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

Since 2017, Upgrade has been providing lending solutions to borrowers in all 50 states. MoneyGeek found that it’s the best option for low-income personal loans in New York.

This lender doesn’t have minimum income requirements, allowing those who earn below New York’s median income to take out a personal loan. It also accepts borrowers with a minimum credit score of 560. Those who qualify can borrow up to $50,000, with repayment terms ranging from 36 to 60 months.

However, Upgrade’s APR range can be very high for those who are not well-qualified. Plus, the lender imposes restrictions on its personal loans. Borrowers can’t use it for postsecondary education, investments, illegal activities or gambling of any kind.

Pros

• Autopay discount
• No prepayment penalty
• No minimum income requirement
• Low minimum APR

• 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

Our runner-up for the best low-income loan lender in New York is LendingClub. This online lending platform was launched in 2007 and has since helped more than four million members reach their financial goals.

LendingClub has no minimum income requirement and accepts a minimum credit score of 600. Its personal loans start at $1,000 and are capped at $40,000. Because it offers next-day funding, this lender is ideal for those in urgent need of a small loan.

Note that LendingClub doesn’t have a prepayment penalty, but it charges an origination fee of 3% to 6%. There are also no discounts for automatic payments. You may be better off looking for another lender if you intend on using your low-income loan for postsecondary education or investments, as LendingClub does not allow its loans to be used for these purposes.

Pros

• Accepts low-income borrowers
• No prepayment penalty
• Joint loans are available
• Direct payments 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: Next day

Upstart was established in 2012 and has since originated nearly $29 billion in loans. Because of its minimum credit score requirement of 300, Upstart is the best low-income loan lender in New York for borrowers with bad credit.

It goes beyond credit scores and utilizes artificial intelligence for its evaluation process. Plus, this lender performs soft credit inquiries when applicants check their rates, so their credit scores won’t be affected.

With Upstart, applicants can borrow up to $50,000, which can be used for various purposes, like debt consolidation, home renovations, medical expenses or even student debt. There’s no prepayment penalty, but there’s a one-time nonrefundable origination fee to watch out for.

Pros

• Low credit score requirement
• No prepayment penalty
• Offers joint loans
• Low minimum APR

• 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

Founded in 2005, Prosper was the first peer-to-peer lending marketplace in the U.S. Since then, it has facilitated over $22 billion in loans to more than 1.3 million people.

Low-income borrowers in New York with good credit may find Prosper as the best option for personal loans. Those with a minimum credit score of 640 can qualify for loans ranging from $2,000 to $40,000. Once approved, Prosper can directly deposit the funds as soon as the same day.

There’s no prepayment penalty, but there’s a 1% to 5% origination fee to keep in mind. Additionally, Prosper charges check payment, insufficient funds and late payment fees. As such, this lender may not be ideal for low-income New Yorkers who want to avoid having additional costs on their loans.

Pros

• No prepayment penalty
• Performs soft credit pulls
• Co-applicants allowed

• 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