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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in Alaska

Alaska's average personal loan debt was $19,188 in 2021, indicating that consumers from the "Last Frontier" state aren't averse to taking out a personal loan. However, not everyone can meet lenders' minimum income requirements.

Fortunately, low-income loans allow consumers with below-average earnings to be approved. MoneyGeek's analysis considered more than 30 factors — including APR ranges, repayment terms and credit score requirements — to identify where you can get the best low-income loan in Alaska.

Best Overall Low-Income Loan in Alaska: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade launched its operations in 2017 and has provided over $19 billion in credit to customers through cards and loans. It is a primarily online lending and banking account platform headquartered in San Francisco, California.

    Upgrade has gained popularity as a lender that caters to borrowers with less-than-ideal credit scores. With a minimum credit score requirement of 560, you're likely to be approved even with a fair FICO score.

    With that target market, it's not surprising that Upgrade may charge higher APRs than other low-income lenders in Alaska. Borrowers with excellent credit standing may find better rates elsewhere. Also, this lender isn't ideal for paying directly to creditors — this may take a couple of weeks to clear.

    Pros

    • Minimum credit score eligibility of 560
    • Repayment term up to 60 months
    • Ability to change your payment due date
    • No prepayment fees

    Cons

    • Origination fee can range between 1.85% and 8%
    • Charges a $10 fee for late or failed payments
    • Funds cannot be used for investments or education-related expenses
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in Alaska: LendingClub


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Established in 2006 and launched the following year, LendingClub has helped over four million members with their financial goals. It offers a variety of financial products and has funded $70 billion in loans. LendingClub was the first public neobank in the U.S., with its headquarters in San Francisco. You can access its products through any digital device and manage your loan through its mobile app.

    Although it advertises a next-day funding timeline, it's possible to get it sooner. LendingClub funded 35% of personal loans between April and June 2022 within 24 hours of approval. That makes it a solid option if you're in a rush.

    However, its high APR might make you reconsider. Borrowers with excellent credit may find more competitive interest rates for low-income loans in Alaska with other providers.

    Pros

    • Conducts a soft inquiry when you check your rate
    • Allows joint applications
    • No application fee
    • No prepayment penalty
    • Mobile app for easy loan management

    Cons

    • High APR range
    • Charges origination fee between 3% and 6%
    • Imposes restrictions on funds usage
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    LendingClub

Best Low-Income Loan for Bad Credit in Alaska: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart is an online platform that utilizes artificial intelligence to provide loans to more qualified borrowers than traditional lending institutions. Since its establishment in 2012, it has originated nearly $29 billion in loans.

    Low-income borrowers in Alaska with poor credit standing may find Upstart their best option. You only need a credit score of 300 to qualify for a loan. You can even check your rate without affecting your credit score since doing so only conducts a soft inquiry (a hard pull will follow upon application).

    That said, Upstart doesn't offer discounts for automatic payment. You should also consider the origination fee in estimating how much you'll need — if you're borrowing just enough to cover your needs, the proceeds might leave you short.

    Pros

    • No prepayment fee
    • Flexibility for loan usage
    • Minimum credit score requirement of 300

    Cons

    • No discount for enrolling in autopay
    • Limited repayment terms
    • Charges an origination fee
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Low-Income Loan for Good Credit in Alaska: Prosper


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Borrowers with good credit looking for low-income loans in Alaska can consider Proper. It's another provider based in San Francisco, California, and has been in business since 2005.

    Prosper holds the distinction of being the first peer-to-peer lending marketplace in the U.S. Since its launch, it facilitated over $1.2 billion in loans, which benefited over 1.3 million people.

    All loans from Prosper are unsecured, which makes it attractive — this way, you aren't risking any of your assets. However, its potentially high APR might make you reconsider pursuing an application. Prosper also charges various fees — origination, check payment, late payment and insufficient funds — and doesn’t offer discounts for enrolling in automatic payments.

    Pros

    • Allows co-applicants for loans
    • Checking rates don’t impact credit scores
    • No prepayment penalty
    • Fast loan funding
    • Mobile app specifically for personal loans

    Cons

    • Potentially high APR
    • May charge multiple fees
    • No autopay discount
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in Alaska for You

Factors like your current debt-to-income ratio and credit score may affect the rates and terms lenders offer for low-income loans in Alaska. The average personal loan amount in Alaska is $19,188 and the average credit score is 686.

To ensure you find the best low-income loan in Alaska, MoneyGeek recommends taking the following steps:

1
Ask Yourself the Important Questions

Here are some questions you might want to ask yourself before pushing through with your loan application:

  • How much do you need to borrow? It's tempting to borrow more than you need, but remember that the higher the loan amount, the more it'll eat into your monthly household budget.
  • How’s your credit standing? Low-income loan lenders in Alaska may not impose income requirements, but they look at other factors, such as your credit score. You're more likely to get higher rates if it’s on the lower end of the spectrum.
  • Can you make your monthly payments? Even if you choose a lender that doesn't charge late fees, missing payments can increase your outstanding balance, hurt your credit score and affect future loan or credit card applications.
  • Do you have other debts? Taking out a low-income loan in Alaska means incurring new debt. If you have existing ones, it may make repayment challenging.
  • Is your debt manageable through other means? You might need to explore other options, such as using a credit card or borrowing from friends and relatives.
2
Do Your Research

Although MoneyGeek recommended where to get your low-income loan, it's best to do your own research. Our analysis covers the common areas borrowers should compare — such as APRs, loan amounts, the required credit score, timeline for funds disbursement and repayment terms — but you may have more specific preferences. For example, most borrowers prefer a loan with no origination fees. Others want lenders that offer loans with instant approval.

3
Wait

After looking at various lenders and their respective offers, you’ll want to give yourself some time to make a decision. It's tempting to decide on a lender right after you've sifted through mounds of data, especially if you find one that seems to have all the boxes checked. But a low-income loan in Alaska is a considerable commitment — your repayment terms indicate how long you'll endure your financial obligations. Keep that in mind when comparing your options.

4
Read the Fine Print

After finding a low-income loan lender in Alaska that you like, go over the details of its loan offer again. Does the lender charge an origination fee? If so, how much will it be? Can you move your monthly due date? If not, what happens if you miss a payment — will you pay a late fee? Once you've signed the loan agreement, you'll have to abide by it. It's best to be aware of the fine print before you apply.

5
Apply

Begin preparing the documents you'll need to submit. The typical requirements include proof of identity and income, but your lender may ask for others. It's best to have these ready to avoid delays in the approval process. Although most lenders allow you to complete your loan application online, remember that you shouldn't hesitate to contact them directly if you have any questions.

What to Do if You Can’t Get a Low-Income Loan in Alaska

Despite reviewing requirements and ensuring you qualify for a low-income loan in Alaska, lenders can still deny your loan application due to factors such as your credit score, loan amount, repayment duration or debt-to-income (DTI) ratio.

If your lender denies your application, it's best to understand why. There's nothing wrong with calling your lender and asking. Afterward, you might adjust the specifics of your loan in hopes that they'll reconsider — lowering your loan amount or choosing shorter terms could lead to a different result.

Sometimes the issue is your credit score or DTI, and there isn't an immediate fix. Unless you're facing an emergency and need funds right away, taking the time to work on these issues may bring more benefits in the long run. This long-term strategy is better than going for easy but high-interest payday loans or applying with a different lender. Remember, if you don't work on why your lender denied your initial application, you'll likely encounter the same outcome.

Calculate Your Monthly Payment

When taking out a low-income loan in Alaska, it's not simply about ensuring your application is approved — you also need to ensure you can afford your monthly payment. MoneyGeek's personal loan calculator can help determine how much you'll spend each month, particularly if your lender pre-approves you.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Low-Income Loans in Alaska

Taking out a low-income loan in Alaska is an excellent way to secure additional funding, but it's best to understand the various factors lenders consider during your application. Remember, the best one for you depends on your profile and financial situation.

MoneyGeek gathered the questions borrowers usually ask to provide more information.

What is the best low-income loan lender in Alaska?
Which lender in Alaska has the lowest interest rates for low-income?
What kind of debts can I not use my low-income loan for in Alaska?
How much debt can I consolidate in Alaska?
How long does it take to get a low-income loan in Alaska?
Can I pay off my loan early in Alaska?

Methodology

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METHODOLOGY

Accessibility, affordability, consumer friendliness, customer service, flexibility and lender transparency are six areas that affect borrowers’ experience with lenders. MoneyGeek used 35 data points, each falling into one of these, to evaluate over 30 personal loan lenders.

Some data points within each area carry more weight. MoneyGeek believes these influence borrowers' decisions more when choosing a personal loan lender. These include APR ranges, loan amounts, repayment term options, credit score and income requirements, application fees and speed of disbursement.

MoneyGeek acknowledges that other areas affect a borrower's loan experience, so we included lender features that provide convenience and ease. Examples are customer support, business ratings, mobile applications, payment options and prequalification processes.

After considering all these factors, MoneyGeek keeps you and your best interests in mind when making recommendations. Our guide can help you choose the best low-income lender in Alaska for your specific needs.

sources
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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