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, there are some lenders that 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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on MoneyMutual's secure website

Loan Amount

$2500

Loan Term

Varies

APR

Varies

MoneyMutual offers a quick application process and fast funding. If you are approved, you can receive your funds in as little as 24 hours.

In order to work with MoneyMutual, you’ll need to earn at least $800 per month. With a short-term loan from MoneyMutual, you can fund a temporary crisis. However, it is not a long-term solution.

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CashUSA

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on CashUSA's secure website

Loan Amount

$500 - $10,000

Loan Term

6 to 72 months

APR

Varies

CashUSA is another online lending platform. Your application information will be sent out to many lender partners in order to find the best fit.

In order to work with Cash USA, you will need to earn at least $1,000 after taxes each month. Once you find a lender that is willing to work with you, you may be able to receive your funds as soon as the next business day.

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PersonalLoans.com

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on PersonalLoans.com's secure website

Loan Amount

$500 to $35,000

Loan Term

3 to 72 months

APR

5.99% to 35.99%

PersonalLoans.com matches borrowers with lenders that are willing to work with them. The company is able to work with borrowers with a wide range of credit scores. However, you will need a monthly income of at least $2,000 in order to work with PersonalLoans.com.

Once you fill out the application, you may be able to receive your decision and funds within one business day. Consider this option if you make the minimum income and are looking for a short-term personal loan.

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BadCreditLoans.com

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on BadCreditLoans.com's secure website

Loan Amount

$500 - $5,000

Loan Term

3 to 60 months

APR

Varies

BadCreditLoans.com is not a direct lender. It is an online marketplace that can connect you with lending partners that can extend a loan offer. The details of your loan application will be shared with their partners to find the best fit.

If you have a reliable income, then BadCreditLoans.com may be a good option.

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CashAdvance.com

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on CashAdvance.com's secure website

Loan Amount

$100 to $1,000

Loan Term

Varies

APR

200% to 2,290%

If you need a short-term loan, then CashAdvance is a great place to start. The company can connect you to a lender from its network that is willing to provide you a cash advance.

In order to work with CashAdvance, you’ll need to earn at least $1,000 after taxes. Once you accept the loan, you will repay it via automatic deductions from your checking account each month.

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Credit Loan

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on Credit Loan's secure website

Loan Amount

$250 - $40,000

Loan Term

Varies

APR

Varies

CreditLoan works with many borrowers to find the best match for their situation. Although CrediLoan 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 with the help of CreditLoan, you have a great shot in finding the perfect match.

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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.