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

Updated: December 28, 2023

Advertising & Editorial Disclosure

Best Low-Income Loan Lenders in Washington

The average personal loan debt in Washington is $14,822, indicating that people are not hesitant about taking out personal loans. However, not everyone is in a position to meet the minimum salary requirements that are established by lenders. Fortunately, borrowers with below-average incomes can qualify for low-income loans in Washington.

MoneyGeek ranks the best low-income loan providers in the state to help you find an ideal option. For this analysis, we take into consideration more than 30 variables, including credit score requirements, APR ranges and payback terms.

According to our research, Upgrade provides the best low-income loans in Washington, with LendingClub coming in second. Meanwhile, Upstart works best for borrowers with poor credit.

Best Overall Low-Income Loan in Washington: 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

    According to MoneyGeek's analysis, which took into account a wide range of factors, Upgrade is the best overall low-income loan provider in Washington. Headquartered in San Francisco, California, this lender has been providing personal loans since 2017.

    Even customers with fair credit may be able to acquire personal loans from Upgrade because the minimum credit score criterion is 560. Moreover, Upgrade provides funding for loans ranging from $1,000 to $50,000, and the disbursement of funds is available on the same day of application approval.

    However, while Upgrade’s minimum APR of 5.94% is quite reasonable, its maximum rate of 35.47% is extremely high. Therefore, borrowers without good credit might want to look elsewhere to get lower interest rates.


    • Performs a soft credit check
    • No prepayment or late fees
    • Offers autopay discount
    • Broad repayment term options
    • Low minimum APR


    • Charges an origination fee
    • Low maximum loan amount
    • Restrictions on the use of funds
    • High maximum APR
    • 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 Washington: 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

    MoneyGeek ranks LendingClub as the second-best low-income loan provider in Washington. It is an online fintech platform that provides personal loans between $1,000 and $40,000. LendingClub utilizes a network of investors and connects them with prospective borrowers.

    Using the company's mobile app, borrowers may easily apply for low-income loans and conveniently manage their accounts. Loans from LendingClub can be utilized for a variety of financial objectives, including home restoration, financing a vehicle, travel expenses and medical expenditures.

    However, if you want to utilize your loan for postsecondary education or investments, LendingClub may not be the best option. In addition, this lender charges an origination fee of up to 6%, and the APR range is also high.


    • Performs soft credit check
    • No prepayment penalty
    • Joint loans available
    • $1,000 minimum loan


    • High APR range
    • Charges origination fees
    • No autopay discount
    • $40,000 maximum loan
    • 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 Washington: 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

    MoneyGeek discovered that Upstart is the best alternative for borrowers with bad credit who need a low-income loan in Washington. Upstart was established in 2012 as an artificial intelligence (AI) lending platform with the objective of providing its bank partners with quick access to financing. Its personal loans can be used for a wide range of purposes, such as debt consolidation and funding major expenditures.

    While Upstart evaluates your income and employment status, many lenders place a significant emphasis on your credit score. However, Upstart accepts borrowers with bad or incomplete credit.

    Upstart is also an ideal option for low-income borrowers in need of urgent finances because funds are disbursed the following business day. However, Upstart does not give a discount for automatic payments, and it charges origination costs of up to 10% of the loan amount.


    • Low minimum credit score
    • Low minimum APR
    • Conducts soft credit check
    • Doesn’t charge prepayment penalty


    • Charges origination fees
    • No autopay discount
    • Has employment requirement
    • 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

Best Low-Income Loan for Good Credit in Washington: 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, a pioneer in the peer-to-peer lending sector, is MoneyGeek's top low-income loan provider in Washington for borrowers with good credit. Those with credit scores of 640 or better are eligible for a personal loan between $2,000 and $40,000.

    One perk of choosing Prosper is that it offers some payment date flexibility. You have one year after the loan's disbursement to request a change in the date that payments are scheduled. However, the lender’s APR range gets as high as 35.99%, so you could pay a high interest rate if you don’t have good credit.

    In addition, you are permitted to have two loans open at the same time as long as you meet the requirements for a second loan. While the origination charge can be as much as 5% of the total loan amount, there is no prepayment penalty.


    • Performs a soft credit check
    • Joint loans available
    • Mobile app for account management
    • No prepayment penalty


    • Charges origination and late fees
    • High credit score requirement
    • High maximum APR
    • No autopay discount
    • 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 Washington for You

In Washington, the average personal loan debt is $14,822, so you’re not alone in seeking one. You should carefully consider all of your options, including their maximum loan amounts, interest rates, repayment periods and any potential fees before applying for a low-income loan in Washington.

Consider the following factors before submitting an application for a low-income loan.

Ask Yourself the Important Questions

Before choosing which lenders' eligibility standards you meet, you must determine whether obtaining a low-income loan is a prudent choice. To select the most advantageous low-income loan in Washington, you must answer the following questions:

  • How much funding do you need? It is crucial to determine how much funding you need, as loan repayments will increase your monthly expenses. Determine how much money you need and then choose a lender who can provide that amount.
  • What’s your credit score? Your credit score impacts both your ability to obtain loans and your interest rates. Make sure that you meet the minimum credit score standards before you begin the application process.
  • Can you afford the monthly payments? Some lenders do not charge prepayment, late payment or origination fees. However, borrowing will result in increased monthly expenses. Examine your expenses to make sure a loan fits your budget.
  • Do you have existing debts? Avoiding having a high debt-to-income ratio is important since lenders may take it into consideration when determining whether or not you are eligible for a loan.
  • Is your debt manageable through other means? If you have access to alternative financial assistance options, you may not require a low-income loan.
Do Your Research

Before completing a formal application for a low-income loan in Washington, conduct proper research. You can evaluate the interest rates of multiple lenders to see which one offers the best deal, given your preferences. Due to the fact that certain lenders place restrictions on how the loan can be utilized, you must know how the money can be spent.


A repayment schedule will be established for your low-income loan. After gathering the necessary information, take a day or two to think it over. Before making decisions, you must be assured that you can meet all of the loan's requirements.

Read the Fine Print

Before submitting your application for a low-income loan, it is always a good idea to look over the terms and conditions in the fine print. Do not make the assumption that you are familiar with all of the conditions of the loan because neglecting to look over the fine print could result in a substantial financial loss.


After completing these tasks, you will advance to the most important phase of the application procedure for your Washington low-income loan. Depending on the lender, this may be done in person or online. You will be required to provide a number of supporting documents and information at various points in the application.

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

Despite reviewing the requirements and determining that you qualify for a low-income loan in Washington, lenders have the right to reject your loan application, depending on factors like your credit score, loan amount, payback duration or debt-to-income ratio.

It is preferable to understand why your application was denied by contacting your lender. You have the option of modifying the terms of the loan to make it more appealing to the lender. For example, you may decrease the amount of the loan or choose shorter repayment terms.

In other instances, your credit rating or debt-to-income ratio may be the issue, and a rapid fix is not always achievable. It could be more beneficial to you in the long term to devote some of your time to working on these issues.

Some disappointed borrowers may be inclined to obtain payday loans, but MoneyGeek strongly recommends against doing so. These loans have extremely high interest rates and short repayment periods that can make your financial situation significantly worse.

Calculate Your Monthly Payment

You must also ensure that you can manage the monthly payments for your loan. MoneyGeek provides a personal loan calculator for you to quickly determine if you can easily manage your monthly payments and qualify for the loan.


FAQs About Low-Income Loans in Washington

When assessing your application for a low-income loan in Washington, it is advisable to be aware of several factors that lenders take into account. However, the most important factor to consider when selecting a loan is your financial situation.

To aid you in making an informed decision, MoneyGeek has offered answers to frequently asked questions regarding low-income loans.

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


mglogo icon

Using at least 35 data points, MoneyGeek assessed more than 30 personal loan companies in six key areas: loan affordability, customer service, availability, customer friendliness, flexibility and business transparency.

Within each ranking category, we analyzed a selection of data points that have the most significance when selecting a personal loan company. These include available loan amounts, minimum income criteria, APR rates, minimum credit score requirements, processing fees and disbursement periods.

MoneyGeek values you as a customer, so we also consider each lender's customer care, company reviews and any additional services that might streamline your experience with them, like the availability of pre-approval, payment options, online applications and mobile apps.

Our suggestions are formulated with your best interests in mind following critical review. MoneyGeek's personal loan rankings and professional assistance are intended to assist you in reaching a well-informed decision when picking an ideal personal loan lender.

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.