What is the best low-income loan lender in Wisconsin?

MoneyGeek’s analysis shows that Upgrade is the top low-income lender in Wisconsin. However, the best company for you may differ depending on your financial situation and preferences.

Which lender in Wisconsin has the lowest interest rates for low-income?

Upstart has the lowest interest rate for low-income earners in Wisconsin. However, your interest rate will be based on your creditworthiness and loan preferences.

What kind of debts can I not use my low-income loan for in Wisconsin?

You can use your low-income loan for all kinds of personal reasons. But most lenders disallow spending it on postsecondary education, investments and illegal activities. We recommend clarifying restrictions with your lender.

How much debt can I consolidate in Wisconsin?

The amount of debt you can consolidate will vary based on your financial profile and preferred lender. Low-income lenders in Wisconsin usually have a maximum loan amount of no more than $50,000.

How long does it take to get a low-income loan in Wisconsin?

Most low-income lenders in Wisconsin can process your loan within one business day.

Can I pay off my loan early in Wisconsin?

Yes, you’re typically allowed to pay off your loan early, but some lenders may charge a prepayment fee if you repay the loan earlier than scheduled. That's why we recommend you read the fine print to help ensure you'll avoid unnecessary fees and expenses.

Best Low-Income Loans in Wisconsin: Top Lenders and Rates for 2023

WHAT WE’RE GEEKING OUT ON

Best Overall Low-Income Loan Lender in Wisconsin
Runner-Up for Best Overall Low-Income Loan Lender in Wisconsin
Best Low-Income Loan Lender for Bad Credit in Wisconsin
Best Low-Income Loan Lender for Good Credit in Wisconsin
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Low-Income Loan in Wisconsin
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Wisconsin

Best Low-Income Loan Lenders in Wisconsin

Our team analyzed over 30 data points to pick Wisconsin’s best low-income lenders. We looked at interest rates, loan amounts, terms, credit requirements and other data to find the best providers.

Upgrade is Wisconsin's overall best low-income loan provider based on our findings. However, "best" varies depending on the borrower’s profile. For instance, if you also have bad credit, we found Upstart offers the best loans. Meanwhile, we recommend Prosper if you have good credit.

Best Overall Low-Income Loan in Wisconsin: 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
Upgrade is MoneyGeek’s choice for the best low-income loan provider in Wisconsin.
This company offers personal loans of $1,000 to $50,000. You can expect to receive your Upgrade loan immediately and repay it for up to 60 months. This is perfect if you need a loan with low monthly installments.
You can get an Upgrade personal loan with a credit score of 560. It initially does a soft credit check, which allows you to see if you qualify without hurting your credit.
However, Upgrade charges a 1.85% to 8.99% origination fee, although it doesn’t have prepayment fees. Your interest rate may go as high as 35.47% with this lender.
Upgrade has provided loans and credit cards to over 15 million people since 2017.
Pros
Flexible repayment term
Doesn’t charge prepayment fees
Conducts soft credit checks
Low minimum loan amount

Cons
Has origination fee
Potentially high interest rates
Charges late payment penalties
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 Wisconsin: 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
LendingClub is MoneyGeek’s runner-up pick for low-income loans in Wisconsin.
You can borrow $1,000 to $40,000 from this company and repay it in up to 60 months. Despite its limited loan amount, LendingClub allows co-borrowers. This may let you get a loan even with a low income.
However, LendingClub’s interest rate can climb to 36%, and it charges a 2% to 6% origination fee. Before worrying about this, you can check your rates through a soft credit pull. If you decide to use LendingClub, you could have your money within 24 hours.
LendingClub is a fintech company that offers personal, business and institutional financial products. Since 2007, it has served over four million members.
Pros
Allows joint applications
Low credit score requirement
Funds loans within 24 hours
Conducts soft credit pulls
Pays creditors directly

Cons
Charges origination fee
High maximum APR
Limited loan amount
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: Within 24 hours

Best Low-Income Loan for Bad Credit in Wisconsin: 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
Your options may be limited if you have a bad credit profile and low income. Luckily, MoneyGeek’s research shows Upstart offers the best low-income loans in Wisconsin.
Upstart uses artificial intelligence and reviews applications through unusual factors, like education and employment. That’s why you could get a loan from this company despite having bad credit.
With Upstart, you can borrow up to $50,000, payable in up to 60 months. You may qualify for low interest rates, with a minimum of 3.22%. However, its interest rates can climb to 35.99%. Also, this is just the interest rate. The APR may differ depending on your situation.
Upstart conducts a soft credit check to determine your rates. Once you sign on the virtual dotted line, you could have your funds by the next business day.
Unfortunately, you’ll have to deal with origination fees if you go with this lender.
Established in 2012, Upstart has funded over $26 billion in loans.
Pros
Accepts applicants with bad credit
Uses nonconventional factors to assess creditworthiness
Checks rates through soft credit pulls
Doesn’t charge prepayment penalty

Cons
Has origination fee
High maximum APR
APR range: 3.22% to 35.99%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 300 (uses nonconventional factors)
Repayment terms: 36 to 60 months
Time to receive funds: Next business day

Best Low-Income Loan for Good Credit in Wisconsin: 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
If you have good credit, you typically have access to more loan providers. In Wisconsin, we found Prosper is the best lender for low-income Wisconsinites with good credit.
With Prosper, you can get a personal loan of $2,000 to $40,000, payable in 36 to 60 months. You can know your rates through a soft credit check and receive the loan within the same business day.
To qualify for a Prosper loan, you need a FICO score of at least 640. This lender allows joint applications, which may give your credit a boost. Note that Prosper charges origination, late payment, check payment and insufficient funds fees.
Founded in 2005, Prosper is a pioneer peer-to-peer lending platform in the U.S. The company has served over 1.3 million customers and funded over $22 billion in loans.
Pros
Funds loans quickly
Performs soft credit pull
Allows co-applicants
No prepayment fees

Cons
Charges multiple fees
Needs a credit score of 640 or higher
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 Wisconsin for You

Low-income Wisconsinites can still access personal loans for large expenses and debt consolidation. The amount you can get varies based on your profile, but the average personal loan debt in the state is $16,953.

Before you apply for a low-income loan in Wisconsin, MoneyGeek suggests you go through this process.

Ask Yourself the Important Questions

To better understand your situation and why you need a loan, ask yourself these questions:

How much funding do you need? Keep in mind that personal loans are repaid with interest. As such, it’s important to know how much money you need to avoid unnecessary interest payments.
What’s your credit score? Loan providers often have minimum credit requirements. Knowing your credit score lets you identify which companies you can get a loan from.
Can you afford the monthly payments? Calculate your expenses to check if you can afford your potential loan payments.
Do you have existing debts? Lenders will assess your debt-to-income (DTI) ratio. You'll have difficulties getting loan approval if you have a low income and high debt.
Is your debt manageable through other means? Before getting a personal loan to consolidate your debt, know that you have other options. For example, you can sell your unused assets to get funding or transfer your credit card balance to a 0% APR card.

Do Your Research

We suggest you research several loan providers before committing to one company. Read offers from multiple companies and check different resources to understand your options.

MoneyGeek ranked the best low-income loan providers in Wisconsin. But since our picks are based on generalizations, it’s better if you do your own research and find companies using your own analysis.

Wait

It’s a good idea to wait a day or two before finalizing your decision. Waiting can let you gain a fresh perspective on the situation.

Personal loans are serious financial commitments that involve several years of interest payments. The average interest rate for personal loans in Wisconsin is 9.78%. To lessen your expenses, you must be sure that you’re getting the best rate with the company you choose.

Read the Fine Print

Reading the fine print is also important as it lets you see details you may have missed during your initial research.

We suggest that you check the fees that go with your loan. For example, most low-income lenders in Wisconsin don’t charge prepayment fees, but some companies do. Additionally, look out if the provider charges origination and late payment fees.

You can save yourself from fees and a stressful customer experience by reading the fine print.

Apply

If you’ve already gone through the steps above and found a lender you can be confident with, all that’s left to do is to apply.

Before contacting the lender, we suggest you prepare the documents needed for the application process. Most companies ask for your identification, proof of address and income statements. Depending on your profile, you may need to provide more documents.

It’s easy to get a low-income loan in Wisconsin. Most lenders have online application processes, allowing you to get a loan in the comfort of your home.

Nonetheless, you can visit a branch and transact in person if that’s what you prefer. Go with the most comfortable process to ensure you'll get clarifications on your concerns.

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

Low-income loans in Wisconsin get disapproved for various reasons. Usually, loan companies reject applications due to low credit scores, insufficient income or incomplete documents. If your loan gets rejected, don’t worry. There are ways for you to continue your loan application journey.

MoneyGeek recommends contacting the loan company about why your loan was declined. Ask if the company will reconsider your application if you change terms or get a co-applicant.

It’s not advisable to immediately send a new application to another company. The first lender’s issue may again show up and result in another rejection. Plus, that recent credit pull could have lowered your score.

Instead, we suggest you fix your credit profile and improve your creditworthiness. This may involve repaying some of your debts or finding a new job to increase your income.

Lastly, even if you’re desperate, you’re better off avoiding payday loans. They trap you deeper in debt with their high interest rates and short repayment terms.

Calculate Your Monthly Payment

Remember, personal loans are repaid over several years and with interest. The average interest rate in Wisconsin is 9.78%. To help you check if you’re financially prepared to get a low-income loan in Wisconsin, you can use MoneyGeek’s personal loan calculator.

Month	Payment	Principal	Interest	Balance

FAQs About Low-Income Loans in Wisconsin

MoneyGeek responded to some frequently asked questions about low-income loans in Wisconsin to help in your decision-making process.

Methodology

METHODOLOGY

MoneyGeek analyzed more than 30 personal loan companies using over 35 data points in six categories. These included accessibility, consumer friendliness, customer service, flexibility, transparency and affordability.

We considered points we feel have the most weight when choosing a personal loan provider. These included fees, APRs, credit requirements, disbursement times, loan amounts and income needs.

At MoneyGeek, we value you. So, we also analyzed customer support, business ratings and other features that could improve your experience. This includes the company’s prequalification process, payment options and mobile apps.

After careful consideration, we made our picks with your best interests in mind. Our personal loan recommendations and expert tips intend to help you make smart financial decisions.

sources

LendingClub. "Check What Loan Offers You Could Qualify For." Accessed October 28, 2022.
Prosper. "Stress Less with Low-Interest Online Personal Loans." Accessed October 28, 2022.
Upgrade. "Personal Loans up to $50,000." Accessed October 28, 2022.
Upstart. "A Personal Loan for Your Personal Needs." Accessed October 28, 2022.

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.