Updated: October 29, 2024
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MoneyGeek studied over 30 data points to rank the best low-income loans in Idaho. We reviewed APRs, loan amounts, terms, credit score needs and more to see which lenders may be best.
Upgrade stands out as Idaho's best loan provider for low-income borrowers. However, the best company varies depending on the borrower’s profile. Upstart is our pick for people with bad credit, and Prosper offers the best loans for those with good credit.
MoneyGeek’s research shows Upgrade is Idaho’s best low-income loan provider. It has provided loans and credit cards to over 15 million users since 2017.
With Upgrade, you can borrow anywhere from $1,000 to $50,000 and repay it in up to 60 months. This is convenient if you only want a small loan or you’re looking for a longer repayment term.
Our research has found people can qualify for an Upgrade loan despite having a credit score of 560. This lender only conducts a soft credit pull, so you can get a quote without hurting your ratings. Additionally, Upgrade claims it can fund loans within the day of application.
Although Upgrade doesn’t charge prepayment fees, its loans carry an origination fee. Moreover, its interest rates can go as high as 35.47%.
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LendingClub is a fintech company that was founded in 2007. It offers personal, business and institutional financial products and has serviced more than four million members.
MoneyGeek’s analysis shows LendingClub is the runner-up low-income loan provider in Idaho.
The company lets you borrow up to $40,000 in personal loans, payable for up to 60 months. Although its offer isn't the most flexible in the market, this lender accepts joint applications, which is helpful if you’re a low-income earner.
LendingClub charges a 3% to 6% origination fee, and its interest rate can go as high as 36%. Luckily, the company only performs soft credit checks and can fund loans within 24 hours.
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Having bad credit and a low income may limit your loan options. Nonetheless, MoneyGeek’s analysis shows Upstart offers the best low-income loans in Idaho for people with bad credit.
Founded in 2012, Upstart is one of the first lenders to consider factors beyond a borrower’s FICO score. It uses artificial intelligence and studies unusual factors to determine creditworthiness. These factors include education, employment and more.
Upstart lets you borrow up to $50,000 in personal loans, payable in 60 months.
You can see your interest rate with Upstart through a soft credit pull, and the company can fund loans within the next day. However, its loans come with origination fees and potentially high interest rates.
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Borrowers with good credit usually have better access to loan providers. Prosper is MoneyGeek’s pick as the best low-income provider in Idaho if you have a good credit score.
When it was founded in 2005, Prosper was the first peer-to-peer lending platform in the U.S. It has since processed over $22 billion in loans for more than 1.36 million people.
Prosper lets you get a personal loan ranging from $2,000 to $40,000. You can receive the funds immediately and repay the loan in up to 60 months. Moreover, this company only conducts a soft credit pull to determine your rates.
You need a credit score of at least 640 to qualify for a Prosper loan (although you can get a co-applicant). You’ll also have to deal with multiple fees, including origination, late payment, check payment and insufficient funds.
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If you’re a low-income earner in Idaho, know that you can still get a personal loan to fund your emergency expenses or consolidate your debt. In fact, the average personal loan amount in the state is $12,562.
However, MoneyGeek recommends reviewing some factors before you apply for a low-income loan in Idaho. To do so, follow the five steps outlined below.
It’s a good idea to ask yourself these important questions before you proceed with your loan application:
It’s important to research your options before you commit to a personal loan. Read offers from several lenders and check various resources to get an idea of the company’s overall value proposition.
You may use our picks to find the best low-income lenders in Idaho. But it’s still best to do your own research since our rankings are only based on generalizations.
We recommend waiting a day or two before you finalize your decision.
Remember, personal loans are repaid with interest over several years. The average interest rate for personal loans in Idaho is 7.07%, but yours may be higher or lower. To be sure you get the best rate, you need to know all about the loan you want.
By waiting, you’ll gain a more objective understanding of the situation and identify issues you may have missed when you first made your choice.
Besides waiting, we also suggest reading the lender’s fine print to find the important details buried under the company’s marketing slogans.
Double-check the loan's fees. Although prepayment fees are uncommon, most low-income lenders in Idaho charge origination fees.
Likewise, check for loan restrictions, as some lenders prohibit you from using your loan for certain purposes.
You can avoid costly fees and a bad customer experience by reading the fine print.
If you’re already satisfied with your preferred lender, you can start applying for the loan.
Gathering the documents you'll need before going to the bank is a good idea. Most lenders ask for documents about your identity, address and income, but you may be required to provide more depending on your profile.
Most lenders have online application processes. Nonetheless, you can call or visit a branch to clarify details about your loan. Proceed with the process you’re most comfortable with.
Your low-income loan in Idaho can get denied. Lenders typically decline applications due to low credit scores, insufficient income or incomplete requirements. But if it happens to you, your loan application journey doesn't need to end there.
You can reach out to the loan company and ask for the exact reason why your loan was rejected. Then, see if adjusting the loan amount or repayment term may make them reconsider your application.
Although you can go to another company and file a new application immediately, we discourage you from doing so. If the first lender's issue remains unresolved, chances are you’ll get another rejection.
Instead, we recommend improving your credit profile and resolving the problems the first lender brought up. For example, you may have to repay some existing debts or find a way to increase your income. Additionally, getting a co-applicant may improve your chances of securing approval.
No matter how desperate you are, stay away from payday loans. With such loans, you'll only end up deeper in debt due to their high interest rates and short repayment terms.
Personal loans are usually repaid in monthly installments and with interest. You can use MoneyGeek’s personal loan calculator to help calculate if you’re financially prepared to take out a low-income loan.
MoneyGeek answered some frequently asked questions about low-income loans in Idaho to help you find the best offers available.
MoneyGeek’s research shows Upgrade offers the best personal loans for low-income individuals in Idaho. Nonetheless, the top company for you depends on your needs and profile.
Upstart offers the lowest APR for low-income borrowers in Idaho, but your actual interest rate is based on your creditworthiness and loan preferences.
You’re allowed to use your low-income loan in Idaho for various personal reasons. However, most companies disallow using it for postsecondary education, investments and illegal activities. So, it’s best to clarify with your lender if they have any restrictions on loan usage.
The amount of debt you can consolidate is based on your profile and preferred lender. Low-income loans in Idaho feature a maximum loan amount of $40,000 to $50,000.
Most low-income lenders in Idaho can process your loan within one business day.
Yes, you can repay your loan early, but some companies may charge a prepayment fee if you settle the loan earlier than scheduled.
MoneyGeek studied over 30 personal loan companies and went through at least 35 data points across six categories: accessibility, consumer friendliness, customer service, flexibility, lender transparency and loan affordability.
Our team analyzed several essential data points within each ranking category for borrowers choosing a personal loan lender. These factors include application fees, APR ranges, credit score requirements, disbursement times, loan amount and minimum income amount.
At MoneyGeek, we value you, the consumer. So, we also check the lender’s customer support, business ratings and additional features to make your experience smoother. This includes the company’s prequalification process, payment options and mobile apps.
After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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
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