Small Personal Loans

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Lenders that offer small personal loans

LenderAPRLoan amountLoan length
Alliant Credit UnionStarting APR from 6.24% - 10.24%$1,000 to $50,00012 to 60 months
LendingClub10.68% - 35.89%$1,000 to $40,00036 or 60 months
PenFed Credit Union6.49% - 17.99%Up to $20,000Up to 60 months
PNC Bank5.99% - 24.99%$1,000 to $35,0006 to 60 months
Upgrade6.94%-35.97%$1,000 to $35,00036 or 60 months
Upstart8.27% - 35.99%$1,000 to $50,00036 or 60 months

 

Tip: Check your local credit union
If you’re looking for a small loan, particularly one worth less than $1,000, you should check with your local credit union. These member-owned financial institutions can offer more flexible loan options and fewer fees when compared with your traditional bank.

What are small personal loans?

Small personal loans range from $1,000 to $5,000 and are typically paid back within two or three years, making the monthly payment extremely low. Whether you are needing to pay for an auto repair, take your dog to the vet or get a minor medical procedure done, a personal loan could help.

Why get a small personal loan

  • Unsecured, meaning you do not have to put up collateral

  • Can be quick and easy to get

  • Paid back over two or three years

  • Low interest rates for those with good credit

  • Improve your credit score with on-time payments

Uses of small personal loans

Unexpected expenses
Medical expenses
Weddings
Consolidate high-interest credit card debt
Car repairs
Vacations

The reasons people take personal loans

A state-by-state and generational view of how personal loans are used

Pros and cons of a small personal loan

Pros

Cons

  • Fast funding. Many lenders can approve you and deposit funds into your account within one business day.
  • Fixed monthly payments. Personal loans are lump-sum loans that are repaid in fixed monthly payments over a set period of time.
  • Personal loans typically have fixed APRs, which means you lock in your interest rate for the duration of the loan.
  • No collateral. Unsecured personal loans don’t require collateral, so you won’t risk losing an asset if you default on the loan.
  • May accept cosigners. Some lenders let you enlist the help of a cosigner, which can improve your chances of being approved for a loan.
  • Minimum loan amounts. Most personal loans are worth at least $1,000, so it might not be worth it to take one out for a small emergency expense.
  • Potentially high APRs. Subprime credit borrowers may get loan offers with APRs upward of 35% or higher.
  • Approval hinges on credit. Borrowers with bad credit might have a hard time getting approved for a personal loan at all.
  • Origination fees. Many lenders charge an origination fee worth 1%-8% the total cost of the loan.
  • Prepayment penalties. Some lenders charge a penalty if you pay off the loan before the term expires.
personal loan payment calculator

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