Best Small Personal Loans in June 2026
See how much a small loan could cost you and compare real offers from trusted lenders
Best small personal loans
| Lender | User rating | Best for | APR | Term | Amount | See Results |
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Smallest loans for people with military connections | 8.74% to 18.00% | Up to 60 months |
$250 – $50k |
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Smallest loans for the general public | 6.99% to 18.00% | 6 to 84 months |
$500 – $50k |
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Small, quick loans from a credit union | 6.09% to 17.99% (with autopay) | 12 to 60 months |
$600 – $50k |
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Small loans with fast approval | 5.96% to 35.99% | 24 to 84 months |
$1k – $60k |
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Small, quick loans | 7.99% to 35.99% | 24 to 72 months |
$1k – $36.5k |
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Getting a small loan and a bank account | 7.74% to 35.99% (with discounts) | 24 to 84 months |
$1k – $50k |
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Small, quick loans for bad credit | 6.20% to 35.99% | 36 to 60 months |
$1k – $75k |
Read more about how we made our picks for the best small personal loans.
Best for: Smallest loans for people with military connections – Navy Federal
- APR
- 8.74% to 18.00%
- Can borrow as little as $250
- No up-front loan processing fees
- Rates capped at 18.00%
- Must have connection to armed forces to join credit union and get a loan
While many personal loans from other lenders start at $1,000, Navy Federal Credit Union offers loans as small as $250. Plus, Navy Federal loans come with competitive rates and no up-front fees, making them potentially much less expensive than loans from competitors.
Note that you’ll need a connection to the military to join Navy Federal and get a loan.
Navy Federal Credit Union offers loans only to people with military connections, including:
- Active duty members of the military (regardless of branch)
- Veterans, retirees and annuitants
- People in the Delayed Entry Program (DEP)
- Department of Defense (DoD) Officer Candidates and ROTC members
- DoD Reservists
- DoD civilian personnel
- Immediate family of military members, as well as household members
You’ll need to meet the following requirements:
- Administrative: Provide your Social Security number, home address, credit card or bank account number, and a form of government identification
- Membership: Create a Membership Savings Account and maintain a $5 minimum balance in order to join the credit union
Best for: Smallest loans for the general public – First Tech Federal Credit Union
- APR
- 6.99% to 18.00%
- Can borrow as little as $500
- No up-front fees or penalties for paying off loan early
- Check rates without damaging credit
- Must join credit union to get a loan
- Unclear credit requirements
First Tech Federal Credit Union offers small personal loans and caps its interest rates at 18.00%, making its loans potentially some of the cheapest on the market. First Tech doesn’t charge an up-front fee or prepayment penalties for paying off your loan early.
You can check your rates by prequalifying even if you’re not a member of First Tech, and checking your rates won’t impact your credit. If you decide to get a loan with First Tech after seeing your rates, you’ll need to join the credit union. But don’t worry — First Tech makes it easy to qualify and become a member.
You must meet at least one of the following criteria to join First Tech:
- Work for a partnering employer
- Be related to a current First Tech member
- Live in Lane County, Oregon
- Become a member of the Computer History Museum or Financial Fitness Association (First Tech may pay for your first year of membership, and you don’t have to maintain membership to keep your First Tech account)
Best for: Small, quick loans from a credit union – PenFed Credit Union
- APR (with autopay)
- 6.09% to 17.99%
- No up-front fees or penalties for paying off loan early
- Get money as soon as the next day
- Can apply with another person
- Must be a member of PenFed to get a loan
- Unclear eligibility criteria
You can improve your odds of qualifying for a loan with PenFed Credit Union by applying for a joint loan with a co-borrower who has excellent credit. If your credit needs work, this is a great way to qualify for lower interest rates, especially since PenFed rates can go as high as 17.99%.
You’ll need to join PenFed Credit Union to get a loan.
To qualify for a PenFed loan, you must meet the following requirements:
- Membership requirements: PenFed membership (anyone can join)
- Administrative: Open a PenFed savings account with a $5 minimum deposit; you may need to submit documents to verify your identity and income
Best for: Small loans with fast approval – LendingClub
- APR
- 5.96% to 35.99%
- Get money as soon as 24 hours after approval
- Can apply with another person
- See rates without impacting your credit score
- May have to pay up-front fee
When you need money fast, LendingClub is worth considering — approval is typically quick and you could get money as soon as the next day. LendingClub also stands out for allowing joint loans, or loans with two applicants. A co-borrower with good credit can make it easier to qualify if you have a low credit score, since two people are taking responsibility for the loan instead of one.
Note that you may need to pay an up-front fee called an origination fee that LendingClub will take out of your loan money before sending it to you.
To be eligible for a LendingClub personal loan, you must meet the following requirements:
- Age: Be at least 18 years old
- Citizenship: Be a U.S. citizen or permanent resident
- Administrative: Have a verifiable bank account
- Credit score: 600+
Best for: Small, quick loans – LendingPoint
- APR
- 7.99% to 35.99%
- Get money as soon as the next business day
- Clear eligibility requirements
- Check rates without impacting credit
- May have to pay up-front fee
- Not available in every state
- Can’t apply for a loan with another person
You can qualify for a LendingPoint loan with a credit score as low as 660, but if you have excellent credit, you may be able to snag one of its lowest rates.
Keep in mind that if you take out a loan with LendingPoint, you may have to pay an expensive origination fee. Note that LendingPoint does not let you apply for a personal loan with a co-borrower or cosigner.
To get a loan from LendingPoint, you must meet its minimum criteria:
- Age: Be 18 years old or older
- Administrative: Provide identification issued by the U.S. government, have a Social Security number and have a bank account
- Income: Have a minimum annual income of $35,000
- Residency: Not live in Nevada or West Virginia
- Credit score: 660+
Best for: Getting a small loan and a bank account – Upgrade
- APR (with discounts)
- 7.74% to 35.99%
- Low minimum credit score requirement
- Get money as quickly as one business day after approval
- Autopay discount available
- Up-front fee required on every loan
Upgrade offers loans as small as $1,000 to borrowers with fair credit. You’ll get your money as soon as one business day after Upgrade approves your loan, and you can repay your loan early without having to worry about prepayment penalties.
Keep in mind, however, that Upgrade charges an up-front origination fee on each loan, which can range from 1.85% – 9.99%. This fee will come out of the total balance that you receive, so you’ll want to factor that added cost into your budget.
To qualify for an Upgrade loan, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen or permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 600+
Best for: Small, quick loans for bad credit – Upstart
- APR
- 6.20% to 35.99%
- May still qualify with bad, thin or no credit
- Get money as soon as the next business day
- Check rates without impacting credit
- Up-front fee sometimes required
- Limited repayment terms (36 or 60 months)
Upstart is an online loan platform that partners with multiple lenders. Some of these partners don’t have a specific credit score requirement. Instead, Upstart uses an AI algorithm to look beyond credit scores. Plus, Upstart has fast funding — you can get your loan money as soon as one day after your loan offer is accepted.
Upstart may charge an origination fee, especially to people with bad credit.
Upstart has transparent eligibility requirements, including:
- Age: Be at least 18 years old
- Administrative: Have a U.S. address, personal banking account, email address and Social Security number
- Income: Have a valid source of income, including a job, job offer or another regular income source
- Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
- Credit score: No formal minimum credit score requirement
How do small personal loans work?
Small personal loans work just like other personal loans: You borrow a set amount of money and pay it back, plus interest, in equal monthly payments. Here’s what you need to know:
- Amount borrowed: Typically $250-$1,000
- Loan term (how long to pay it back): Typically two to seven years, but can be as short as six months
- What it’s for: Almost any expense
- Fees: Potential origination fees (one-time up-front fees), late payment fees and prepayment penalties (rare); however, some lenders don’t charge fees
Should you get a small personal loan?
Consider a small loan
- You need to cover a small emergency expense
- You want predictable monthly payments
- You need more than a few weeks to pay the money back
- The monthly payment fits comfortably in your budget
- Your only other options are payday loans or cash advances
Consider alternatives
- You can pay the balance off before your next credit card statement
- You qualify for a 0% intro APR credit card (may be cheaper)
- The monthly payment would stretch your budget
- You regularly need to borrow money to cover everyday expenses
How much will a small personal loan cost me?
You can use real LendingTree data to estimate your monthly personal loan payments based on your credit score.
Step 1: Find the average APR (which measures interest plus fees) for your credit band in the table below.
| Credit tier | Average APR |
|---|---|
| Excellent (800 and above) | 15.75% |
| Very good (740-799) | 17.89% |
| Good (670-739) | 23.27% |
| Fair (580-669) | 27.79% |
| Poor (under 580) | 30.25% |
Step 2: Plug your APR into the LendingTree personal loan calculator to estimate how much your small personal loan will cost.
Step 3: Play around with your loan term to see how it affects your monthly payment and total cost. Common loan terms run from two to seven years (24 to 84 months), but some lenders offer terms as short as six months.
Short loan terms → Cheaper overall, but higher monthly payments
Long loan terms → Lower monthly payments, but more expensive overall
Will I qualify?
It’s possible to qualify for a small personal loan with bad credit (or a FICO Score below 580), but you’ll likely pay higher rates — making borrowing more expensive.
Many lenders allow you to see your potential rates without damaging your credit through a process called prequalification. You can check rates with up to five lenders at once with LendingTree.
What lenders actually care about
When a lender looks at your personal loan application, they’re evaluating more than just your credit score. Here’s what they pay attention to:
- Credit score
- Length of credit history
- Payment history
- Debt-to-income (DTI) ratio
- Stable income and employment
LendingTree research shows that borrowers who get loan offers have better credit scores, longer credit histories and higher self-reported incomes than those who don’t get offers. Learn more about who qualifies for personal loans.
How to improve your odds
If you have bad credit, you can take steps to meaningfully improve your odds of approval (and potentially even save money with lower rates). Here’s how:
- Use collateral: Some lenders allow you to put up collateral (like a car or savings account) with a secured loan in exchange for lower eligibility requirements and potentially lower rates. You risk losing your collateral if you can’t pay back your loan.
- Apply with another person: A co-borrower or cosigner with good credit and income can help you qualify for a personal loan. Joint loans can be easier to get because lenders take on less risk when two people are on the hook for paying off the loan.
- Improve your credit before applying: In some cases, it may be best to wait to apply for a personal loan until you have a higher credit score. Improving your credit can help you qualify for better interest rates and get cheaper loans that don’t charge fees.
- Get offers from multiple lenders: Getting offers from multiple lenders and choosing the cheapest one can save you thousands of dollars, according to LendingTree research. You can apply to lenders one at a time or use a service like LendingTree to see offers from multiple lenders at once.
Save money and time by comparing real offers
You shop around for flights. Why not your loan? LendingTree makes it easy. Fill out one form and get lenders from the country’s largest network to compete for your business.
Tell us what you need
Take two minutes to tell us who you are and how much money you need. It’s free, simple and secure.
Shop your offers
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Get your money
Pick a lender and sign your loan paperwork. You could see money in your account in as soon as 24 hours.
How quickly can I get the money?
Many lenders advertise quick loans with same-day funding, but in general plan on up to five business days following approval to get your money. Don’t have that much time? Here’s how to make the process faster:
- Get offers from multiple lenders at once through a marketplace like LendingTree
- Apply early in the day, ideally during business hours, for better chances of fast funding
- Respond to lender emails quickly — consider setting up an email alert on your phone
- Gather documents ahead of time so you have them ready if the lender asks to verify your address, income or identity
Learn more about how long it takes to get a personal loan.
- Proof of identity: Driver’s license, passport or other government-issued ID
- Proof of address: Utility bill, lease agreement, mortgage
- Proof of income: Pay stubs, W-2s, tax documents
How can I avoid scams and expensive loans?
Unethical lenders take advantage of borrowers with bad credit by offering expensive loans that are easy to get but hard to pay off. Look out for these common red flags:
No credit checks: Reputable small loan companies will check your credit to make sure you can afford monthly payments. Lenders that don’t check your credit — like payday lenders — often charge high fees in exchange for easy qualification.
Lack of transparency: If a lender isn’t up front about fees and interest rates, walk away. Trustworthy lenders share fees and rates on their website or during the application process. Don’t sign any contracts until you understand the terms and how much your loan will cost.
High interest rates: In terms of payday loans versus personal loans, payday loans can come with much higher rates and fees (sometimes an APR of nearly 400%). Many borrowers take out more loans to pay off their original payday loan, trapping them in a cycle of debt.
Short repayment periods: Predatory lenders sometimes offer only two to four weeks to repay a loan. This short repayment period can make it difficult or impossible to keep up with payments. Consider a reputable short-term personal loan instead.
Is a small personal loan the right option for me?
Small personal loans aren’t the only way to borrow a little bit of money. When you’re not sure or can’t afford monthly payments on a personal loan, consider these alternatives:
| What is it? | Pros | Cons | |
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| 0% APR credit card | A credit card with a promotional interest-free period |
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| Buy now, pay later apps | Breaking up a purchase from a store into a few payments |
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| Cash advance | Using your credit card to borrow money |
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| Loan from family or friends | Borrowing from a loved one |
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Whatever option you choose for a loan, you should make sure you can afford to borrow the money before you move forward. Take a look at the essentials in your budget: housing/rent payment, food, transportation, utilities and debt payments — and make sure you can afford the additional debt payment in your budget.
How we chose the best small personal loans
We reviewed more than 30 lenders that offer personal loans to determine the best small personal loans. To make our list, lenders must offer loans of $1,000 or less and have APRs at or below 36%.
From there, we assessed each lender or marketplace across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.
According to our systematic rating and review process, the best small personal loans come from Navy Federal Credit Union, First Tech Federal Credit Union, PenFed Credit Union, LendingClub, LendingPoint, Upgrade and Upstart.
Our categories
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from companies through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Why trust our methodology?
Our writers and editors dig through the facts, contact lenders directly and even go through the application process ourselves if it helps better explain what you can expect. As a Certified Financial Education Instructor℠, I’m committed to breaking down complex financial details so people can make confident, informed decisions with their money.
Jessica’s experience in editing and financial education helps shape LendingTree articles that are clear, accurate and truly useful to readers. Her certification means our recommendations are built on a foundation of consumer-first financial knowledge — not just numbers.
Frequently asked questions
Small personal loans can range from $250 to $1,000. With especially small loans, it’s important to read the fine print to make sure your lender doesn’t charge high fees or expect repayment in a few weeks or months. These tactics are common with payday lenders.
When lenders check your credit to approve you for financing, the hard credit inquiry puts a small dent in your score. Your score will typically recover in a year, and the inquiry will only stay on your credit report for two years.
Small personal loans can also negatively impact your credit score if you fall behind on payments or default on a loan.
You can use a personal loan to build credit as you make on-time payments and eventually pay off the balance. Other ways you can improve your credit score include:
- Decreasing your debt-to-income (DTI) ratio
- Paying your bills on time
- Disputing errors on your credit report