Best Small Personal Loans & Where to Get Them
A personal loan is the best solution when you need to make a big purchase, and your salary is not enough. We tell you where you can get it and how to draw up a contract so that, over time, it does not turn into a problem. Personal credit is borrowing money from a lender with the loan agreement to buy what you need before you have the whole sum. Almost any loan amount can be taken in microfinance organizations and credit consumer cooperatives.
Small Personal Loans: Best Offers
There are many options on the market where you can be given a personal credit. Some options are safer but pricey, some are doubtful but cheaper. For some you need to have a good credit history, and for others it is enough to add reliable co-signers. Depending on what you can afford and what your needs are, you can choose among these best offers we have chosen for you. You can also find a comparison table below.
Upgrade stands for online credit services. It is a safe option if you are looking for an authoritative personal loan lender. It exists in every state except Iowa, Vermont, and West Virginia. Upgrade has more than 5 years of experience on the market and has made more than $3 billion in credit available for more than ten million applicants.
The great advantage of Upgrade is making it available for those with poor credit history. They have comparatively high maximum APRs. Upgrade offers from $1,500 loan, which are adjustable. Repayment terms for 3 and 5 years are possible. There is no prepayment penalty, meaning you can lower the loan cost if you can pay it off earlier.
- Low requirements for applicants
- It can be used for business purposes
- High APR range
- There are fees for late payment
- High origination fee
Safe option if you are not afraid of high APR and are sure you can pay off in time, avoiding the fee for late payment. Best Egg can help you with anything from funds for home modification, beach leisure, a significant purchase, or an unexpected expense. They can help you get the cash to maintain your finances on track.
Best Egg has a low minimum APR of 7.99 percent and a nice interest rate cap. These numbers are relatively low, making this brand suitable for borrowers looking for beneficial options. They also present good loan amounts ranging from $2,000 to $50,000. They claim that about half of their clients get their money the next day—a super option for those in a hurry. They will send you the funds within 1-3 business days if you get the loan approval.
- Immediate compensation for debt consolidation borrowers
- Great loan amount range – $2,000 to $50,000
- Relatively high APR range
- Fees for late payments
A nice choice, especially if you need to get the money fast.
This online lender has a significant advantage compared to others on the list – borrowers can add co-signers. This way, LendingClub is a perfect fit for people who may not be able to qualify on their own. And for those who haven’t had an opportunity to assemble their credit history yet. Not many lenders offer such a choice, as you can see from the list. They have fixed APR: 8.3% –36% and loan amount ranging from $1,000–$40,000 for 3 to 5 years.
For those looking for debt consolidation options, LendingClub is also a convenient option, as it offers the opportunity to pay directly to creditors from your bank account. They also allow clients to adjust their compensation dates, taking an interest rate, adding flexibility.
- Changing payment date making it suitable
- Opportunity to add co-signers
- Max APR – 36.00%
- Late payment fees
An excellent option for those who have a low credit score and a friend with a better payment score ready to help.
LendingPoint is located in Atlanta, offering personal loans in all the states except Nevada and West Virginia. Borrowers in those states can apply online and benefit from fast funding. LendingPoint has a great lending amount ranging from $2,000 to $36,500; and a minimum loan amount of $3,500 for Georgia.
Repayment terms vary from 24 to 60 months. Talking about cons, there are two main things: high maximum APRs and origination fee. And also, some things to consider – LendingPoint origination fee, which are 0% to 7%, depending on the state you live in. You also must have a minimum credit score requirement of 600 to qualify for a LendingPoint personal loan.
- Great loan amount range – $2,000 to $36,500
- Fast process
- No prepayment penalty
- Not available in Nevada and West Virginia
- Origination fee between 0% and 7%
The APR is a little high, though fewer worries about the credit score.
This is a pricey option if compared with others on the list. Although OneMain has significant benefits, for example, a borrower can pick their payment date when signing an agreement. They can later adjust the payment date twice during the life of the loan. It is truly fast; most clients get money the same day as the application was submitted. With most online lenders, it can take a day or two. They have fixed APR: 18.00-35.99% and loan amounts ranging from $1,500–$20,000 for 2 to 5 years.
- The client can choose a payment date
- Has an opportunity to fund right away
- Higher rates compared to others
- No rate discount for autopay
- A little bit pricey
- High origination fee
Check their credit score before applying.
This online lender has excellent service with 2,300 locations all over the States. PNC clients are eligible for an autopay percentage rate discount. PNC Bank, just like the previous service, allows you to add co-signers and submit joint applications. This service is for those who need to do business face to face. In-person interchange can also give a chance to help with questions related to loan amounts. They have a fixed APR of 5.99% and loan amounts ranging from $1,000–$35,000. Also, pay attention to their origination fees.
- Option to submit joint applications
- Term lengths from half a year to 5 years
- Autopay discount for PNC customers
- Not suitable for those who do not like offline interactions
Good for face-to-face interactions.
Upstart is a good choice for clients with a good life history. They evaluate the entire financial picture, not just credit records, to consider loan applications. Though despite such a harsh audit, they have minimum credit score requirements. Upstart seems to have a completely different evaluation method – they look at your education, job history, and credit score factors when deciding on your eligibility. They have fixed APR from 5.6% to 35.99% and loan amounts ranging from $1,000 – $50,000 for 3 to 5 years. They also let borrowers adjust their payment dates.
- Low requirement for credit score
- Loan amounts ranging from $1,000 to $50,000
- Flexible payment days
- Unspecific eligibility requirements
- High origination fee
Worth taking a chance if you have a low credit score, but pay attention to origination fees.
|Best Egg||LendingClub||LendingPoint||OneMain Financial||PNC Bank||Upstart|
|APR||7.46% – 35.97%||7.99% – 35.99%||5.66% – 35.89%||7.99% – 35.99%||18.0% – 35.99%||6.49% (with autopay)|
What Are Small Personal Loans?
A client can take a personal loan for a targeted purchase without specifying upcoming expenses. For example, the bank transfers money directly to the seller if you apply for a loan in a furniture or electronics store. This stands for a targeted loan. It is considered inappropriate if you take out a loan and do not report what you spent it on. For targeted loans, rates may be lower, especially if it is a store and bank affiliate program.