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

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Edited byAliha Strange

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Texas

MoneyGeek ranked the top personal loan lenders for low-income Texas residents using more than 30 different data factors. Income requirements, interest rates, repayment terms, BBB ratings, credit score requirements and loan amount options were some of the included data points.

Our study shows Upgrade is Texas' top provider of low-income loans, and LendingClub comes in second. Meanwhile, Upstart and Prosper are the best options for borrowers with poor and good credit, respectively.

Best Overall Low-Income Loan in Texas: Upgrade


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


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


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


How to Choose the Best Low-Income Loan in Texas

The rates and terms lenders give for low-income loans in Texas may be influenced by variables, including your credit score and current DTI ratio. In Texas, personal loan debts typically amount to $15,505.

Low-income borrowers must compare terms from various lenders to find the best lender for their financial needs. MoneyGeek suggests doing the following steps to help you secure the best rates:


Ask Yourself the Important Questions

Consider the financial implications of your choice before submitting your low-income application to the lender. Finding the ideal loan for you is easier if you can determine the answers to the following questions:

  • How much funding do you need? It can be tempting to borrow more money than you need, but remember that the larger the loan, the more your monthly household budget will be impacted.
  • What’s your credit score? An applicant's credit history will be crucial when applying for a low-income loan in Texas. You may qualify for a lower APR with a higher credit score.
  • Can you afford the monthly payments? Make sure that you have budgeted on-time payments. Missed payments can raise your outstanding balance, lower your credit score and impact future loan or credit card applications. That doesn't even count the late penalty you may have to pay.
  • Do you have existing debts? Taking out a low-income loan entails taking on more debt. Repayment may be difficult if you already have some.
  • Is your debt manageable through other means? Consider looking into additional options, such as borrowing money from friends and family or using a credit card.

Do Your Research

You can choose the lender that best matches your funding needs by doing some comparison shopping. Compare key characteristics between lenders, such as the APR, repayment terms and loan amounts. Use MoneyGeek's suggestions if you like, but it's also a good idea to research personal loan offers that we might have missed.



You should take your time to decide after looking at several lenders and their offerings. When sorting through a ton of data, choosing a lender is tempting, especially if you find one that appears to tick all the appropriate boxes. However, remember that a low-income loan in Texas is a big commitment and that your repayment conditions show how long you'll put up with your debts.


Read the Fine Print

Rates and fees differ for each lender and loan product. Examining the specifics of your loan will help you identify and perhaps even avoid any supplemental fees that could accumulate over time. If you have any questions after reading the fine print, don't be afraid to ask your lender for clarification. Remember that you must adhere to the loan agreement once you've signed it, so it's best to be familiar with the details before committing.



Start putting together the documents you'll need to submit. Although your lender may want additional information, the usual requirements are identification papers and proof of income. It is preferable to have these prepared to prevent delays in the process. Although most lenders let you submit your loan application online, you shouldn't be afraid to contact them directly if you have any questions.

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

Your application for a low-income loan in Texas can be rejected for several reasons, such as a credit score below the minimum requirement, problems with income or an incomplete application. The eligibility standards of the lender usually determine this.

If this occurs, we strongly advise you to contact your lender for detailed feedback on your application. With this information, you may choose whether to modify your application information and try your luck again or look into alternative lenders.

If you have the time to work on these problems, it would be advantageous to do so, especially if you don’t need money urgently. However, quick repair isn't always possible for issues like your credit score or DTI. Remember that if you don't address why your lender rejected your initial request, you'll probably experience the same result with another institution.

Although payday loans are a quick substitute for personal loans, we strongly advise against using them. They involve high-interest rates and short repayment periods. Only consider them if you have already exhausted all your options and are in dire need of money.

Calculate Your Monthly Payment

In Texas, getting a low-income loan requires more than just making sure your application is accepted; you also need to make sure you can afford the monthly payment. If your lender has already pre-approved you, MoneyGeek's personal loan calculator can help you figure out how much you'll spend each month. This tool can help determine if you have enough financial prowess to pay on time consistently.


FAQs About Low-Income Loans in Texas

Consider the answers to frequently asked questions regarding low-income personal loans in Texas below to help you choose the ideal loan.

Although the best low-income personal loan lender may change depending on each borrower's profile, MoneyGeek selected Upgrade as the overall top low-income loan provider in Texas. That said, Upstart is ideal for applicants with a poor credit rating, while Prosper is the best option for applicants with a good credit score.

The lowest APR is available from Upstart. However, keep in mind that to be eligible for this rate, you must have at least good credit.

Texas lending institutions provide personal loans for many reasons. Some, however, have restrictions on using the funds for financing company ventures and postsecondary education. Funding illegal activities and gambling are also typically prohibited. Before submitting your application, make sure to check with your lender about the goal of your loan.

This depends on the lender since each one sets different maximum loan amounts. For instance, Upgrade allows you to borrow up to $50,000, whereas LendingClub only allows up to $40,000. However, the maximum amount you can borrow will depend on other criteria, such as your credit score.

Lenders have different processing times between filing your low-income loan application and getting the money. If everything runs smoothly, some lenders will release the funds the same day you were approved. For others, you will have to wait at least a few days.

In Texas, you might decide to pay off your debt early. It can be a wise decision if you have the money, saving you substantial interest. Check your loan agreements, though, to see whether any penalties are associated with early repayment.


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Accessibility, affordability, lender transparency, consumer friendliness, flexibility and customer service are the six factors that majorly impact borrowers' experiences with lenders. To assess more than 30 personal loan lenders, MoneyGeek used 35 data points, each of which fit into one of these categories.

MoneyGeek chose data points for each of the six mentioned categories, including application costs, APR range, minimum credit score requirement, available loan amount, minimum income requirement and disbursement time, that had the most impact on personal loan terms and rates.

MoneyGeek has added lender features that offer comfort and ease since we understand that factors can influence a borrower's loan experience. Examples include prequalification processes, payment methods, business ratings and mobile applications.

MoneyGeek keeps your best interest in mind when making suggestions. You can use our guide to select the ideal Texas low-income lender.


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.