Small Personal Loans

Get up to 5 loan offers on unsecured loans in minutes

Select Loan Purpose

Privacy Secured | Advertising Disclosures

Lenders that offer small personal loans

Lender	APR	Loan amount	Loan length
Alliant Credit Union	Starting APR from 6.24% - 10.24%	$1,000 to $50,000	12 to 60 months
LendingClub	10.68% - 35.89%	$1,000 to $40,000	36 or 60 months
PenFed Credit Union	6.49% - 17.99%	Up to $20,000	Up to 60 months
PNC Bank	5.99% - 24.99%	$1,000 to $35,000	6 to 60 months
Upgrade	6.94%-35.97%	$1,000 to $35,000	36 or 60 months
Upstart	8.27% - 35.99%	$1,000 to $50,000	36 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.

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.