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

Borrowers can get the best low-income loan in West Virginia from Upgrade. The lender’s low minimum credit score requirement of 560 allows more borrowers to qualify for a loan.

Compared to other low-income loan lenders, Upgrade offers more loan amounts and repayment terms. Borrowers can obtain $1,000 to $50,000 with repayment terms between 36 and 60 months. In addition to being a good option for those that want to customize their repayment schedule, it also suits borrowers that need funds quickly. After your application is approved, you can expect to receive your funds on the same day.

While there are several perks to an Upgrade loan, those with poor credit should be mindful of potentially receiving a high interest rate. In addition, the lender charges origination fees of up to 8%. Those with good credit scores looking to pay less on their loan may want to consider other lenders with no origination fees.

LendingClub is the largest online lending marketplace in the United States. You can use your LendingClub personal loan to consolidate debt or cover unforeseen expenses. However, you can’t use your funds to finance postsecondary education, financial investments or unlawful activities.

This is a good option for those that need a smaller loan, as the lender offers loans from $1,000 to $40,000. Those that need funding quickly may also benefit from this lender, as funds are typically disbursed within 24 hours of your application being approved. Prior to submitting an application, you can complete a rate inquiry without impacting your credit score.

Those with a low credit score, however, should be mindful of the lender’s high APR of up to 36%. The lender also charges fees for loan origination and late payments, further increasing the cost of your loan.

MoneyGeek chose Upstart as the best provider of low-income loans in West Virginia for those with poor credit. In addition to a borrower’s FICO scores, Upstart considers education level, employment and place of residence when deciding whether to approve a loan.

Upstart personal loans are best for those seeking a small-to-moderate amount of funds, as borrowers can obtain between $1,000 and $50,000, depending on their qualifications. Funds are typically disbursed within one business day of your application being approved, making it a good option for those that need funding quickly.

While those with a credit score of 300 can qualify for a personal loan, they should be mindful of potentially paying a high interest rate in excess of 35%. If you don't pay on time or have insufficient money in your account, you may also have to pay a late payment fee, a return fee or a check refund fee.

Prosper was formed in 2005 as the first peer-to-peer lending platform in the U.S. Using Prosper's online tool, you can estimate your rate and monthly payment in less than two minutes. Checking your rate before you apply won’t impact your credit score, since only a soft credit inquiry will be conducted.

With a relatively high credit score requirement of 640, MoneyGeek chose Prosper as the best lender for low-income borrowers with good credit scores. If you have a co-applicant with a strong credit history and high income, you can boost your chances of being approved and receiving a lower interest rate.

Though the lender is a good option for those with good credit, borrowers with excellent credit may be able to obtain better rates from a different lender. Prosper’s APR range is quite high in comparison to other lenders. Furthermore, the lender charges fees for loan origination, late payments and check payments.