range: 6.99% – 35.99%
- Loan Amount: $2,000 – $50,000
- Loan Terms: 36 months – 60 months
On Investopedia
Why We Chose It
Best Egg has no fixed minimum income requirement and says it can approve loans based on your credit score, debt-to-income ratio, and other factors.
Pros & Cons
Pros
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No annual income requirement
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Large loans available
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Free credit score access
Cons
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High minimum loan amount
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High maximum APR
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Steep origination fee
Overview
Best Egg has no fixed minimum income requirement like other lenders on our list. Loan funding is fast, with your loan arriving as soon as one day after approval. Loan amounts are broad too, between $2,000 and $50,000. Advertised interest rates begin on the low end. The high maximum rate (35.99%) matches that of many lenders. (That rate is the maximum lenders can charge members of the military, and many lenders use it as their cap.)
On the downside, Best Egg’s origination fee starts at 0.99% and goes up to 9.99%. The lender only offers two repayment periods: 36 and 60 months. However, you can repay your loan sooner as there are no prepayment fees.
Our researchers were impressed by the depth and range of educational resources on the website, giving it a 4 (out of 5) in that category. Best Egg also gives borrowers access to a free credit report and score. The free resource includes budgeting tools, an expense tracker, and more.
Best Egg is headquartered in Wilmington, Delaware, and has originated more than $21 billion in funding.
Additional Details
| Minimum Credit Score | 640 |
|---|---|
| Origination Fee | 0.99%–9.99% |
| Days to Fund | One day after approval |
$12, 000 Annual Income Required : Upstart
- APR Range: 6.50% – 35.99%
- Loan Amount: $1,000 – $75,000
- Loan Terms: 36 months – 60 months
On Investopedia
Why We Chose It
Few lenders we researched reveal a fixed minimum annual income to qualify for its loans. Upstart’s minimum is $12,000, and its low credit score minimum requirement of 300 allow more people to qualify for its loans.
Pros & Cons
Pros
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Low annual income requirement
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Looks at factors besides credit score in loan decisions
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Low minimum APR
Cons
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Limited repayment terms
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Origination fee
Overview
Upstart is a lending platform that works with many different lenders and investors, with many different underwriting requirements. The fintech says its AI-powered loan approval process can make more loans available to a broader range of borrowers at a lower cost and with less risk to lenders.
Upstart’s low minimum credit score requirement of 300 puts loans in reach of people with little or no credit history. It offers loan pre-qualification so that you can check your loan offer against offers from other lenders.
Upstart has made available nearly $40 billion in credit of various types through its platform, including personal loans, since it was founded in 2012. The fintech lender is headquartered in San Mateo, California.
Additional Details
| Minimum Credit Score | 300 |
|---|---|
| Origination Fee | 0%–12% |
| Days to Fund | One day after approval |
Read the Full Upstart Personal Loans Review
2.5X Loan Amount in Income Required : Achieve
- APR Range: 8.99% – 35.99%
- Loan Amount: $5,000 – $50,000
- Loan Terms: 24 months – 60 months
On Investopedia
Why We Chose It
Achieve says it will fund loans of up to 40% of a borrower’s annual income. That works out to a yearly income requirement of $12,500 for a $5,000 loan, the smallest amount it will lend.
Pros & Cons
Pros
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High maximum loan amount
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Rate discounts available
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Fast funding
Cons
-
High minimum loan amount
-
High maximum APR
-
Origination fees
Overview
Achieve’s minimum annual income requirement is based on the loan-to-income ratio, which is the relationship between the amount you borrow and the amount you earn. A loan with Achieve can’t exceed an LTI of 40%. Other factors affect the decision to approve a loan, primarily your credit score. Funding can arrive as soon as one day after loan approval. If your income falls short, Achieve allows borrowers to apply with a co-applicant (and you’ll get a rate discount, too).
In terms of costs, Achieve’s advertised APRs are competitive, with the upper end of the range six percentage points better than many of its competitors (29.99% versus 35.99%). It charges origination fees, which are steep on the upper end (9.99%).
The lender provides loan pre-qualification so you can compare Achieve’s offer against pre-qualification offers from its competitors. Its website provides educational resources and calculators. There’s also a smartphone app that tracks your income and expenses, designed to help users have “money left over” every month and help pay down debt or grow savings.
Achieve is headquartered in Tempe, Arizona, and was founded in 2003.
Additional Details
| Minimum Credit Score | 620 |
|---|---|
| Origination Fee | 1.99%–8.99% |
| Days to Fund | One day after approval |