Best Low-Income Loans in Minnesota: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in Minnesota
- Runner-Up for Best Overall Low-Income Loan Lender in Minnesota
- Best Low-Income Loan Lender for Bad Credit in Minnesota
- Best Low-Income Loan Lender for Good Credit in Minnesota
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in Minnesota
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Minnesota
Best Low-Income Loan Lenders in Minnesota
MoneyGeek reviewed more than 30 data points, including interest rates, loan amounts, APR ranges, repayment plans, minimum income levels, time to receive funds and BBB ratings, to identify the top low-income loan companies in Minnesota.
According to MoneyGeek’s data, Upgrade is the leading overall provider of low-income loans in Minnesota, and LendingClub is the runner-up. Meanwhile, Upstart is the best option for individuals with poor credit, while Prosper is a solid choice for those with good credit.
Best Overall Low-Income Loan in Minnesota: Upgrade
Runner-Up for Best Low-Income Loan in Minnesota: LendingClub
Best Low-Income Loan for Bad Credit in Minnesota: Upstart
Best Low-Income Loan for Good Credit in Minnesota: Prosper
How to Choose the Best Low-Income Loan in Minnesota for You
Make sure you take a variety of factors into consideration when applying for a low-income personal loan. For example, your credit score, current debts and income are all important to consider when determining what type of loan is best.
In Minnesota, the average personal loan debt is $15,391, so you are not alone in seeking a personal loan. Below, MoneyGeek analyzed steps to help you choose the best low-income personal loan based on your particular needs.
Ask Yourself the Important Questions
Choosing a low-income loan in Minnesota can be confusing. Thankfully, there are plenty of resources available to help you find the best option for your needs. Here are some questions to ask yourself before you start your search:
- How much funding do you need?
- What’s your credit score?
- Can you afford the monthly payments?
- Do you have existing debts?
- Is your debt manageable through other means?
Answering these questions beforehand should make your research easier, which means that finding the right low-income loan won’t be such a daunting task.
Do Your Research
When shopping around for the best low-income loans in Minnesota, it's important to do your research. When it comes to low-income loans, there are a lot of options available. Paying attention to the rates and terms of these options can help you make an educated decision about which one is right for you. It's also important to think about how long you want your repayment term to be, as this affects your monthly payment.
Wait
Before deciding on a low-income personal loan, you should consider waiting a day or two to make your decision. Getting a personal loan is an important long-term commitment, so be sure it’s the right option for you.
Read the Fine Print
One mistake that people often make when they are looking into a loan is not reading the fine print. They might miss things like prepayment penalties, origination fees or other types of fees. These little details can have huge implications on a person's finances because they will affect their ability to get out of debt faster. It is important to read the fine print so that you know what you are getting into with the loan agreement before signing it.
Apply
When you are sure of your decision, gather the documents you need to apply. It’s standard for lenders to require identification, address verification and proof of income. Although it may be easier for some people to apply online, there’s no harm in calling or visiting the lender if available.
What to Do if You Can’t Get a Low-Income Loan in Minnesota
Applications for low-income loans are occasionally declined owing to poor credit ratings, lack of income or failure to fulfill other qualifying requirements. If you are unable to get a low-income loan in Minnesota, ask the lender why your application was denied.
You may be able to modify your application so that it meets the lender's requirements. Reducing the duration of your loan terms or the amount you want to borrow are two examples. These adjustments may qualify you for a loan.
If you really need a low-income loan in Minnesota but cannot get one from a certain lender, you may choose to apply with another lender after addressing the issue that led to your denial. Although payday loans may seem alluring, be wary of the high interest rates and short payback terms demanded by payday lenders, which often leave you paying back more money than you borrowed.
Calculate Your Monthly Payment
A low-income loan's affordability is defined by the interest rate, loan period and the number of installments. Before applying for a personal loan, you should determine if you can afford the monthly payment.
MoneyGeek's personal loan calculator makes it simple to calculate the monthly payment for any personal loan. Simply enter the required loan information into this widget and click the calculate button.
FAQs About Low-Income Loans in Minnesota
The ideal personal loan lender in Minnesota for you will depend on your individual demands and other credit- and income-related criteria. MoneyGeek responded to the most often-asked questions in order to select the best provider for your specific needs.
In Minnesota, Upgrade is the best low-income loan provider. However, the best low-income loan in Minnesota for you may vary based on your unique profile.
When compared to other low-income lenders in our database, Upstart offers the lowest minimum APR in Minnesota.
Each lender's restrictions for low-income loans vary. LendingClub, for example, forbids borrowers from using their loans to pay for postsecondary education or investments.
In Minnesota, the amount you may consolidate is determined by your lender. Before applying, MoneyGeek recommends that you contact your lender to ask how much you’re able to borrow.
Depending on the lender, it can be as quick as the next business day, or it can take up to a week.
Yes, you can pay off your loan early. Verify with your lender if they charge a prepayment fee (most do not).
Methodology
MoneyGeek analyzed more than 30 personal loan providers by collecting and analyzing 35+ data points across six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We ranked these personal loan providers based on a number of criteria that we believe are most important to you when making your final decision, including disbursement times, application costs, minimum credit scores, minimum incomes and APR ranges.
As a consumer-focused company, MoneyGeek considers not just the rates and terms of each lender but also their customer service reputations, business ratings and any extra features (including prequalification, payment options and mobile applications) that can make your experience more convenient.
Our recommendations are made with your best interests in mind after much thought and analysis. To assist you in finding a suitable personal loan provider, we have included our recommendations and professional insights.
sources
- LendingClub. "Personal Loans." Accessed October 25, 2022.
- Prosper. "Personal Loan FAQs." Accessed October 25, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed October 25, 2022.
- Upstart. "What Fees Am I Charged?." Accessed October 25, 2022.
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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