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

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Rhode Island

To find suitable lenders for low-income loans, MoneyGeek gathered information about APR ranges, loan amounts, credit score and income requirements, repayment terms and other essential details of many lenders. We picked the best lenders for low-income individuals after a thorough analysis.

MoneyGeek found Upgrade the ideal lender for low-income loans in Rhode Island, while LendingClub is the second-best option. On the other hand, borrowers with good credit may prefer Prosper, and those with bad credit should look at Upstart.

Best Overall Low-Income Loan in Rhode Island: 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

    Upgrade is a California-based lender that offers various financial products, including personal loans, rewards checking accounts and more. One of the reasons MoneyGeek picked it as the best lender for low-income loans is that it permits joint applications, making it easy for low-income individuals to qualify for a loan.

    The lender offers a maximum loan of $50,000, which means you can get a loan to fund significant expenses. It charges an APR ranging from 5.94% to 35.47%. You can qualify for a lower interest rate with a strong credit history. With Upgrade, you won’t have to pay prepayment fees for repaying your loan early.

    However, you must have a 560 FICO score to qualify for its loans. The lender isn’t a suitable option for borrowers with a weak credit history.


    • Joint loans available
    • Doesn’t charge prepayment fees
    • Many repayment term options
    • Low minimum APR


    • Moderate credit score requirement
    • Has origination fees
    • Potentially high 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 Rhode Island: 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

    Based on MoneyGeek’s analysis, LendingClub is the second-best option for low-income loans in Rhode Island. Besides personal loans, the lender provides loans for business purposes, along with auto refinancing and more. Although it requires a 600 FICO score, you can apply with a joint applicant to increase your chances of approval.

    With LendingClub, borrowers can get a maximum loan of $40,000 and use the loan funds for credit card consolidation, home improvements, balance transfers and other purposes. Since it performs a soft credit inquiry first, checking your rate online with LendingClub won’t negatively affect your credit score. The lender offers direct payment to creditors in case of debt consolidation.

    Opting for this lender won’t be a suitable option if you want an autopay discount. You also cannot use a LendingClub loan for every purpose, as this lender has some significant restrictions on fund usage.


    • Conducts soft credit check first
    • No prepayment penalty
    • Joint application available
    • Low minimum loan amount of $1,000
    • Direct payment to creditors for debt consolidation


    • Charges origination fees
    • Good credit score required
    • Restricts the usage of loan funds
    • 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 Rhode Island: 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

    Opting for an Upstart low-income personal loan is the ideal option for those with a weak credit history. The lender uses AI tools to assess each application and considers other factors besides your credit score to analyze if you will repay the loan easily.

    With Upstart, your educational history and employment details are essential to qualify for a loan. The lender has one of the lowest APRs available. It also allows you to check your rate online without hurting your credit score.

    Once Upstart approves your loan, you can receive the funds as soon as the next business day. The lender offers a minimum loan of $1,000 in Rhode Island, making it a good option if you want to cover minor expenses. However, Upstart only offers repayment terms of three or five years, so make sure one of those timelines suits your needs.


    • 300 minimum credit score
    • Low minimum APR
    • Doesn’t charge a prepayment penalty
    • Allows borrowers to check their rates online


    • High origination fee
    • 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 Rhode Island: 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 is the first peer-to-peer lending marketplace and has facilitated over $22 billion in loans since 2005. Based on MoneyGeek’s analysis, it’s the best option for borrowers with a strong credit history in Rhode Island.

    Borrowers can get a loan between $2,000 and $40,000 through traditional investors, while Prosper handles the loan servicing. It allows the use of loan funds for financing home improvement, debt consolidation, vehicle purchases and more. It usually disburses the loan funds immediately, while the repayment terms range from three to five years.

    However, Prosper charges late payment and origination fees. If you want to avoid these fees, you might want to look elsewhere. Also, keep in mind that Prosper only lends to borrowers with good credit scores of at least 640.


    • No prepayment penalty
    • No fund usage restrictions
    • Conducts soft credit check first
    • Broad range of repayment term options


    • High maximum APR
    • Charges origination and late payment fees
    • Requires 640+ credit score
    • 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 Rhode Island for You

Personal loans can significantly benefit low-income individuals, as they can use the personal loan funds to cover emergency expenses, large purchases and various other purposes. Since a loan is a long-term commitment, it’s essential to ensure that you can afford it based on your current situation.

MoneyGeek found that Rhode Island residents have an average personal loan debt of $14,599, so you’re certainly not alone in seeking one. If you want to find the best low-income loan lender for your situation, we recommend you follow these steps:

Ask Yourself the Important Questions

Understanding your current financial situation and determining how much funds you need is essential to finding the ideal low-income lender in the state. However, it’s also important to know the lender’s requirements and if you can meet them easily. You may also explore if there are any other resources available for meeting your funding needs. It’s best to ask the following questions before proceeding:

  • 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

You can start looking for a suitable lender once you understand your situation and needs. Many lenders allow you to check your rate online. You can use the estimate to compare rates from different lenders and choose the one that offers the best deal. Although you may benefit from MoneyGeek’s resources, you should still do your research, as our recommendations may not be tailored to your exact situation.


You might have finalized the best lender for your situation at this stage and may want to apply for a loan immediately. However, MoneyGeek recommends thinking about your decision and waiting a few days. Remember, a personal loan will require making monthly payments for a few years, making it essential to be sure about your decision.

Read the Fine Print

Knowing what fees the lender charges for its loans is essential, as it gives you an idea of how much money you will pay monthly. It would help to review the fine print of the lender’s loan agreement and note if they have prepayment, late payment or origination fees.


You can apply for a loan with your chosen lender after you have made sure that this decision will positively affect your financial situation. To apply, you must have documents that help the lender verify your personal details, income and address. The lender might also ask for additional documents. You can apply online or in person — whichever is more convenient.

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

Even after you have applied for a loan with sufficient information, the lender may refuse to approve your application for various reasons. Although low income can be a factor, lenders also deny loans because of unstable employment, low credit scores, a high debt-to-income ratio and incomplete applications.

The lender will reject your application if they think you won't be able to repay the loan easily. You should contact the lender and ask about the reasons behind the denial. Once they let you know the factors which caused the refusal, you can try improving them or adjusting your loan terms. For instance, if there are any missing details in your application, you can apply again after providing the essential information.

You can also apply with a different lender; however, you’re unlikely to get approved without improving the factor that caused the previous lender's denial. It's also not the best idea to get a payday loan, as these loans often result in more debt because of extremely high interest rates and short repayment terms.

Calculate Your Monthly Payment

The best way to understand if you can afford a new loan is to calculate your monthly payment in advance using MoneyGeek’s personal loan calculator. You will need to enter information about your financial situation and desired loan details to get an estimate.


FAQs About Low-Income Loans in Rhode Island

The ideal low-income loan lender in Rhode Island for you will offer favorable loan terms based on your financial situation and funding needs. MoneyGeek gathered answers to the following frequently asked questions to help you find the right lender.

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


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MoneyGeek gathered important information about Rhode Island lenders to analyze them across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and transparency.

For each ranking category, we also analyzed many individual data points that we feel are the most significant when it comes to choosing a personal loan lender. These factors include APR ranges, loan amounts, minimum credit scores, income requirements, fees and disbursement times.

At MoneyGeek, we value you, the consumer, which is why we also considered each lender’s customer service, business ratings and additional features that could make applying for a loan more straightforward and accessible, including prequalification, payment options and mobile apps.

Based on a thorough assessment, we finalized the ideal lenders with your best interests in mind. Our purpose is to make recommendations and provide expert tips that help you make prudent financial decisions when choosing a lender that best fits your needs and situation.

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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.