Best Low-Income Loans in Louisiana: Top Lenders and Rates for 2024

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Edited byAshley Jacobs

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Louisiana

We looked into the data on Louisiana’s low-income loan lenders to find out how they measured up against each other. There were over 30 data points that we considered in this comparison, including interest rates, fees charged, loan amounts, repayment options, BBB ratings and more.

Our findings show that Upgrade offers the best low-income loans in the state, with loans up to $50,000. However, Louisianans can check out LendingClub as an alternative. Those with bad credit can consider Upstart, while those who have a good rating can evaluate Prosper.

Best Overall Low-Income Loan in Louisiana: Upgrade


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


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


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


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

A low-income loan in Louisiana may have different rates and terms depending on your debt-to-income ratio and credit score. The average personal loan amount in Louisiana is $15,402, and the average credit score is 689. Consider the following steps when taking out a loan.


Ask Yourself the Important Questions

If you are considering a low-income loan, there are some important things to consider. Ask yourself the following:

  • How much funding do you need? Estimates can be made on how much money you will need after examining your expenses and income. The more accurate you can be with your numbers, the better so that you don’t end up paying more in interest than necessary.
  • What’s your credit score? You may not have any existing credit history or a good score. However, if you do have a good history, this will help make the process easier for you and allow you to get lower rates.
  • Can you afford the monthly payments? You should be able to pay back the loan in full within the term given by the lender. If not, then it might be better to reconsider applying for one.
  • Do you have existing debts? If you have existing debts and are unable to pay them back, then another loan may not be right for you. The best thing that you can do is to try and find ways to reduce your debt or pay it off completely. This way, you will be able to free up some money that can be used to pay off the low-income loan.
  • Is your debt manageable through other means? Make sure that your debt is not manageable through other means before deciding to take out another loan.

Do Your Research

It’s important to do your research and compare rates before applying for a loan. Whether you’re buying a car or a house, you need to decide how much you can afford. Remember, taking out a loan can mean locking yourself into monthly payments for two to four years (or more). A hard credit check may also be part of the process, so be prepared. This can affect your current credit standing. MoneyGeek recommends lenders based on different borrower profiles. However, our recommendations aren't one-size-fits-all, so it's still in your best interest to explore your options.



To have the peace of mind that you're making the right decision, you could take a few days or even a week to think about taking out a personal loan before making any final decisions. Taking that time can help you weigh up all the options available to you. Making a snap decision based on limited information may just put you in a difficult situation in the future.


Read the Fine Print

When you're researching private loans, make sure to pay attention to details like prepayment penalties, origination fees and interest rate caps. It's easy to get caught up in the excitement of a good deal and overlook these things, but they can end up costing you money in the long run.



When you are ready to apply for a loan, gather what you need to complete your application. Lenders typically require identification, address and income verification. It is common for lenders to allow loans to be applied for online or over the phone. However, there’s no harm in visiting the lender in person because when something goes wrong with the application, it is easier to clear up any issues face-to-face to avoid misunderstandings.

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

Loans are frequently denied for various reasons, including a low credit score or not having enough income. As a loan applicant, it’s good to be aware that lenders aren’t all going to see things in the same way. Many have their own criteria for loan approval, and these can include things like reducing the loan terms or decreasing the loan amount.

To find out exactly why your application was denied and how you might modify your application to make it acceptable to the lender, try calling or emailing them if they provided you with a contact number or email address. They might also provide you with information regarding what factors will affect your chances of being approved in the future.

Once you've gotten to the root of your rejection, address the issues that led to it. You may also apply with another lender, but make sure you’ve fixed the reason your application was denied in the first place.

Payday loans are typically a last resort for people who are rejected for a personal loan. However, these loans may do more harm than good because they often come with high-interest rates. Look into other sources of quick cash first, like family members or friends. Better yet, develop a budget so that you won't need to take out a loan that can possibly put you in a bind.

Calculate Your Monthly Payment

When you're planning to take out a loan, it's important to calculate how much your monthly payments will be. Having this figure will help you know what you can afford and make an informed decision. MoneyGeek’s calculator can help.


FAQs About Low-Income Loans in Louisiana

To find the best low-income loan lender, consider your personal needs and your credit and income factors. Here are some of the most common questions about low-income loan lenders in Louisiana.

Upgrade is MoneyGeek’s best choice for low-income loans in Louisiana. Borrowers with a credit score of at least 560 may qualify for up to $50,000. That said, those with a higher credit score can get lower interest rates. Additionally, the ideal lender for you may vary based on your borrower profile.

Upstart offers the lowest possible APR to those who have stellar credit scores. Keep in mind that APRs may change over time or based on your financial profile.

Restrictions on how you use your personal loan funds differ from lender to lender. There are those that are lenient when it comes to how you use your funds and there are those that will not allow any of your funds to be used for certain transactions. That’s why you have to read the fine print before signing your agreement. You can also talk to your lender if you have any questions.

This depends on the lender you choose and your borrower profile. For example, Upgrade lets you borrow up to $50,000. Other top lenders may allow you to borrow less.

Disbursement time varies by lender, but most of the top lenders in Louisiana can provide you with your funds within the next day.

Some lenders charge you prepayment fees, while others do not. This information is usually available in the fine print of your agreement. You can also ask your lender to ensure you aren’t caught off guard by extra costs.


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MoneyGeek evaluated personal loan lenders by collecting and analyzing data across six key areas, including affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We considered several key factors when ranking personal loan lenders. These included APR ranges, loan amounts, minimum credit scores, minimum income amounts and application fees.

Customer satisfaction is important to us, which is why we also factored in a number of factors in order to present you with a comprehensive list of lenders that offer customer support and high ratings.

We've done the legwork for you by studying the marketplace and vetting various lenders. Our recommendations are based on your needs, and our tips can help you get the most out of your personal loan.

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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.