Best Low-Income Personal Loans in July 2025

A minimum income requirement for personal loans can seem like a Catch-22 — if you had a bigger income, you might not need a loan in the first place. Fortunately, a number of lenders have very low income requirements. Some even consider borrowers with any annual income greater than zero. Our top picks for the best low-income personal loans include Upstart, Universal Credit, and Jenius Bank.

Keep in mind that minimum income isn't the only factor that lenders consider when reviewing loan applications. Credit score, overall credit history, and the type of income you earn also play a role. Learn how to compare your options to find the best low-income personal loan, and when to consider alternatives.

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Best low-income personal loans

A few lenders do not have minimum income requirements, while others may require you to earn at least $3,500 annually. The maximum income requirement for the following list of lenders is $25,000.

Methodology

Credible evaluated 32 lenders across 1,216 data points to find the best low-income personal loans. Each lender we selected has a minimum income requirement of $25,000 per year or less. We chose the best lenders based on the following weighted categories:

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

Credible’s team of experts gathered information from each lender’s website and from our partners directly. We also considered each of our partner lenders’ statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Each data point is verified by a senior editor to make sure it’s accurate at the time of publication. Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

Types of low-income personal loans

A personal loan is a lump sum of money provided by a bank, credit union, or online lender that gets repaid in fixed monthly installments over several months or years. You may be able to borrow as little as $250 to as much as $50,000 with a low-income loan, depending on the lender, but your income will affect the amount. You can use the money for a wide range of purposes, including:

• Debt consolidation
• Home improvement
• Credit card refinancing
• Medical expenses
• Car repairs

Low-income borrowers may be eligible for two types of personal loans:

Secured personal loans

With a secured loan, you agree to put forth collateral, which is something of value that you own. The lender can take the collateral from you if you fail to repay the money you owe. 

Examples of collateral include the title to your vehicle, the money in a savings account, and the fixtures in your home. If you apply for a secured personal loan, the lender will still check your credit, income, and current debt. But you may have an easier time qualifying for the loan, or may be able to get a lower rate relative to an unsecured loan.

Unsecured personal loans

Most personal loans are unsecured loans. That means you don’t need to provide collateral. The lender uses your financial and credit information exclusively to determine the loan amount and annual percentage rate (APR) — the interest rate plus any upfront fees — you’re eligible for.

But if you fail to repay an unsecured personal loan, the lender still has recourse. The lender can’t take your property, but it can begin debt collection efforts, report negative information to the credit bureaus, or file a lawsuit against you.

Compare: Secured vs. Unsecured Personal Loans

How to get a personal loan with low income

• Check minimum income requirements
• Check your credit score and credit report
• Know your DTI
• Prequalify
• Compare lenders

1. Check minimum income requirements

While some personal loan lenders don’t specify their minimum income requirements, most do. In all cases, the lender will check to see if you have enough income to manage the monthly payments on your loan. 

Try to find lenders with a minimum income requirement lower than your annual or monthly income. For many lenders, government benefits such as disability or unemployment count as income. Note that lenders may have other specific requirements for income sources. For example, Jenuis Bank does not consider your spouse’s income or other household income.

2. Check your credit score and credit report

In addition to minimum income requirements, most lenders require a certain minimum credit score to qualify for a personal loan. Check your credit score for free with Credible's credit-monitoring tool. This way, you can find lenders with low income requirements that also have minimum credit score requirements lower than yours. Note that some lenders may have different credit score requirements if you apply for a loan with them directly, instead of applying through a loan marketplace like Credible.

Also, check your credit report for free at AnnualCreditReport.com and look for any errors that might be dragging your credit score down. If you find incorrect or outdated information, dispute it with the appropriate credit bureau. 

3. Know your DTI

Having sufficient income isn’t always enough. Lenders also consider your credit score and history, and your debt-to-income ratio (DTI), which is the percentage of your gross monthly income that you spend on minimum debt payments. If your DTI is higher than 36%, you may have trouble qualifying for a personal loan.

4. Prequalify

Prequalification is not an offer of credit. It's more like a lender's estimate of rates you might qualify for. It takes a few minutes to prequalify for a personal loan and, unlike a formal loan application, won’t hurt your credit. If you’re unsure whether you’ll be approved, prequalification is a smart way to get a sense of that without hurting your credit. 

Once you apply for a personal loan, a lender typically conducts a hard credit pull, which could lower your credit score by up to 10 points for up to 1 year.

5. Compare lenders

Once you’ve prequalified with multiple lenders, compare APRs, loan amounts, and terms. Check lender fees, and whether it charges an origination fee. Though the origination fee is reflected in the APR, it is typically deducted upfront from the loan amount. In other words, if you choose a loan with an origination fee, you could receive less money than you applied for while still having to pay the full amount.

Also check lender reputations and complaints. You can do this on sites like Trustpilot and the Better Business Bureau. Note that most lenders will have complaints, but look for patterns in those complaints that indicate the same problems occurring repeatedly.

And don’t overlook the customer service options the lender has available. For example, if you prefer to communicate by phone, check that a phone number is easy to find, and call to make sure you don’t get lost in a never-ending phone tree. If you prefer to communicate by app, make sure the lender has one and that the app’s reviews are generally positive.

6. Apply for the loan

Once you’ve reviewed potential options and found the best personal loan that meets your criteria, apply for the loan. If you need a personal loan with fair credit or bad credit, you may want to consider taking steps to improve your score before you apply, if possible. 

Be prepared to provide documentation supporting your income like pay stubs, bank statements, or a benefit verification letter if you receive Social Security benefits.

If approved for the loan, review the agreement carefully and note the repayment amount, APR, monthly payment, and when the first payment is due. Once approved, you could receive money the same day, depending on the lender.

Interest rates and loan amounts on low-income loans

Borrowers with high credit scores are the most likely to qualify for the lowest interest rates and highest loan amounts. According to personal loans data from the Credible marketplace, the same typically holds true for borrowers with high incomes.

But Credible data also shows that a good credit score can help compensate for a lower income when it comes to interest rates and loan amounts. However, a low credit score combined with a low income could mean paying interest rates of 30% APR or higher and qualifying for smaller loans only.

How to get a personal loan with low income and bad credit

Getting a personal loan with low income and bad credit can be a challenge. But there are a few ways you can improve your chances of getting approved.

• Explore secured loan options: A loan secured by an asset is easier to qualify for since it’s less risky to the lender. Look into options from low-income lenders, including OneMain, Best Egg, Upgrade, and Upstart.
• Consider credit unions and community banks: If you become a member at a credit union or open an account at a community bank, your relationship with the institution may open up more loan options for you. Credit unions tend to offer lower rates than banks and online lenders.
• Apply with a cosigner: If you have a friend or family member with good credit, they can help you get a loan by applying with you as a cosigner. Their credit profile will provide some reassurance to the lender. However, if you fail to make payments, they’ll be responsible for your debt, so make sure you can afford repayment.
• Improve your credit score: Correct errors on your credit report that may be dragging down your credit score. Your score may also improve as you make on-time payments and pay down debt. Note that these measures can take time. If you’ve been responsible with your rent, utilities, and cellphone bills, you can use a tool like Experian Boost, which may increase your score instantly.

Low-income personal loan alternatives

Even if you find a lender with a minimum income requirement that you can meet, a personal loan might not always be in the cards. Depending on your situation, it might not even be the best option. Consider some personal loan alternatives if you think you'll have trouble qualifying. Options include:

• Payday alternative loans (PALs): Some credit unions offer PAL I loans, which are available to borrowers who have been members for at least a month, or PAL II loans, which are immediately available to new members. The PAL II option allows you to borrow up to $2,000 and repay the loan in up to 12 months. Both types of PAL have a maximum interest rate of 28%. These loans are designed for applicants who struggle to get a conventional loan and may not require a credit check.
• Cash advance apps: Cash advance apps allow you to receive a small advance on your next paycheck without a credit check. You’ll need a bank account and income to qualify. Cash advance companies may charge fees or request optional tips. To keep costs manageable, avoid expedited funding fees and tips as both can translate to sky-high APRs.
• Friends and family loans: Your friends or family may be willing to lend you money interest-free or at a lower rate than a bank. This can provide more flexibility with repayment as well. Just be sure to get the terms of repayment in writing, and stick with them, to preserve the relationship.

Disclosure: Some lending partners that participate in Credible’s comparison marketplace offer loans to borrowers with scores as low as 550. Borrowers with low scores will have fewer lending options than borrowers with higher credit scores.

Read More:

• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit
• Best Banks for Personal Loans
• Best Credit Union Personal Loans
• Best Online Personal Loans