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

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Edited byScott Strandberg

Updated: December 28, 2023

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Best Low-Income Loan Lenders in New York

MoneyGeek found the best low-income loan lenders in New York by analyzing more than 30 data points, including loan amount options, interest rates, repayment terms and various fees. We also considered their minimum credit score, debt-to-income ratio and income requirements, along with their restrictions on fund usage (if there are any).

Our analysis determined Upgrade as the best overall option for low-income loans in New York. However, the best low-income loan lender for you may vary based on your borrower profile.

Best Overall Low-Income Loan in New York: Upgrade


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


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


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


How to Choose the Best Low-Income Loan in New York for You

When it comes to low-income loans, your credit score and debt-to-income ratio play a significant role in determining your loan eligibility. The average credit score in New York is 722, and the average personal loan debt is $17,892.

To help you find the best lender for low-income loans in New York, MoneyGeek outlined five crucial steps you need to take.


Ask Yourself the Important Questions

Determine if getting a low-income loan is the best option for your particular situation by asking yourself the following questions:

  • How much funding do you need? Knowing the exact amount of money you need can help you in finding lenders that can meet your requirements.
  • What’s your credit score? Lenders typically consider credit scores when reviewing loan applications. Having poor credit may limit your options.
  • Can you afford the monthly payments? Make sure your budget can afford the monthly payments. You may incur a late fee and hurt your credit score if you miss your payment due date.
  • Do you have existing debts? If you’re earning below New York’s median income, it may not be a good idea to add a personal loan on top of your existing debts.
  • Is your debt manageable through other means? Perhaps borrowing from a relative or using a credit card can finance your specific purpose better than a low-income loan.

Do Your Research

Although MoneyGeek provided recommendations for the best low-income loans in New York, it’s still in your best interest to conduct your own research on other lenders. Take a close look into their available loan amounts, interest rates, repayment durations and funding times. Additionally, find out about their eligibility criteria and restrictions on fund usage. By gathering all the necessary information, you can determine which lender is suitable for your needs.



After conducting your own research and deciding on a lender, it’s recommended to wait for a few days before submitting an application. Give yourself room to breathe, so you can re-evaluate your financial situation and confirm whether taking out a low-income loan is the best choice. Remember that it will take a few years to pay off, so you should not make hasty decisions.


Read the Fine Print

It’s important to revisit your preferred lender and review the fine print on its loan offer. Find out if it charges a fee for processing your loan, missing the payment due date or paying off your loan early. Knowing about these additional charges can help you avoid financial trouble down the line.



Once you’ve covered all the bases, you’re ready to pursue a low-income loan application. Prepare all the necessary documents, such as identification, proof of income and address verification. Most lenders accept online applications, which is convenient. However, there’s no harm in calling or visiting the lender if the option is available.

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

Getting your loan application denied doesn’t signal the end of your low-income loan journey. Lenders often reject loan applications due to a low credit score, poor DTI ratio, insufficient income and more.

It’s best to contact your lender and ask why your loan application was denied. You may also offer to modify your application to make it more acceptable. For instance, lowering your loan amount or shortening your repayment terms may lead to a positive result.

You may also try applying elsewhere. However, if the reason you were denied is because of your credit score or DTI ratio, this move is not recommended. Instead, take the time to improve that factor to prevent another loan application rejection.

Payday loans may be an attractive option if you’re in dire need of cash, but it’s best to avoid them. They may be easy to get, but their exorbitant rates and short repayment terms can lead you into a debt trap.

Calculate Your Monthly Payment

Low-income loans are usually repaid in monthly installments with interest. Use MoneyGeek’s personal loan calculator below to estimate your monthly payment and determine if your finances can handle it.


FAQs About Low-Income Loans in New York

The best low-income loan for you will vary based on your needs as well as credit and income factors. Below, MoneyGeek answered some commonly asked questions about low-income loans in New York to provide more information.

In New York, the best loan lender for low-income borrowers is Upgrade.

Upstart offers the lowest minimum APR in New York. However, this rate is reserved for borrowers with excellent credit scores.

Low-income loans in New York can usually be used for various purposes. However, some lenders impose restrictions on where to use them. It’s best to check with your lender before applying.

In New York, you can typically borrow $1,000 to $50,000 to consolidate debt. That said, your minimum and maximum loan amounts will depend on your preferred lender.

This will depend on your low-income loan lender, but many of them offer next-day funding. However, some lenders can take a few business days.

Yes, you can. However, some New York low-income loan lenders charge a fee if you pay off your loan early. Check with your chosen lender to make sure.


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MoneyGeek used 35 individual data points to evaluate more than 30 personal loan lenders. Each data point belonged to one of the six key categories: accessibility, affordability, consumer friendliness, customer service, flexibility and lender transparency.

Within each category, we considered the data points that we feel carry the most weight when selecting a personal loan lender. These include APR ranges, minimum credit score and income requirements, available loan amounts, disbursement times and application fees.

MoneyGeek also factored in each lender’s additional features that affect a borrower’s loan experience, such as mobile apps, payment options and prequalification.

Our top picks were selected after careful consideration and calculation. This guide is meant to help you make well-informed decisions when choosing a low-income loan lender in New York based on your needs.

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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.