Best Low-Income Loans in Delaware: 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 Delaware

With an average personal loan debt of $16,674, it’s evident that most residents aren’t hesitant to take out a personal loan. Although personal loans are relatively popular, those with low incomes may have trouble qualifying for one due to minimum income requirements set by lenders. Fortunately, some lenders offer low-income loans in the state.

To determine where you can receive the best low-income loan in Delaware, MoneyGeek reviewed 30 personal loan lenders for over 35 key features, including eligibility criteria, APR ranges, repayment terms, fees and fund disbursement time. Our analysis showed that Upgrade offers the best overall low-income loan in Delaware.

Best Overall Low-Income Loan in Delaware: 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

    MoneyGeek found that Upgrade offers the best low-income loan in Delaware. Since 2017, Upgrade has been disbursing personal loans. Unlike other lenders, Upgrade accepts both online and in-person loan applications.

    Due to its low credit score requirement of 560, even borrowers with poor-to-fair credit can obtain personal loans from this company. Its loan products range in amount from $1,000 to $50,000 and feature repayment terms between 36 and 60 months.

    A few downsides of this lender include its high interest rates and fees. Although its starting APR is quite low, only those with excellent credit scores will likely receive it; those with poor credit risk getting an interest rate in excess of 35%. Furthermore, Upgrade charges fees for loan origination and late payments. These costs can significantly increase the original amount of your loan.

    Pros

    • Offers in-person and online applications
    • Conducts a soft credit inquiry first
    • No prepayment fees
    • Autopay discount
    • Joint loans available

    Cons

    • Charges late and origination fees
    • Low maximum loan amount
    • Restrictions on fund usage
    • 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 Delaware: 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

    LendingClub is MoneyGeek’s runner-up choice for the best low-income loan in Delaware. It is a digital fintech company that offers personal loans between $1,000 and $40,000 to borrowers with fair credit.

    The lender’s next-day funding makes it a good option for those that need funds quickly. Although a LendingClub loan can’t be used to finance postsecondary education, investments or gambling, you can use your funds to pay for home improvement projects, trips and medical expenses.

    While this lender has a relatively high maximum APR, its rates are fixed, so you don’t have to worry about your interest rate fluctuating with the market. The lender does charge origination fees, which are a percentage of your original loan amount.

    Pros

    • Conducts soft credit check initially
    • No prepayment penalty
    • Provides a competitive rate match
    • Joint loans available

    Cons

    • High APR range
    • Charges origination fees
    • No autopay discount
    • 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 Delaware: 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, an artificial intelligence (AI) lending platform, was founded in 2012 with the goal of giving its bank partners easy access to finance. Its personal loans can be used for a variety of things, including consolidating debt and funding large purchases.

    For individuals with bad credit who require a low-income loan in Delaware quickly, Upstart is an ideal option. Upstart takes factors other than your credit score into account, like your employment status and education history. Those that qualify can obtain between $1,000 and $50,000 in funds, depending on their eligibility.

    Though borrowers with poor credit can qualify for a loan, it’s important to note the lender’s maximum APR of 35.99%. The lender also charges fees for loan origination. These fees, coupled with a high interest rate, can significantly increase the original cost of your loan.

    Pros

    • Conducts soft credit check initially
    • Potentially low APR
    • Low minimum credit score requirement
    • No prepayment fees

    Cons

    • Origination fees
    • No autopay discount
    • Has 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 day
    Upstart

Best Low-Income Loan for Good Credit in Delaware: 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

    Prosper, founded in 2005, is a pioneer in the peer-to-peer lending industry and MoneyGeek’s pick for the best low-income loan in Delaware for those with good credit. Borrowers with a minimum credit score of 640 are eligible for its loan products.

    Prosper offers loans ranging from $2,000 to $40,000 with repayment terms between 36 and 60 months. Within the same business day of your application being approved, you can receive your funds, making this lender a good choice for those that need a loan quickly. The lender also charges no fees for early repayment, making it an ideal option for those that expect to repay their loan before its due date.

    While its starting interest rates are relatively low, only those with excellent credit scores are likely to receive it. Those who simply meet the lender’s minimum credit score requirement should be mindful of receiving a potentially high APR in excess of 35%. Furthermore, the lender charges fees for loan origination up to 5% of the original loan amount.

    Pros

    • Conducts soft credit inquiry
    • Relatively low minimum credit score requirement
    • No prepayment penalty
    • Joint loans available

    Cons

    • Origination fees
    • Low maximum loan limit
    • Late payment fees
    • 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 Delaware for You

The average personal loan debt in Delaware is $16,674, indicating that taking out a personal loan is relatively common in the state. If you’re among the Delaware residents who have existing debt, you may want to reconsider taking out an additional loan.

Prior to applying for a low-income loan in Delaware, we recommend that you reflect on your funding needs, search for alternative funding sources and research different lenders. Following the recommended steps below can help you make a well-informed decision.

1
Ask Yourself the Important Questions

Before researching different lenders, you must first consider whether getting a low-income loan is a good decision for you. At a minimum, we suggest asking yourself the following questions:

  • How much cash do I need? It’s important to accurately assess your funding needs to avoid taking out too much or too little money. By overborrowing, you may pay more in interest, but by underborrowing, you may need to take out a second loan.
  • How is your credit rating? Your credit score affects both your capacity to get a loan and the interest rate you will pay. If you have a poor credit score and aren’t in urgent need of funds, consider improving your score first before applying for a loan. With a higher credit score, you will be eligible for a loan with more lenders and will likely receive a better interest rate.
  • Can I afford the required monthly payment? Ensure that you can afford the monthly payment on your loan to avoid paying late fees or incurring additional debt.
  • Do you currently owe any money? A high DTI ratio should be avoided because lenders may take it into account when considering your eligibility. If you already have existing debt and aren’t planning to use your low-income loan to consolidate it, consider repaying your current loans before applying for another.
  • Can you find another means to pay off your debt? Consider borrowing money from friends and family or taking out a low-interest credit card.
2
Do Your Research

Prior to actually submitting an application for a low-income loan in Delaware, you should research different lenders and compare their interest rates, repayment terms, fees and fund disbursement times. This will help you find the best lender for your unique situation. MoneyGeek’s guide is a great place to start, but our recommendations are based on generic borrower profiles, which may not match your specific needs.

3
Wait

Once you’ve researched different lenders and have selected the best option for you, it’s important to wait a few days before submitting an application. During this time, you can evaluate other funding options or clarify any terms with your lender. After mulling things over, you may feel even more confident in your lender choice, or you may reconsider taking out a personal loan altogether.

4
Read the Fine Print

Prior to submitting your application, it’s important to read the fine print of your loan agreement. The fine print may outline fees for loan origination, early repayment and late payment. These costs are important to be aware of before signing your agreement so that you can budget accordingly. If you have any questions about the terms of your loan, you should contact your lender for clarification.

5
Apply

After you’ve completed the steps above, it’s time to submit your application. To expedite the process, we recommend gathering all required documents in advance. These may include, but aren’t limited to, proof of identification, address, employment and income. With online-only lenders, you can only submit your application online. However, some lenders still have physical branches where you can apply in person.

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

Lenders may reject your loan application due to a low credit score, high DTI ratio or incomplete application. If your application is denied for a low-income loan in Delaware, don’t despair. After your application is denied, contact the lender to find out why. You may still be able to get it approved by modifying certain terms of your loan agreement, like the loan amount or repayment period. After your application is denied, contact the lender to find out why.

In cases where your credit score or DTI is the issue, a quick fix isn't always possible. If you aren’t in urgent need of funds, it may be in your best interest to improve these factors first before reapplying for a loan. You will likely be eligible with more lenders and receive a better interest rate.

Some discouraged borrowers may be tempted to take out a payday loan, but MoneyGeek strongly advises against this. These “loans” feature high interest rates and short repayment terms that can cost individuals more money in the long run.

Calculate Your Monthly Payment

Once you’re approved for a low-income loan in Delaware, you will be required to start making monthly payments. Knowing how much you’ll need to set aside each month in advance to repay your loan can help you plan for other expenses. MoneyGeek’s personal loan calculator below can help you approximate your monthly payment.

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 Delaware

It's a good idea to be aware of the many considerations lenders take into account when reviewing your application for a low-income loan in Delaware. Still, the most crucial factor to consider when picking a lender is your financial needs.

MoneyGeek provided answers to frequently asked questions about low-income loans in Delaware to help you make a well-informed decision.

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

Methodology

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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders for 35 distinct data points across six key categories — accessibility, affordability, customer service, consumer friendliness, lender transparency and flexibility — to find the best low-income loan lenders in Delaware.

Within each key category, we reviewed features that we believe are the most important to consumers, like lenders’ APR ranges, application fees, credit score and minimum income requirements, maximum loan amount and loan disbursement periods.

Because you, the consumer, are always at the forefront of our minds, we also looked into factors that would improve your overall lending experience, including insurers’ customer service ratings, mobile application availability, prequalification processes and more.

Our recommendations were made after extensive analysis and deliberation. When selecting a lender that suits your needs, our personal loan recommendations and expert advice are designed to help you make a well-informed decision.

sources
Shield Insurance

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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