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If you have a low income and sometimes struggle to make ends meet, you’re hardly alone. According to a July 2026 CNBC/SurveyMonkey Quarterly Money Survey, 63% of Americans surveyed consider themselves to be living paycheck to paycheck, suggesting that well over half of the population is feeling somewhat strapped.

Saving money can be especially challenging right now due to persistent inflation, which causes consumers to spend more just to maintain a basic standard of living, and heavy debt loads, with the average person carrying over $6,500 on credit cards. Together, these two forces can quickly eat away at your income, making the goal of saving feel out of reach.

The good news is that you don’t have to stay stuck; you can take steps to improve your financial situation, no matter what you earn. Below are 16 simple strategies that can help you reduce costs, manage your budget, and gradually build long-term financial security.

Smart Ways to Save Money With Low Income

When money is tight, traditional personal finance goals like saving 20% of your income or building a six-month emergency fund right away may seem completely out of range. Instead, the key is to focus on setting up a basic budget, micro-savings, and eliminating drains on your bank account. Here’s how to get started.

1. Choose a Low-Income Budget Method That Suits You

A budget gives you a way to track your income, spend more intentionally, and plan toward goals. It paints a picture of how much money you have coming in and going out and how you’re allocating funds, which you can use to identify areas for improvement. A budget can also help you see what resources you have available to cover your living expenses. With it, you can see how to make money stretch further.

A budget helps you track your income, spend more intentionally, and plan towards goals. By providing a clear picture of your cash flow — what comes in versus what goes out — a budget reveals exactly where your money is going and helps you identify opportunities to save. Ultimately, it allows you to make your income stretch further and ensures you have the resources needed to cover your living expenses.

There are many different types of budgets, including the 50/30/20 budget, zero-based budgeting, and envelope cash stuffing. But you can start simply by reviewing your financial statements from the last few months to determine your average take-home pay, fixed monthly costs, and typical nonessential spending. This clear picture will make it easier to adjust your habits and identify opportunities to cut back.

2. Cut Money Spent on Food and Drink

If you’re thinking about how to save money with a low income, one wise move can be dining in. That may mean opting for pasta at home instead of the cute Italian place nearby.

Making meals at home is typically cheaper than eating out. And the gap has widened: In recent years, restaurant prices have risen faster than grocery prices. Just keep in mind that cooking at home can cut costs as long as your grocery bill is sensible. Look for budget-friendly recipes that are simple and use all the ingredients in your pantry. Search online for affordable recipes, including “recipes under $10.” You’ll likely find many options.

Another way to save money on groceries is to choose more affordable proteins — such as beans, eggs, chicken, and canned fish — over pricier cuts of beef. Also consider saving alcoholic beverages for weekends or special occasions only, and reach for lower-cost drink options, such as homemade iced tea, flavored seltzers, or good old tap water, on the weekdays.

3. Pay Down Debt One Step at a Time

Studies have linked high levels of personal debt to increased stress and anxiety. Proactively paying down what you owe can help alleviate that pressure while saving you on interest and creating a stronger foundation for your future savings.

How to approach debt reduction? Be sure to always pay at least the minimum amount due. Then consider these two techniques to help get rid of your debts on a low income:

•   In the snowball method, you use extra funds to pay off the smallest debt first, giving you a sense of accomplishment for wiping out a balance. Then you move on to the next-smallest debt, and so on.

•   In the avalanche method, you use extra funds to pay off debts in order of interest rate, regardless of the balance. You start with the highest-interest debt and work down to the lowest. This approach minimizes the total interest you pay and shortens your overall time to become debt-free.

4. Reduce Nonessential Spending

When creating a budget, it’s a good idea to create two main spending categories: essential and nonessential expenses.

Essential expenses will include housing, utilities, groceries, basic transportation, healthcare, and minimum debt payments. Nonessential expenses are optional costs for things you want rather than need, such as entertainment and clothing you like but don’t require. For example, if you’re a sneakerhead or handbag collector, it may be time to pause shopping. But if you need fresh clothes and shoes for work, set a target amount you can afford to spend that month. Make your dollars stretch with sale racks at stores or secondhand steals.

5. Swap to Cheaper Entertainment Subscription Models

Can’t live without Netflix? What about HBO, Disney, and Hulu? Combined, those streaming services can debit a fair amount of money out of your checking account each month (or, depending on how you pay, year).

While it’s important to unwind, cutting paid entertainment is often worth the savings. Consider utilizing free entertainment on your TV or computer. There are plenty of ad-supported apps that offer free on-demand and live streaming services. You can also buy a standard TV antenna to pick up major local broadcast networks completely free of charge.

Finally, try the library. Most carry more than just books: They often offer movies, too. You just need a library card.

Recommended: How to Save 5k a Year

6. Downsize Your Largest Fixed Expenses

Another way to budget on a low income is to cut some of your large monthly bills. Your biggest burden is likely housing, which is a natural place to start, even if your options feel limited. Several factors affect rent or mortgages, such as location and amenities. If your lease is ending and moving is a viable financial option, consider looking into neighborhoods with lower average rents or a place with fewer perks (like a patio, pool, or in-unit laundry).

Other options include getting roommates or, if it’s feasible, even going rent-free. If you have family nearby, it might be worth asking to live with them for a low fee or even rent-free, provided you have a plan to get on your feet or can contribute to the household (say, by cooking or cleaning).

Transportation is another large cost. If your job is a safe and reasonable distance to bike to, try it out. Bikes are generally inexpensive to maintain, plus they offer the benefit of staying fit and going green.

7. Save What You Can

You don’t need a large windfall to start building your savings. Even on a tight budget, saving whatever you can — even if it’s just $5 or $10 a week — is an important step toward financial security. Small adjustments in your spending, like giving up a weekly fancy coffee or packing your lunch more often, can help you free up these amounts. Remember, every dollar saved is a step forward, and these consistent, modest efforts add up to a significant sum over time.

8. Pay Yourself First

One of the easiest ways to ensure you save money is to prioritize it over other spending categories. This means transferring a set amount of money from checking into savings the moment you get paid, before tackling your regular bills. Whatever is left over is the money you can spend on essential and nonessential expenses. Moving your savings money out of your checking account immediately reduces the temptation to spend it.

9. Automate Your Bill Payments

Automating your bill payments might feel like relinquishing control, but it can be an effective way to manage your money. Not only does it help you avoid costly late fees and protect your credit, but many service providers also offer discounts for enrolling in automatic payments.

To use this method safely and avoid overdraft penalties, consider scheduling your automatic withdrawals to occur one or two days after your payday or setting up low balance alerts on your checking account.

While the beauty of this tactic is that you set it and forget it, it’s still important to review your digital statements every few months to check for any errors and make sure you’re not paying for services or subscriptions you no longer need.

10. Lower Your Car Expenses

A car can be expensive. Some tips to make it more affordable:

•   Buy rather than lease. Leasing essentially acts as a long-term rental where you only pay for the car’s depreciation during the lease term. Purchasing allows you to eventually build equity and eliminate the monthly payment altogether once paid off. You generally get more value from paying off a car compared to leasing a car.

•   Buy used. Used cars are typically cheaper than new cars. And because they’re used, the insurance tends to be cheaper as well. Buying a preowned car also means it won’t lose value as quickly as a new car. Some estimates say that a new car loses an average of 16% of its value in the first year.

•   Choose a car that gets great gas mileage. The high cost of filling up an SUV or truck tank week after week can put a serious strain on your wallet. If you’re paying for a gas guzzler, downsizing to a car that gets better gas mileage can easily save thousands over a multi-year period.

11. Leverage Free Community Entertainment Options

You can save money and still have a social life by taking advantage of free and low-cost local entertainment. Towns, public libraries, and parks departments frequently host free events like outdoor movies, summer concerts, and festivals. Replacing just one or two commercial nights out each month with these zero-cost alternatives can easily save you hundreds of dollars a year to put toward debt or savings.

Also remember that libraries can be a goldmine for free entertainment. They typically offer free access to streaming movies, digital audiobooks, video games, and even free passes to local museums. Tapping these local perks can be a great way to relax and have fun while keeping your budget on track.

12. Identify and Overcome Costly Financial Habits

If you want to improve your financial situation, it’s important to take a good look at your current spending habits. Do you buy groceries at a gourmet deli instead of a standard supermarket? Do you eat out often because you forgot to pack a lunch? Do you leave the air conditioning running in your apartment while you are out all day?

These are all expensive habits you can easily change. For example, you might find a more affordable grocery store where your dollar stretches much further; try meal prepping on weekends so you can easily pack your lunches for the workweek; and run appliances only when necessary. These simple adjustments can add up to significant savings over time.

13. Execute a Targeted No-Spend Month Challenge

A no-spend challenge can be a (yes) fun way to save. A no-spend challenge means that you avoid discretionary spending altogether for a set period of time, such as 30 days. During that time, you only spend on necessities, such as rent and groceries, and don’t spend money on anything else — no movie theater tickets, clothes, or even chocolate. You might want to let your friends know you are doing the challenge so they don’t tempt you into spending. They might even join you.

At the end of the challenge, you’ll have likely saved a significant sum of cash. You may also find that you didn’t miss some of the things you stopped spending on and decide to permanently cut them out of your budget or reduce how much you spend on them.

Recommended: Biweekly Savings Challenge

14. Automate Savings Transfers With Vaults

Manually moving money requires willpower. Automation removes human emotion and friction entirely. By setting up an automated transfer from checking to savings for the same day each month (ideally right after you get paid), you don’t have to remember to do it yourself.

Some banks even allow you to direct transfers into digital savings “buckets” or “vaults.” Rather than going into one pool of savings, you can earmark savings for specific goals, such as an emergency fund or vacation. This can help you track your progress, stay motivated, and avoid accidentally draining your rainy day fund to pay for a trip to Europe.

15. Audit and Negotiate Household Utility Contracts

You may be able to save hundreds of dollars a year by auditing and negotiating your bills. Providers often gradually raise rates for loyal customers while offering deep discounts to new ones to bring in more business.

To potentially lower your costs, first review your bills for internet, phone, and home security to assess what you’re paying, including all listed fees. Next, check what local competitors are charging for the same services. When you call your provider, ask for the retention department, present your information, and request a reduction or a price match. Be polite but firm, and don’t feel you need to accept their very first offer.

While water and electric rates are fixed, services like internet and cell phones are often negotiable. Just check for cancellation and start-up fees before making any final changes, since this can eat into your savings.

16. Access Local and Federal Assistance Programs

If you find yourself still living paycheck to paycheck, there’s help. If you have substantial debt, consider reaching out to the nonprofit National Foundation for Credit Counseling (NFCC). They offer free and low-cost debt and credit counseling, along with other services.

In addition, cities, states, and the federal government provide help in the form of subsidized housing, discounted healthcare, and free groceries. To navigate these resources, you can use the official government benefit finder to match your specific needs with available programs. In addition, you can call the 211 network to speak with a specialist who will evaluate your situation and connect you directly with local support organizations.

Why Saving Money With a Low Income Is Possible

No matter what your income, it can be tempting to live like a rock star or just try to keep up with your higher-earning friends. Or you might feel like your smaller earnings aren’t worth saving, and you’ll wait until you make more. But you may be able to save more than you think, even on a lower income.

If you make saving a priority and adjust your lifestyle to your income, it can pay off and improve your financial well-being. Simple changes such as learning to budget, choosing lower-cost groceries, swapping out driving for cheaper (and greener) forms of transportation, and buying secondhand can all help you take control. These moves can also help you pay down any debt you may have, build your rainy-day savings, and achieve longer-term financial goals.

The Takeaway

Financial health isn’t about how much you earn, but how you manage what you have. To take better control of your finances, you might start with a simple, honest look at your budget to identify exactly where your money goes each month. From there, it’s about making small, consistent shifts — like swapping out expensive habits for affordable alternatives and setting realistic savings targets. Staying consistent and automating some aspects of your money management can help you stick with your plan and see real progress over time. Remember that every dollar you set aside, is a step closer to meeting your short- and long-term financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How can I build an emergency fund quickly on a limited income?

Start with a small, specific goal, such as $500 or $1,000, rather than trying to save several months of expenses at once. Look for ways to redirect money from nonessential spending, reduce recurring bills, or earn extra income. Automating even a small transfer each payday can help you make steady progress. Consider keeping your emergency savings in a separate savings account so it’s accessible when needed but less tempting.

What are the best free tools for budgeting on a small income?

Free budgeting tools can help you track spending, categorize expenses, and plan around your income. Options include free budgeting apps, spreadsheets, and budgeting features offered by some banks. A simple spreadsheet may be enough if your finances are relatively straightforward. The best tool is one you’ll use consistently. Look for features such as spending tracking, bill reminders, savings goals, and easy-to-understand reports without requiring a paid subscription.

How can I safely lower my fixed monthly expenses without hurting my credit score?

Start with expenses that don’t directly affect your credit, such as insurance, internet, phone service, and subscriptions. Compare providers or ask about lower-cost plans. If you have debt, avoid simply stopping payments or closing credit accounts without understanding the potential consequences. Continue making at least the required payments on loans and credit cards. Before canceling a credit card, consider how it could affect your credit utilization and length of credit history.

How can I save $1,000 a month on a low income?

Saving $1,000 a month may not be realistic for everyone, especially on a low income. Start by calculating how much you can save after covering essential expenses and required debt payments. To work toward a $1,000 goal, you may need a combination of cutting expenses and increasing income through additional work or other opportunities. Breaking the goal into weekly or paycheck-based targets can make it easier to track. You generally want to avoid cutting necessities or taking on high-interest debt to reach a savings target.

What is the $27.40 rule?

The $27.40 rule is a savings challenge based on saving $27.40 every day. If you save that amount for a full year, you’ll have about $10,000. The concept is intended to illustrate how relatively small, consistent savings can add up over time. However, $27.40 a day may be difficult for someone living on a low income. Consider adapting the idea to an amount that fits your budget, such as $1, $5, or $10 a day.

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When people are starting a business, it’s likely that they’ll consider the tax benefits of different company structures. In some cases, founders may create a limited liability company (LLC) specifically for its tax benefits.

Read on to delve into the tax benefits of LLCs for business owners, as well as other pros and cons.

Recommended: How to Incorporate

What Is an LLC?

An LLC is a type of business structure available in the United States. A kind of hybrid, it combines some characteristics of corporations with others from a partnership or sole proprietorship.

According to the Internal Revenue Service (IRS), LLC owners are called “members.” Depending on the state in which you set up the LLC, members may be individual people, other LLCs, or corporations. There is no maximum number of members that a company can have, and most states allow LLCs with just one member. Check your state for specifics.

Recommended: Pros and Cons of LLCs

Tax Benefits of Forming an LLC

As mentioned above, company founders may choose an LLC structure especially for its tax benefits. This section goes into detail about what those benefits are.

Limited Liability

An LLC, as its full name implies, provides limited liability to its members. This means that if the company fails, the owners’ and investors’ private assets are not at risk and can’t be seized to repay company debts.

Flexible Membership

As noted previously, an LLC can have one member or many, and those members can be individuals or companies. This business structure gives owners significant freedom when starting their companies.

Management Structure Options

LLCs can be managed by a member (owner) or by a hired manager. A member-managed LLC may be chosen if the company has limited resources or few members. An owner may select a member with management experience to oversee the business, or they may want all members to actively participate in the company’s operations.

A hired manager is someone who is not a member but has the appropriate experience and skill set to run the LLC. An accountant or financial advisor can go into detail about the tax benefits of member-manager vs. hired-manager approaches. (Here’s what to know if you’re filing taxes for the first time.)

Pass-Through Taxation

LLC member-owners have some control over how their business will be taxed. If there is only one member, it will automatically be treated like a sole proprietorship, and if there are more than one, like a partnership. In those cases, business income will pass through the business to the member-owners, and they’ll only get taxed once. Members will report income and losses on their personal tax returns, while the LLC itself will not be taxed. (Learn how business income differs from other types of income.)

Because income and losses are reported as part of members’ personal financial pictures at tax time, taxes will be owed at each member’s personal tax rate.

Alternatively, the LLC owners may decide to be taxed as a corporation. If they choose an S-Corp structure, pass-through taxation still applies.

Recommended: How Long Does It Take Taxes to Come Back?

Heightened Credibility

When someone opens an LLC, it shows that they’ve gone beyond just hanging a shingle. Instead, they went through the decision making and paper filing processes involved in setting up the LLC.

Limited Compliance Requirements

According to the U.S. Small Business Association (SBA), corporations — another form of business structure — have the strictest requirements. By contrast, LLCs have some but fewer.

In general, an LLC should maintain a current operating agreement, hold annual meetings, ensure that they have appropriate shares recorded for each member, and keep records if membership interests transfer. (Find out if you can use a personal checking account for your business.)

Recommended: How to Form an LLC in Georgia

Disadvantages of Creating an LLC

So far, the LLC sounds like the ideal low-maintenance company structure. However, there are several caveats to be aware of.

Cost

Forming an LLC can cost a few hundred dollars, which may be more than what a small business wants to spend. (An online budget planner can help business owners set budgets and track spending.) The company will also need to file annual reports along with annual fees and taxes. These taxes and fees may cost a miniscule amount or several hundred dollars annually.

No Stock Ownership

When a corporation wants to raise funds, they sometimes issue shares of stock. An LLC cannot issue stock.

Recommended: How to Start Investing in Stocks

Transferable Ownership

LLC transfers must be compliant with their operating agreements and state laws if there is a change in ownership. If the people starting the business expect to take in outside investors over the years, a corporation might be a better choice.

How to Form an LLC

Once you’ve decided to start an LLC, you’ll want to choose and reserve a company name that doesn’t conflict with currently existing ones. Typically, an LLC must have what’s called a registered agent, someone who will handle official documents for the company.

Then, you’ll need to document the nuts and bolts of the operating agreement that describes the structure of the company. This can include who owns what portion of the company and who gets to vote on which issues. You’ll detail how profits and losses will be addressed, how the company will be managed, when meetings will be held, and how to handle the business if a member leaves the company or dies. This document should also describe what should happen if the company goes out of business.

How LLCs Are Different From Other Business Entities

An LLC is formed to be a legal entity that’s separate from its owners and is responsible for its business debts. Here’s how an LLC differs from other company structures.

LLC vs Sole Proprietorship

Profits in an LLC are only taxed once because of the pass-through taxation structure. This is reported on and addressed through owners’ personal tax returns by filing a Form 1040, Schedule C, listing profits or losses. As an LLC owner, you may be taxed as a sole proprietor, a partnership, or a corporation.

A sole proprietorship is owned by one person and is the simplest structure available. A sole proprietorship also involves pass-through taxation with the business owner paying taxes on the business’s profit. There isn’t as much flexibility in filing as a sole proprietor as there is with an LLC.

LLC vs S-Corp

An LLC is a business structure. An S-corp, meanwhile, is a tax classification. Many businesses decide to have their LLC taxed as an S-corp. The nuances can be complicated, so it makes sense to consult your personal accountant or other finance professional before making this decision.

LLC for Rental Property

If you create an LLC to buy rental homes, you’ll have the benefits of no personal liability and pass-through taxation. There can be a flexible ownership structure, personal anonymity, and fairly simple reporting.

However, it may be harder to finance rental property as an LLC. There can also be significant fees to get the LLC up and running. LLCs for rentals can be more complex at tax time, and property transfers can also be more complicated.

Recommended: What Is a Professional Limited Liability Company?

How to Choose the Right Business Type

Consider how simple or complex your proposed business will become. Do you plan to basically run the business yourself, or will it ideally turn into something bigger? What kind of legal protections will you need based on your business plans?

Entrepreneurs should also weigh the tax benefits of LLCs and sole proprietorships. The two structures, along with partnerships and S-corps, feature pass-through benefits, meaning that profits are taxed only when they’re paid to the company owner(s). A C-corp, meanwhile, is taxed as a company as well as when shareholder payouts are made.

Consult your accountant or financial advisor for specifics on your situation.

No matter what business structure you choose, it’s important to keep track of your finances. SoFi’s spending app provides you with an easy-to-use online budget planner so you can stay on top of your finances.

The Takeaway

Limited liability companies (LLCs) come with plenty of advantages and a few disadvantages. As its name implies, the owners’ and investors’ private assets are not at risk if the company should struggle financially. Owners of the LLC are referred to as members. Membership may range from one individual to multiple individuals to other companies.

A major benefit is pass-through taxation, where income passes through the company to its members, who report it on their personal taxes. One disadvantage of LLCs for very small businesses is the startup cost and annual fees, which can run to several hundred dollars a year. Consult a professional to find out whether an LLC is the right fit for your business plan.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What are the tax benefits of having an LLC?

With an LLC, you’ll have flexibility in deciding the structure under which your company will be taxed. The tax benefits of an LLC also include pass-through taxation, which means you’ll only get taxed once at your individual tax rate.

What are the benefits of a limited liability company?

One of the benefits of a limited liability company is limited liability, meaning that owners aren’t personally responsible for company debts. Other benefits include flexible structures, pass-through taxation, more credibility, and fewer compliance requirements than a corporation.

What is the best tax option for an LLC?

Each situation is unique, so the best tax option for an LLC may vary. Consult your accountant or financial advisor for specifics.

What are the downsides of an LLC?

There are a few possible downsides to an LLC. The cost of forming an LLC can add up because of taxes and fees, which may be a lot for a small business to handle. In addition, LLCs can’t issue stock, and depending on the operating agreement and state laws, navigating a change in ownership may not be that simple of a process.

What kinds of LLCs are there?

There are different types of LLCs, some with specific business purposes. A professional LLC, for example, is made up of licensed individuals who are legally authorized to practice under the company, and a series LLC is a parent organization with “series,” or divisions, under it. Generally speaking, all LLCs can be categorized as a single- or multi-member and as a member-managed or manager-managed LLC.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q326-041

Unsecured personal loans are loans provided by banks, credit unions, and online lenders that do not require any type of collateral. They provide an opportunity to borrow funds without putting any of your assets (like your home or car) at risk. The funds can be used for virtually any purpose, including debt consolidation, home improvements, and large purchases.

How do you know if an unsecured personal loan is the right choice for you? Learn the full story here.

What Is an Unsecured Loan?

An unsecured loan is a loan that is not backed by collateral, such as your home, bank account balances, or vehicle. To have a loan backed by an asset (aka a secured loan) means that a bank or lender has the right to take that asset in the event of default on the loan.

Loans backed by collateral (such as mortgages, home equity loans, and auto loans) generally pose less risk to lenders — if the borrower defaults, they can recoup the balance due by seizing the collateralized property. Because unsecured loans pose a higher risk, they tend to have higher interest rates and come in lower loan amounts compared to secured loans.

Some borrowers, however, prefer personal loans unsecured over secured personal loans, since they don’t require you to put your home, car, or other personal assets at risk. You qualify for an unsecured personal loan strictly on your ability to repay the borrowed amount. Lenders assess this by looking at your income, credit scores, and borrowing history.

Unsecured vs. Secured Personal Loans: Key Differences

The key difference between unsecured and secured personal loans is that, with a secured loan, you provide a form of collateral to secure the loan. This could be money in the bank, a vehicle, investments, or art and collectibles. The idea is that the lender knows they could claim that item if you were to default on the loan.

This makes lending less risky for them. For this reason, it could help a loan seeker who has a less than ideal credit history qualify, even if the applicant can’t access an unsecured loan. With an unsecured loan, you don’t put up any collateral. Instead, factors like your credit history, income, and assets typically reassure the lender that you are not a risky borrower.

Recommended: Average Personal Loan Interest Rates

Top Common Uses for Unsecured Personal Loans

Part of understanding what is an unsecured personal loans is having a complete picture of the many uses for personal loans. Here are some of the most common reasons why people take out unsecured personal loans.

Credit Card Payoff

Credit cards tend to have high annual percentage rates (APRs). In May, 2026, the average credit card interest rate was about 20.94%. Personal loan interest rates, on the other hand, can charge half that figure (if you have a high credit score, you may be able to get an even lower APR).

Using a personal loan to pay off credit card debt can potentially help you save money on interest. You can get an estimate of the potential savings of using an unsecured personal loan to pay off a credit card balance by using a personal loan calculator.

Debt Consolidation

If you make many different credit card (or other debt) payments every month, it can be difficult to keep track of all the due dates and minimum amounts owed. If you miss a payment or don’t pay at least the amount due, you can get hit with late fees and your credit could be negatively affected.

Debt consolidation is the process of taking out an unsecured personal loan and using it to pay off multiple debts, leaving you with just one monthly payment. This simplifies repayment and, if you get a loan with a lower interest rate, could also help you save money.

Medical Expenses

Unsecured personal loans can be used to pay for a range of medical treatments, including elective procedures, fertility treatments, prescriptions, surgeries, dental procedures, and more.

A number of lenders, including certain banks, credit unions and online lenders, offer personal loans for medical expenses. Though interest expenses will add to the total cost of treatment, this can be a less expensive option than putting the medical expense on your credit card.

Home Projects

Whether you’re thinking about updating your kitchen or renovating a bathroom, you may be able to use an unsecured personal loan, also called a home improvement loan, to obtain funding for the project.

An unsecured personal loan can be especially useful if you need cash quickly for critical repairs or emergencies. It also provides an alternative to taking out a home equity loan or line of credit for remodeling or repairs, both of which are secured loans and require equity in your home.

Major Purchases

Other large purchases could be funded by a personal loan. This could mean that you are buying tangible items, such as new furniture for a family room or a new water heater. Or you might want to finance a wedding or a big vacation.

Emergency Expenses

A personal loan could be a way to finance a major car repair bill, replace a home heating system that conks out during a cold spell, or other emergency expenses. It could also keep you afloat if, say, one spouse has lost a job but you still qualify for a loan.

What Are Some Different Types of Unsecured Loans?

The most common types of unsecured loans include:

•   Personal loans Personal loans are typically unsecured vs. secured personal loans, though some lenders offer secured options. Loan amounts range from $1,000 to $50,000 or $100,000 (and occasionally more), with repayment terms of two to eight years. (Some lenders may offer longer terms for large loans.) Interest rates are typically fixed.

•   Personal lines of credit A personal line of credit is a revolving loan, which means the loan can be spent, repaid, and spent again, similar to a credit card. While some credit lines are secured, many lenders offer unsecured options. Personal credit lines typically have a variable interest rate.

•   Student loans Education loans are used to cover the cost of college tuition and expenses. Both federal and private student loans are unsecured. However, student loans usually carry more restrictions and payback instructions than other types of unsecured loans.

•   Credit cards Like a personal credit line, credit cards are a type of revolving loan that lets you access money up to a certain limit as you need it and only pay interest on the amount you borrow. While secured credit cards are available, most consumer cards do not require collateral to access a line of credit in this way.

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Why Choose an Unsecured Personal Loan?

Here’s a look at some of the benefits of unsecured personal loans.

•   Fast processing time It often doesn’t take long to get the lump sum of money in your hands — often just a few days or so.

•   Consistent payments Personal loans are a type of installment loan, which means payments will be fixed and follow a set schedule.

•   Less costly than credit cards With good credit, interest rates on unsecured personal loans are typically lower than interest rates on credit cards.

•   Flexibility An unsecured personal loan can be used for almost any purpose, including credit card consolidation, a large purchase (like a kitchen appliance), a wedding, travel, medical expenses, home repairs, and more.

•   No collateral You don’t need to put anything of value at risk of repossession in order to secure the loan.

How to Apply for an Unsecured Personal Loan

Before you apply for an unsecured personal loan it’s a good idea to check your credit score, since it will play a role in your loan eligibility and interest rate.

Next, you’ll want to research and compare lenders, including banks, credit unions, and online lenders. It can be a good idea to compare loan amounts, interest rates, terms, and fees. Also check loan requirements, if they are available. Some lenders have a minimum credit score required for a personal loan or income requirements. The good news is that, if you qualify for a personal loan, having a personal loan can boost your credit score provided you make your payments responsibly.

In some cases, you may be able to prequalify for a personal loan, which lets you see the loan terms you may qualify for. This involves a soft credit check, which won’t impact your credit.

Once you find a loan you like, it’s time to officially apply. Often, you can do this online, though some lenders may require you to apply in person. Either way, you’ll need to provide personal and financial information (such as your name, home address, and employment information). In addition, you may need to provide the following documents:

•   State-issued photo ID

•   Proof of residence

•   Proof of income (like a bank statement or pay stub)

•   Tax return

Once you submit your application, you may receive a decision within a few minutes or a few days, depending on the lender. In some cases, the process may take a week or more.

What Do Lenders Look for in Unsecured Loan Applications?

If you’re applying for an unsecured loan, lenders tend to look for the following, among other factors:

•   A strong credit score. While some people with a score of 580 or higher can qualify for a loan, most lenders look for a score of 700 or above to start to offer their most favorable interest rates and terms to lenders.

•   A favorable credit history. In other words, prospective lenders want to know that you’ve handled debt responsibly in the past. If you have events like bankruptcy in the past, a lender may hesitate or charge you higher interest rates.

•   Financial factors. Lenders will want to see that your earning power and debt-to-income ratio, or DTI, are in the right balance to allow for repayment of the loan.

The Takeaway

What are unsecured personal loans? For some of life’s many curveballs — or opportunities — you might occasionally need extra cash. Unlike a secured loan (like an auto loan or mortgage), an unsecured personal loan doesn’t require you to provide anything of value to guarantee it. You qualify based only on your ability to repay the borrowed amount to the lender.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What credit score do I need for an unsecured personal loan?

According to the credit bureau Experian^®, you need at least a credit score of 580 to qualify for an unsecured personal loan, and a score of 700 or higher to get the most favorable rates and terms.

How much can I borrow with an unsecured personal loan?

Unsecured personal loans can offer a lump sum of anywhere from $1,000 to $100,000 or even more, depending on the lender’s guidelines and the borrower’s creditworthiness.

What are the disadvantages of unsecured loans?

Disadvantages of unsecured loans for borrowers can be that they may be harder to qualify for or charge higher interest rates than secured loans. The reason: They may be riskier for lenders, since if the borrower defaults, the lender doesn’t have a form of collateral to claim and use to offset their loss.

How long does it take to get approved for an unsecured loan?

The timing of getting approval for an unsecured loan can vary depending on the borrower and the lender. At its fastest, it could happen within a day. At the other end of the spectrum, it might take a week or two.

Can I pay off an unsecured loan early?

Yes, you can usually pay off an unsecured loan early. This can help you save on interest fees, but check your lender’s policies. You might owe what’s known as a prepayment penalty, a fee which goes to the lender. This fee helps compensate the lender for the loss of the previously projected interest they would have collected over the life of the loan.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Gas prices hit new highs in 2022 before falling throughout 2024 and 2025. They then spiked in early 2026 but have been dropping and are expected to continue to fall in 2027., Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Why Gas Prices Are Falling in 2026

As anyone who’s gone to the pump in the past couple of years knows, filling up isn’t as cheap as it used to be. Although gas prices were steadily decreasing from the mid-2022 peak, they remained stubbornly higher than before the pandemic. In 2026, gas prices spiked, reaching a peak of $4.48 in May, largely due to the rising demand for gasoline and the prolonged closure of the Strait of Hormuz. Over the past few months, amid optimism that the Strait of Hormuz would resume normal operations, prices have been dropping, but they remain around 26% higher than they were last year.

Thankfully for drivers, gas prices are expected to continue to fall as inventories rebuild. According to the U.S. Energy Information Administration (EIA), prices at the pump will average around $3.40 per gallon in quarter four of 2026, and the annual average price of gas is expected to drop even more — to $3.10 per gallon — in 2027.

If fill-ups are putting a dent in your wallet, consider using a money tracker to monitor spending and create budgets.

Average Price by State for Regular Unleaded in August 2026

Data is courtesy of AAA.

Average Price by State for Premium in August 2026

Data is courtesy of AAA.

Average Price by State for Diesel Gas in August 2026

Data is courtesy of AAA.

Average US Gas Price 1978 to 2025

Data is courtesy of the U.S. Bureau of Labor Statistics.

Tips for Finding Cheap Gas Stations in Your State

Here are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

•   Use an app such as GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers GasBack, which lets you earn free gas when shopping at certain brands, a paid subscription, and more.,,

•   Check the AAA gas price monitoring website, which gets updated every day. Drivers can search by state and county to find the best prices.

•   Look at the gas prices on Google Maps and Waze. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although you can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

•   Use Upside to compare gas prices near you and earn cash back every time you fill up your tank.,

•   Get Costco or Sam’s Club membership to get discounts on gas as well as the ability to buy in bulk., It’s often the cheapest refilling option for club members.

•   Fill up on a day of the week that tends to have lower prices. Generally, Monday is the cheapest, followed by Sunday, while Wednesday, Thursday, and Friday are the most expensive days.

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The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas and stay within your budget, including apps and membership-only retailers.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What was the price of gas in 1980?

In 1980, the average price of gas was $1.22. That is equivalent to $5.24 in 2026 dollars.

What year were gas prices the highest?

In June 2022, gas prices in the U.S. hit an all-time high of $4.93. The average gas price for 2022 was $4.19.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.12 and $1.29 per gallon. The average for the decade was $1.21, which is around $2.46 in today’s money.

What year were gas prices the lowest

Between 1978 and 2025, 1978 recorded the lowest gas prices, at $0.65 per gallon. That comes out to $3.47 in today’s prices.

When will the price of gas go down?

While gas prices spiked in early 2026, they have been going down and are expected to continue dropping in 2027. According to the U.S. Energy Information Administration, they will average around $3.40 per gallon in Q4 2026 and fall to about $3.10 per gallon the following year.

Photo credit: iStock/skodonnell

SoFi Coach offers users the ability to connect SoFi and external accounts using the Plaid service. When you use the service to connect an account, you authorize SoFi to obtain account information from external companies as set forth in SoFi’s Terms of Use. Based on your consent, SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without your needing to connect additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, nondelivery or failure to store any user data, the loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. Your credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Many landlords will only consider prospective tenants with decent credit scores. However, some private landlords who are eager to fill empty rentals quickly may advertise no-credit-check apartments. In other cases, smaller family-owned buildings just don’t have the same documentation requirements as bigger complexes handled by property managers or brokers. Even if the building you’re interested in does require a credit check, there may be ways to get around it.

If you have bad credit or no credit, explore all the ways you can still rent an apartment.

Are There No-Credit-Check Apartments?

A handful of landlords will rent an apartment without a credit check. However, apartment hunters should approach advertised no-credit-check apartments with caution. The term can sometimes be code for “these units are problematic,” “this landlord is difficult,” or even “this is a scam.”

Sometimes, however, private landlords in smaller buildings just don’t see the need for credit checks. They don’t advertise this, but for rent by owner (or FRBO) listings can offer a clue.

Instead of pulling a credit report themselves, some landlords will accept a credit reference with the rental application. Credit reference documentation can be a recent credit report that the tenant provides (saving them from paying a fee), pay stubs and W-2s, or letters from previous landlords or lenders — basically, anything that shows your ability to pay the rent.

Recommended: Trying to Rent in a Tight Housing Market? 4 Steps to Win the Lease

Why Landlords Perform Credit Checks

Landlords perform credit checks for apartment rentals for the same basic reason that employers run credit checks for employment: to help determine whether a prospect is financially responsible.

Landlords want tenants who pay their rent on time. By checking an applicant’s credit report, a landlord can see how reliably the person pays their bills and manages their credit. If someone has a history of late payments or outstanding debts, a landlord may think twice before renting to them.

When landlords run a credit check, it will be a soft credit inquiry, which won’t affect your credit score.

How the Process of No-Credit-Check Apartments Works

Depending on the landlord, the application process for a no-credit-check apartment can be pretty standard or very casual. Landlords generally ask for the following as part of your application:

•   Proof of identity

•   Proof of employment, income, or financial stability

•   Vehicle information, if parking is provided

•   Personal references

•   Application fee

Typically, it takes one to three business days to process an application. Afterward, you’ll be given a lease to sign. At this time, you can negotiate the security deposit, move-in date, and any details such as minor repairs to be made. When you receive the keys, the place is yours.

Where to Find No-Credit-Check Apartments

You can find no-credit-check listings in print, online, or via signs on some buildings. No-credit-check apartments are usually not handled by a hired property manager or broker. Instead, they are managed by a private landlord (the building owner) who needs to have rent continually coming in to cover the costs on their property.

Some of these landlords are less particular about their prospective tenants. Others trust their instincts about people over credit and background checks. And others still, as noted above, just don’t want to deal with the hassle and fees associated with credit checks.

Tips for Renting an Apartment With No Credit

If you’re looking to rent an apartment (or house) but you have no credit or bad credit, here are some tried-and-true strategies.

Recommended: Should I Sell My House Now or Wait?

Be Honest

No one likes an unhappy surprise. If you haven’t established credit yet, say so. If you have credit problems, say so. Have a conversation with the landlord before you apply to gauge their flexibility and warn them of red flags in your credit history. Then, include a cover letter with your application repeating your explanations. Glowing reference letters also help offset a poor credit score.

Recommended: What Is a Tri-Merge Credit Report?

Get a Roommate

Finding a roommate with good credit can help make the deal go through. A landlord may accept using your roommate’s name alone on the lease (assuming the roommate is OK with taking full responsibility for rental payments). Or you may be able to put both of your names on the lease.

Look for Sublets and Shares

Sometimes, a leaseholder will sublet their apartment while they pursue opportunities elsewhere. This allows them to return to their former home in the event they want to move back. Rather than paying rent to the landlord, the subletter will often pay the leaseholder, so financial documentation may not be required. This is a common arrangement in big cities, especially among leaseholders of rent-stabilized apartments.

In share situations, roommates who are on the lease may sublet an extra room without requiring much, if any, documentation. As long as you make a good impression, they may give you a chance.

Find a Cosigner

A cosigner is someone who promises the landlord to cover your rent if you cannot pay. They’re usually a good friend or family member with great credit. Cosigners may or may not live in the apartment.

Pay a Higher Security Deposit

If you’re brainstorming how to rent an apartment with bad credit and no cosigner, consider laying some cash on the line. Whether you dip into savings or build up your reserves with an online budget planner, putting down several months’ rent as a security deposit can reassure the landlord.

Show Financial Proof

Perhaps you make a decent income that will make it easy to pay your rent, or you have saved up some money as a cushion. Share proof with the landlord in the form of pay stubs and bank statements.

Use Previous Landlords as References

If you’ve rented from other landlords and made those payments on time, bring a reference letter or two to prove it. Ideally, the reference should be on letterhead or at least look neat and professional. That might mean creating the letter yourself and having your previous landlord sign it.

Promote Yourself

Have superior presentation skills? You can use them to persuade your landlord what a great tenant you’ll make. Turn on the charm. Bring homemade baked goods. It just might work.

Build Your Credit History

If there’s somewhere you can stay for now, such as with a friend or family member, spend that time building your credit history. To build up poor credit, focus on paying bills on time and paying down credit card balances. During this time, it may help to sign up for free credit monitoring. What qualifies as credit monitoring varies by service, but look for one that offers alerts whenever your score changes.

When you have no credit, you can start to establish your history by becoming an authorized user on a credit card or putting a utility in your name. Just be aware that it may take six months or more for the system to generate your credit score. You may be able to check your credit score for free through your bank, credit card company, or credit counselor.

The credit score needed to rent an apartment varies by location and landlord. But according to FICO®, a credit score of at least 670 is usually enough to rent an apartment.

The Takeaway

If you haven’t yet established credit or have a problematic credit history, no-credit-check apartments are one option. However, there are many other ways to secure a rental, from finding a sublet or share situation to paying a higher security deposit. But beware of shady no-credit-check apartments: There’s no reason to settle for an unsafe or unhygienic environment just because of your credit score.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What happens if you don’t have credit but want to rent an apartment?

Let the landlord know up front, and ask what you need to do to rent the apartment. Their suggestions may include getting a roommate or cosigner with good credit or putting down a larger security deposit. If you’ve rented in the past and made payments on time, ask your previous landlords for reference letters and build a case about why you’ll make a great tenant.

Can I rent an apartment with collections?

If you’re planning to rent a no-credit-check apartment, then the landlord won’t consider issues on your credit report. If your credit will be checked, talk to the landlord up front to see if renting with collections on your report is somehow possible.

What’s the minimum score to rent an apartment?

It’s up to the individual landlord. If a landlord requires a good credit score, FICO considers that to be in the range of 670-739.

I’m wondering how to pay rent with a credit card, no fee. What can I do?

If you’re renting right now, ask your landlord. If you’re seeking an apartment to rent, ask prospective landlords if this is possible. Each landlord has their own policy about credit cards.

How do I pass a rental credit check?

First, know what’s on your credit report, which you can check for free from the three major credit bureaus (Equifax®, Experian®, and TransUnion®), and be prepared to answer questions about it. If you spot any errors on your report, make sure to dispute them to increase your chances of being approved for an apartment application.

Photo credit: iStock/StefaNikolic

SoFi Coach offers users the ability to connect SoFi and external accounts using the Plaid service. When you use the service to connect an account, you authorize SoFi to obtain account information from external companies as set forth in SoFi’s Terms of Use. Based on your consent, SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without your needing to connect additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, nondelivery or failure to store any user data, the loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. Your credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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