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Personal loans are great for covering unexpected expenses, but you don’t always have to borrow a large amount.
Features of small personal loans:
- Usually $3,000 or less
- Fixed monthly payments
- Used to cover small, unexpected costs
In this post:
- Small personal loan lenders
- Consider how much a personal loan will cost
- Lenders who offer small loans as low as $1,000
- Lenders who offer small loans as low as $2,000
- Small personal loans from banks and credit unions
- Pros and cons of a small personal loan
- Personal loan alternatives
Small personal loan lenders
Not all personal loan lenders offer small dollar loans, and some that do might charge higher interest rates or more fees. See the table below for our list of lenders who offer small personal loans.
| Lender | Fixed rates | Min. loan amount |
|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000** |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.79% - 17.99% APR | $5,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 29.99% APR | $5,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 24.99% APR | $2,500 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 10.68% - 35.89% APR | $1,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 15.49% - 35.99% APR | $2,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 2.49% - 19.99% APR | $5,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.00% - 35.99% APR | $1,500 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 24.99% APR | $5,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 17.99% APR | $600 (depending on loan term) |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.95% - 35.99% APR | $2,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 18.83% APR | $5,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.93% - 35.93% APR7 | $1,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.94% - 35.97% APR | $1,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.46% - 35.99% APR4 | $1,000 |
|
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Consider how much a personal loan will cost
Before taking out a personal loan (even a small one), it’s a good idea to calculate how much it will cost you over time. This will include not only the principle but interest and any fees charged by the lender.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Lenders who offer small loans as low as $1,000
LendingClub
Since loans at LendingClub start as low as $1,000, you can use your small personal loan for any little cost you need to cover.
- Rates: 10.68% - 35.89% APR
- Loan terms (years): 3, 5
- Loan amount: $1,000 to $40,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Min. income: None
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 600
- Time to get funds: Usually takes about 3 days†
- Loan uses: Debt consolidation, paying off credit cards
LendingClub personal loans review
†Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
Universal Credit
Loans at Universal Credit start as low as $1,000 and you can get your money in as little as one business day, once approved.
- Rates: 8.93% - 35.93% APR7
- Loan terms (years): 3 to 5 years 8
- Loan amount: $1,000 - $20,000
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: A U.S. citizen or permanent resident. Not available in AR, DC, KS, ME, SC, VT, WI, WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 580
- Time to get funds: Within one day, once approved9
- Loan uses: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners
8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements.
9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor.
Upgrade
Loans at Upgrade can get as low as $1,000. With loan terms from two to six years, it makes monthly payments manageable so you won’t fall behind.
- Rates: 5.94% - 35.97% APR
- Loan terms (years): 2, 3, 5, 6
- Loan amount: $1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except West Virginia
- Min. income: Does not disclose
- Customer service: Email
- Soft credit check: Yes
- Min. credit score: 580
- Time to get funds: Within a day of clearing necessary verifications
- Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Upstart
A minimum Upstart loan is $1,000 and you can get your money as soon as one to three business days.
- Rates: 6.46% - 35.99% APR4
- Loan terms (years): 3 to 5 years4
- Loan amount: $1,000 to $50,0005
- Fees: Origination fee
- Discounts: None
- Eligibility: Not available in Iowa or West Virginia
- Min. income: $12,000
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 580
- Time to get funds: As soon as 1 - 3 business days6
- Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Lenders who offer small loans as low as $2,000
Avant
A small loan from Avant starts at $2,000 and you can receive funds as soon as the next business day (if approved by 4:30 p.m. CT on a weekday). It’s a good option if your credit score isn’t great but still need to borrow money.
- Rates: 9.95% - 35.99% APR
- Loan terms (years): 2, 3, 4, 5*
- Loan amount: $2,000 to $35,000**
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
- Min. income: $1,200 monthly
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 550
- Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
LendingPoint
Loans at LendingPoint start at $2,000 to $25,000. But you can get your money as soon as the next business day and near-prime credit scores qualify.
- Rates: 15.49% - 35.99% APR
- Loan terms (years): 2, 3, 4, 5
- Loan amount: $2,000 to $36,500
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except NV and WV
- Min. income: $20,000
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 580
- Time to get funds: As soon as the next business day
- Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
LendingPoint personal loans review
OneMain Financial
With OneMain Financial, you can borrow $1,500 to $20,000 — though higher loan amounts might require collateral. OneMain Financial could also be a good option if you have less-than-perfect credit.
- Rates: 18.00% - 35.99% APR
- Loan terms (years): 2, 3, 4, 5
- Loan amount: $1,500 to $20,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
- Min. income: Does not disclose
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: None
- Time to get funds: As soon as the same day, but usually requires a visit to a branch office
OneMain Financial personal loans review
Prosper
Small loans from Prosper start at $2,000 and the loan approval process will be, on average, within 5 days of accepting your offer.
- Rates: 6.95% - 35.99% APR
- Loan terms (years): 3, 5
- Loan amount: $2,000 to $40,000
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA, ND, WV
- Min. income: None
- Customer service: Phone, email
- Soft credit check: Yes
- Min. credit score: 640
- Time to get funds: As soon as one business day
- Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Not all lenders have the same loan terms and requirements for borrowing money. If you’re going to get a personal loan online, try to compare them all first to see which one is right for you.
Small personal loans from banks and credit unions
Many local banks and credit unions offer personal loans, as well, but qualifications vary based on institution.
Credit unions, for example, may allow you to have a lower-than-average credit score to get a personal loan, but you usually have to be a member of the credit union for a certain period of time before qualifying.
Both big banks and small, local ones usually offer person loans as well. If you already belong to a bank, compare their interest rates, repayment terms, fees, and how much you can borrow with other places, like credit unions and online lenders.
Pros and cons of a small personal loan
There are some instances where borrowing a little bit of money is a good idea, but that doesn’t mean it’s always the best decision.
A small personal loan is a good idea if:
- You need the money soon as a one-time expense
- You have the credit score to qualify for borrowing
- You have room in your budget to afford repayment
A small personal loan may not work for you if:
- You need ongoing cash instead of a one-off expense
- Your credit score is too low to qualify
- Your income and expenses don’t allow for any extra payments
Since not all personal loan lenders have the same lending terms, your qualifications may be different depending on the lender.
Personal loan alternatives
If you don’t qualify for a personal loan or you’re looking for other places to get money, you have a few other options to consider:
- Payday alternative loans (PALs): While payday loans have short terms (like two to four weeks) and high interest rates, Payday alternative loans are small loans that are offered by credit unions. The National Credit Union Administration allows federal credit unions to offer loans from $200 to $1,000 with loan terms ranging from 1 to 6 months. But you have to be a member of the credit union for at least a month before applying.
- Nonprofits and charities: Local nonprofits, charities, and religious organizations offer help to those who are financially struggling. These organizations can help with things like utilities, food, rent and other financial emergencies. Call 211 or check their resources to see if you qualify for help.
- Credit cards: While pulling out the plastic is one of the most convenient options you have, there are a few caveats. There’s usually a fee for a cash advance depending on how much you withdrawal. Or if you pay for something with your credit card, you’ll face an interest charge if you don’t pay it off by the end of the billing cycle.
- Friends and family: Asking for financial help is no easy task, but if you don’t have the credit score to get a personal loan or another alternative it can be a smart choice. If you go this route, make sure you have some sort of written agreement that details a repayment plan and what happens in case things don’t go according to plan. If you don’t have anyone to loan you money, consider asking those with solid credit scores if they can serve as a loan cosigner.
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
