Low-Income Loans: What They Are and Where to Get One

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What is a low-income loan?
Lenders with no or low income requirements
Lender | APR | Loan amount | Minimum income requirement |
---|---|---|---|
11.69% - 35.99% | $1,000 - $50,000. | None. | |
7.99% - 35.99% | $1,000 - $50,000. | None. | |
6.70% - 35.99% | $1,000 - $50,000. | $12,000 annually. | |
7.99% - 24.99% | $2,500 - $40,000. | $25,000 annually. | |
8.99% - 18.00% . | $250 - $50,000. | None. | |
9.95% - 35.99% . | $2,000 - $35,000. | $1,200 monthly. | |
0% - 18%. | $300 - $50,000. | None. |
How to qualify for a personal loan with low income
Things to consider beyond income requirements
How to apply for a loan
- Check your credit: Many lenders consider your credit during the loan approval process. Review your credit score and lenders’ borrowing requirements to know which lenders you may qualify with. Make sure your credit report is free of errors, such as a misspelled name or falsely reported delinquency, that could hurt your score and your chances of being approved. You can check your credit score for free with NerdWallet or request a credit report from AnnualCreditReport.com.
- Pre-qualify and choose a lender: Many lenders let you pre-qualify, which shows your estimated rate, term and monthly payment before committing to a loan. It involves a soft credit pull, which means you can pre-qualify with multiple lenders without impacting your credit score. Compare offers from different lenders to find the loan that best fits your monthly budget and needs.
- Gather your documents: Lenders will ask for documents to verify your identity, address and income. This can include copies of a driver’s license, utility bill, tax return and a W2.
- Apply for a loan: You can apply for a loan online or in person, depending on the lender. A formal application requires a hard credit check, so your score can temporarily decrease a few points at this time.
- Get funded: Some lenders offer same-day approval, but others can take a few days. If you are approved, expect to get your funds in less than a week. Your first payment will typically be due after 30 days.
Personal loan alternatives for low-income borrowers
Article sources
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