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

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Edited byScott Strandberg

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


Runner-Up for Best Low-Income Loan in Rhode Island: LendingClub


Best Low-Income Loan for Bad Credit in Rhode Island: Upstart


Best Low-Income Loan for Good Credit in Rhode Island: Prosper


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.

MoneyGeek’s analysis shows Upgrade is the ideal lender for low-income loans in Rhode Island, while LendingClub is the second-best option. On the other hand, borrowers with good and bad credit scores can benefit the most from Prosper and Upstart, respectively.

In Rhode Island, Upstart has the lowest minimum APR on its loans.

Lenders will generally restrict the use of loan funds for funding a college education, paying off student loans, business expenses, gambling or illegal activities. You should still contact your lender to know if they have any specific restrictions.

It depends on the lender. In Rhode Island, some lenders offer a maximum loan of $50,000, which you can use for debt consolidation.

If you provide sufficient details, some lenders will disburse loan funds as soon as the next business day. However, it varies based on the lender, and some can take up to a week.

Yes, lenders in Rhode Island permit borrowers to pay off their loans early. However, you should make sure your lender doesn’t charge a prepayment penalty.


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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.