Small Personal Loans

Get up to 5 loan offers on unsecured loans in minutes

Privacy Secured  |  Advertising Disclosures
 

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
LendingClub8.05% - 35.89%$1,000 to $40,00036 or 60 months
PenFed Credit Union5.99% - 17.99%Up to $35,000Up to 60 months
PNC Bank5.99% - 24.99%$1,000 to $35,0006 to 60 months
Upgrade5.94%-35.97%$1,000 to $50,00036 or 60 months
Upstart6.46% - 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

Why people take out personal loans in each state
(excluding debt consolidation and credit card refinancing)

StateHome Improvement %Home Improvement $Major Purchase %Major Purchase $Medical Expenses %Medical Expenses $Moving and Relocation %Moving and Relocation $Vacation %Vacation $Car Financing %Car Financing $Wedding Expenses %Wedding Expenses $Business %Business $Homebuying %Homebuying $Green Loan %Green Loan $
United States30.5%$12,77313.6%$9,53112.7%$6,24712.0%$4,9139.3%$4,9448.6%$6,6235.4%$9,0584.3%$10,8182.6%$11,2571.0%$5,832
Alabama31.9%$9,29713.5%$8,34811.1%$5,69510.6%$4,8169.4%$4,6169.3%$6,8854.4%$8,1104.9%$7,9213.6%$9,2211.3%$4,750
Alaska23.3%$16,85812.3%$14,08415.1%$5,60512.3%$4,48312.3%$4,07413.0%$8,4421.4%$4,4002.1%$19,1924.8%$19,5433.4%$1,400
Arizona28.2%$13,25413.7%$9,71114.1%$5,81814.5%$4,8768.6%$4,0638.9%$6,4224.3%$9,0733.7%$9,9222.7%$11,4891.1%$7,332
Arkansas37.1%$12,70917.7%$11,23013.4%$7,8756.3%$6,0526.1%$5,2998.1%$6,7534.1%$6,5674.1%$13,2602.9%$15,5730.2%$5,000
California23.1%$14,51813.3%$9,83814.1%$6,39816.2%$5,1209.3%$5,5878.1%$6,5796.4%$9,2836.2%$9,3892.0%$11,1361.4%$5,980
Colorado32.0%$15,12915.2%$11,67712.9%$10,03611.6%$7,2026.4%$5,60711.1%$8,2363.7%$13,7813.7%$12,8842.8%$16,8660.6%$15,500
Connecticut40.2%$15,93715.4%$11,7439.0%$7,8517.0%$7,4246.2%$5,1089.1%$6,7096.6%$9,9823.2%$17,6632.8%$8,0360.7%$20,560
Delaware30.4%$11,1199.7%$7,27016.7%$3,65310.9%$4,00310.6%$3,6279.7%$4,9247.0%$7,2662.9%$9,1981.7%$8,4490.5%$700
District of Columbia17.4%$15,41710.8%$6,39410.8%$3,70026.3%$4,64315.6%$2,8155.4%$3,5896.6%$10,3724.2%$3,6001.8%$5,3671.2%$6,450
Florida31.4%$12,98613.1%$9,08711.4%$6,24115.7%$4,3647.7%$4,6967.5%$6,2154.9%$8,5034.4%$12,2542.7%$11,9351.2%$4,506
Georgia31.8%$12,11214.0%$9,98612.7%$7,22210.8%$5,6988.1%$5,1569.0%$7,5555.3%$10,5075.2%$10,8142.3%$10,9320.8%$6,754
Hawaii20.7%$15,26313.8%$12,7047.8%$6,38412.5%$8,52527.6%$7,9469.1%$8,4743.8%$15,7052.2%$15,1861.9%$18,1030.6%$6,339
Idaho24.0%$10,35912.1%$11,06917.2%$6,00316.0%$3,1388.0%$3,04910.4%$5,6593.8%$6,6155.0%$7,4101.8%$14,8101.8%$5,944
Illinois31.7%$12,15912.5%$9,23712.6%$5,27910.2%$4,52710.3%$4,3047.7%$5,9246.9%$9,0033.9%$8,5233.2%$9,3790.8%$4,511
Indiana29.9%$11,32213.5%$8,78112.5%$6,05910.4%$4,0889.8%$4,73711.1%$6,5934.8%$7,8763.5%$9,2433.4%$7,7581.2%$4,675
Iowa38.1%$11,59714.5%$10,6168.2%$9,1388.5%$8,4316.5%$6,7539.9%$8,1096.8%$9,8964.0%$16,4762.6%$10,1530.9%$12,274
Kansas31.7%$13,33212.8%$9,53415.9%$6,9439.3%$4,7908.1%$4,4818.8%$5,0614.5%$9,1464.5%$11,7123.8%$7,9610.6%$6,060
Kentucky33.6%$10,92014.3%$8,31411.1%$4,7759.6%$4,36211.5%$4,56210.0%$7,3273.8%$8,3243.2%$9,3322.2%$9,5920.7%$5,724
Louisiana29.7%$10,64611.7%$8,84013.9%$5,45411.2%$4,32312.1%$4,8917.3%$6,7016.7%$8,0494.3%$11,4772.0%$9,7621.1%$3,936
Maine37.5%$12,83718.9%$10,1687.8%$5,8019.8%$3,7175.9%$6,58211.7%$6,8672.0%$8,6892.6%$7,6633.6%$14,9450.3%$3,195
Maryland39.1%$13,96013.8%$10,4659.8%$8,9727.4%$7,3848.7%$7,0308.1%$7,4235.8%$11,3044.8%$11,7832.2%$15,5190.3%$5,398
Massachusetts46.0%$17,48312.8%$13,7188.0%$11,9137.7%$8,4944.0%$10,1737.4%$9,8447.5%$14,1303.7%$20,2921.7%$21,3451.1%$9,498
Michigan34.1%$11,18114.8%$8,45610.2%$5,62110.0%$4,5818.6%$4,6239.0%$5,7295.8%$8,3563.0%$15,7333.2%$10,6451.2%$5,395
Minnesota27.4%$11,90815.5%$9,21612.1%$5,33810.6%$4,2479.3%$4,88510.6%$6,4717.4%$9,8554.0%$15,2022.0%$10,3921.1%$7,798
Mississippi28.1%$8,25610.6%$7,05217.3%$3,43110.1%$2,17112.3%$3,6988.8%$4,2684.0%$5,8344.3%$8,8972.8%$8,5461.6%$2,997
Missouri26.1%$9,45213.5%$6,99616.3%$4,35112.4%$3,4028.2%$3,46210.8%$5,0974.9%$6,8542.9%$5,4463.8%$8,8421.1%$3,819
Montana19.7%$13,20619.2%$9,93916.7%$8,63914.1%$5,2439.8%$4,70112.0%$8,6580.4%$9,0335.6%$8,7811.3%$13,1111.3%$4,033
Nebraska26.0%$12,92314.5%$8,46920.8%$6,0899.3%$5,6888.2%$6,13911.5%$6,6445.9%$8,8042.2%$13,4691.3%$13,7520.2%$4,500
Nevada29.5%$14,24712.5%$9,15711.0%$7,18014.9%$5,03811.8%$6,3669.0%$5,8304.7%$8,8273.2%$12,0922.2%$10,4741.2%$7,400
New Hampshire41.4%$14,78514.1%$10,2958.6%$7,0155.9%$5,8137.9%$6,2398.9%$6,7585.9%$8,6013.9%$11,9331.6%$16,2311.6%$10,047
New Jersey39.2%$15,69112.2%$12,5589.4%$8,68910.2%$6,6567.7%$6,3577.0%$8,1827.3%$11,9353.6%$13,6332.2%$15,4611.2%$10,249
New Mexico25.0%$9,30710.7%$7,86215.6%$3,82313.9%$3,36115.0%$3,0688.4%$5,9213.7%$5,3694.8%$12,2762.4%$7,2340.4%$1,792
New York37.1%$16,59314.5%$12,2918.2%$9,23711.6%$6,9697.9%$5,8635.6%$7,5967.7%$13,5213.7%$15,2143.1%$16,1820.5%$7,702
North Carolina33.1%$12,08215.2%$9,92812.0%$7,70210.3%$5,5867.5%$5,9119.4%$8,0624.9%$8,3974.9%$11,9792.1%$11,2360.6%$5,892
North Dakota18.6%$13,85314.6%$9,61719.8%$4,79214.6%$4,27010.3%$5,30210.7%$4,7552.8%$9,0214.7%$5,9633.2%$7,0820.8%$9,915
Ohop31.8%$10,89614.6%$8,11810.6%$5,9009.7%$4,19510.2%$4,27411.2%$6,3355.3%$6,9012.7%$11,0403.3%$12,1620.7%$4,794
Oklahoma29.9%$11,65914.6%$10,01913.0%$6,5279.9%$5,81611.5%$4,8608.5%$5,9824.7%$6,9053.5%$11,7883.4%$11,0330.9%$7,649
Oregon23.8%$15,49114.8%$8,22015.4%$6,09715.1%$4,4399.9%$4,6849.0%$6,5803.7%$7,0924.7%$9,6612.6%$10,0591.0%$4,397
Pennsylvania37.9%$11,92415.5%$9,0718.1%$7,9858.6%$6,4738.7%$5,8609.6%$7,3595.0%$9,1343.0%$11,5703.1%$12,5380.5%$6,305
Rhode Island32.4%$12,61414.8%$11,3428.1%$5,01313.0%$2,8235.6%$4,35013.0%$4,5926.3%$7,0672.1%$7,5832.8%$3,1631.8%$4,240
South Carolina29.1%$10,88712.3%$7,94013.6%$4,23911.8%$3,55110.6%$3,1339.0%$5,8954.4%$6,0215.0%$10,0162.9%$10,2991.2%$4,694
South Dakota24.0%$12,08712.6%$7,30319.7%$5,4249.8%$5,72613.1%$5,31710.9%$6,0813.3%$8,0173.3%$9,3671.6%$5,3001.6%$7,768
Tennessee31.2%$10,25814.0%$9,22413.7%$5,4549.7%$4,56910.7%$5,1189.1%$6,7994.3%$7,9133.7%$9,0102.6%$10,4151.1%$6,961
Texas29.5%$13,09012.9%$9,76415.3%$6,07011.1%$4,30510.6%$4,6887.2%$6,4595.0%$8,1464.9%$11,1452.4%$9,7381.0%$5,761
Utah23.2%$14,75711.7%$10,53417.5%$4,88114.8%$4,3449.0%$3,0649.8%$5,2855.0%$7,2005.4%$7,6572.3%$8,2641.3%$850
Vermont41.7%$11,77118.3%$11,5558.3%$9,82011.7%$6,7140.0%$011.7%$7,5361.7%$5,0006.7%$16,7750.0%N/A0.0%N/A
Virginia28.7%$11,37512.5%$8,12814.6%$5,44813.6%$4,5739.3%$4,0608.4%$6,1285.2%$7,5384.6%$9,1242.3%$13,9740.7%$4,308
Washington23.0%$13,66514.1%$9,18513.3%$6,34316.5%$5,24810.7%$5,4429.5%$7,1355.4%$8,9623.9%$10,8141.8%$10,9541.7%$6,286
West Virginia41.8%$12,74216.0%$11,0906.3%$9,8586.1%$7,2438.4%$8,36711.0%$8,7573.0%$12,1133.0%$12,3393.9%$11,3330.4%$4,750
Wisconsin23.6%$10,62714.6%$7,24016.7%$3,64014.1%$2,7379.9%$3,0828.8%$4,1445.5%$5,6444.5%$5,1241.9%$6,1840.6%$2,786
Wyoming22.9%$15,77221.6%$10,76016.3%$10,7963.9%$7,13313.7%$6,03811.8%$9,4040.7%$6,5005.2%$7,7293.3%$10,6180.7%$5,200

Note: Includes people between the ages of 25 and 75 who originated personal loans via the LendingTree platform in 2019. Excludes the following purpose responses: credit card refinancing, debt consolidation, other and unknown.

How much people borrowed for these reasons in each state on the LendingTree platform in 2019
(excluding debt consolidation and credit card refinancing)

Home ImprovementMajor PurchaseMedical ExpensesMoving and RelocationCar FinancingWedding ExpensesBusinessVacationHome BuyingGreen Loan
US$355,893,233$123,909,278$73,545,389$57,681,729$56,379,207$45,817,707$45,367,232$43,194,857$27,319,771$5,295,684
AL$4,663,281$1,893,801$1,003,654$860,005$1,047,185$583,071$665,653$678,071$534,044$98,748
AK$661,159$276,311$134,199$94,000$166,195$29,800$57,576$74,825$171,800$7,000
AZ$7,809,257$2,999,119$1,784,560$1,596,064$1,435,593$873,724$813,402$759,563$645,186$163,914
AR$2,498,121$1,083,396$557,672$221,761$320,878$145,105$309,061$176,470$255,499$5,000
CA$34,899,457$14,197,255$9,590,510$9,109,340$6,189,932$6,206,366$6,542,361$5,577,813$2,436,477$834,597
CO$5,796,557$2,226,870$1,582,739$1,064,791$1,161,509$617,598$582,285$456,633$539,696$108,497
CT$5,044,519$1,497,888$560,328$442,475$522,500$529,900$423,900$287,696$171,760$123,416
DE$1,472,240$348,825$264,061$195,876$210,595$210,723$130,513$166,227$77,351$1,400
DC$457,610$131,710$68,800$238,906$34,299$114,889$116,799$78,200$16,100$12,900
FL$28,563,137$8,613,007$5,090,321$5,210,378$3,561,350$2,930,539$4,139,439$2,597,951$2,249,746$415,610
GA$14,670,961$5,503,860$3,640,471$2,521,477$2,738,420$2,202,282$2,362,000$1,620,027$992,975$210,869
HI$1,047,851$577,010$176,092$355,580$258,350$193,464$169,394$728,441$108,620$12,678
IL$15,933,553$4,856,285$2,792,947$2,059,535$2,023,027$2,596,358$1,441,030$1,860,891$1,345,539$150,350
IN$7,898,600$2,863,567$1,773,241$1,054,099$1,750,104$924,885$858,143$1,106,967$671,977$128,207
IA$1,580,047$659,190$280,655$296,868$305,034$237,511$255,662$179,639$103,380$36,823
ID$862,965$508,346$374,971$176,100$213,157$96,497$126,964$87,112$88,861$41,363
KS$2,759,041$843,973$705,314$316,024$352,012$290,991$327,925$230,514$201,710$24,238
KY$4,607,006$1,516,529$672,617$592,366$958,077$421,416$378,252$661,736$261,024$63,015
LA$5,186,106$1,799,784$1,328,363$815,881$821,219$921,674$806,890$982,966$310,442$72,596
ME$1,562,887$615,026$143,213$126,020$292,365$52,132$69,308$121,369$164,391$3,195
MD$8,453,952$2,275,465$1,380,509$900,008$972,647$1,019,746$895,671$938,912$533,742$21,593
MA$6,733,128$1,557,298$778,913$620,101$637,387$885,827$645,772$333,976$315,230$85,478
MI$8,426,731$2,890,211$1,334,681$1,092,491$1,198,056$1,177,026$1,110,978$926,727$798,149$141,277
MN$3,906,785$1,807,956$823,982$599,358$901,654$930,802$734,094$569,737$240,024$103,876
MO$4,826,285$1,801,385$1,402,730$904,660$1,166,681$653,160$412,021$595,666$628,623$82,686
MS$2,891,028$1,022,693$754,031$330,767$533,574$291,844$460,074$570,552$312,887$65,455
MT$615,112$480,071$342,015$198,939$258,780$10,333$114,154$133,245$41,132$12,100
NE$1,656,691$615,660$630,077$273,025$381,694$274,913$149,377$238,772$97,271$4,500
NV$3,524,882$989,355$683,236$670,748$502,758$335,435$356,931$642,246$188,525$73,998
NH$1,929,716$509,417$208,131$122,052$205,576$175,724$143,200$149,743$98,657$50,235
NJ$15,257,461$3,918,831$2,017,788$1,768,211$1,587,986$2,151,424$1,310,809$1,278,029$868,881$301,337
NM$1,755,911$685,935$452,982$362,631$397,545$176,662$426,955$352,066$125,339$15,376
NY$24,052,903$7,363,646$2,976,652$3,493,415$1,824,991$4,092,435$2,307,319$1,920,432$2,046,266$158,847
NC$12,682,051$5,015,689$2,974,315$1,909,774$2,570,955$1,358,658$1,913,837$1,416,910$801,482$113,539
ND$658,612$360,306$243,422$179,563$147,596$71,544$98,610$140,946$71,792$19,830
OH$12,452,042$4,418,017$2,273,465$1,635,012$2,647,664$1,338,054$1,105,878$1,593,530$1,419,529$129,712
OK$3,620,176$1,599,203$865,188$676,321$582,291$336,458$444,740$563,723$395,166$68,844
OR$3,544,342$1,195,796$909,867$765,067$655,916$272,734$477,218$443,165$245,242$41,075
PA$16,212,493$5,352,352$2,432,722$2,205,024$2,869,803$1,709,059$1,408,322$1,880,823$1,446,910$113,494
RI$1,183,856$524,550$134,225$112,750$186,100$131,400$46,600$88,600$25,300$21,200
SC$6,318,232$2,003,345$1,129,717$897,659$1,113,185$561,724$997,759$668,799$586,245$119,406
SD$551,133$215,484$207,176$114,860$123,617$63,100$56,200$135,211$15,900$23,303
TN$6,182,269$2,556,968$1,454,337$935,427$1,325,353$685,460$690,557$1,064,451$559,180$140,577
TX$35,858,690$12,147,547$8,607,939$4,611,298$4,592,303$3,967,857$5,251,317$4,751,012$2,190,465$558,039
UT$1,904,961$677,277$459,525$375,907$282,941$196,696$268,812$146,893$103,670$6,550
VT$294,269$127,100$49,100$58,000$52,750$5,000$67,100$0$0$0
VA$10,887,754$3,659,849$2,687,354$2,188,294$1,864,613$1,309,682$1,436,831$1,285,950$1,054,945$98,735
WA$5,265,142$2,470,488$1,411,908$1,519,047$1,221,793$856,620$845,285$1,034,499$336,983$176,004
WV$2,566,325$857,964$316,640$215,843$474,643$169,575$182,545$334,911$221,234$9,500
WI$3,148,546$1,402,256$802,229$554,230$535,982$410,815$361,363$428,731$151,330$19,503
WY$557,400$395,413$275,806$43,700$200,570$19,018$70,347$133,489$53,092$5,200

Note: Excludes the following purpose responses: credit card refinancing, debt consolidation, other and unknown.

Why each generation takes out personal loans
(excluding debt consolidation and credit card refinancing)

ReasonMILLENIAL
% of Loans Originated
MILLENNIAL
Average Loan Size
GEN X
% of Loans Originated
GEN X
Average Loan Size
BOOMER
% of Loans Originated
BOOMER
Average Loan Size
Home Improvement11.7%$12,26519.9%$13,56624.7%$12,065
Car Financing17.3%$5,55216.7%$7,30316.8%$7,628
Moving and Relocation19.5%$4,25613.6%$5,5999.5%$6,338
Medical Expenses12.3%$5,43613.7%$6,55916.8%$7,044
Major Purchase12.5%$8,39011.4%$10,55710.3%$10,173
Homebuying7.2%$10,4477.6%$11,9208.0%$11,954
Vacation6.5%$4,0236.5%$5,3715.9%$6,021
Business6.4%$8,5975.5%$9,4573.7%$10,319
Wedding Expenses4.5%$10,4882.9%$11,1092.4%$11,093
Green Loan2.0%$4,8552.1%$6,1102.0%$6,648

Note: Includes people between the ages of 25 and 73 who originated personal loans via the LendingTree platform in 2019. Excludes the following purpose responses: credit card refinancing, debt consolidation, other and unknown.

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

How much will your monthly payment be?

Estimate your monthly payment with our personal loan calculator, then comparison shop offers from our network of lenders.

Save money on your small personal loan