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

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

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

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

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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.

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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.

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Methodology

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METHODOLOGY

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.