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

Banner image
Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

Advertising & Editorial Disclosure


Best Low-Income Loan Lenders in Utah

In Utah, residents have an average personal loan debt of $15,188. Though personal loans are relatively common in the state, finding the best lender for you may prove challenging. MoneyGeek reviewed over 30 personal loan lenders for key data points, like annual percentage rates (APRs), repayment terms, fees and eligibility requirements, to find the best low-income loan lenders in Utah.

Using this criteria, we found that Upgrade offers the best overall low-income loan in Utah, followed by LendingClub. Borrowers with poor credit may consider Upstart for their lending needs, while those with good credit should consider Prosper.

Best Overall Low-Income Loan in Utah: Upgrade


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


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


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


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

Having a personal loan in Utah is relatively common — with the average personal loan debt in the state at $15,188 — but it may not be the best decision for you. If you’re considering getting a low-income loan in Utah, note that lenders will evaluate your loan eligibility based on your income, credit profile and financial history. You may want to improve these factors first before you apply for a loan.

MoneyGeek recommends taking the following steps to make the best decision about a low-income loan in Utah:

Ask Yourself the Important Questions

Prior to researching lenders, it’s important to reflect on your funding needs and financial situation.

  • How much funding do you need? Accurately estimate your loan needs to avoid overborrowing and accruing more interest on your loan.
  • What’s your credit score? Your credit score will impact your loan eligibility and the rates available to you. If you have poor credit, consider improving your credit score first before applying for a loan.
  • Can you afford the monthly payments? Late payments are typically subject to fees. To avoid this added cost, choose a monthly payment amount that fits your budget.
  • Do you have existing debts? Consider repaying your existing debt before applying for more.
  • Is your debt manageable through other means? Explore other funding options, like borrowing from friends and family or taking out a credit card.
Do Your Research

Shop around and compare rates from multiple personal loan lenders to find the best one for you. By researching lenders for their APR ranges, repayment terms, loan amounts and eligibility requirements, you can find the one that offers the lowest interest rates and fulfills your funding needs. MoneyGeek’s recommendations can provide helpful insight to guide your search, but only you know your financial history, preferences and funding needs.


After you’ve done your research and have selected a lender, we recommend waiting a day or two before jumping ahead with your loan application. Keep in mind that a low-income loan is a significant financial investment — most take between two and four years to repay. If you aren’t prepared for it, you might miss payments, or worse, default on your loan. This could negatively impact your finances. Taking a step back can help you decide if you’re mentally and financially prepared for this commitment.

Read the Fine Print

Avoid being blindsided by any hidden or unexpected charges by thoroughly reading the terms of your loan agreement. This document will contain all the important details on costs like late payment fees, origination fees and prepayment penalties. These costs might seem small at first, but they can add up over time. If you have any questions about the terms of your loan agreement, you should contact your lender for clarification.


Once you’ve chosen a lender and have verified that you meet its minimum requirements, it’s time to submit your application. Generally, lenders will ask you to provide proof of your identification, address and income. Some may also ask for additional documents depending on your financial situation. Nowadays, most applications can be completed entirely online with online-only lenders. Depending on your lender, you may still be able to apply in person or over the phone.

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

Don’t lose hope if your application for a low-income loan is rejected. Lenders regularly reject loan applications due to issues with borrowers’ credit scores, DTI ratios and application details.

If your low-income loan in Utah is rejected, you should contact your lender and ask why it was denied. You should also ask if there are any modifications you can make to your application to boost your odds of being approved. Sometimes, simply changing the loan amount or repayment term on your low-income loan is sufficient for approval.

Although it’s possible to apply for a loan with a different lender, you should make sure that you’ve made significant improvements in your financial standing and credit profile before applying. Every time you submit an application, a lender completes a hard credit check that can negatively impact your credit score. To avoid dips in your credit, submit as few applications as possible.

MoneyGeek strongly advises against payday loans, which feature high interest rates and short repayment terms. These can cost borrowers more money in the long term.

Calculate Your Monthly Payment

After you’re approved for a loan, you’ll begin making monthly payments plus interest. Before you apply for a loan, approximate your monthly payment so that you can budget accordingly. Use MoneyGeek’s personal loan calculator below to estimate your monthly loan payment.


FAQs About Low-Income Loans in Utah

Your financial needs and personal situation will dictate which lender is the best for you. Learn more about low-income loans in Utah by reading MoneyGeek’s responses to the most commonly asked questions about the topic.

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


mglogo icon

MoneyGeek’s study included analysis of over 30 personal loan lenders for more than 35 key data points. These data points were split into six categories: affordability, flexibility, accessibility, transparency, customer service and consumer friendliness.

In our rankings, we emphasized data points that had the most impact on a borrower’s choice of lender, like loan amounts, APR ranges, disbursement times, fees, eligibility criteria and credit score requirements.

Because you, the consumer, are our top priority, we also took into account features that improve the consumer’s overall experience, like lenders’ customer service and business ratings, the availability of mobile applications, prequalification options and payment methods.

MoneyGeek’s recommendations for the best low-income loans in Utah were made after significant deliberation and thought. We strive to provide you with the up-to-date information, expert tips and knowledge to make smart financial decisions.

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.