Best Low-Income Loans in Pennsylvania: Top Lenders and Rates for 2024

Ask Yourself the Important Questions

Asking yourself the following questions before researching lenders may help you save time and money:

• How much funding do you need? Accurately estimating your funding needs can help you avoid taking out too much or too little money. It can also help you narrow down your choice of lenders, as most lenders offer different loan amounts.
• What’s your credit score? This will impact your loan eligibility and the APR you receive on your low-income loan. To receive the best rates, consider improving your credit score first before applying for a low-income loan.
• Can you afford the monthly payments? Ensure you can make your monthly payments to avoid paying late fees. While choosing a higher monthly payment amount will allow you to repay your loan faster, it’s important to be able to cover other expenses.
• Do you have existing debts? Unless you intend to use your low-income loan to consolidate debt, consider repaying your existing debt before taking on more.
• Is your debt manageable through other means? When possible, always opt for a financing option with zero or low interest, like borrowing from friends and family or taking out a credit card.

Do Your Research

When you sign a loan agreement, you enter into a two to four year relationship with your chosen lender. Because of this, it’s essential to thoroughly research and compare lenders for their rates, fees and eligibility requirements to find the best option for you. MoneyGeek’s suggestions can help direct your search, but our recommendations are based on generic borrower profiles, not your unique situation.

Wait

After you’ve found your preferred lender, wait a day or two before submitting your application. During this time, you can review other lenders or reach out to your preferred lender to ask additional questions. Taking a step back can reveal insight that may affirm your lender choice or lead you to consider other options.

Read the Fine Print

The fine print of a loan agreement details fees for loan origination, prepayment and late payments. These fees may not be obviously stated on a lender’s website, but you will be obligated to pay them if you obtain a loan with the lender. Being aware of any fees associated with your loan in advance can help you budget accordingly or choose a different lender.

Apply

Once you’ve read and understand the fine print of your loan agreement, it’s time to submit your application. To save time, prepare all required documents in advance. Lenders typically require borrowers to provide proof of address, income, identification and more. If you’re applying with an online-only lender, you’ll submit your application online. Some lenders still have physical locations where you can apply and ask questions in person.