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

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Edited byScott Strandberg

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Maryland

MoneyGeek’s analysis evaluated more than 30 data points to find the best low-income loan lenders in Maryland. These include interest rates, loan amount options, repayment terms and loan-related fees. We also looked into each lender’s minimum requirements for credit score, income and debt-to-income ratio.

Overall, Upgrade has the best low-income loans in Maryland. However, the ideal lender for you may vary based on your financial profile. For instance, Upstart is preferable if you have bad credit.

Best Overall Low-Income Loan in Maryland: Upgrade


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


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


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


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

Low-income loan lenders tend to focus more on credit scores, debt-to-income ratios and other factors when evaluating loan applications. In Maryland, the average borrower has a credit score of 716 and personal loan debt of $16,025.

Before applying for a low-income loan in Maryland, it’s critical to find the best lender that can help with your financial circumstances. MoneyGeek recommends taking the following steps:


Ask Yourself the Important Questions

Answer the following questions to ensure getting a low-income loan is the best course of action for your particular needs:

  • How much funding do you need? Make sure you know how much money you need to cover your specific purpose. By doing this, you can avoid borrowing too little or too much.
  • What’s your credit score? Lenders consider your credit score to evaluate your ability to repay the loan. Having a good-to-excellent credit score can help you secure more favorable terms.
  • Can you afford the monthly payments? Check if your current source of income can handle the monthly payments. You may incur a late fee if you miss your payment due date.
  • Do you have existing debts? Determine if adding another debt to your DTI ratio is a wise decision.
  • Is your debt manageable through other means? Make sure to explore other options, such as borrowing from a family member or getting a 0% APR credit card, before pushing through with your personal loan application.

Do Your Research

Because taking out a loan is a serious financial decision, it makes sense to conduct your own research to ensure you’re making an informed choice. Compare lenders and what they have to offer in terms of loan amounts, repayment periods, interest rates and fund disbursement times. You may use MoneyGeek’s recommendations, but it’s also advisable to explore other lenders that were excluded from our guide.



It may be tempting to submit an application as soon as you decide on a low-income loan lender, but MoneyGeek advises against doing that. Instead, take a step back and wait a day or two before making your final decision. This way, you can ensure that the lender you chose is the best fit for you and your financial goals.


Read the Fine Print

Once you’re sure about your low-income lender, it’s important to go over its loan offer again and read the fine print. You might have missed some small but important details that can end up costing you more in the long run. These include origination fees, prepayment penalties and late fees.



After reviewing your lender’s policies, you can move forward with your low-income loan application. Gather all the documents you need to submit, including identification, address verification and proof of income. Also, make sure that the information you provide in your application is accurate and complete to avoid delays in the approval process. Most lenders allow online applications, but you may also call or visit the lender if the option is available.

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

It’s important to remember that lenders can deny your loan application due to various reasons, such as a low credit score, insufficient income or incomplete application. If this happens, you shouldn’t despair.

The best way to proceed is to reach out to your lender and ask why your loan application was denied. You may also ask if modifying your application — such as lowering the loan amount or shortening your repayment terms — can make it more acceptable.

If the issue is with your credit score or DTI ratio, it’s best to spend time improving it before pursuing another application. This way, you can prevent getting denied for a loan again.

And no matter how desperate you are, steer clear of payday loans. They may be easy to access, but they usually have extremely high interest rates and short repayment terms.

Calculate Your Monthly Payment

It’s crucial to calculate your monthly payment to determine if your budget can afford it. Feel free to use MoneyGeek’s personal loan calculator below to estimate how much you’ll pay monthly on your low-income loan.


FAQs About Low-Income Loans in Maryland

Whether or not you qualify for a personal loan will depend on your credit score, income and other factors. MoneyGeek addressed some frequently asked questions below to help you learn more about low-income loans in Maryland.

Upgrade is MoneyGeek’s pick for the best low-income loan lender in Maryland.

Upstart provides the lowest interest rates for low-income borrowers in Maryland.

Restrictions on how you use your loan will depend on your preferred lender. Some prohibit using it for postsecondary education and investments, while others allow you to use your funds as you please.

Low-income loan lenders in Maryland have varying loan amount options for debt consolidation. For instance, Upgrade offers loans up to $50,000, whereas LendingClub caps its borrowing limits at $40,000.

How fast you get your funds will depend on your low-income lender, but most can release funds within the next business day. However, some can take up to a week.

Yes, you can. However, some low-income lenders in Maryland charge prepayment penalty fees, although many do not.


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To examine more than 30 personal loan lenders, MoneyGeek used 35 data points across six key categories: accessibility, affordability, consumer friendliness, customer service, flexibility and lender transparency.

For each category, we considered the data points that we feel influence the borrower’s decision the most when choosing a lender. These include the available loan amounts, APR ranges, minimum credit scores, income requirements, application fees and disbursement time.

Because we value each consumer, we also took into account each lender’s additional features that help provide a good loan experience, including mobile application, prequalification and payment options.

After considering all these factors, we proceeded to choose our top picks with your best interests in mind. Our recommendations can help you get the best low-income loan in Maryland based on your borrower profile.

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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.