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.
When you take out a large loan amount, the bank will search for additional warranties confirming that you will return it and which way, even if you have a great credit score. This works so that a loan gets secured by collateral, like a car, house, or other property.
If the thing is pledged to the bank, you can continue to use it, but you cannot sell it under no circumstances. In addition, the bank may ask you to insure it. On the other hand, the interest on a secured loan is usually lower than on an unsecured loan.
Should You Apply for a Small Personal Loan with Your Credit Score?
To estimate if you should apply for a small personal loan, you need to go through the requirements set to qualify for a personal loan. Personal loans are borrowing money for personal spendings like large purchases, vacation spending, or any kind of emergency (for example, student loans or car loans).
You should make a monthly payment for a few months or a few years, depending on your personal situation. Personal loans usually have fixed interest rates. This means that your payments will remain the same.
They also usually have not secured loans. This means that there’s no collateral behind the loan. If you do not qualify for unsecured personal loans, you may have to use collateral to be approved.
Along with interest rates, you should also pay fees, though the conditions vary in every institution. All these payments should be made monthly during the loan life, usually 2 to 5 years, depending on the online lender and the loan amount you borrow.
How to Choose a Personal Loan
To choose a personal loan, you should consider the most crucial points. Firstly, the APR rate, which is an annual percentage rate. The lowest-rate loan is the less expensive one.
Check your budget to find out if you can pay off the loan. Check all the repayment terms and other conditions so that not to miss a detail. Some institutions have a repayment term of a few months, and others can be repaid over the years.
Some lenders look for borrowers with solid income and no bad credit history, while others quickly agree on lower credit scores. Take an eye on borrowing requirements to define your chance of getting approved.
The applicant must submit an online application for a consumer loan on the lender’s official website. You can go to it by activating the “Get a loan” button. A simple questionnaire is filled in and sent to the lender for consideration.
Pros and Cons of Small Personal Loans
For many people, taking a loan means a low life quality and the inability to earn money for the life level they believe they deserve. But those who know how the system works, under which conditions they are given, are not frustrated but rather joyful about things they can afford with services like Triceloans.com and others from our list.
Sure, one should consistently consider all the pros and cons. After all, taking on a personal loan implies taking on debt. This means you must be ready to have money for payments for a few years or the chosen period. Review your needs if you do not have money for payments and interest. There are many opinions on whether it is fine or not. We have highlighted the main pros and cons.
- Available for almost any purpose
- Lower welfare rates compared to credit cards
- Better conditions than payday loans
- Can be quickly given via online lenders
- Rates are generally better with higher borrowing amounts
- Higher monthly payment than credit cards
- Sometimes challenging qualification standards
Small Personal Loans vs. Debt Consolidation Loans
Debt consolidation is the option to pay off several debts with a new personal loan, and after this, you should pay off the personal loan via monthly payments. It works for those with several high-interest debts, typically via credit cards. Comparing personal and debt consolidation loans, you should beware so as not to pay more than you should in the long run. It is better not to consolidate credit card debt, only if you get a better interest rate, and check to ensure any fees don’t add costs to the loan.
Where To Get a Small Personal Loan?
The choice of a credit organization directly depends on the financial capabilities of the borrower himself, as well as the cost of the goods he plans to purchase. If the purchase is not very expensive and the client has the opportunity to pay off the lender within a month, it is better to contact online lenders.
If a huge purchase is planned, for which it will not be possible to pay off within a couple of months – go ahead with a bank loan! With long-term lending, the services of banks are much more profitable due to lower rates. Before you decide among the banks available on the market, pay attention to the bank you are already a client of.
Credit Unions can be helpful when you need a minimal loan right away. A minimal means something like $300. Though there is a thing that should be considered – such major credit bureaus require membership or offer memberships to specific people that belong to communities. Try a national credit union. It can allow you to become a member with small donations to specific organizations or through other low criteria.
Online personal loan lenders are the best option for a personal loan. There are many choices for online lenders, but you may be able to find a minimum loan amount starting between $900 to $2000. This option is especially useful if you need a quicker loan – with online lenders, the process is much faster than through a traditional bank or credit union.
So if you need some cash in a hurry, this might be the most suitable choice. Even if you have a bad credit history, bad credit loan options are ready to help. However, consider that borrowing costs may be higher in such a case.
What Is The Smallest Personal Loan I Can Get?
Every institution charges its minimum loan amount, so the amount of the smallest personal loan depends on the lender you end up with. For some, this is something about a few hundred dollars. At the same time, other lenders will agree only on loans of several thousand dollars and more.
Borrowing personal money is not that difficult once you get credit approval and clear repayment conditions to personal loan funds. Mostly, all you need is an average credit score. Choose an institution considering interest rate, debt-to-income ratio, and credit score requirements.
Can I get approved for a small loan?
Of course, depending on where you decide to take a loan, there are rules to follow to get approved. When choosing either bank, credit union, or online loan lender, check all the conditions.
Do banks offer small personal loans?
Sure! Earlier in the article, we listed the pros and cons of using banks as lenders. Many central banks suggest personal loans below $1,000.
How do I borrow a small amount of money?
As was listed before, there are many ways to borrow a small amount of money. The easiest way is to find a trusted online lender, though the amounts may occasionally be higher than you require. Credit unions and banks also have offers for their clients.
Where can I get a small personal loan?
Before deciding where to get a personal loan, firstly check how your credit history is going. The better your credit score is, the more alternatives you have.
- Online lenders (the best thing about them is that you can get a loan online in a few clicks).
- Banks (some banks offer personal loans too, and usually they have low rates and good service).
- Credit unions (if you belong to some community, this is the best option as their rates may be more affordable than in banks or online lenders).