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

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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MoneyGeek reviewed over 30 personal loan lenders for key features to find the best low-income loan lenders in Vermont. These features include lenders’ APR ranges, repayment terms, late fees, prepayment fees and more.

Based on our analysis, Upgrade is the best low-income loan lender in Vermont, followed by LendingClub. Those with poor credit may consider Upstart for their funding needs, while borrowers with good credit may fare best with Prosper.

Best Overall Low-Income Loan in Vermont: Upgrade


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


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


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


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

A low-income personal loan in Vermont can help finance your dream. In Vermont, the average personal loan debt is $18,657, which seems to indicate that personal loans are relatively common in the state.

However, personal loans are a huge financial commitment and taking one out might do you more harm than good. To make the best decision regarding a low-income loan in Vermont, you should take the following steps.

Ask Yourself the Important Questions

Prior to researching lenders, evaluate your financial situation and consider the type of loan that would be best suited for you. We recommend asking yourself the following questions:

  • How much funding do you need? Because every cent of your loan accrues interest, it’s important to only take out the amount of money that you need. Knowing your precise loan amount will also help you narrow down your lender options.
  • What’s your credit score? Your credit score will impact your loan eligibility as well as the interest rate you receive on your loan. If you aren’t in a rush to obtain funding, consider improving your credit score first before applying for a loan.
  • Can you afford the monthly payments? If a lender asks you to make a payment of $1,200 per month and your income is only $1,000 per month, that's not going to work. You should be able to afford your monthly payments and still have enough left over to cover other expenses.
  • Do you have existing debts? If you already owe money on credit cards or student loans, that's something to consider before taking out another loan. The more debt you have, the harder it can be to manage.
  • Is your debt manageable through other means? Consider low-interest or interest-free options, like taking out a low-interest-rate credit card or borrowing from friends and family.
Do Your Research

It’s important to research lenders before applying for a loan. That way, you can compare their annual percentage rates (APRs), repayment terms, loan amounts and eligibility requirements to find the best option for you. We compiled a list of the best lenders based on several factors, but we cannot guarantee that they will be perfect for everyone.


After you've considered your options, you may be eager to get the process started. However, it’s important that you don’t rush into applying for a low-income loan. A loan is a long-term commitment that can take between two and four years to repay, so it’s important that you’re confident in your lender choice. After you’ve selected your lender, wait a day or two before submitting your application.

Read the Fine Print

While the basic information for your low-income loan may be available on the lender’s website, additional fees, like those for late payments, prepayments and loan origination, may be hidden. These details are typically disclosed in the fine print of your loan agreement. It’s important to understand these terms so that you can plan for any additional costs or choose a different lender.


Once you’ve read and understand the fine print of your loan agreement, it’s time to submit your application. To save time, gather all required documents in advance. Some documents that you'll need to have include proof of income, identification and address. While some leaders have physical locations where you can apply in person, others are online-only lenders that only permit online applications.

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

Lenders evaluate your loan eligibility based on a number of factors, including your credit score, income and employment history. An issue with any of these could cause your application to be denied.

After your application is rejected, you should contact your lender to find out why. Sometimes, simply modifying the terms of your loan agreement, like the loan amount or repayment term, can lead to it being approved. If your application was rejected due to a low credit score, you should work to improve this before submitting an application.

While a payday loan may be appealing, we strongly advise against them. These high-interest-rate loans feature short repayment terms that can cost borrowers more money in the long term.

Calculate Your Monthly Payment

Before you jump into a personal loan, consider your current finances. Your low-income loan will feature a monthly payment plus interest, so it’s important to know that you can cover these costs ahead of time. Use MoneyGeek’s personal loan calculator to approximate your monthly payment amount.


FAQs About Low-Income Loans in Vermont

Although the best personal low-income loan in Vermont depends on your unique circumstances, our research can help steer you in the right direction. We answered some of the most frequently asked questions about low-income loans in Vermont to help you make the best decision.

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


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We reviewed 30+ personal loan lenders for more than 35 data points across six key categories to help you find the best loan for your situation. These categories include affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

When choosing a personal loan lender, we highlighted several key data points that we felt had the greatest impact on a borrower’s choice of lender. These included APR ranges, loan amounts, credit score requirements, income requirements, application fees and disbursement time.

Because you, the consumer, are our top priority, we also took into account factors that impact the consumer’s overall experience, like customer service ratings, mobile application availability, prequalification and payment options.

Our recommendations were made after considerable deliberation with your best interests in mind. We aim to provide consumers with the knowledge and expert tips to make smart financial decisions.

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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.