Best Low-Income Loans in Connecticut: 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 Connecticut

MoneyGeek evaluated 30 personal loan lenders for more than 35 key data points to determine the best low-income loan providers in the state. These key data points included, but weren’t limited to, ratings from the Better Business Bureau (BBB), APR ranges, loan amounts, repayment terms, minimum income requirements, debt-to-income (DTI) ratios and more.

According to our research, Upgrade offers the best low-income loans in Connecticut, followed by LendingClub. Upstart is an ideal option for borrowers with bad credit, while Prosper is our top choice for those with good credit.

Best Overall Low-Income Loan in Connecticut: 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 is the best overall low-income loan provider in Connecticut, as determined by MoneyGeek's analysis. Headquartered in San Francisco, California, Upgrade was founded in 2017 and has since provided over $19 billion in credit to its consumers. It offers various loan products, credit cards and other financial services.

    Upgrade is known for providing loans to individuals with poor-to-fair credit — the lender’s minimum credit score requirement is 560. Furthermore, this lender is a good option for those seeking a low-to-moderate amount of funds, as you can borrow between $1,000 and $50,000.

    Although those with poor-to-fair credit scores can qualify for a loan with this lender, they may receive a high APR in excess of 35%. Borrowers with good and excellent credit may shop around for better interest rates. Furthermore, origination fees, up to 9% of the original loan amount, may deter borrowers looking to minimize costs.


    • Fair minimum credit score requirement
    • Borrowers can choose their payment due date
    • No prepayment penalty
    • Variable repayment terms
    • Low minimum loan amount of $1,000


    • Origination fees
    • Restrictions on the usage of funds
    • 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 Connecticut: 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

    According to MoneyGeek, LendingClub is the second-best low-income loans provider in Connecticut. Since its inception in 2007, LendingClub has been serving customers as a leading online fintech platform. It is ideal for borrowers with good-to-excellent credit who prefer online transactions and quick loan disbursement.

    As one of the largest providers of unsecured personal loans in the country, LendingClub has already assisted over four million users. Loans from LendingClub are available up to $40,000 and feature repayment terms between 36 and 60 months. Additionally, it offers a smartphone app that can be used to easily apply for loans and maintain accounts.

    However, personal loans with LendingClub feature potentially high APRs, and the lender charges up to 6% of the loan amount in origination fees. Another downside of this lender is that it has restrictions on fund usage. Connecticut borrowers with excellent credit can compare rates from different lenders to find more competitive rates on low-income loans.


    • Mobile application available
    • No application fee
    • Offers joint loans
    • Quick loan disbursement
    • Automatic payment withdrawals


    • High APR range
    • Origination fees
    • Restrictions on fund 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: Within 24 hours

Best Low-Income Loan for Bad Credit in Connecticut: 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 has been a pioneer in the use of artificial intelligence (AI) to offer loans to qualified customers since 2012. In June of 2022, the company reached a new milestone by fully automating 73% of its loans and originating $28.6 billion. Upstart’s low minimum credit score requirement of 300 makes it the best option for borrowers with bad credit who need a low-income loan in Connecticut.

    Upstart only completes a soft credit check in response to rate inquiries, but borrowers should note that the lender will complete a hard credit check after you submit your application. Borrowers should also be aware of potentially paying a high interest rate in excess of 35%. Repayment terms on the lender’s low-income personal loan products are limited to 36 or 60 months, and it charges an origination fee up to 8% of the original loan amount.


    • Low minimum loan amount of $1,000
    • No prepayment penalty
    • Low minimum credit score requirement
    • Low minimum APR


    • Origination fee
    • No autopay discount
    • Employment requirement
    • 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 Connecticut: 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

    MoneyGeek found that Prosper is the best low-income lender in Connecticut for those with good credit scores. Since it was formed in 2005, it has since established itself as a nationwide leader in the peer-to-peer lending industry. Prosper has served over one million customers and processed over $22 billion in loans.

    Borrowers can obtain between $2,000 and $40,000 in funds, repayable in 36 to 60 months. Funding can be obtained on the same business day your application is approved, making it a good choice for those that need a loan quickly. Some downsides of this lender include its high maximum APR, which is upwards of 35%, and its fees for late payments and loan origination.


    • Offers joint loans
    • Fair credit score requirement
    • No prepayment penalty
    • Mobile application


    • Charges late and origination fees
    • High maximum APR
    • 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

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

In Connecticut, where the average personal loan debt is $14,038 and the average credit card debt is $6,237, it appears relatively common to take out a loan. However, just because it's common practice doesn’t mean that it’s the best decision for you. MoneyGeek suggests taking the following steps to ensure you find the best solution to your funding needs, which may include finding an ideal low-income loan provider in Connecticut.

Ask Yourself the Important Questions

The following questions can help you determine if a personal loan is the best option for you as well as prepare you for applying for a personal loan.

  • How much funding do you need? It’s important to be as precise as possible in estimating your funding needs because this will help you avoid over or underborrowing money. Every cent of your loan will accrue interest, so only taking out what you need will save you money in the long run.
  • What’s your credit score? Your credit score will not only impact your eligibility with lenders, but it will also determine the interest rate you receive on your loan. If you have a low credit score and don’t require funding immediately, consider improving your score first before applying for a low-income loan.
  • Can you afford the monthly payments? It’s important to make sure that the monthly payment you select fits in your budget. Making a higher monthly payment will allow you to repay your loan sooner, reducing the overall amount you will pay in interest. However, it’s important to make sure your monthly loan payment doesn’t impair your ability to pay other expenses.
  • Do you have existing debts? This is an extremely important question. Consider whether or not you really need to take out another loan, as doing so comes with a significant amount of additional obligations. You may want to repay your current loans first to receive a lower interest rate on your low-income loan.
  • Is your debt manageable through other means? If you have alternative choices for managing your debts, you should explore them before applying for another loan. Other options include utilizing a credit card or asking to borrow money from relatives or friends.
Do Your Research

Although MoneyGeek has provided a list of low-income lenders in Connecticut, it is still essential to conduct your own research. Browse lenders’ websites, read online reviews and even consult with friends and family about their experience with different lenders. We recommend comparing lenders for their APRs, loan amounts, eligibility requirements, repayment terms and disbursement times to find the best option for your situation.


After you’ve thoroughly researched lenders and have chosen the best one for you, it’s important to wait a few days before you apply. During this time, you can consider alternative funding options or contact the lender for more information about its personal loan products. A personal loan is a significant investment of your time and money, so it’s essential that you’re confident in your choice of lender.

Read the Fine Print

Before you apply for a loan, it’s important that you read the fine print of your loan agreement. The fine print includes details on potential fees for late payments, loan origination or early repayment. While seemingly insignificant, these hidden costs can add up over the life of your loan. If you have any questions about the terms of your loan, you should contact your lender for clarification.


Once you have completed all the steps included above, you can apply with your chosen lender. Prior to starting your application, we suggest gathering all required documentation in advance. This generally includes proof of identification, address and employment, but you may be required to provide additional documents depending on your chosen lender.

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

If your application for a low-income loan in Connecticut is denied, there are still steps you can take to obtain a loan. Loan applications are commonly rejected due to insufficient credit scores, incomplete application submittals and high DTI ratios.

After your application is rejected, you should contact the lender directly to find out why it was denied. Sometimes, simply modifying the terms of your loan application, like decreasing the loan amount or increasing the repayment term, can lead to its approval. However, there is no immediate solution if your credit score or DTI ratio was the problem. If you don't absolutely need a loan now, we recommend improving these issues first before reapplying or applying with a different lender.

Some borrowers may be tempted to apply for a payday loan. MoneyGeek strongly advises against these loans, as they feature high interest rates and short repayment terms. If you are in urgent need of funds, you can apply for a low-income loan with a different lender or check low-interest loans.

Calculate Your Monthly Payment

When your loan application is approved, you agree to make monthly payments that include interest. While these payments can be troublesome if poorly managed, MoneyGeek's personal loan calculator allows you to estimate your monthly payments ahead of time so you can plan accordingly.


FAQs About Low-Income Loans in Connecticut

Low-income loans in Connecticut can provide reliable funding. However, before filling out a loan application, we recommend that you familiarize yourself with your chosen lender's specific requirements and loan terms. The following are the most frequently asked questions about low-income loans in the state.

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


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MoneyGeek analyzed more than 30 personal loan lenders for over 35 unique data points across six key categories — availability, customer friendliness, flexibility, customer support, lender transparency and affordability.

When rating personal loan providers, we placed more emphasis on the factors that matter most to the consumer, like application costs, APR ranges, repayment terms, loan amounts and eligibility requirements.

Because you, the consumer, are MoneyGeek's top priority, we also took into account factors that provide a well-rounded experience, like a lenders’ business and customer service ratings, mobile applications, online applications, payment options and prequalification availability.

We prioritized the best interests of customers while selecting our top recommendations. Our personal loan recommendations and expert advice are designed to help you find the ideal lender for your 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.