What is the best low-income loan lender in Ohio?

MoneyGeek found that Upgrade provides the best low-income loans in Ohio, while LendingClub is the runner-up for such loans. You can benefit the most from Upstart if you have a bad credit history. On the other hand, Prosper will suit you best with a strong credit history.

Which lender in Ohio has the lowest interest rates for low-income?

Upstart provides the lowest minimum APR to low-income borrowers in Ohio.

What kind of debts can I not use my low-income loan for in Ohio?

Although restrictions on the usage of loan funds vary based on the lender, you can generally not use your loan funds for paying off college tuition, business expenses or illegal activities.

How much debt can I consolidate in Ohio?

The maximum loan amount is different for every lender. However, some lenders provide borrowers with up to $50,000.

How long does it take to get a low-income loan in Ohio?

Once the lender approves your application, you might receive the loan funds as soon as the next business day. However, the funding disbursement time varies based on the lender.

Can I pay off my loan early in Ohio?

Yes, you can pay off your loan early in Ohio. However, some lenders may charge you a prepayment penalty. Check with your lender to see if they charge these fees.

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

WHAT WE’RE GEEKING OUT ON

Best Overall Low-Income Loan Lender in Ohio
Runner-Up for Best Overall Low-Income Loan Lender in Ohio
Best Low-Income Loan Lender for Bad Credit in Ohio
Best Low-Income Loan Lender for Good Credit in Ohio
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Low-Income Loan in Ohio
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Ohio

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

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
MoneyGeek picked Upgrade as the ideal option for low-income loans in Ohio. Besides personal loans, the lender offers many other financial products, including rewards checking accounts, credit cards and more.
With Upgrade, borrowers can check their rates online without affecting their credit scores, as the lender performs a soft credit inquiry first. Once it approves your loan, you can receive the funds on the same day. Since the lender doesn’t charge prepayment fees, you can easily repay your loan early.
Although Upgrade doesn’t allow co-signers, it permits joint applications for its loans, making it easier for borrowers with a low income to qualify for a loan.
However, the lender won’t be a good option if you have just started building your credit history because it requires borrowers to have at least a 560 credit score.
Pros
No prepayment fees
Allows joint applications
Performs soft credit inquiry first
Maximum loan amount of $50,000

Cons
Charges origination fees
Moderate credit score requirement
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 Ohio: 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
The runner-up for low-income loans in Ohio is LendingClub, a digital lending platform offering personal loans, business loans, auto refinancing and other financial products. For personal loans, the lender charges an APR ranging from 7.04% to 35.89%, depending on your credit score and various other factors.
LendingClub permits using loan funds for many purposes, like debt consolidation, home improvement, credit card consolidation and balance transfers. If you opt for this lender to consolidate high-interest debt, it will disburse the funds directly to creditors. Since it offers joint loans, it’s a suitable option for low-income borrowers.
However, LendingClub restricts how you can use loan funds and doesn’t offer an autopay discount. If these factors are important to you, it would be best to look elsewhere for a loan.
Pros
Directly pays creditors for debt consolidation
Performs soft credit check first
Offers joint loans
No prepayment penalty
$1,000 loan minimum

Cons
Has origination fees
Doesn’t offer autopay discount
Restricts how loan funds can be used
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 Ohio: 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 a California-based AI lending platform, and it’s the best option for an Ohio low-income loan if you have a bad credit history. The lender doesn’t have a strict credit score requirement and considers factors like your education and employment details when evaluating your application.
When you apply for a loan with Upstart, it performs a soft credit inquiry first that doesn’t hurt your credit score. The lender doesn’t charge a penalty on the early payment of your loan. It offers next-day funding, making it a good option for borrowers with an immediate need for funds. Although it has a low minimum APR, you might not qualify for it with a weak credit history.
It’s important to know that Upstart doesn’t provide an autopay discount and charges an origination fee of up to 10% of the loan amount, which is higher than many competitors.
Pros
Accepts borrowers with a weak credit history
No prepayment penalty
Low minimum APR
Conducts a soft credit check first

Cons
High origination fees
No autopay discount
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 Ohio: 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
Prosper, the first peer-to-peer lending platform, was launched in 2005. It offers personal loans, credit cards and other financial products to borrowers through traditional investors. Since its founding, the lender has facilitated more than $22 billion in loans.
You can get a loan from this lender for various purposes, including home improvement, debt consolidation, health care financing, vehicle purchase and other funding needs. Its loan amount range from $2,000 to $40,000. Prosper disburses the funds on the same day of approval and lets the borrowers repay their loan in three to five years.
However, it charges various fees, including those for origination and late payments. You can explore other lenders offering personal loans if you want to avoid paying these fees.
Pros
Soft credit inquiry
No prepayment penalty
Several repayment term options

Cons
Has origination fees
Charges a late payment fee
High maximum APR
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 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.

Wait

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.

Apply

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.

Month	Payment	Principal	Interest	Balance

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.

Methodology

METHODOLOGY

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.

sources

LendingClub. "About Us." Accessed October 27, 2022.
LendingClub. "Personal Loans." Accessed October 27, 2022.
Prosper. "Personal Loans." Accessed October 27, 2022.
Upgrade. "About Us." Accessed October 27, 2022.
Upgrade. "Personal Loans up to $50,000." Accessed October 27, 2022.
Upstart. "Personal Loans." Accessed October 27, 2022.

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.