Best Personal Loans for Low Income Earners

Personal Loans

A low income can cause financial stress. After all, paying bills and staying on top of life can be difficult on a tight budget. With that, personal loans can sometimes become a necessity.

However, not all lenders are willing to work with low-income earners. That can make it extremely difficult to secure a personal loan to fund your expenses. Luckily, some lenders are willing to work with you even if you have a low income.

Let’s dive into some of the best personal loans available to low-income earners.

MoneyMutual

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  • Loan Amount
    Up to $5,000
  • Loan Term
    Varies
  • APR
    Varies

Features & Benefits

  • Application takes less than 5 minutes
  • Get a decision on your loan within minutes
  • Funds are available within 24 hours
  • Trusted by more than 2,000,000 borrowers

MoneyMutual is an online marketplace of lenders. They make it quick and easy to find a short term cash advance loan in as little as 24 hours.

One application can potentially get you multiple loan offers. MoneyMutual has been trusted by more than two million customers. They serve borrowers with bad credit from all 50 states except New York and Connecticut.

CashUSA

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Features & Benefits

  • Flexible borrower requirements
  • Loan request can be approved within minutes
  • Money deposited as early as 1 business day
  • All credit types accepted

CashUSA connects borrowers with lenders. Each application is sent to the lender most likely to lend to the borrower. Because it works with a variety of credit profiles, it is not only a poor credit loan broker.

Interest rates vary depending on the lender, so make sure you read through the terms for each emergency loan before you choose. Applying online only takes a few minutes, and funds are often available the next day.

PersonalLoans.com

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  • Loan Amount
    $1,000 – $35,000
  • Loan Term
    3 to 72 months
  • APR
    Varies

Features & Benefits

  • Multiple loan types available
  • Fast loan decision
  • Funds deposited as soon as you accept an offer
  • Nationwide availability

You can get a loan through PersonalLoans.com with credit scores as low as 600. Each lender in their network offers its own unique interest rates.

The quick and easy online application only takes minutes. You’ll have a decision within a business day of submission.

BadCreditLoans.com

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  • Loan Amount
    $500 – $10,000
  • Loan Term
    3 – 60 months
  • APR
    5.99% – 35.99%

Features & Benefits

  • No cost to check loan approval
  • High approval rate despite credit history
  • Funds available as soon as next business day
  • Assisting people with bad credit since 1998

Bad Credit Loans is an online lender marketplace that allows you to connect with multiple lenders by filling out a single application. The service is 100% free.

Once you’re approved, your lender will provide you with the APR, loan fees, and other terms. Read through the terms, compare all the offers you’ve received, and only accept the loan you’re most comfortable with. You are not obligated to accept the personal loan from any lenders that you are matched with.

CashAdvance.com

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  • Loan Amount
    $200 to $10,000
  • Loan Term
    7 days to 12 months
  • APR
    Varies

Features & Benefits

  • Response by email or phone within minutes of submitting request
  • Money deposited as soon as next business day
  • High approval rate even with bad credit
  • Trusted since 1997

CashAdvance.com provides a free service that quickly connects customers with lenders that offer short-term loans that may work for them.

Whether you have an emergency situation or an unexpected expense, may be able to help you out quickly.

Credit Loan

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  • Loan Amount
    $250 – $40,000
  • Loan Term
    Varies
  • APR
    Varies

Features & Benefits

  • Funds deposited directly into your account
  • Get money as soon as the next business day
  • Loans for poor credit or good credit
  • More than 750,000 customers since 1998

CreditLoan works with many borrowers to find the best match for their situation. Although CreditLoan is not a direct lender, the platform can help you find a lender that is willing to work with you.

With CreditLoan, you might be able to secure a small loan to cover your needs. The company is generally successful in finding a lender match. With over 750,000 loans funded by CreditLoan, you have a great shot in finding the perfect match.

How to Prove Your Income

As you apply for personal loans, you will likely need to prove that you earn a certain level of income. After all, the lender wants to know that you will be able to repay your loan on time.

Generally, you can prove your income through pay stubs or last year’s tax return.

In some cases, you might not be able to prove your income. At that point, you would need to consider seeking out a secured loan such as a home equity line of credit or a credit card cash advance.

Bottom Line

If you are seeking to secure a personal loan with a low income, then you should not expect to receive a high dollar loan amount. Instead, your level of income will have some effect on the total amount of funding you will be able to receive. After all, you need to be able to afford to repay the loan within a few months or years.

Remember, different lenders will have different income requirements. If one is not willing to work with you, then move on to the next.

The interest rate on your loan may also be higher, but that mostly depends on your credit score. Some people with low income and high credit scores are able to qualify for loans with great interest rates.

A personal loan may be easier to secure if you increase your income. Consider picking up a side hustle or switching your employment status to increase your monthly income to unlock larger loans.