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

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Edited byKatherine Kurtz
Edited byKatherine Kurtz

Updated: December 28, 2023

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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

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

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

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

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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.

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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.

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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.