Best Low-Income Loans in Georgia

Upgrade offers the best overall low-income loans in Georgia. It was established in 2017 by leaders in the fintech industry. Through different types of loans and credit cards, Upgrade has provided more than $19 billion in loans to its consumers.

Upgrade rose to prominence partially due to its more lenient eligibility requirements; those with poor-to-fair credit score can still qualify for a low-income loan. The lender offers loans ranging from $1,000 to $50,000 with repayment terms between 36 and 60 months.

While it’s a good low-income loan lender for those with good credit, borrowers with poor credit should be mindful of potentially receiving a high interest rate in excess of 35%. Furthermore, the lender charges origination fees up to 8% of the original loan amount.

Pros

• Offers both in-person and online applications
• No prepayment or late fees
• Autopay discount
• Offers joint loans

• 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

Since 2007, LendingClub has provided funding to more than four million consumers. As the nation's first public neobank, LendingClub is known as a trailblazer in the fintech marketplace. It’s the second-best lender for low income loans in Georgia because of its low credit score requirement and fast funding.

LendingClub’s low-income loan products range in amount from $1,000 to $40,000 and feature repayment terms between 36 and 60 months. This makes it a good option for those in need of a small-to-moderate amount of cash. Furthermore, the lender’s next-day funding is ideal for borrowers who need funds quickly.

While the lender is well-suited for some people’s financial needs, borrowers with excellent credit scores may turn to alternative lenders for more affordable rates. LendingClub's APR range is relatively high in comparison to its competitors.

Pros

• No application fee
• Performs a soft credit check
• Offers joint loans
• Mobile application available
• Fast fund disbursement

• 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

Upstart is an artificial intelligence (AI) lending platform established in 2012. Because the lender evaluates factors other than borrowers’ credit scores to assess loan eligibility, it is our top pick for those with bad credit scores.

With Upstart, you can qualify for a low-income loan in Georgia as long as you have a credit score of at least 300 and can provide proof of employment. Since it only makes "soft" credit queries for rate inquiries, potential borrowers can inquire about rates without worrying about negatively impacting their credit score. However, it should be noted that the lender does complete a hard credit check if you submit an official application.

Though this lender may be a good option for borrowers who require urgent funds, its high origination fees of up to 8% of the original loan amount may trump its next-day funding. Furthermore, the lender also doesn’t offer autopay discounts, so you don’t have the option to lower your APR by signing up for automatic monthly payments.

Pros

• Low minimum credit score requirement
• Low minimum APR
• Next-day financing
• No prepayment penalty

• 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

Low-income Georgia borrowers with fair-to-good credit may consider Prosper as a potential lender. Since its inception in 2005, Prosper has been a pioneer in the peer-to-peer lending industry. This lender is also an excellent option for customers in need of urgent funding, as approved applicants can receive funds immediately.

Prosper’s low-income loan products range in amount from $2,000 to $40,000 and feature repayment terms from 36 to 60 months. Though borrowers with excellent credit may qualify for the lender’s starting APR of 7.95%, those with fair-to-good credit should be wary of potentially receiving a high interest rate upwards of 35%.

This lender doesn’t offer the option to receive a discounted APR for automatic payments. It also charges fees for loan origination, late payments and check payments, so it may not be the best option for borrowers looking to save money.

Pros

• Fair credit score requirement of 640
• Mobile application available
• No prepayment penalty
• Allows co-applicants

• 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