Small Personal Loans

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Learn about 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

Why a small personal loan is better than a credit card

If an emergency expense arises, you may be thinking you’ll just put it on your credit card. While a credit card will pay for the expense, unfortunately you’ll pay significantly more in interest until the balance is paid off.

With a personal loan, you instead receive a low, fixed interest rate and fixed monthly payments. You can choose your term (typically up to three years) and pay the loan off at an affordable rate.

However, it’s important to note that if you are planning on paying off the balance within a month or two, a credit card could be the best option for you. Speak with a professional financial advisor on your unique situation.

Small personal loans vs payday loans

Payday loans and personal loans can both be used as a way to get cash for unexpected expenses, but they are not created equal. Payday loans often require little paperwork and no credit check, asking for only proof of income – unlike personal loans, which generally require stringent credit checks and good credit. This may sound like a win for payday loans, but you can potentially dig yourself deeper into debt due to the high fees, interest rates and costs charged for payday loans. A personal loan instead can help you pay off debt or meet expenses without taking out additional loans. Personal loans also typically have lower interest rates and fees, and might offer higher loan limits than payday loans while being repaid over a longer term with lower payments.