Updated: December 28, 2023
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We determined the top low-income personal loan lenders in Kansas with over 30 data points. Besides interest rates and repayment terms, we looked at income needs, credit scores, BBB ratings, loan amounts and more.
The average personal loan debt of Kansas consumers is $18,093. Lenders typically need applicants to earn at least a certain amount, but low-income loans are available.
A lot contributed to MoneyGeek naming Upgrade the best low-income loan in Kansas. The company launched in 2017 and has since disbursed personal loans.
Upgrade's low-income loans are available to borrowers with fair credit at or below 560. After approving a loan application, Upgrade can fund it on the same day. You can repay Upgrade personal loans over three to five years at an APR ranging from 5.94% to 35.47%.
Upgrade doesn't charge prepayment fees, but origination fees may be high. Its debt consolidation services pay third parties directly.
Upgrade's high interest rates may work well for applicants with good credit. However, low-income applicants with fair or poor credit might prefer other lenders.
Pros
Cons
LendingClub is Kansas' second-best low-income loan. It pays recipients fast and has fewer requirements than many other lenders.
Personal loans from LendingClub may be ideal for those with a credit score of 600+ who don't need a ton of cash. The minimum amount is a lower-than-average $1,000, and the amount runs up to $40,000. A person receives the funds within one day, and he or she must repay them within three to five years.
This lender has fixed rates, so you always know what your monthly payment will be.
Pros
Cons
Kansas' best loan provider for people with bad credit and low income is Upstart. This company has distributed more than $26 billion using artificial intelligence technology.
This lender requires relatively low credit scores. But if you have a good one, you may be able to get an APR as low as 3.22% with Upstart.
In some cases, applicants may receive a cash award immediately if they are eligible.
Due to the limited restrictions, Upstart makes it easy to use funds. Refinancing your car, consolidating your debt and improving your home are all possible.
The Upstart loan calculator estimates terms without a credit score. Instead, it looks at factors like income and employment.
This lender charges no prepayment fees, but you may run into late and origination fees.
Pros
Cons
Prosper was founded in 2005 to provide peer-to-peer lending services. Traditional investors fund borrowers with good credit scores of at least 640.
Lenders or investors approve loans based on borrowers' eligibility when they apply online.
A fixed-rate loan of $2,000 to $40,000 can be repaid over three to five years. You can expect to receive the funds immediately after your application is approved.
It's worth noting that Prosper may have higher APRs and more fees than average.
Pros
Cons
As per MoneyGeek data, Kansas personal loans average $18,093, have a credit score of 726 and have an interest rate of 9.92%. You may be eligible for a loan based on your employment status, income and credit score.
For low-income borrowers, comparing terms between lenders is essential. MoneyGeek recommends following these steps when applying for low-income loans in Kansas:
Consider how this decision could affect your finances. To find the best lender for you, you should answer the following questions:
Identify your best lender based on features like interest rate, terms and loan amount. You can consider our recommendations but should also conduct research to find other options.
A lot of commitment is involved in getting a loan. Consider your top picks along with your financial objectives for a few days. Decide which is the best option, or don't decide at all during this crucial time.
Rates and fees for personal loans vary from one product to another. Take your time reading through all the contract details. If you need clarification after reading, contact your lender.
When you find your perfect lender, it's time to begin the application process. Gather your financial and personal information and provide the documents to the lender. Be sure to cross all t's and dot all i's, as incomplete information could result in rejection.
Personal loan applications can be rejected. This usually happens because of incomplete applications, low credit or income issues. Lenders determine whether you qualify based on their eligibility requirements.
We recommend contacting your lender for feedback about your application. Your details may need to be revised, or they might be willing to discuss alternatives.
If bad credit led to your downfall, work on improving it before applying again.
In contrast to personal loans, payday loans are fast and easy to get. They have astronomically high interest rates and short repayment terms, putting many users into debt. It's generally best to avoid this type of loan.
Monthly payments with interest generally begin as soon as you receive your funds. Calculate your repayment amounts to determine if you can afford the installments.
With MoneyGeek's low-income loan calculator, you can determine your monthly payment.
Lenders consider several factors whenever you apply for a low-income loan in Kansas. However, you also pick your lender. Remember: Your financial needs are still the most important factor.
You can use MoneyGeek's frequently asked questions about low-income loans in Kansas to help you decide what's right for you.
Upgrade is Kansas's top lender for low-income loans. To qualify for a loan, you usually need a credit score of at least 560. But higher scores can lead to lower interest rates.
With Upstart's low-income loan, you'll get the lowest interest rate. However, excellent credit is required to qualify for this rate.
Lenders set their own limits. Using low-income loans for investments or college expenses is often prohibited, for example.
Various loan levels are available to low-income borrowers in Kansas. Upgrade, for example, allows you to borrow $50,000, while LendingClub will only allow you to borrow up to $40,000.
Lenders in Kansas can provide low-income loans in as little as one or two days.
You can usually pay off a loan before it's due. Some lenders may impose prepayment penalties, though. Additional information can be found in the fine print of the loan.
MoneyGeek evaluated more than 30 personal loan lenders on six key criteria. Many factors were considered, like cost, user-friendliness, customer service, flexibility and lender transparency. At least 35 individual data points comprised each category.
We particularly looked at six hard-hitting data points. These include APR, loan amounts, credit scores, income requirements, fees and funding periods.
At MoneyGeek, we also strive to provide consumers with the best value for their money. We consider customer service, business ratings and other features focusing on positive experiences.
After careful consideration and calculation, we choose our top lenders. These low-income loan recommendations and tips are here to help you find the best lender for you.
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
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