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

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

  • 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

    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.


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


    • 1.85% to 8.99% origination fee
    • $10 late fee
    • Co-signers not allowed
    • High maximum 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

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

    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.


    • Accepts low-income borrowers
    • No prepayment penalty
    • Joint loans are available
    • Direct payments to creditors


    • No autopay discount
    • Charges an origination fee
    • Restrictions on fund usage
    • High APR range
    • Limited repayment term options
    • 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

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


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


    • Charges an origination fee
    • No autopay discount
    • High maximum APR
    • Only two repayment term options
    • 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 York: 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

    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.


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


    • Has multiple fees
    • No discount for autopay
    • Low borrowing limits
    • High APR range
    • 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 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.

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


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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.