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

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Edited byMorgan Hull
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

  • 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

    Upgrade is the best low-income loan lender in New Jersey. Due to its flexible repayment terms and user-friendly mobile app, MoneyGeek found Upgrade to be the ideal option.

    Its loans, ranging from $1,000 to $50,000, can be used to consolidate debt, fund large purchases or pay for home renovations. Upgrade offers borrowers more repayment term options than other lenders, allowing borrowers to pick a repayment schedule that best fits their financial goals.

    While qualifying for an Upgrade loan may be easy — the lender’s minimum credit score requirement is 560 — those with poor credit may receive a high interest rate in excess of 35%. Furthermore, the lender charges an origination fee between 2.9% and 8% of the loan amount.


    • Low minimum credit score requirement
    • No prepayment penalty
    • Joint loans available
    • Flexible repayment terms
    • Mobile application available


    • High maximum APR for those with poor credit
    • Origination fees
    • Late fees
    • 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 New Jersey: 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

    LendingClub offers the second-best low-income loan in New Jersey because it provides funding quickly and allows co-applicants. Borrowers can use their LendingClub low-income loan for debt consolidation or emergency medical treatment, but they cannot use it to pay for education-related expenses.

    Borrowers with credit scores below 600 can apply with a co-applicant to increase their chances of being approved for a loan. This lender is also a good option for those that need funding quickly, as most borrowers receive funds within 24 hours of their application clearing.

    Although the lender has a high APR range, applicants can check their rate online before applying without negatively impacting their credit score. After you submit an application, however, LendingClub will complete a hard credit check.


    • Fast funding
    • Co-applicants accepted
    • Offers direct payment to creditors
    • No prepayment penalty
    • Convenient online application


    • Low maximum loan amount
    • Restrictions on the usage of funds
    • High APR range
    • 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: Within 24 hours

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

    Upstart is the best low-income loan lender in New Jersey for those with bad credit. Borrowers with a credit score of at least 300 can qualify for a loan. To assess loan eligibility, the lender takes into account factors other than credit score and income, like employment status and DTI ratio.

    Upstart personal loan products range in amount from $1,000 to $50,000 and feature repayment terms of 36 or 60 months, depending on the borrower’s profile. Because the lender only offers two repayment terms options, borrowers have less flexibility in choosing their repayment schedule.

    It should be highlighted that while the lender has one of the lowest starting APRs, it also has one of the highest maximum APRs. This means that only those with excellent credit will receive a low APR; those with bad credit scores may receive an interest rate in excess of 35%.


    • Low minimum credit score requirement
    • Rate check available online with a soft credit inquiry
    • No educational attainment requirement
    • Fast funding


    • Limited repayment term options
    • Potentially high APR
    • No mobile application
    • 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 New Jersey: 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

    Borrowers with high credit scores should consider Prosper for their low-income loan needs in New Jersey. It was established in 2005 as the first peer-to-peer lending network in the country to specialize in personal loans.

    Those with a minimum credit score of 640 can qualify for a loan between $2,000 and $40,000. Borrowers can choose repayment terms between 36 and 60 months. This lender is ideal for borrowers with good credit scores who need funding quickly, as most funds are disbursed within the same day.

    While there are advantages to choosing Prosper for your funding needs, prospective borrowers should be aware of the lender’s origination fees, late payment fees and high APR range.


    • Convenient mobile application
    • No prepayment penalty
    • Offers prequalification
    • Co-applicants allowed


    • Relatively high APR range
    • Origination fees
    • Late fees
    • 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 New Jersey for You

With an average personal loan debt of $17,798, it’s evident that residents in New Jersey aren’t hesitant to borrow funds for their financing needs. While it may be common to take out a personal loan, it may not be the best decision for your financial goals.

MoneyGeek recommends taking the following steps to make the best decision about your low-income loan in New Jersey:

Ask Yourself the Important Questions

It's tempting to take out a personal loan to cover an unexpected expense, but first, you should ask yourself if you can afford to repay it. Before taking out a personal loan, reflect on the following questions:

  • How much funding do you need? Taking out only the amount of money you need can help you avoid paying more in interest. Because loan amounts differ among lenders, knowing how much money you need will also help you narrow down your lender choices.
  • What’s your credit score? Your credit score will impact your loan eligibility and the rates available to you. Those with higher credit scores typically receive lower interest rates. If you aren’t in a rush to get a loan, consider improving your credit score first.
  • Can you afford the monthly payments? Ensure that you can make the payment amount you select. Missing payments could negatively impact your credit score.
  • Do you have existing debts? Those with existing debt may want to reconsider taking on more. You may be able to receive a better rate on your low-income loan by repaying your existing debts first.
  • Is your debt manageable through other means? If possible, an interest-free solution — like borrowing from family or using a 0% APR credit card — is the best route to obtain funding.
Do Your Research

Finding the best lender for you may require some research, but putting in a little time upfront can save you money down the road. Compare lenders for their eligibility requirements, terms, rates and fees to find the best option for you. Look through MoneyGeek's suggestions as a reference point, but keep in mind that there may be better options for your needs.


Hold off applying with your chosen lender for a few days. During this time, you can consider your lending options. A low-income loan is a long term commitment that can take between two and four years to repay, so it’s important that you’re confident in your choice of lender.

Read the Fine Print

It’s important to read the fine print of your loan agreement to account for any fees, like those for loan origination, early repayment and late payments, in your budget. If you have any questions about the terms of your loan, you should contact your lender for clarification.


After you’ve completed the steps above, you can complete your application for a low-income loan in New Jersey. To save time, gather any required documents in advance. Lenders typically require borrowers to provide proof of identification, employment, income and address during the application process. Depending on your lender, you may be able to apply in person or over the phone, while others are online-only lenders.

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.


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.

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


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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.