When you’re about to take out a small personal loan, carrying debt into retirement is the last thing you want. The good news there are steps you can take to get control from paying less on small personal loans. And the first thing to make is to face up to your financial situation.
In times where a sudden emergency expense pops up, picking the right option can be a challenge. At a time when some lenders offer you to get funds quickly, others can lead to problem debt. No wonder it’s easy to misstep and opt for a lender who promises a fortune.
Want to save yourself from that misery? Then keep on reading. Here is the list of the best small personal loan offers that might be a good choice to tackle first. Still with me? Then let’s start.
Top Small Personal Loan Offers
There are no two small personal loan lenders that are exactly the same. Each lender varies on interest rates, terms, requirements, and more. Today, we’ve rounded the top small personal loan lenders to consider when shopping around. Take the time to learn details, including interest rates, additional fees, and the like. All in all, that’s your money you’ll have to pay back.
OppLoans.com
To begin, OppLoans is not available in all states. Yet, it is considered a good choice for bad credit borrowers looking for small personal loans online.
The maximum loan amount is not high in comparison to other lenders, yet that could be an advantage. Thus, you could pay off your debt faster. If you need to get funding as soon as possible, OppLoans often provide borrowers with funds within one business day.
Loan Amount Range
APR
Term
Origination Fee
Prepayment Fee
Minimum Credit Score
Minimum monthly income
Funding
$500 -$4,000
59% – 199%
9 to 24 months
0% -3% (varies by state)
none
none
$1,500 (varies by state)
typically 1 day
Pros:
- Competitive interest rates;
- No minimum credit score;
- Flexible payments & terms;
- Helps build credit;
- The quick and easy loan process;
- No hard credit check;
- Refinancing for eligible customers;
- Financial resources and tools.
Cons:
- Very high rates;
- Must apply online;
- Fees: onetime origination fee, late fees, a one time $75 administration fee (California);
- Low maximum loan amount;
- Some military not eligible;
- Not allowed for those in ChexSystems;
- Direct deposit is required;
- Not available in all states.
PersonalLoans.com
The key thing about PersonalLoans is that it’s not a direct lender. Instead, it serves as a marketplace that connects borrowers with potential lenders. This is a great place for those looking for emergency funds.
As such, to apply for small personal loan, complete the online form and check your options. From the moment you choose the lender, PersonalLoans is no longer involved. So, before signing up the agreement, read the lender contract carefully.
Loan Amount Range
APR
Term
Origination Fee
Late payment Fee
Minimum Credit Score
Minimum monthly income
Funding
$500 -$35,000
5.99% – 35.99%
90 days to 72 months
1% -5%
10% – 15%
580
$2,000 per month
one business day (can vary from lender to lender)
Pros:
- Large lender network available in all 50 states;
- Fast loan decision;
- Generous loan amounts available;
- No prepayment fees;
- A soft credit pull;
- No collateral required for unsecured personal loans.
Cons:
- Applicable online only;
- Is not a direct lender;
- A lot of personal loan eligibility requirements.
Prosper.com
Looking for a small unsecured personal loan to consolidate debt? Then Prosper is the solution. According to Prosper, that is the purpose of 66 percent of its borrowers who apply for a loan. The key difference in Prosper is that it is a peer-to-peer platform.
Available in 31 states, Prosper does no actual lending of its own. Instead, it lets various investor-lenders borrow their money to those who need them. With more than a million customers, Prosper is an option to consider. Anyway, to apply for a loan from Prosper, check its minimum criteria.
Loan Amount Range
APR
Term
Fees
Minimum Credit Score
Minimum monthly income
A debt-to-income ratio
Funding
$2,000 -$40,000
7.95% – 35.99%
36 months or 60 months
origination, late payment, check processing fees
640
none
below 50%
one to three business days
Pros:
- No minimum income requirement;
- Fast loan decision;
- No prepayment penalty;
- Instant rate check with no impact on credit;
- Peer-to-peer lending eliminates banks.
Cons:
- Potentially high-interest rates;
- A lot of fees;
- Limited loan repayment terms;
- The origination fee is based on the proprietary Prosper Rating.
LendingClub.com
LendingClub is the other peer-to-peer platform to explore. It offers unsecured personal loans that are more affordable for most borrowers. Debt consolidation is one of the best ways to use its loans. Those who can’t boast a good credit score can also apply.
Yet, the better loan terms will go for borrowers with high income and credit scores. Transparency with loan data is also an advantage. So, why pay interest to a bank if you can support investors who are building a portfolio?
Loan Amount Range
APR
Term
Origination Fee
Minimum Credit Score
Minimum monthly income
A debt-to-income ratio
Funding
$1,000 -$40,000
8.05% – 35.89%
36 months to 60 months
3% to 6%
600
$7,500+
40% or lower
as soon as four business days
Pros:
- No minimum income requirement;
- Affordable for most borrowers;
- Speed and reliability of loan financing;
- No prepayment penalty;
- No hard credit inquiry.
Cons:
- Potentially high interest rates;
- A late-payment and origination fee;
- Inconvenient application requirements.
Upstart.com
If you want to make the application process as simple as that, go for Upstart. This peer-to-peer platform has gone one step ahead of simplifying the application process. You may qualify for a better deal, even with a fair credit score.
Whether you want to consolidate debt, make a large purchase, or cover other expenses, Upstart would be the solution. Although, Upstart is not a bank, yet it partners with banks and credit unions.
Loan Amount Range
APR
Term
Origination Fee
Late Payment Fee
Minimum Credit Score
Minimum monthly income
Funding
$1,000 -$50,000
8.27% – 35.99%
3 to 5 years
2.8% to 8%
at least $15
620
none
one to three business days
Pros:
- Fast funding;
- No prepayment penalties;
- Transparent about fees, rates, and contract obligations;
- Useful app;
- No minimum credit history or salary;
- Generous loan amounts from a range of providers.
Cons:
- Origination fee;
- High maximum APR;
- Not available in all states;
- Unsecured loans only.
PersonalMoneyService
Got a poor credit score? Don’t dampen your spirits. Odds are, PersonalMoneyService has a lot to offer. Looking for small personal, short-term loans, installments, or emergency loans? No matter your purpose, the choice is big. Give it a shot to bridge the gap between you and a lender.
A wide database of lenders gives you an opportunity to compare and pick the best deal possible. For you, that means nothing but benefit. Fill out an application and see how many lenders will want to borrow you.
Loan Amount Range
APR
Term
Fees
Minimum Credit Score
Minimum monthly income
Funding
$1,000 -$5,000
4.99% – 1386%
6 to 60 months
vary by the lender
580
varies by the lender
varies by the lender
Pros:
- Fully online and automated application;
- Many lenders on its platform;
- Available nationwide;
- Educational resources;
- Bad credit is OK.
Cons:
- APRs can be very high;
- Undisclosed fees;
- Longer approval process.
How Do Small Personal Loans Work?
Whatever your reason to apply for a small personal loan, the first step to make is to find out where you stand. You are not alone. According to the NORC survey, at least 20 percent of American adults face difficulty paying bills.
Even those who have saved for rainy days have already dipped them to cover unexpected costs. So, if you found yourself worried about paying debt, a small personal loan could be the solution.
Just because there are a variety of options for small loans, it’s easy to apply for the first one and worse things even more. From the moment you realize your situation, it’s smart to do the math. How much you owe and how much will you be able to pay off each month?
Depending on the type of personal small loan you opt for – secured or unsecured, expect interest rates to vary. The same story with the purpose of your loan. In times where some lenders allow you to use it for multiple purposes, others limit you in actions.
The next step is to decide whether you’re looking for a direct lender or an online marketplace. There is nothing wrong to go for a peer-to-peer platform and see your options. And finally, your credit score. The better it is, the more likely you’ll close the best deal ever, and vice versa.
The best small personal loans can be used for anything you like. You don’t need collateral or great credit to qualify for a loan. The amount you can borrow also varies. That could be something from $1,000 up to $50,000, which is not all that small. When it comes to fees, even the best options could include some.
The best small personal loans no credit check come also without disadvantages. And high-interest rates are the key thing to watch out for when applying for a loan. For borrowers with good and excellent credit, interest rates tend to be lower.
Yet, poor credit owners should be ready to pay more. Origination, prepayment, or late payment fees are also could be a part of the total loan cost. A proper debt-to-income ratio could also be a requirement. Anyway, do research.
How to Get a Small Personal Loan with Bad Credit?
To qualify for the best small personal loan, a credit score of at least 700 is needed. Yet, if your score is lower, you are still eligible for funds. The best way to save money on your loan is to compare the best small personal loans for bad credit. Sure thing, you want to get the best interest rate and as low fees as possible.
Just because there are no two similar lenders, so consider different things. When on the hunt for the best option, keep in mind that the criteria for loan approvals vary. Typically, a minimum score of at least 600 is enough to apply for small personal loans with bad credit. Yet, there are lenders who consider your education, debt in ratio rate, or proof of income.
Don’t just look for the lowest APR. Think on your feet and compare the total cost of the loan, including fees. Having the ability to apply online is also a benefit. To save time, consider visiting an online loan marketplace or peer-to-peer platform. Always keep your eyes open and watch out for obvious red flags. Who said that only lenders can check you?
Small personal loans for poor credit are a sign for lenders that you’re stuck financially. But predatory lenders often mislead you into taking out loans that aren’t in your best interest. So, even if you are short on time, compare loan offers from different lenders at a glance.
The reason behind the bad credit score is unique for each of 16% of Americans who have a FICO score of between 300 and 579. And your situation is no other. There are several lenders that offer the best bad credit small personal loans, and it’s only up to you to make a pick.
Where to Get a Small Personal Loan?
How many times do you keep browsing for “I need a small personal loan”? The odds are a lot. If you have a pressing need for cash and don’t have any assets, applying for personal small loans is smart. The key obstacle is the choice.
If you want to compare the offerings from several lenders, opt for an online marketplace or peer-to-peer platform. That is a great way to start. Thus, instead of one option, you will see several lenders and deals that will best suit your circumstances.
If you want to get more options, you can always go for credit unions or traditional banks. Each of the options has its own perks and drawbacks. Yet, in comparison to national financial establishments, credit unions are perfect for borrowers with bad credit scores. So, if you need a small personal loan in amounts between $200 and $1,000, check your options.
To get a small personal loan at a bank is challenging. Good credit and steady income is a must. And when you need money in a hurry and want to get them easily in a period as short as 24 hours, look further. Traditional banks are more likely to give you a credit card. Anyway, if you meet the requirements, you can always try.
Want cash to fulfill your need without having to explain the reason for obtaining the loan? Then borrowing from friends and family is not your ally. The beauty of a loan from a lender is the indifference to your reasons. And when you’re afraid of ruin relationships, it’s a good idea to shop for options.
All in all, borrowing from friends and family comes with no benefit. While you can take advantage and take small personal loans to build credit.
Sure, there are other alternatives to small personal loans. The trick is to find the best deal while saving time. If you’re OK with charitable or non-profit organizations, see how much they can help. There are many organizations that offer free, impartial debt help and advice.
Got a lot of things you no longer need? Sell them. But it’s time-consuming. With an expensive medical bill on hand, check whether your doctor allows you to set up a payment plan. If that’s possible, go for it.
When Does a Small Personal Loan Make Sense?
Before applying for a small personal loan, think twice. Decide if you can do away with it. While quick small personal loans may be useful in certain cases like medical emergencies, it’s never a good idea to fund your vacations.
Picture this: around 49% of U.S. adults are most likely to stay home if experiencing medical emergencies. Why? Because they’re worried about an unexpected bill.
No surprise, personal loans have increased in popularity over the last years. It can be a convenient way to borrow money in emergencies. The beauty of small personal loans is that they come with almost no restrictions on what you can use them. Hence it is very important for you to weigh the pros and cons before getting a small personal loan.
When looking for the best place to get a small personal loan, get your research on the right track. It depends on your requirements first. Why, how much, and does it make sense, these are the key questions to answer first. Anyway, you can always start with the companies we’ve rounded up above to shop for the best deal.