Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBrittany HowardFri, July 31, 2026 at 11:28 PM GMT+2 10 min readKey takeawaysYou can qualify for a personal loan with a low income, but lenders may only approve you for a smaller loan amount or if you apply with a cosigner.Be wary of high interest rates — the average personal loan rate currently sits at 12.41%, and in some cases, you could face an APR up to 36% if you don't have good credit.If you don't qualify for a personal loan, alternatives include secured loans and credit cards.Most lenders require you to have a stable income, and some even set a minimum income requirement. However, you may still qualify as long as you can reasonably afford the monthly payment — a low debt-to-income (DTI) ratio and strong credit will help your odds of approval.Low-income personal loan lendersLenderAPR rangeLoan amountsAnnual income requirementMinimum credit scoreHappy Money8.95%-35.99%$5,000–$50,000None640Prosper8.99%-35.99%$2,000–$50,000Greater than $0600Universal Credit11.69%-35.99%$1,000-$50,000None580Upgrade7.74%-35.99%$1,000–$50,000None580Upstart6.20%-35.99%$1,000–$75,000$12,000No requirementHappy MoneyRating: 4.6 stars out of 54.6 Learn more in our Bankrate reviewBankrate's viewHappy Money offers one loan — the Payoff loan. It's designed to consolidate high-interest credit card debt. The starting APR is much lower than the average credit card rate, which is above 20 percent. Happy Money has no minimum income requirement, though you'll need enough regular income to cover your monthly payment. This lender also offers online money management tools and financial education resources to help you take control of your finances.Pros & consProsConsOrigination fee of up to 10%No cosigners or co-borrowersHigh minimum loan amountProsper logo.ProsperRating: 4.5 stars out of 54.5 Learn more in our Bankrate reviewBankrate's viewProsper is a peer-to-peer lender, meaning that loans are funded by individual investors rather than a direct lender. You may qualify with any income over $0, as long as it supports the payments. Prosper also supports co-borrowers, making it easier to qualify.Pros & consProsConsUniversal Credit company logoUniversal CreditRating: 4.5 stars out of 54.5 Learn more in our Bankrate reviewBankrate's viewUniversal Credit has no income requirement and a lower minimum credit score than competitors at 580, but its APRs are higher, too. They stand out for offering small loan amounts, starting as low as $1,000. However, Universal Credit only offers two repayment term options: three or five years.Pros & consProsConsTerms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info