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

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Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in New Jersey

To find the best low-income loan lenders in New Jersey, MoneyGeek reviewed over 30 providers for key data points. These included but weren’t limited to loan amounts, interest rates, repayment terms, minimum eligibility requirements and customer service ratings from the Better Business Bureau (BBB).

Based on our assessment, Upgrade offers the best low-income loan in New Jersey, followed by LendingClub. If you have a bad credit score, Upstart is your best choice, while those with good credit should consider Prosper.

Best Overall Low-Income Loan in New Jersey: Upgrade

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Runner-Up for Best Low-Income Loan in New Jersey: LendingClub

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Best Low-Income Loan for Bad Credit in New Jersey: Upstart

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Best Low-Income Loan for Good Credit in New Jersey: Prosper

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

Even if you’ve submitted all the appropriate documentation, you may still be rejected for a low-income loan. If your loan application is denied, you should contact your lender to find out why. Sometimes, simply modifying the terms of your loan, like the repayment period or loan amount, can lead to its approval.

If your application is rejected due to a low credit score, this will take some time to improve. We recommend increasing your credit score before reapplying for a loan to avoid dips in your score from hard credit checks.

Those who are rejected for a low-income loan may consider payday loans for their funding needs. These “loans” feature high interest rates and short repayment terms that typically end up costing borrowers more money in the long term. As such, MoneyGeek recommends avoiding these at all costs.

Calculate Your Monthly Payment

Before applying for a loan, it’s important to know that you can make your monthly payment. MoneyGeek’s personal loan calculator can help you estimate your monthly payment amount and budget accordingly. You may be charged for making a late payment on your loan, so it’s essential that you make payments on time.

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FAQs About Low-Income Loans in New Jersey

The best low income lender in New Jersey for you will vary based on your unique needs. MoneyGeek answered the most commonly asked questions about low-income loans to help you make a well-informed decision.

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Methodology

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METHODOLOGY

MoneyGeek analyzed over 30 personal loan providers for more than 35 key data points across six categories: cost, convenience, consumer friendliness, customer service, adaptability and transparency.

Of the 35 key data points that we evaluated, we highlighted a few that we felt had the most impact on a borrower’s lender choice. These included lenders’ interest rate tiers, loan amounts, credit score and income requirements, application fees and funding times.

Since you, the consumer, are our top priority, we also looked at features that impact the overall user experience, including lenders’ customer service and business ratings, as well as the availability of convenient features and tools, like prequalification, payment methods and mobile applications.

Our recommendations and suggestions were made with your best interests in mind. At MoneyGeek, we strive to provide consumers with the knowledge and information to make well-informed financial decisions.

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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.