Updated: October 16, 2024
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Mississippi consumers have an average personal loan debt of $17,692. MoneyGeek looked at 30 factors to determine which loan lenders offer the best low-income loans in Mississippi, including APR ranges, repayment terms and credit score eligibility.
Our research found that Upgrade offers the best loans overall, followed by LendingClub. However, the top option for you can vary based on your funding needs and borrower profile.
Based on a variety of factors, MoneyGeek rated Upgrade's low-income loan as the best in Mississippi. Borrowers with fair credit can apply for Upgrade's low-income loans with a credit score of at least 560. A loan application can be funded within one business day after clearing with Upgrade. The APR for Upgrade personal loans ranges from 5.94% to 35.47%, with repayment periods ranging from 36 to 60 months.
Upgrade does not charge prepayment fees, but borrowers can expect to pay origination fees. Additionally, due to Upgrade's high interest rates, applicants with good credit and low incomes may be better off considering other lenders offering lower interest rates and larger loans.
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LendingClub is rated as Mississippi's second-best low-income loan lender due to its quick disbursement and low credit score requirements. The lender’s digital lending platform has provided customers with a variety of financial products and services since 2007.
Under this company, Mississippi residents with low incomes are eligible for personal loans. Applicants with a minimum credit score of 600 are eligible for loans of $1,000 to $40,000, making it an ideal choice for those working on small projects. It takes one day for the applicant to receive the funds, and repayment terms range from three to five years.
Keep in mind this lender has a high maximum APR. It also charges origination fees.
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MoneyGeek rates Upstart as Mississippi's best loan provider for bad credit borrowers with low incomes. Using artificial intelligence, Upstart has distributed over $26 billion of fully automated loans since 2012.
The credit score requirement for this lender is much lower than that of other low-income lenders. Upstart offers a rate as low as 3.22% as well. If an applicant is eligible, they may receive $1,000 to $50,000 the next day.
It is easy to use funds with Upstart because there are few restrictions. It can be used for the refinancing of your car, the consolidation of debt and the improvement of your home.
Although Upstart doesn't require a credit score, it estimates loan terms based on other factors like income and employment. This lender does not charge prepayment fees. However, late fees and origination fees may apply.
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Founded in 2005, Prosper provides peer-to-peer lending services. Using this lender, traditional investors can fund borrowers with credit scores as low as 640. When borrowers apply online, they choose the amount of the loan, and lenders or investors select them based on their eligibility.
The company offers loans between $2,000 and $40,000 with a repayment period of 36 to 60 months. The funds are usually disbursed to your account on the same day your application is approved.
Paying off your loan early won't result in a fee. However, you may incur origination fees, late fees, insufficient funds fees or check payment fees. Additionally, Prosper's personal loans may have high interest rates. You might need to apply for a low-income loan if you have bad-to-fair credit, need a low-interest loan or plan to borrow more than $50,000.
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A lender considers your employment status, income and credit score when determining whether you're eligible for a loan. MoneyGeek's data shows that Mississippi personal loans average $17,692 with an interest rate of 9.19%.
In order to find the best lender for low-income borrowers, it is imperative to compare terms between lenders. To find the best low-income loans in Mississippi, MoneyGeek recommends the following steps.
Consider how taking out a loan will affect your finances before submitting your low-income application. In order to find the best lender for you, you should answer the following questions:
Finding a lender that meets your funding requirements can be as easy as shopping around. Identify the best lender for you based on key features, such as the interest rate, repayment terms and loan amount. You can use MoneyGeek's recommendations, but you should also conduct your own research to discover offers we missed. Our recommendations are based on general profiles, so you’ll want to make sure you do your due diligence.
Taking out a personal loan can be a two- to four-year commitment, on average. Consider your top picks along with your financial objectives for a few days. Decide which is the best option or don't make a decision at all during this crucial time. Thinking through your decision can help you come to a more definitive decision. It may even help you identify other funding options for your financial needs.
Rates and fees for personal loans vary from one lender to another. Ensure you are aware of the terms and conditions of your loan so that you can avoid any additional charges. If you need clarification after reading, take the time to contact your lender. This can save you money in the long run.
You are ready to begin the application process if you are confident about your lender choice. Get your financial and personal information organized, including your identification, proof of income and more. These documents can then be shared online or at the lender's office. If your lender allows for in-person applications, consider going this route to ensure you get all your questions answered.
If you are a low-income Mississippi resident, your loan application may be denied. Incomplete applications, low credit scores, income issues and a lower-than-required credit score can all cause a personal loan application to be rejected. The eligibility requirements of the lender will determine whether you qualify.
In the event this happens to you, we encourage you to contact your lender for specific feedback regarding your application. Depending on the feedback you receive, you may need to revise your application details or consider alternatives.
You should, however, spend time building up your credit score or addressing any other issue with your application before applying for another loan at your current lender or elsewhere. Otherwise, you might get rejected again.
We caution against payday loans, which are fast alternatives to personal loans. Although payday loans may be needed for urgent financial needs, their interest rates are steep and the repayment period is short.
As soon as you receive your loan, you will have to start paying monthly installments with interest. In order to determine whether you can afford the installments, you should calculate your repayment amounts in advance. MoneyGeek's personal loan calculator can help you calculate your monthly payments for low-income loans.
Getting a loan can be overwhelming, especially if your income is limited. For more information on low-income loans in Mississippi, check out these frequently asked questions.
Among low-income borrowers in Mississippi, MoneyGeek recommends Upgrade. However, the best option may vary depending on the borrower's situation. Prosper is better suited to those with good credit, while Upstart is ideal for those with bad credit.
Upstart has the lowest APR among Mississippi's low-income lenders. However, rates can change frequently, and your rate will depend on your financial profile.
Mississippi lending companies can usually provide you with a personal loan for almost any purpose. Certain institutions, however, restrict postsecondary education funding and investment in businesses. Make sure you confirm with your lender that you can use your funds as needed before applying.
The amount of debt you can consolidate in Mississippi varies between lenders. Some of the top lenders in the state let you borrow up to $50,000, while others may allow you to borrow less.
Most of the top low-income loan lenders in Mississippi release funds the next day. However, disbursement times can vary between lenders.
Mississippi allows low-income borrowers to repay their loans early. However, some lenders charge prepayments. Ask your lender about these potential fees before applying for a loan.
Using 35 individual data points and six key categories, MoneyGeek evaluated 30 personal loan lenders in the categories of cost, accessibility, user-friendliness, customer service, flexibility and lender transparency.
In order to rank personal loan lenders, we considered several different factors. Factors like the APR range, loan amount, minimum credit score, minimum income level, application fees and the time it takes for the loan to be disbursed were reviewed.
In addition to evaluating each lender's customer service and business ratings, we also look at the lender's prequalification and mobile application features, which may improve your experience.
Each pick is carefully weighed and calculated to ensure it is in your best interest. Our recommendations and expert tips should assist you in choosing the right lender for your needs.
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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