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

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Arizona

Though residents in Arizona may easily meet a lender’s minimum credit score requirement — the average credit score of Arizona residents is 714 — they may be precluded from a lender due to a low income. Fortunately, there are lenders in the state who cater specifically to low-income borrowers.

MoneyGeek examined over 35 data points, including APR ranges, loan size and repayment terms, eligibility criteria, Better Business Bureau (BBB) ratings and more, to find the best lenders for those with low incomes in Arizona. Our research indicates that Upgrade is the best lender, with LendingClub earning second place. We also found that Prosper and Upstart are the best for those with good and poor credit scores, respectively.

Best Overall Low-Income Loan in Arizona: 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

    Since 2016, Upgrade has helped customers improve their financial habits through its free credit health tools and personal loans. Upgrade is the best personal loan lender for low-income borrowers in Arizona due to its low credit score requirement and rapid fund disbursement.

    The lender’s personal loan products range in amount from $1,000 to $50,000, making it a suitable choice for those seeking a small-to-moderate amount of funds. Furthermore, borrowers can receive their funds immediately, which is ideal for those who need funds quickly.

    That being said, Upgrade personal loans feature APRs as high as 35.47% for bad credit borrowers. Additionally, an origination fee up to a percentage of the loan amount is applied to all loans. If you have a low income but a good credit score, you may be able to find a lender with more favorable terms.


    • Low minimum credit score requirement
    • No prepayment penalty
    • Autopay discount
    • Joint loans available


    • Origination fee
    • Potentially high APR
    • Restrictions on the usage of loans
    • Penalty for late or missed payments
    • 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

Runner-Up for Best Low-Income Loan in Arizona: 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

    Since 2007, LendingClub has provided financial solutions, including low-income loans, to four million consumers via its digital lending platform. Its loan products range in amount from $1,000 to $40,000 and feature repayment terms between 36 and 60 months.

    Though borrowers with poor credit may receive an extremely high interest rate, up to 36%, those with good or excellent credit can receive an interest rate starting at around 7.04%. Despite the fact that this lender's maximum APR is somewhat high, its rates are fixed, so you'll never have to worry about your loan payments increasing or decreasing.


    • Joint loans available
    • Fair minimum credit score requirement
    • Offers direct payment to creditors


    • Origination fee between 3% and 6%
    • Potentially high APR
    • Low maximum loan amount of $40,000
    • 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

Best Low-Income Loan for Bad Credit in Arizona: 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

    If you have a low credit score or no credit history, you may be ineligible for a personal loan with certain lenders. Founded in 2012, Upstart is an online lending platform that uses artificial intelligence to grant loans to borrowers with poor credit scores or limited credit histories. To assess a borrower’s loan eligibility, the lender takes into account other factors, like education and employment history.

    Borrowers can receive $1,000 to $50,000 in funds, depending on their eligibility. However, it’s important to be aware that these loans feature origination fees, upfront costs that are a percentage of your original loan amount and potentially high APRs. Though the lender only completes a soft credit check initially, it will conduct a hard credit check after you submit your application — this will cause your credit score to slightly dip.


    • Low minimum credit score requirement of 300
    • Soft credit inquiry to check eligibility
    • Part-time, full-time and self-employed individuals are accepted
    • No prepayment penalty


    • Potentially high APR
    • Limited repayment term options
    • Hard credit check when applying
    • 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 business day

Best Low-Income Loan for Good Credit in Arizona: 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

    Founded in 2005, Prosper is a peer-to-peer lending platform that offers loan products to those with a credit score of at least 640. The lender’s loan amounts range from $2,000 to $40,000 and feature repayment terms between 36 and 60 months.

    Typically, funds are deposited into your account immediately after your application is approved. While the lender has no prepayment penalties, you may have to pay fees for things like late payments, insufficient account funds or payments by check. One major downside of Prosper personal loans is its high interest rate, especially for those with low credit scores.


    • Offers fixed-rate loans
    • No prepayment penalty
    • No restrictions on the usage of funds
    • Allows co-applicants


    • Charges origination fees
    • Potentially high APR
    • Charges fees for late payments, check payments and insufficient funds
    • 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

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

It’s essential to carefully review lenders for their rates, terms and fees to find the best option for you. The average interest rate on personal loans in Arizona is 8.93% — looking for a lender whose average rate is equal to or less than this can be a good starting point.

Prior to researching different lenders, you may also want to reflect on whether a personal loan is truly the best option for your future finances. MoneyGeek recommends taking the following steps to make a well-informed, thoughtful decision about the best low-income loan in Arizona:

Ask Yourself the Important Questions

Taking out a personal loan is a significant investment of your time and money. Before you apply for a personal loan, it’s important to ask yourself the following questions:

  • How much funding do you need? To avoid over or underborrowing money, it’s important to take stock of how much money you need. By being as accurate as possible in your estimation, you can avoid paying more interest or taking out a second loan.
  • What’s your credit score? When applying for a low-income loan in Arizona, a good credit score could save you money by allowing you to qualify for a loan with a low interest rate. Your credit score may also determine the lenders that are available to you, as each has different credit score requirements.
  • Can you afford the monthly payments? Review your current finances and budget to determine if you can afford the monthly payments. Missing a payment can negatively impact your credit score or cost you money in fees.
  • Do you have existing debts? Taking out another loan may be a recipe for disaster if you aren’t already properly managing your existing debt. Consider repaying your current loans first before applying for more.
  • Is your debt manageable through other means? The easiest way to get the cash you need without getting further into debt is to find an interest-free alternative, such as borrowing from family members or taking advantage of a credit card with a 0% APR for an introductory period.
Do Your Research

Because personal loan products vary between lenders, it’s important to research and compare providers for their interest rates, fees, loan amounts and repayment terms. This will help you find a loan that best suits your needs. MoneyGeek’s recommendations are based on generic borrower profiles, rather than your specific situation. Our guide is a great place to start, but there’s no substitute for your own research.


Shortlist a few lenders and then give yourself a few days to mull over whether or not to apply with one of them. Before applying for a personal loan, you should carefully consider all of your alternatives because these loans represent a significant financial commitment.

Read the Fine Print

Before you sign a contract with a lender, it’s essential to educate yourself about any fees, interest rates and penalties included in the fine print of your loan agreement. These seemingly insignificant costs can add up over time, significantly increasing the original cost of your loan. If you have any questions, you can always reach out to your lender for clarification.


When you're satisfied with your chosen lender, you can proceed with your application. To apply for a loan, you'll need to provide proof of identification as well as financial statements. Most loan applications may be completed digitally for online-only lenders, but if you have any questions, you should definitely give the lender a call. You may be able to find a lender with a physical branch to apply in person, if that is your preference.

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

Don't let a rejection for a personal loan get you down. Loan applications are commonly denied by lenders due to poor credit scores, insufficient incomes, high DTI ratios and a lack of supporting paperwork.

If your loan application is rejected, you should contact your lender to find out why it was denied. You may be able to modify certain terms of your loan, like your loan amount or repayment period, to have it approved.

Avoid payday loans at all costs, especially in emergencies. These loans often have shorter repayment terms and higher interest rates. Repaying a payday loan will also not improve your credit score, regardless of how promptly you pay it back.

Calculate Your Monthly Payment

Remember that once you get your loan, you'll have to start making monthly payments that include interest. It’s important to determine whether or not you can manage these monthly payments based on your existing financial situation. MoneyGeek's personal loan calculator can help you estimate the monthly payment amount on your low-income loan.


FAQs About Low-Income Loans in Arizona

MoneyGeek answered some of the most commonly asked questions about low-income personal loans in Arizona to help you choose which loan option is appropriate for your unique situation.

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


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MoneyGeek evaluated more than 30 personal loan companies for 35 data points in six primary categories — affordability, loan accessibility, user friendliness, customer service, lender transparency and flexibility.

We analyzed many unique data factors under each ranking criterion that we believe hold the greatest weight when selecting a personal loan provider. These variables include APR ranges, maximum and minimum loan amounts, minimum credit score and income requirements, application fees and disbursement periods.

Our ratings took into account additional features that impact the consumer’s experience, like prequalification, flexible payment options and mobile apps. These recommendations were made with your best interests in mind after significant deliberation and analysis. At MoneyGeek, we are committed to helping consumers save money and make sound financial decisions.

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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.