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

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Tennessee

MoneyGeek ranked the best low-income loans in Tennessee using more than 30 data points to identify the best lenders. We considered factors such as the lender’s minimum requirements, APR ranges, loan limits, customer service track record and more to identify the best lenders. Our analysis also factored in different borrower profiles to help you find the best low-income loans for your background.

For most borrowers in Tennessee, Upgrade emerged as the best lender overall. However, for borrowers with bad credit, Upstart is the best option, while Prosper has the best low-income loans in Tennessee for those with good credit.

Best Overall Low-Income Loan in Tennessee: 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 MoneyGeek’s top pick for the best low-income loans in Tennessee. This lender was founded in 2017 and offers various personal finance products, including low-income personal loans.

    If you have fair-to-average credit, Upgrade is a good choice since it accepts borrowers with credit scores starting from 560. However, keep in mind that although APRs range from 5.94% to 35.47%, only borrowers with good credit qualify for the lowest rates.

    For borrowers who want a loan for debt consolidation purposes, Upgrade offers the option to pay creditors directly. Upgrade is also a good choice if you need funds quickly. You can easily check rates using the pre-approval option, and once approved, you will get your funds on the same day. However, this lender does charge origination fees ranging from 1.85% to 8.99%.


    • Prequalification with soft credit inquiry
    • No minimum gross income requirement
    • Quick loan disbursement
    • No prepayment fees
    • Flexible repayment terms


    • 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

Runner-Up for Best Low-Income Loan in Tennessee: 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 was founded in 2007 and offers personal loans for various purposes, including debt consolidation, home improvement and funding large purchases. This lender is ideal for Tennessee borrowers who want a lender that accepts co-applicants and offers quick funding.

    LendingClub accepts borrowers with credit scores starting from 600. However, APRs can be as high as 36%, so its loans can be quite costly. You will also incur an origination fee on your loan.

    This lender has an easy online application process that allows you to check rates without impacting your credit score. Funds are also disbursed quickly, so this lender is ideal if you need a loan for emergency expenses.

    LendingClub loans can be repaid for terms of up to 60 months, but the maximum you can borrow is $40,000, so if you need a higher loan limit, you should consider other lenders.


    • Prequalification with soft credit inquiry
    • Quick funding
    • Accepts co-applicants
    • No prepayment fees
    • Low loan minimum


    • Charges origination fees
    • High APR range
    • Limited repayment term options
    • 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 Tennessee: 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

    Upstart is the best lender if you have bad credit and need a low-income loan in Tennessee. This lender was founded in 2012 and stands out for using AI technology to qualify borrowers for loans.

    If you have a low credit score or lack sufficient credit history, you may still qualify for a loan with Upstart. This lender considers other factors, such as employment status and education, in addition to your financial history. You can check rates without impacting your credit score to find out if you qualify.

    Depending on your creditworthiness, APRs range from 3.22% to 35.99%, but only borrowers with excellent credit qualify for the lowest rates. Upstart has flexible loan limits, and you can borrow amounts between $1,000 and $50,000 but keep in mind you can only choose from two repayment term options of three or five years.


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


    • Only two repayment terms available
    • Charges origination fee
    • High maximum APR
    • 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 Tennessee: 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

    MoneyGeek’s analysis found that Prosper offers the best low-income loans in Tennessee if you have good credit. Prosper was founded in 2005 and offers personal loans through a peer-to-peer lending platform.

    To qualify for a loan from Prosper, borrowers need a credit score of 640 or higher. Borrowers can take out loans of up to $40,000, repayable in 36 to 60 months, but keep in mind that APRs can be relatively high.

    Loans from this lender also incur an origination fee, and other fees like late payment charges may also apply. However, there are no penalties for paying off your loan early.

    Prosper allows borrowers to check their rates before applying without impacting their credit scores. Funds are disbursed immediately, so this lender is a good option if you need money fast. Co-applicants are also allowed.


    • Prequalification with soft credit check
    • Quick funding
    • No early payment fees
    • Allows co-applicants
    • Flexible loan limits


    • Charges origination and late fees
    • High credit score requirement
    • Relatively high APRs
    • 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 Tennessee for You

In Tennessee, people owe an average of $25,174 in personal loans, so you are certainly not alone in seeking one. However, individual factors like your credit score and debt-to-income ratio are considered by lenders when determining your loan limit, APR ranges and other terms.

Personal loans can be a convenient source of funding when you have emergency expenses. If you are not sure how to find the best lender for your needs, the following steps can help.

Ask Yourself the Important Questions

Start by asking yourself important questions, including:

  • How much funding do you need? Knowing how much you need will guide you in choosing a suitable lender.
  • What is your credit score? You need to know your credit score to figure out how much you qualify to borrow and which lenders would approve you.
  • Can you afford the monthly payment? It is important to ensure that you can afford to make the monthly payments to avoid taking on more debt than you can handle.
  • How much debt do you already have? Consider your existing debt and figure out how taking a loan will impact your debt-to-income ratio. Some lenders will only approve you if your debt-to-income ratio is below a certain percentage.
  • Is your debt manageable through other means? Consider whether there are other financing options available to you.
Do Your Research

If you are looking for low-income loans in Tennessee, MoneyGeek’s recommendations are a great place to start. However, since borrower profiles can vary widely, it is always important to do your own research.

Take time to compare and understand what different lenders offer in terms of APRs, loan limits, terms and customer service. This will help you identify the best option for your background and needs.


It's always a good idea to take a day to think it over before applying for a loan. Waiting gives you time to consider all your options and ensure that you are ready for the financial commitment that comes with a personal loan. You may also want to compare different financing options during this waiting period to see which one makes the most sense for your financial situation.

Read the Fine Print

It is easy to miss important details when signing up for a loan if you do not read the fine print. Make sure that you have read through all the terms and understood how they impact your loan.

Make a note of other charges like prepayment fees, late fees and other applicable charges. This will ensure you do not incur any hidden charges down the line. Seek clarification from the lender for fees or terms that you do not understand.


If you are confident about your choice of lender, you can proceed to submit your application. Most lenders have a quick online application process, but you will be required to provide documents for personal identification and verification of financial history.

You can always contact the lender via phone or visit in person if you need more details or clarification on the application procedure.

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

It is not unusual for lenders to decline low-income loan applications. If this happens to you, do not despair. Most of the reasons that may cause your application to be declined can be improved over time to make you eligible for a loan in the future.

If your application has been declined, make a point to find out the exact reason why from the lender. This will guide you on what aspects you need to improve to ensure that future loan applications are successful.

You may find that you qualify for a loan with a different lender since minimum requirements can vary. However, it is best to avoid re-applying immediately until you have improved on the factors that caused you to be declined. Applying multiple times can impact your credit score negatively.

Avoid taking payday loans as an alternative since they come with high interest charges and unfavorable repayment terms.

Calculate Your Monthly Payment

Signing up for a loan means that you are committing to make monthly payments for an extended period. Therefore, it is important to first ensure that you can afford the monthly payments, even if the loan is pre-approved by the lender. You can use MoneyGeek’s personal loan calculator to estimate your monthly payments.


FAQs About Low-Income Loans in Tennessee

The best low-income loans in Tennessee for you will largely depend on your needs and financial profile. MoneyGeek answered frequently asked questions to help you learn more about low-income loans.

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


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MoneyGeek used a comprehensive analysis to rank the best low-income loans in Tennessee. We analyzed more than 30 personal loan lenders based on 35 individual data points. Our analysis focused on six key categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

To identify the best lenders, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender, such as APR ranges, loan limits, minimum requirements and funding time.

MoneyGeek values you, the consumer, so our analysis also factors in the lender’s customer support, business ratings and additional features that impact the user experience, like prequalification, payment options and mobile apps.

We make our top recommendations with your best interests in mind after careful consideration. Our goal is to help you make sound financial decisions when choosing the best lender for your situation and unique 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.