Updated: November 21, 2024
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Our team analyzed over 30 data points to pick Wisconsin’s best low-income lenders. We looked at interest rates, loan amounts, terms, credit requirements and other data to find the best providers.
Upgrade is Wisconsin's overall best low-income loan provider based on our findings. However, "best" varies depending on the borrower’s profile. For instance, if you also have bad credit, we found Upstart offers the best loans. Meanwhile, we recommend Prosper if you have good credit.
Upgrade is MoneyGeek’s choice for the best low-income loan provider in Wisconsin.
This company offers personal loans of $1,000 to $50,000. You can expect to receive your Upgrade loan immediately and repay it for up to 60 months. This is perfect if you need a loan with low monthly installments.
You can get an Upgrade personal loan with a credit score of 560. It initially does a soft credit check, which allows you to see if you qualify without hurting your credit.
However, Upgrade charges a 1.85% to 8.99% origination fee, although it doesn’t have prepayment fees. Your interest rate may go as high as 35.47% with this lender.
Upgrade has provided loans and credit cards to over 15 million people since 2017.
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LendingClub is MoneyGeek’s runner-up pick for low-income loans in Wisconsin.
You can borrow $1,000 to $40,000 from this company and repay it in up to 60 months. Despite its limited loan amount, LendingClub allows co-borrowers. This may let you get a loan even with a low income.
However, LendingClub’s interest rate can climb to 36%, and it charges a 2% to 6% origination fee. Before worrying about this, you can check your rates through a soft credit pull. If you decide to use LendingClub, you could have your money within 24 hours.
LendingClub is a fintech company that offers personal, business and institutional financial products. Since 2007, it has served over four million members.
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Your options may be limited if you have a bad credit profile and low income. Luckily, MoneyGeek’s research shows Upstart offers the best low-income loans in Wisconsin.
Upstart uses artificial intelligence and reviews applications through unusual factors, like education and employment. That’s why you could get a loan from this company despite having bad credit.
With Upstart, you can borrow up to $50,000, payable in up to 60 months. You may qualify for low interest rates, with a minimum of 3.22%. However, its interest rates can climb to 35.99%. Also, this is just the interest rate. The APR may differ depending on your situation.
Upstart conducts a soft credit check to determine your rates. Once you sign on the virtual dotted line, you could have your funds by the next business day.
Unfortunately, you’ll have to deal with origination fees if you go with this lender.
Established in 2012, Upstart has funded over $26 billion in loans.
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If you have good credit, you typically have access to more loan providers. In Wisconsin, we found Prosper is the best lender for low-income Wisconsinites with good credit.
With Prosper, you can get a personal loan of $2,000 to $40,000, payable in 36 to 60 months. You can know your rates through a soft credit check and receive the loan within the same business day.
To qualify for a Prosper loan, you need a FICO score of at least 640. This lender allows joint applications, which may give your credit a boost. Note that Prosper charges origination, late payment, check payment and insufficient funds fees.
Founded in 2005, Prosper is a pioneer peer-to-peer lending platform in the U.S. The company has served over 1.3 million customers and funded over $22 billion in loans.
Pros
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Low-income Wisconsinites can still access personal loans for large expenses and debt consolidation. The amount you can get varies based on your profile, but the average personal loan debt in the state is $16,953.
Before you apply for a low-income loan in Wisconsin, MoneyGeek suggests you go through this process.
To better understand your situation and why you need a loan, ask yourself these questions:
We suggest you research several loan providers before committing to one company. Read offers from multiple companies and check different resources to understand your options.
MoneyGeek ranked the best low-income loan providers in Wisconsin. But since our picks are based on generalizations, it’s better if you do your own research and find companies using your own analysis.
It’s a good idea to wait a day or two before finalizing your decision. Waiting can let you gain a fresh perspective on the situation.
Personal loans are serious financial commitments that involve several years of interest payments. The average interest rate for personal loans in Wisconsin is 9.78%. To lessen your expenses, you must be sure that you’re getting the best rate with the company you choose.
Reading the fine print is also important as it lets you see details you may have missed during your initial research.
We suggest that you check the fees that go with your loan. For example, most low-income lenders in Wisconsin don’t charge prepayment fees, but some companies do. Additionally, look out if the provider charges origination and late payment fees.
You can save yourself from fees and a stressful customer experience by reading the fine print.
If you’ve already gone through the steps above and found a lender you can be confident with, all that’s left to do is to apply.
Before contacting the lender, we suggest you prepare the documents needed for the application process. Most companies ask for your identification, proof of address and income statements. Depending on your profile, you may need to provide more documents.
It’s easy to get a low-income loan in Wisconsin. Most lenders have online application processes, allowing you to get a loan in the comfort of your home.
Nonetheless, you can visit a branch and transact in person if that’s what you prefer. Go with the most comfortable process to ensure you'll get clarifications on your concerns.
Low-income loans in Wisconsin get disapproved for various reasons. Usually, loan companies reject applications due to low credit scores, insufficient income or incomplete documents. If your loan gets rejected, don’t worry. There are ways for you to continue your loan application journey.
MoneyGeek recommends contacting the loan company about why your loan was declined. Ask if the company will reconsider your application if you change terms or get a co-applicant.
It’s not advisable to immediately send a new application to another company. The first lender’s issue may again show up and result in another rejection. Plus, that recent credit pull could have lowered your score.
Instead, we suggest you fix your credit profile and improve your creditworthiness. This may involve repaying some of your debts or finding a new job to increase your income.
Lastly, even if you’re desperate, you’re better off avoiding payday loans. They trap you deeper in debt with their high interest rates and short repayment terms.
Remember, personal loans are repaid over several years and with interest. The average interest rate in Wisconsin is 9.78%. To help you check if you’re financially prepared to get a low-income loan in Wisconsin, you can use MoneyGeek’s personal loan calculator.
MoneyGeek responded to some frequently asked questions about low-income loans in Wisconsin to help in your decision-making process.
MoneyGeek’s analysis shows that Upgrade is the top low-income lender in Wisconsin. However, the best company for you may differ depending on your financial situation and preferences.
Upstart has the lowest interest rate for low-income earners in Wisconsin. However, your interest rate will be based on your creditworthiness and loan preferences.
You can use your low-income loan for all kinds of personal reasons. But most lenders disallow spending it on postsecondary education, investments and illegal activities. We recommend clarifying restrictions with your lender.
The amount of debt you can consolidate will vary based on your financial profile and preferred lender. Low-income lenders in Wisconsin usually have a maximum loan amount of no more than $50,000.
Most low-income lenders in Wisconsin can process your loan within one business day.
Yes, you’re typically allowed to pay off your loan early, but some lenders may charge a prepayment fee if you repay the loan earlier than scheduled. That's why we recommend you read the fine print to help ensure you'll avoid unnecessary fees and expenses.
MoneyGeek analyzed more than 30 personal loan companies using over 35 data points in six categories. These included accessibility, consumer friendliness, customer service, flexibility, transparency and affordability.
We considered points we feel have the most weight when choosing a personal loan provider. These included fees, APRs, credit requirements, disbursement times, loan amounts and income needs.
At MoneyGeek, we value you. So, we also analyzed customer support, business ratings and other features that could improve your experience. This includes the company’s prequalification process, payment options and mobile apps.
After careful consideration, we made our picks with your best interests in mind. Our personal loan recommendations and expert tips intend to help you make smart financial decisions.
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
our editorial policies and expert editorial team.
