Best Loans for Low Income

Why Trust Us

Investopedia collected and analyzed hundreds of key data points from 59 companies over three months to identify the most important factors for readers choosing a personal loan. We used this data to review each company for rates, fees, repayment terms, credit requirements, and other features. We developed this process to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best personal loans since 2015.

How We Choose the Best Loans for Low Income

To evaluate and rank personal loan providers with low or no income requirements, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria, such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to Oct. 18, 2024.

We organized the 45 criteria into four categories and weighted 26 (involving more than 1,500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Loan Costs: 30%
• Loan Terms: 22% 
• Borrowing Requirements: 24%
• Lender Features: 24%

To maintain the integrity of the data following collection and analysis, Investopedia’s compliance team monitors changes to key details, like interest rates and fees. Compliance team members then update our pages to ensure they are accurate as of the date on the byline.

Learn more about how we evaluate personal loans in our complete methodology.