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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.

Pros of small personal loans:

  • 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 bills
  • Weddings
  • Consolidate high-interest credit card debt
  • Car repairs
  • Vacations
  • And more!

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.

Small personal loan rates

APR Range

8.99-14.49%*

Loan Terms

36-60 mos

Credit Range

680+

850

Rates Range from 7%-36.9% based on creditworthiness. Offering loans up to $20K. Simple and fast application approvals.

APR Range

10.27-30.88%*

Loan Terms

36-60 mos

Credit Range

300+

850

Rates Range from 7%-36.9% based on creditworthiness. Offering loans up to $20K. Simple and fast application approvals.

APR Range

5.99-35.89%*

Loan Terms

36-60 mos

Credit Range

600+

850

Rates range from 5.99%-35.89% APR. Best APR available to borrowers with excellent credit. Borrow up to $40,000. Fast and convenient process.

The Rates, APRs, Fees, and Monthly Amounts above are estimates only and are not guaranteed. The information provided is for illustrative purposes only and is merely a conditional quote subject to change, may not be available in all states and are based on loan amount requested and creditworthiness as determined by the lender selected. When you proceed with a lender, they will inquire into your credit and such inquiry will impact your credit score. Your financial information will be required to be verified and subject to formal credit approval by the lender selected. LendingTree receives payment from the lenders on a cost per click and/or closed loan fee, but provides its services free of charge to you to search and compare lenders.

Calculate & save money on your small personal loan

One of the easiest ways to save money on your small personal loan is by comparison shopping different lenders. At LendingTree, we make it easy by doing the shopping for you!

Estimate your small personal loan monthly payment with our personal loan calculator. Ready to get started? Comparison shop different lenders today.

Small personal loan payment calculator