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

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

  • 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

    Founded in 2017, Upgrade is MoneyGeek’s pick for the best low-income loans in Maryland. This lender has no minimum income requirements and accepts applicants with a credit score of at least 560, making it accessible to a lot of borrowers. Those qualified can take out personal loans up to $50,000 at an APR of 5.94% to 35.47%.

    This lender provides a discount if you set up automatic payments. Plus, it doesn’t charge a fee if you prepay your loan. However, it’s worth noting that Upgrade’s low-income loans have a 1.85% to 8.99% origination fee and a $10 late fee. You also can’t use your funds for postsecondary education, investments or illegal activities. This lender may not be for you if you’re trying to avoid additional fees and loan restrictions.


    • No minimum income requirement
    • No prepayment penalty
    • Autopay discount
    • Broad selection of repayment options
    • Low minimum APR


    • Origination and late fees
    • Moderate credit score requirement
    • High maximum APR
    • 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

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

    An alternative option for low-income loans in Maryland is LendingClub, a digital lending platform established in 2007. Similar to our overall winner, this lender has no minimum income requirements, making it easier for borrowers who earn below the state median income to qualify for a personal loan.

    With LendingClub, you can borrow $1,000 to $40,000 — ideal if you only need small loans. You also won’t be charged a fee for paying off your loan earlier than scheduled. You may qualify for this lender with a minimum credit score of 600.

    That said, LendingClub has a 3% to 6% origination fee to keep in mind. Plus, its APR can be very high if you’re not well-qualified. Look for another lender if you intend to use your loan for postsecondary education or investments.


    • No minimum income requirement
    • No prepayment penalty fee
    • Joint loans available


    • Origination fees
    • High APR maximum
    • No autopay discount
    • 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

Best Low-Income Loan for Bad Credit in Maryland: 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

    MoneyGeek’s analysis discovered that Upstart offers the best low-income loans in Maryland for borrowers with bad credit. Established in 2012, this lender uses artificial intelligence for its loan evaluations, allowing even those with bad or incomplete credit to apply.

    Qualified borrowers can take out personal loans from $1,000 to $50,000, which can be released the day after the loan approval. Funds can be used for various purposes, including postsecondary education (which some competitors don’t allow) since Upstart doesn’t impose restrictions.

    This lender’s personal loans are repayable within 36 to 60 months, and it won’t charge a fee for those who pay off their loans early. However, Upstart has origination and late fees. Its APR maximum can also be as high as 35.99%, which can be troublesome for low-income borrowers with poor credit scores.


    • Low starting APR
    • No prepayment penalty
    • 300 minimum credit score
    • Soft credit inquiries


    • No autopay discount
    • Has origination and late fees
    • Only two repayment term 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

Best Low-Income Loan for Good Credit in Maryland: 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

    For low-income borrowers in Maryland with good credit, Prosper may be the best option for personal loans. This lender has been around since 2005 to provide lending solutions to borrowers with a minimum credit score of 640.

    Prosper offers personal loans between $2,000 and $40,000. You can check your rate before applying without hurting your credit score. Note that the higher your credit score is, the more likely you are to secure lower rates.

    Prosper’s low-income loans can be repaid within three to five years, and paying off your loan early won’t result in a penalty fee. That said, you may pay other fees, such as those for origination, check payments, late payments and insufficient funds.


    • Fast funding of loans
    • No prepayment penalty
    • Allows co-applicants
    • Soft credit inquiries


    • Origination and late fees
    • No autopay discount
    • High credit score requirement
    • 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

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.

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


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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.