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

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Ohio

Many factors are essential when analyzing low-income loan lenders in Ohio. MoneyGeek gathered information about these lenders’ APR ranges, income requirements, credit score requirements, loan terms and other factors.

Our analysis shows Upgrade provides the best low-income loans in Ohio, while LendingClub is the runner-up. You may benefit the most from Upstart if you have a bad credit history, while Prosper might suit you best if you have good credit.

Best Overall Low-Income Loan in Ohio: Upgrade


Runner-Up for Best Low-Income Loan in Ohio: LendingClub


Best Low-Income Loan for Bad Credit in Ohio: Upstart


Best Low-Income Loan for Good Credit in Ohio: Prosper


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

Based on MoneyGeek’s research, the average personal loan debt in Ohio is $24,808. Although a personal loan can help you finance expensive purchases and meet emergency needs, you should consider evaluating your current financial situation before applying for one.

Lenders assess loan applications based on various factors, including credit score, DTI ratio, income level and other details. If you want to find the ideal lender for your needs, MoneyGeek recommends following these steps.

Ask Yourself the Important Questions

To ensure you can repay the loan easily, you should start by asking important questions about your financial situation and funding needs. You must consider if you meet the lender’s requirements, as each lender may have different criteria for evaluating your application. It’s also important to consider your existing debts and ascertain if you can afford to make another loan payment every month. Before looking for a suitable lender, consider asking the following questions:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
Do Your Research

Your personal loan options might be limited if you earn a low income in Ohio. It’s best to research lenders that do not have strict minimum income requirements and offer loans with low interest rates. The best way to do so is by shopping around and comparing rates from different lenders in the state.

Researching and evaluating rates is also essential because a loan is a long-term commitment, and missing any detail can cost you a lot of money in the long run. Although you can benefit from MoneyGeek’s resources, you should do your own research too.


You should wait a few days after evaluating different lenders and finalizing your options. Waiting is essential as it allows you to think about your decision and assess if the lender you chose is the ideal option based on your funding needs and situation. Meanwhile, you can explore other options to meet your financial requirements or research the lender’s service quality.

Read the Fine Print

The fine print of the lender’s loan agreement is an essential resource, as it gives you valuable information about the lender’s fees, prepayment penalties and other important details. It would be best to review the fine print and note if the lender charges late payment, origination or other fees.


After you have reviewed all the essential details about the lender’s terms and fees, you can apply for a loan. At this stage, the lender will ask for various documents to verify your personal and financial details. Many online-only lenders are available; however, many also allow you to visit their offices to apply if you prefer.

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

The lender might reject your loan application even after you have applied with sufficient information and documents. Lenders can deny you a loan for various reasons, including a weak credit history, unstable employment, high debt-to-income ratio and incomplete application.

The best action in this situation would be to call the lender and ask about the factors contributing to loan refusal. Once you know those factors, you can improve them and apply again.

For instance, if you can't get a loan due to a weak credit history, you can improve your credit score by getting a credit-building card and submitting your application again in a few months. It's essential to understand that you are less likely to get the loan without improving the factor which caused the refusal.

Some borrowers may want to get payday loans to meet their financial needs. However, MoneyGeek strongly advises against it, as these loans charge a high interest rate and have extremely short repayment terms that can land you in a much worse financial situation.

Calculate Your Monthly Payment

Before applying for a loan, know that you must pay it back in monthly payments that also include interest. It is essential to estimate your monthly payment first, which you can do using MoneyGeek’s personal loan calculator. It can give you an idea of your loan payments based on your current financial situation and loan details.


FAQs About Low-Income Loans in Ohio

Choosing the best personal loan lender in Ohio depends on your current financial situation, funding needs and other important factors. You can review the following frequently asked questions to understand how these loans work in the state.

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


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MoneyGeek analyzed several personal loan lenders using various data points across these categories: loan affordability and accessibility, consumer friendliness, customer service, lender flexibility and transparency.

Within each ranking category, we assessed many individual data points that matter the most when choosing a personal loan lender. These factors include APR ranges, loan amounts, minimum credit score and income requirements, fees and disbursement times.

Since MoneyGeek values you, the consumer, we also considered each lender's customer support, ratings and additional features that could make your experience convenient and more accessible — like prequalification, payment options and mobile apps.

After a thorough analysis and calculation, we chose the ideal lenders with your best interests in mind. Our purpose is to make recommendations that help you make informed financial decisions when choosing a lender that meets 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.