Best Low-Income Loans in Kansas: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in Kansas
- Runner-Up for Best Overall Low-Income Loan Lender in Kansas
- Best Low-Income Loan Lender for Bad Credit in Kansas
- Best Low-Income Loan Lender for Good Credit in Kansas
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in Kansas
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Kansas
Best Low-Income Loan Lenders in Kansas
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.
Best Overall Low-Income Loan in Kansas: Upgrade
Runner-Up for Best Low-Income Loan in Kansas: LendingClub
Best Low-Income Loan for Bad Credit in Kansas: Upstart
Best Low-Income Loan for Good Credit in Kansas: Prosper
How to Choose the Best Low-Income Loan in Kansas for You
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:
Ask Yourself the Important Questions
Consider how this decision could affect your finances. To find the best lender for you, you should answer the following questions:
- How much funding do you need? You should know how much you need to avoid going overboard with your loan.
- What’s your credit score? Low-income loans in Kansas require good credit standing. You may get a lower APR if you have a better credit score.
- Can you afford the monthly payments? If you miss a payment, your credit score may be adversely affected.
- Do you have existing debts? Consider your financial situation before taking out another loan.
- Is your debt manageable through other means? Consider using a 0% APR credit card or borrowing from family to avoid additional debt if possible.
Do Your Research
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.
Wait
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.
Read the Fine Print
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.
Apply
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.
What to Do if You Can’t Get a Low-Income Loan in Kansas
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.
Calculate Your Monthly Payment
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.
FAQs About Low-Income Loans in Kansas
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.
Methodology
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.
sources
- LendingClub. "Personal Loans." Accessed January 30, 2023.
- Prosper. "Personal Loans." Accessed January 30, 2023.
- Prosper. "Personal Loan FAQs." Accessed January 30, 2023.
- Upgrade. "Personal Loans." Accessed January 30, 2023.
- Upgrade. "Personal Loans FAQ." Accessed January 30, 2023.
- Upstart. "Personal Loans." Accessed January 30, 2023.
- Upstart. "What Fees Am I Charged?." Accessed January 30, 2023.
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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