Best Low-Income Loans in Iowa: 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 Iowa

The average personal loan debt in Iowa is $15,314, indicating that most residents in the state aren’t hesitant to take out a personal loan. However, low-income borrowers may find it more challenging to secure financing since some lenders have high minimum income requirements.

Luckily, there are several lenders that provide low-income loans in Iowa. MoneyGeek compared over 30 providers for more than 35 key data points to find the best low-income loan lenders in the state. Some of these key data points include interest rates, repayment terms, credit score requirements, income requirements, loan amount options, Better Business Bureau (BBB) ratings and more.

According to our research, Upgrade offers the best overall low-income loan in Iowa, with LendingClub providing the second-best low-income loan in the state. Upstart is the best option for borrowers with poor credit, while Prosper is ideal for those with good credit.

Best Overall Low-Income Loan in Iowa: Upgrade


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


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


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


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

If you are among Iowa residents with an average personal loan debt of $15,314, consider if taking on more debt is the best option. A low-income loan in Iowa can be a great resource if you need to cover emergency medical expenses or unexpected repairs. But if you have existing debt and intend to use your low-income loan for a vacation, you may want to reconsider. To make the best financial decision, MoneyGeek recommends taking the following steps.

Ask Yourself the Important Questions

Prior to researching different lenders, you should ask yourself the following questions:

  • How much funding do you need? Accurately estimate your funding needs to avoid taking out too much or too little money.
  • What’s your credit score? Because low-income loan lenders in Iowa evaluate factors other than your income, like your credit score and DTI ratio, they may have stricter credit score requirements. If you have a poor credit score, consider improving it before applying for a loan to receive a lower interest rate.
  • Can you afford the monthly payments? Ensure that you can afford the monthly payment amount. Making a higher monthly payment will reduce the amount you pay in interest, but it’s important to make sure you can still pay for your other expenses.
  • Do you have existing debts? Consider repaying any existing debt before applying for another loan.
  • Is your debt manageable through other means? Consider funding options that carry low or no interest. This could include taking out a credit card or borrowing money from friends and family.
Do Your Research

To find the best lender for you, you should compare lenders for their interest rates, repayment terms, loan amounts and eligibility requirements. You may prefer loans without origination fees or lenders that offer instant loan approval. MoneyGeek’s recommendations are a great starting point, but there’s no substitute for your own research; only you know your specific needs, preferences and financial goals.


After comparing quotes from different lenders, it’s best to wait a few days before choosing one. Take a walk and think about the pros and cons of the lenders that you short-listed. A low-income loan is a long-term commitment, so it’s important that you’re confident in your chosen lender.

Read the Fine Print

Once you find a low-income loan lender in Iowa that suits you, ensure that you read the fine print of your loan agreement. Check for any fees, like those for loan origination, late payment or prepayment. These seemingly insignificant costs can add up over the life of your loan. If you have any questions about the terms of your loan agreement, you can reach out to your provider for clarification.


Prior to beginning the application process, you should gather the required documents in advance to save time. Lenders typically require that borrowers provide proof of identification, address, employment and income. With certain lenders, you may be able to apply in person or over the phone, while others are online-only lenders that don’t have physical locations.

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

Your loan application may be denied due to a number of factors, like your credit score, DTI ratio or application details. If your application is rejected, the best thing to do is ask your lender why your application was denied.

Sometimes, your application will be accepted by simply modifying your loan amount or repayment terms. On the other hand, if your credit score is the issue, there’s no instant remedy. If you don’t need funding immediately, you should improve your credit score before you reapply for a loan. That way, you don’t risk negatively impacting your credit score from hard credit checks during the application process.

We strongly advise against payday loans. These predatory lending products feature high interest rates and short repayment terms, which can end up costing borrowers more money in the long term.

Calculate Your Monthly Payment

When applying for a low-income loan in Iowa, it’s important to make sure you can afford your monthly payment. With MoneyGeek’s personal loan calculator, you can approximate how much your monthly expenses will be, especially if your lender pre-approves your application.


FAQs About Low-Income Loans in Iowa

A low-income loan in Iowa can be a great option to secure immediate funding for your financial needs. Borrowers with low incomes can find the best lender for their needs by researching providers and asking questions.

MoneyGeek answered the most commonly asked questions about low-income loans in Iowa.

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


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

We highlighted individual data points that significantly impact a borrower’s choice of lender, including APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement period.

Because MoneyGeek values you, the consumer, we also consider every lender’s customer satisfaction and business ratings, as well as additional features that improve the overall experience, like prequalification, payment options and mobile apps.

We carefully selected our picks with your best interests in mind. We strive to provide personal loan recommendations and expert tips to help you 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.