Best Low-Income Loans in Florida: 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 Florida

To find the best low-income loan lenders in Florida, MoneyGeek reviewed over 30 lenders for key features. Among these features were lenders’ APR ranges, loan amounts, repayment terms, eligibility requirements, customer satisfaction ratings and more.

Our analysis found that the best low-income loan lender in the state is Upgrade, followed by LendingClub. Upstart and Prosper top the list for borrowers with bad or good credit, respectively. You can secure the best offer for your profile by shopping around.

Best Overall Low-Income Loan in Florida: 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 an online lending institution established in 2017. It’s our top choice for low-income loans in Florida due to its fair minimum credit score requirement, small-to-moderate loan amounts and fast funding.

    The lender’s loan products range in amount from $1,000 to $50,000 and feature repayment terms between 36 and 60 months. After your application is approved, you may receive your funds immediately.

    While the lender’s starting APR is quite low at 5.94%, only those with excellent credit scores will receive it. Borrowers that simply meet the lender’s minimum credit score requirement of 560 should be wary of paying a potentially high interest rate in excess of 35%. Furthermore, the lender charges fees for loan origination and late payments, which can significantly increase the cost of your loan.


    • Fair credit score of 560 required
    • Accepts in-person and online applications
    • No prepayment penalty
    • Direct payment to creditors


    • High origination fees
    • Late payment fees
    • Borrowers cannot use the loan for postsecondary education
    • 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 Florida: 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 our runner-up choice for the best low-income loans in Florida. The lender suits Florida borrowers who need money quickly to cover emergency expenses, home improvement projects or debt consolidation. However, you cannot use a loan from LendingClub for investments or postsecondary education.

    The lender’s loan products range in amount from $1,000 to $40,000 and feature repayment terms between 36 and 60 months. Most borrowers will easily be able to meet the lender’s minimum credit score requirement of 600. However, those with poor to fair credit scores may be subject to an APR up to 36%. The lender also charges up to 6% in origination fees, further increasing the cost of your loan.


    • Automatic payment withdrawals
    • No prepayment charges
    • Fast funding
    • Pays creditors directly
    • Joint loans available


    • High origination fees
    • High APR range
    • Restrictions on the usage of funds
    • 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 Florida: 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 artificial intelligence (AI) lending platform that was founded in 2012. The lender takes factors besides your credit score into account when assessing your loan eligibility. Because of this, those with credit scores as low as 300 can qualify for a loan.

    With Upstart, you can obtain between $1,000 and $50,000, repayable over 36 or 60 months. Typically, you will receive funds as soon as the next day, although delays may apply for funds meant for postsecondary education.

    Borrowers with poor credit should be mindful of potentially receiving a high interest rate upwards of 35%. Additional costs include fees for loan origination and late payments. To minimize the overall cost of your loan, ensure that you make timely payments and work to improve your credit score.


    • Low credit score requirement of 300
    • No prepayment penalty
    • Quick loan disbursement
    • Low minimum loan amount of $1,000


    • Low maximum loan limit of $50,000
    • Origination fees
    • No autopay discount
    • 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

Best Low-Income Loan for Good Credit in Florida: 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

    If you have a credit score of at least 640, you may qualify for a low-income loan in Florida from Prosper. Prosper was established in 2005 as the first peer-to-peer marketplace in the United States. Since then, the lender has originated over $22 billion in loans.

    Borrowers can obtain a loan from $2,000 to $40,000 with repayment terms between 36 and 60 months. The interest rates on Prosper loans vary, ranging from 7.95% for those with excellent credit up to 35.99% for those with fair-to-good credit. Though you won’t be penalized for repaying your Prosper loan early, you will have to pay fees for loan origination, late payments, failed payments and check payments.


    • Mobile application available
    • Allows co-applicants
    • No prepayment penalty
    • Offers fixed-rate loans


    • Late, check payment and failed payment fees
    • Origination fees
    • Relatively high credit score requirement
    • 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 Florida for You

Low-income loan lenders provide financing to borrowers who make less than the state’s median annual income. These lenders look at other factors, like credit score and employment history, when evaluating an applicant’s eligibility. Because the average credit score in Florida is 706, most borrowers will easily meet most lenders’ minimum credit score criteria.

However, simply because you can qualify for a low-income loan doesn’t mean that it’s the best decision for you. Prior to applying for a loan, MoneyGeek recommends taking the following steps to ensure you’re making an informed, thoughtful decision:

Ask Yourself the Important Questions

Reflecting on the following questions before you begin researching personal loan lenders can help save you time and money.

  • How much do you need to borrow? Approximate how much funding you need to meet your financial obligations. Choosing a lower limit may not be sufficient for your needs, while a higher limit will incur more interest over time. The more precise you can be in your estimate, the better.
  • How’s your credit standing? Your credit score will impact your loan eligibility as well as the interest rate you receive. Those with higher credit scores will be eligible with more lenders and will likely receive lower interest rates. If your credit score is low, and you aren’t in urgent need of funds, consider improving your score first before applying for a loan.
  • Can you make your monthly payments? It’s important to choose a monthly payment amount that allows you to repay your loan as quickly as possible, without hampering your ability to pay other daily expenses. If you prefer to repay your loan over a longer period, understand that you may pay more in interest.
  • Do you have other debts? If you are already repaying existing debt, obtaining another loan may not be the best idea. Consider repaying your current loans first before applying for another loan, unless you plan to use your low-income loan for debt consolidation.
  • Is your debt manageable through other means? No- or low-interest options include borrowing money from friends or family and credit cards.
Do Your Research

Gathering information about your loan beforehand can help you avoid unnecessary fees. Consider aspects of your loan that may affect your financial health in the long run, like APR rates, repayment terms and fees. Check out quotes from different lenders and determine the best offer for your situation. Although MoneyGeek offers valuable details about the best low-income loan lenders in Florida, our recommendations are based on general borrower profiles and may not account for your unique circumstances.


It pays to wait a few days after collecting all the details about your loan and reflecting on offers from your top lenders. Take one to two days to read through the terms of the loan and compare this with your financial goals before making a final decision. A low-income loan is a significant investment of your time and money, so you want to be confident in your lender choice.

Read the Fine Print

With one or two lenders remaining on your priority list, it is now time to make objective decisions based on the finer details of the loan. Concentrate on features such as origination fees and other application fees. Some lenders may penalize you for early payments, while others may or may not charge late fees. All these fees contribute to the total cost of your loan and shouldn’t be ignored.


Once you are satisfied with the details of your loan, you can complete the application form with your preferred lender. Since you are already clear about the loan requirements, this stage should not take a lot of your time. Lenders generally require that you provide proof of identification, income and address, so preparing these documents in advance can save you time.

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

If your application gets declined, you have options. Lenders may deny applications due to a low credit score, incomplete application submittal or high DTI ratio.

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

In the case where your credit score is the issue, we recommend improving it first before submitting another application for a loan. Lenders complete a hard credit check with every application submission, which negatively impacts your credit score. To minimize dips in your credit, submit as few applications as possible.

Although payday loans may offer a quick alternative, they feature higher interests and shorter repayment periods, so borrowers often spend more money in the long run. Because of this, MoneyGeek strongly advises against them.

Calculate Your Monthly Payment

Estimating your monthly loan payment in advance can help you plan your finances and budget accordingly. Once you have the general details of your loan, consider using MoneyGeek’s personal loan calculator to estimate the amount you will likely pay for the duration of your loan, especially if the loan limit proposed by the lender is higher than your intended amount.


FAQs About Low-Income Loans in Florida

While MoneyGeek’s recommendations are based on quality data and thorough analysis, the best low-income loan lender for you will ultimately depend on your needs and preferences. To help you make the best decision, consider reviewing our answers to the most frequently asked questions about low-income loans in Florida.

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


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To identify the top low-income loan lenders, MoneyGeek evaluated over 30 lenders for 35 data points across six key categories: affordability, lender transparency, consumer friendliness, flexibility, customer service and accessibility.

We assigned more weight to data points that are the most important to consumers, including APR ranges, repayment terms, fund disbursement times, eligibility requirements and more. Because we recognize that convenience and quality are important to the consumer’s overall experience, we also took into account lenders’ customer service ratings, mobile application availability and their prequalification processes.

Our studies include expert recommendations and tips that can help you secure the best low-income loan for your unique situation.

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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.