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

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Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Pennsylvania

If you’re a low-income borrower in need of a personal loan to fund a vacation, pay for an emergency expense or consolidate debt, MoneyGeek has you covered. We researched and compared over 30 personal loan lenders for their annual percentage rates (APRs), repayment terms, loan amounts, fees and eligibility requirements to find the best low-income loan lender in Pennsylvania.

MoneyGeek ranked Upgrade as the best overall low-income loan lender, with LendingClub as the runner-up pick. Borrowers with poor credit may consider choosing Upstart, our top pick for those with limited credit histories or bad credit scores. Those with good credit should consider Prosper for their funding needs.

Best Overall Low-Income Loan in Pennsylvania: Upgrade


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


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


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


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

You might wonder if it's a good idea to take out a low-income personal loan in a state where the average personal loan debt is already $27,165. The answer varies by individual depending on their funding needs and financial situation. We recommend taking the following steps to make the best decision about a low-income loan in Pennsylvania.


Ask Yourself the Important Questions

Asking yourself the following questions before researching lenders may help you save time and money:

  • How much funding do you need? Accurately estimating your funding needs can help you avoid taking out too much or too little money. It can also help you narrow down your choice of lenders, as most lenders offer different loan amounts.
  • What’s your credit score? This will impact your loan eligibility and the APR you receive on your low-income loan. To receive the best rates, consider improving your credit score first before applying for a low-income loan.
  • Can you afford the monthly payments? Ensure you can make your monthly payments to avoid paying late fees. While choosing a higher monthly payment amount will allow you to repay your loan faster, it’s important to be able to cover other expenses.
  • Do you have existing debts? Unless you intend to use your low-income loan to consolidate debt, consider repaying your existing debt before taking on more.
  • Is your debt manageable through other means? When possible, always opt for a financing option with zero or low interest, like borrowing from friends and family or taking out a credit card.

Do Your Research

When you sign a loan agreement, you enter into a two to four year relationship with your chosen lender. Because of this, it’s essential to thoroughly research and compare lenders for their rates, fees and eligibility requirements to find the best option for you. MoneyGeek’s suggestions can help direct your search, but our recommendations are based on generic borrower profiles, not your unique situation.



After you’ve found your preferred lender, wait a day or two before submitting your application. During this time, you can review other lenders or reach out to your preferred lender to ask additional questions. Taking a step back can reveal insight that may affirm your lender choice or lead you to consider other options.


Read the Fine Print

The fine print of a loan agreement details fees for loan origination, prepayment and late payments. These fees may not be obviously stated on a lender’s website, but you will be obligated to pay them if you obtain a loan with the lender. Being aware of any fees associated with your loan in advance can help you budget accordingly or choose a different lender.



Once you’ve read and understand the fine print of your loan agreement, it’s time to submit your application. To save time, prepare all required documents in advance. Lenders typically require borrowers to provide proof of address, income, identification and more. If you’re applying with an online-only lender, you’ll submit your application online. Some lenders still have physical locations where you can apply and ask questions in person.

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

If your loan application is denied, it may be due to your credit score, DTI ratio, repayment term or preferred loan amount. After your application is denied, you should contact your lender to find out why.

Your application may be approved if you modify some aspects of your loan agreement, like your repayment term or loan amount. However, if your credit score or DTI ratio was the reason, there’s no instant fix. You should improve these factors first if you don’t need emergency funding. It will benefit you in the long run.

MoneyGeek strongly advises against payday loans, as these feature high interest rates and short repayment terms. What you can do is try applying for a low-income loan with another lender or check out low-interest loans.

Calculate Your Monthly Payment

When your loan application is approved, you’re locked into monthly payments, including interest. Before applying for a personal loan, you should calculate your approximate monthly payment. You can use MoneyGeek’s personal loan calculator to estimate how much money to set aside to repay your loan.


FAQs About Low-Income Loans in Pennsylvania

A low-income loan in Pennsylvania can help you obtain funding quickly. Before submitting an application, it’s important to make sure it’s the best decision for you. MoneyGeek answered the most frequently asked questions about low-income loans in the state to help you learn more.

Upgrade offers the best overall low-income loan in Pennsylvania. However, the best lender for you may vary depending on your specific needs and financial goals.

Upstart has the lowest starting interest rate. While its advertised starting APR is the lowest among the lenders in our guide, only those with the highest credit scores will receive it.

Fund restrictions vary by lender, but in general, most lenders don’t permit funds to be used for gambling, investing, buying stock or funding illegal activities. Some lenders may also have restrictions on the use of funds for postsecondary education.

Lenders have different maximum loan amounts. In Pennsylvania, most lenders allow borrowers to obtain up to $40,000 or $50,000.

Fund disbursement time varies by lender. Typically, borrowers receive funds within one to two days of their application clearing.

Yes, but some lenders may charge a prepayment penalty fee.


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MoneyGeek reviewed more than 30 personal loan lenders for over 35 individual data points across six key categories — accessibility, consumer friendliness, customer service, flexibility, lender transparency and loan affordability.

Our scoring system weighted some factors more heavily than others, depending on their impact on a borrower’s choice of lender. These factors include application fees, APR ranges, available loan amount, disbursement period, minimum income amount and credit score.

MoneyGeek prioritizes you, the consumer, so we also evaluated factors that improve the overall user experience, like lenders’ customer service ratings, availability of mobile applications, prequalification processes and payment options.

Our expert tips and recommendations were made with your best interests in mind. At MoneyGeek, our goal is to provide you with insider knowledge, financial insight and the latest information to make the best decision for 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.