Best Personal Loans for Low Income 2022

Last Update: September 15, 2022 Loan Reviews Loans

People with a low income have to be careful with loans. If you have a low income, there is a risk of not paying the loan on time, leading to problems like late fees, bankruptcy, marks on your credit file that will stay there for up to 10 years, and other problems.

The best loans for people with a low income are personal loans. These loans have an APR of up to 35.99% and offer up to $100,000. If you have a low income, stay away from payday loans and auto title loans. They are predatory. These lenders typically promote them like: “no credit ‒ no problem,” “bad financial situation ‒ no problem.” They target people with a low income, but this is exactly what you have to avoid. Payday loans come with an APR of about 400% and risk getting into a debt cycle. Watch the video to see how people with bad credit can get a personal loan.

People with low incomes have a high risk of falling into a debt cycle. This means that if you don’t pay the amount on time, you will be required to pay only its interest on the next payday, which is about $30 for every $100 per month. However, this won’t lower the principal amount, and the process will continue until you find the money to pay the amount in full.

Here is a list of the best personal loan companies that can help people with a low income.


Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 5.94% – 35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and directly pay off a portion of existing debt. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 600
Approval: 1 Day
Terms: 3 – 5 years
Origination Fee: 2.9% – 8%
DTI Ratio: 40%

Upgrade is a great company because they offer help to people who have lost their jobs. But unfortunately, they can’t help you if you have a really bad credit score and are in a bad financial situation. They have two requirements: a 600 minimum credit score and at least $1,000 of free cash flow after monthly expenses. However, if you meet these criteria, you definitely have to check what they have to offer.


Upstart is a company that will evaluate many additional factors like your education, for example. Even if you have a low income, you can try applying. A minimum credit score of 300 and at least $12,000 annual income are required. If you meet these requirements, you can get great offers from them.

Loan Amount: $1,000 – $50,000
APR: 3.09% – 35.99%
Min. Credit Score: 300
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Origination Fee: 0% – 8%
DTI Ratio: 45%


PersonalLoans is a company that can be very helpful. They have a clear credit score and loan income requirements on their site. A credit score of 580 and an income of at least $1,000 a month are enough for you to get a loan.

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A

What Valuable Tips Can We Give to People with Low Income?

People with a low income are a great target for loan sharks because a day may come when they will not make a loan payment. That is why we recommend that you carefully check loan flexibility factors. These are things like late fee penalties, refinancing options, and so on. Carefully discuss what will happen if you don’t make a payment with your lender. Some companies offer great options like skipping a payment, which you can easily do online with a single click of a button, with no late fees applied. On the other hand, some companies don’t offer flexible loan options, and we recommend that you skip them. Nothing is free! Flexibility can lead to a slightly higher APR, but the choice of APR vs. flexibility is yours.

Make sure that you read the contract carefully and that you can pay the loan on time. If not, you risk being in a debt cycle. There will be problems with personal loans, but not nearly as serious as with payday loans.

Work on your credit score and improve your overall financial situation. There are many things that you can do to improve your financial situation. Below we will list a few great ways to make and save money online.

We have listed a few companies that can help people with a low income to get a loan. However, the best way is to shop around. Apply for many companies and compare offers.

Try to avoid getting a loan.

We have a list of tips that will help you avoid taking out a loan.


Getting a loan with a low income is possible, but we recommend trying other options. Carefully discuss all refinance options and make sure that you can pay everything on time. We recommend that you get a loan only as your final resort because there is a risk that you won’t be able to pay it off. At all costs, avoid payday loans and auto title loans.



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