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

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

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


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade’s personal loan is one of the best low-income loans in Louisiana. It requires a minimum credit score of 560, making it accessible to a broader range of borrowers. The lender’s loan minimum of $1,000 and maximum of $50,000 help people borrow what they actually need to minimize unnecessary borrowing.

    For repayment terms, Upgrade offers a flexible window of 36 to 60 months, which grants borrowers flexibility and ample time to pay the loan back. Prepayments are also allowed and come with no penalty. Additionally, it only performs soft credit checks to minimize any adverse impact on a borrower’s credit score.

    However, keep in mind that Upgrade charges origination fees, and its APRs are high for borrowers who don’t have a good credit score.

    Pros

    • Low loan minimum
    • No prepayment penalty
    • Soft credit checking
    • A+ BBB rating
    • Autopay discount
    • Fast funding

    Cons

    • High maximum APR
    • Charges origination fees
    • Low loan maximum
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

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


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    LendingClub offers personal loans with reasonable requirements, such as a 600 minimum credit score. Its repayment terms are also easy to manage, with 36- or 60-month options and no prepayment penalties. The lender even offers a digital experience for all 50 states, which adds ease to transactions. LendingClub’s service is worthy enough to be a runner-up for the best low-income loan in Louisiana.

    The fully digital lender does come with a few cons, such as its origination fee. Its varied APR can also range up to 36% depending on credit history and rating, debt-to-income ratio and the loan amount.

    Pros

    • Joint applications allowed
    • A+ BBB rating
    • No prepayment penalty
    • Soft credit checking
    • Low minimum loan amount

    Cons

    • No co-signers
    • Charges origination fees
    • Low loan maximum
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    LendingClub

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


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart is a technology-driven lender that uses artificial intelligence to underwrite its personal loans. It takes into account factors that many traditional lenders overlook, like your employment and gross income. People with bad credit scores can find value in Upstart's loans since it requires a credit score of 300.

    The minimum loan amount may vary by state, with its average at $1,000 and maximum at $50,000. This may not be as high as other lenders, but it can be sufficient depending on the borrower. It also conducts soft credit checks to protect the credit score of its users. You can prepay your loan at any time without incurring a prepayment penalty.

    It is important to note that the lender charges origination fees and has a debt-to-income ratio limit.

    Pros

    • A+ BBB rating
    • Low loan minimum
    • No prepayment penalty
    • Low credit requirement
    • Soft credit checking

    Cons

    • No autopay discount
    • Charges origination fees
    • Restrictive repayment options
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

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


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Prosper is a peer-to-peer personal loan marketplace that connects borrowers with potential lenders. Borrowers can get between $2,000 and $40,000 to fund home improvements and repairs, debt consolidation or pay other expenses. Funds are transferred into accounts immediately after completing the requirements.

    Prosper loans have flexible terms that can help borrowers. The repayment terms vary from three to five years with no prepayment penalty. The monthly due date is customizable by logging onto your Prosper account.

    Its APR range is relatively low compared to other providers. It favors creditworthy borrowers and requires a score of 640. The process only calls for soft credit checking to prevent negative impacts on a prospecting borrower’s score. However, the lender comes with caveats, such as origination fees and late payment fees.

    Pros

    • No prepayment penalty
    • Joint applications allowed
    • Soft credit check
    • A+ BBB rating

    Cons

    • Low loan maximum
    • Charges late payment fees
    • Charges origination fees
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    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.

1
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.
2
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.

3
Wait

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.

4
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.

5
Apply

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.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

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.

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

Methodology

mglogo icon
METHODOLOGY

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.

sources
Shield Insurance

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use