Best Low-Income Loans in Missouri: Top Lenders and Rates for 2023

In 2016, Upgrade was formed with the goal of providing quality financial products and promoting good financial habits to customers. MoneyGeek ranked Upgrade as the best lender for low-income borrowers due to its low minimum credit score requirement and variable repayment term options.

Though the lender’s APR is higher than its competitors, Upgrade’s fixed-rate loans give borrowers peace of mind knowing that their rate won’t fluctuate with the market. Borrowers can also reduce their APR by signing up for automatic payments.

The lender’s loan amounts, ranging from $1,000 to $50,000, are relatively standard in comparison to other lenders. But one notable feature of Upgrade is its variable repayment terms; loan products feature repayment terms ranging from 36 to 60 months.

While an Upgrade personal loan has many benefits, potential customers should be aware of the lender’s origination fee, which is 1.85% to 8% of the loan amount. The provider also charges fees for late and missed payments, which could further increase the original cost of your loan.

Pros

• Low minimum credit score requirement
• No prepayment penalty
• Joint loans available
• Autopay discount
• Variable repayment terms

• 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

Since 2007, LendingClub has provided financial services, including low-income loans, to four million customers. MoneyGeek named LendingClub as the second-best low-income loan provider in Missouri based on its fast funding and low minimum credit score requirements.

Borrowers can obtain a loan from $1,000 to $40,000 with repayment terms between 36 and 60 months. LendingClub is an ideal lender for those that need funds quickly, as most applicants obtain funding within one business day of their application being approved. Prior to applying for a loan, prospective borrowers should be aware of the lender’s high maximum APR — up to 36%. Those with poor credit scores may receive higher interest rates on their low-income loan with this lender.

Pros

• Joint loans available
• Low minimum credit score requirement
• Quick funding
• Offers direct payment to creditors

• 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: One business day

Upstart is an online lending platform that has provided funding to borrowers with poor credit scores since 2012. The lender uses artificial intelligence (AI) to evaluate a borrower’s eligibility, taking into account other factors besides credit score, like employment and education history.

Because Upstart accepts borrowers with credit scores as low as 300, it is the perfect choice for those who are just beginning to establish credit or those who don't have a stellar credit history. Loan products range in amount from $1,000 to $50,000 and feature origination fees. Borrowers with poor credit may be subject to a high APR exceeding 35%. However, interested applicants can check their interest rate before applying without negatively impacting their credit score.

Pros

• Low minimum credit score requirement
• Soft credit inquiry during rate check
• Accepts part-time, full-time and self-employed borrowers
• No prepayment penalty

• 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 business day

Prosper, founded in 2005, is a peer-to-peer lending company that offers between $2,000 and $40,000 in loans to borrowers with a minimum credit score of 640. Through its online application, borrowers can choose their desired loan amount and get matched with potential lenders from the marketplace or private investors.

With Prosper, borrowers can choose loan repayment terms between 36 and 60 months. Once your application is approved, you will most likely receive funding on the same business day. While there are no charges for paying off your loan early, you will have to pay a fee for late payments or check payments.

The lender’s high maximum interest rate is a serious drawback, particularly for those with poor credit scores. However, borrowers with poor credit scores may be eligible for better rates by applying with a co-applicant.

Pros

• Fixed-rate loans
• No prepayment penalty
• Quick funding
• Allows co-applicants

• 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