Best Low-Income Loans in Indiana: 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 Indiana

MoneyGeek reviewed over 30 personal loan lenders for more than 35 key data points to find the best low-income loan lenders in Indiana. These key data points include BBB ratings, credit scores, income requirements, interest rates, loan amounts, repayment periods and more.

Based on our findings, Upgrade offers the best overall low-income loan in Indiana, while LendingClub is the second-best provider. The best lender for you may vary depending on your specific needs and borrower profile. For instance, Upstart is the best for consumers with poor credit scores, while Prosper is our top-choice for those with good credit.

Best Overall Low-Income Loan in Indiana: Upgrade


Runner-Up for Best Low-Income Loan in Indiana: LendingClub


Best Low-Income Loan for Bad Credit in Indiana: Upstart


Best Low-Income Loan for Good Credit in Indiana: Prosper


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

Prior to applying for a low-income loan in Indiana, it’s important to review your finances and assess your funding needs. Your credit score, DTI ratio and desired loan amount will impact your low-income loan eligibility. While the average interest rate on personal loan products in the state is 9.29%, you may be eligible for a lower or higher rate based on your choice of lender and borrower profile.

MoneyGeek recommends taking the following steps to ensure that you make a well-informed decision when looking for the best low-income loan lender in Indiana:


Ask Yourself the Important Questions

Prior to researching different lenders, it’s important to reflect on whether a loan is the best option for you. We recommend asking yourself the following questions upfront to save time, money and undue stress later on.

  • How much funding do you need? Accurately estimating your funding needs will help you avoid over or underborrowing money. This will reduce the amount you pay in interest and ensure that you won’t need to take out an additional loan to cover unforeseen expenses.
  • What’s your credit score? Your credit score impacts your loan eligibility and the interest rate you receive on your loan. Those with higher credit scores typically receive lower interest rates on their loan products. If you don’t need funding quickly, consider improving your credit score first before applying for a loan.
  • Can you afford the monthly payments? Paying more each month will allow you to repay your debt faster, thereby reducing the amount you pay in interest. However, it’s important to ensure that you have money left over to cover other expenses.
  • Do you have existing debts? Applying for a low-income loan means taking on more debt. Unless you intend to use your low-income loan to consolidate debt, consider repaying your existing loans first before taking on more.
  • Is your debt manageable through other means? Consider no or low-interest funding alternatives. You may want to take out a low-interest credit card or borrow money from friends and family.

Do Your Research

After reviewing your finances and evaluating your funding needs, you should compare lenders to find the best option for you. We recommend checking lenders’ APRs, loan amounts, credit score requirements, disbursement periods and repayment terms to find the one that best aligns with your financial goals. You can check loans without origination fees or lenders offering instant loan approval. MoneyGeek’s guide is an excellent place to start, but our recommendations are based on generic borrower profiles, rather than your specific funding needs.



Once you’ve chosen your lender, it’s important to wait a few days before you submit an application. During this time, you can review your options, look for alternative funding sources or reflect on your funding needs. A loan is a long-term commitment that takes between two and four years to repay, so it’s important that you’re confident in your decision.


Read the Fine Print

The fine print of your lender’s loan agreement will include details about fees, like those for loan origination, late payments, prepayment penalties and more. It’s essential that you thoroughly review and understand these terms so you can plan your budget accordingly. If you have any questions about the terms of your loan agreement, you should contact your lender for clarification.



After you’ve completed the steps above, it’s time to submit your application. You can save time by gathering any required documents in advance. These typically include, but aren’t limited to, documentation verifying proof of identity, income, address and employment. In some cases, you can apply in-person or over the phone, while online-only lenders only offer online applications.

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

If your loan application is denied, don’t panic. Lenders frequently reject applicants due to a number of factors, including an insufficient credit score, a high DTI ratio or an incomplete application. Borrowers should contact the lender directly to find out why their application was rejected.

In some cases, you may be able to modify the terms of your loan agreement, like changing the loan amount or repayment terms, to have your application approved. If your credit score or DTI ratio is the issue, you should work to improve these factors first before you reapply. This will help you avoid negatively impacting your credit score, as lenders complete a hard credit inquiry every time you submit an application.

We strongly advise against taking out payday loans. These “loans” feature extremely high interest rates and short repayment terms that can cost borrowers more money in the long run. Furthermore, repaying your payday loan early won’t have any impact on your credit score.

Calculate Your Monthly Payment

A low-income loan in Indiana is a serious commitment, so it’s important that you understand your financial obligation before you apply. Using MoneyGeek’s personal loan calculator, you can approximate your monthly payment amounts and budget accordingly. This tool is especially useful after pre-approval.


FAQs About Low-Income Loans in Indiana

A low-income loan in Indiana can help you secure immediate funding. But finding the best lender in Indiana for you can be difficult. MoneyGeek answered some of the most commonly asked questions below to help you make a well-informed decision.

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


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MoneyGeek evaluated more than 30 personal loan lenders for over 35 individual data points across six key categories. These categories include accessibility, consumer friendliness, customer service, flexibility, loan affordability and lender transparency.

Our scoring placed emphasis on specific data points that have the most impact on a borrower’s choice of lender. These factors include application fees, APR ranges, available loan amounts, disbursement periods, minimum credit score requirements and income requirements.

At MoneyGeek, you, the consumer, are our top priority. That’s why we also assessed lenders for other factors that contribute to the overall consumer experience, like each lender’s business and customer satisfaction ratings, as well as the availability of convenience features, like mobile applications, prequalification and online applications.

Our recommendations were developed with your best interests in mind and only made after considerable thought and analysis. We strive to provide you with expert knowledge and insider tips to make smart, well-informed 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.