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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in South Dakota

To determine the best low-income loans in South Dakota, MoneyGeek used more than 30 data points to analyze lenders. We ranked the best lenders based on factors like minimum requirements, loan limits, APR ranges, repayment terms and customer satisfaction ratings. MoneyGeek also considered different borrower profiles to identify the best lenders for varying backgrounds, such as borrowers with good credit and those with bad credit.

Upgrade emerged as the top lender for the typical low-income borrower in South Dakota. However, factors like your credit score will also be important when identifying the best lender for your needs.

Best Overall Low-Income Loan in South Dakota: 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

    If you are looking for the best lender for low-income loans in South Dakota, Upgrade is MoneyGeek’s top pick. Founded in 2017, Upgrade offers various personal finance products, including personal loans for borrowers with moderate-to-low income.

    To qualify for an Upgrade loan, you need a credit score of 560 or higher. In most cases, you will receive your funds on the same day you are approved for the loan. However, depending on your creditworthiness, APR rates can be as high as 35.47%, and all loans attract origination fees ranging from 1.85% to 8.99%.

    Upgrade is a good option for borrowers who need a loan for debt consolidation since it can pay creditors directly. We also appreciate the broad range of repayment terms, as you can pay off your loan within three to five years.

    Pros

    • Prequalification with soft credit inquiry
    • Fast funding
    • Low minimum APR
    • No fees for early payment
    • Flexible repayment terms

    Cons

    • Charges origination fees
    • High maximum APR
    • Charges late fees
    • 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
    Upgrade

Runner-Up for Best Low-Income Loan in South Dakota: 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

    LendingClub is MoneyGeek’s runner-up pick for low-income loans in South Dakota. Founded in 2007, LendingClub offers personal loans for home renovations, emergency expenses, debt consolidation and more. However, loans cannot be used for investments, college education or gambling.

    LendingClub accepts co-applicants, which means borrowers with poor credit may qualify for higher limits if they have a co-applicant. That said, loan limits range from $1,000 to $40,000, so if you need a large amount, this lender may not be a good option.

    For borrowers who need funds urgently, LendingClub offers quick funding, and most loans are disbursed by the next day. However, loans will incur a one-time origination fee, and APR rates can be as high as 36%, depending on your creditworthiness.

    Pros

    • Prequalification with soft credit check
    • Fast funding
    • Accepts co-applicants
    • No early payment fees
    • Flexible repayment terms

    Cons

    • Charges origination fees
    • Relatively high APR
    • Low borrowing limits
    • 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: One business day
    LendingClub

Best Low-Income Loan for Bad Credit in South Dakota: 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

    If you are a low-income borrower in South Dakota with below-average credit, Upstart is the best option for low-income loans. Upstart was founded in 2012 and accepts borrowers with credit scores of 300 or higher.

    For borrowers with bad credit, Upstart’s AI technology allows you to qualify for a personal loan based on other factors, such as employment status or education. This means that even borrowers without lengthy credit histories can qualify for a loan.

    Upstart’s loans range from $1,000 to $50,000, payable in either three- or five-year terms. You can pay off your loan early without incurring any prepayment penalties. Borrowers with good credit may qualify for APRs as low as 3.22%. You can check your rate online before applying without impacting your credit score.

    Pros

    • Low credit score requirement
    • Offers prequalification with soft credit check
    • Quick disbursement
    • No prepayment fees
    • Low minimum APR

    Cons

    • Charges origination fees
    • High maximum APR
    • 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
    Upstart

Best Low-Income Loan for Good Credit in South Dakota: 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 best lender for low-income loans in South Dakota if you have good credit. This lender was founded in 2005 and allows borrowers to access loans through its peer-to-peer lending platform.

    Prosper requires borrowers to have a minimum credit score of 640, but for those with lower scores, having a co-applicant can improve your chances of getting approved. You can borrow between $2,000 and $40,000 from Prosper, but keep in mind that your loan will have an origination fee. APRs can also be relatively high with this lender.

    Prosper is a good option if you need funds quickly. You can repay your loan in terms ranging from 36 to 60 months, and there are no penalties for paying off your loan early.

    Pros

    • Prequalification with soft credit check
    • No early payment fees
    • Allows co-applicants
    • Several repayment term options

    Cons

    • Charges origination fees
    • 640 minimum credit score
    • Relatively high APR range
    • 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
    Prosper

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

If you need a low-income loan in South Dakota, you are not alone. The average personal loan debt in the state is $15,272. People borrow for various reasons, including funding large purchases, debt consolidation, emergency expenses and more. However, before taking out a loan, it is best to identify the right lender for you based on factors like your credit score, debt-to-income ratio and more.

To help you find the best low-income loans in South Dakota, MoneyGeek recommends following these steps:

1
Ask Yourself the Important Questions

Before taking out a loan, keep in mind that loan limits, APR rates and repayment terms can vary from lender to lender and based on your financial profile. It's important to first figure out how much you need, what your credit score is and how well you’re managing your current debt.

Once you have this information, you can use it to determine which lender is most likely to approve you by comparing your profile with their minimum requirements. Start by asking yourself the following:

  • 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?
2
Do Your Research

MoneyGeek’s top picks can guide you in finding the right lender for your needs, but it is important to also do some research based on your profile. Compare APRs, loan limits and other rates to identify the most affordable low-income loans available for your profile. This will ensure that you pick the lender with the most favorable terms for your specific needs.

3
Wait

A low-income loan will affect your finances long-term, so it is best to ensure that you do not get one on impulse. This is why it is important to wait a day or two before submitting your application. This will give you time to weigh all your options and ensure that you are ready for the commitment that comes with repaying a loan.

4
Read the Fine Print

It’s common for borrowers to find themselves facing charges they were not aware of after signing up for a loan. This happens if you do not read the fine print and understand the full terms of your loan. Always make a point of reading the fine print to ensure that you are aware of charges, such as origination fees, prepayment penalties, late fees and any other charges you may incur.

5
Apply

Once you are confident that a personal loan is the best option for you and have identified a suitable lender, you can proceed to apply for the loan. Most lenders will require personal identification and financial statements, so gather your documents before applying. In most cases, you will be able to submit your application online, but some lenders also have options for in-person applications.

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

If your application for a low-income loan was declined, do not fret. Lenders may decline loan applications for various reasons, but this does not mean that you will never be able to get a loan. Some of the factors that may get you declined include not meeting the lender's credit score or debt-to-income threshold.

Find out from the lender the specific reason your application was unsuccessful. This information will help you figure out what your next step should be. If you were declined for having a low credit score, you can always improve your creditworthiness over time.

You may also find that other lenders have more lenient minimum requirements, but before re-applying, it is best to first work on the factors that caused you to be declined.

It may be tempting to go for a payday loan, but MoneyGeek strongly advises against it. These types of loans typically have extremely high interest rates and short repayment periods that can make them unmanageable.

Calculate Your Monthly Payment

Personal loans are usually paid back monthly over extended periods. This means it’s important to calculate your monthly payments beforehand to ensure that you can afford them. You can use MoneyGeek’s personal loan calculator to estimate your monthly payments for better planning.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Low-Income Loans in South Dakota

When choosing the best low-income loans in South Dakota, keep in mind that factors like your credit score and other financial factors will determine who is the best lender for you. You can learn more about low-income loans from the answers to commonly asked questions below.

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

Methodology

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METHODOLOGY

MoneyGeek used 30+ data points to review more than 30 personal loan lenders in South Dakota. We ranked lenders based on six key categories, including loan affordability, customer service, accessibility, consumer friendliness, transparency and flexibility.

Within each ranking category, MoneyGeek considered various data points that we feel matter most when a consumer is looking for a personal loan. The factors that we included in our analysis were interest rates, loan limits, minimum requirements for credit score and income, application fees and funding timelines.

Because we value you, the consumer, our analysis also factors in each lender’s customer support, business ratings and additional features that improve the user experience, such as prequalification features, payment options and availability of tools like mobile apps.

MoneyGeek’s recommendations help you make the right decision when looking for the best lender for low-income loans. Our top picks are chosen after careful consideration and calculation with your best interests in mind.

sources
Shield Insurance

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.

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