Small Personal Loans in 2020: Compare Your choices

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A small personal loan can be a quick, convenient option to pay an immediate expense, like a medical expense or car repair, if you don’t have emergency savings or?other ways?to pay for the cost. The nonprofit Pew Charitable Trusts says affordable small-dollar loans should have:

  • Monthly payments that aren’t a lot more than 5% of the monthly income.
  • Fixed monthly payments and no balloon payments.
  • Loan terms between 3 and Twelve months.

Minimum loans differ among lenders, so compare multiple personal loans to obtain the correct one. Listed here are our picks for private loans for small dollar amounts.

Small loans online lenders: Starting at $1,000

Few online lenders offer loans as small as $1,000. Four that do are Laurel Road, LendingClub, Upgrade?and Upstart. These lenders target borrowers with fair to good credit.

5.0NerdWallet rating

APR: 8.01% – 16.30% (with autopay).

Loan amount: $1,000 – $45,000.

Loan terms: 3 to 5 years.

Minimum credit rating: 700.

Time to funding: 5 business days.

Fees: No origination fee; late fee is the lesser of 5% of payment or $28.

Read our review.

Check RateClick to pre-qualify on NerdWallet.4.0NerdWallet rating

APR: 6.95% – 35.89%.

Loan amount: $1,000 – $40,000.

Loan terms: 3 or Five years.

Minimum credit rating: 600; borrowers average 699.

Time to funding: In as few as Three days.

Fees: Origination fee of 1% – 6% of loan amount; fees for late payment, unsuccessful payment and personal check use.

Read our review.

Check RateClick to pre-qualify on NerdWallet.

 

4.0NerdWallet rating

APR: 7.99% – 35.89%.

Loan amount: $1,000 – $50,000.

Loan terms: 3 or 5 years.

Minimum credit rating: 620.

Time to funding: Twenty four hours.

Fees: Origination fee of 1.5% – 6% of amount borrowed.

Read our review.

Check rateClick to pre-qualify on NerdWallet.4.0NerdWallet rating

?APR: 8.89% – 35.99%

?Loan amount: $1,000 – $50,000

?Loans: 3 to 5 years

?Minimum credit score: 620

?Time to funding: Next business day

?Fees: Origination fee of 0% – 8% of amount borrowed. Fees for late payment and unsuccessful payment

?Read our review

Check RateClick to pre-qualify on NerdWallet.

 

Small loans online lenders: Starting at $1,500 and $2,000

OneMain?and Avant offer loans starting at $1,500 and $2,000, respectively, and are good options for borrowers with poor credit. Loans from Best Egg, Prosper and Rocket Loans start at $2,000 and frequently require a good credit score.

4.0NerdWallet rating

APRs: 16.05% – 35.99%.

Loan amount: $1,500-$30,000.

Loan terms: Two to five years.

Minimum credit score: None, but borrowers average 600 to 650.

Time to funding: Same day.

Fees: Origination and additional fees; both vary by state.

Read our review.

Check rateClick “Check rate” to pre-qualify on NerdWallet..4.5NerdWallet rating

APR: 9.95% – 35.99%.

Loan amount: $2,000 – $35,000.

Loan terms: 2 to 5 years.

Minimum credit score: 580.

Time to funding: When the next business day.

Fees: Administrative fee of 4.75% of loan amount; fees for overtime and unsuccessful payment.

Read our review.

Check rateClick to pre-qualify on NerdWallet.

 

4.0NerdWallet rating

?APR: 5.99% – 29.99%

?Amount borrowed: $2,000 – $35,000

?Loans: 3 or 5 years

?Minimum credit rating: 640; average is 700

?Time for you to funding: As quickly as eventually

?Fees: Origination fee of 0.99% – 5.99% of amount borrowed, late fee of $15

?Read our review

Check RateClick to pre-qualify on NerdWallet.3.5NerdWallet rating

?APR: 6.95% – 35.99%

?Amount borrowed: $2,000 – $40,000

?Loans: 3 or 5 years

?Minimum credit rating: 640; borrowers average 710

?Time to funding: 1 to 3 days after approval

?Fees: Origination fee of 2.4% – 5% of amount borrowed; fees for late payment and unsuccessful payment

?Read our review

Check RateClick to pre-qualify on NerdWallet.

 

4.0NerdWallet rating

APR: 5.98% – 29.99%.

Loan amount: $2,000 to $45,000.

Loan terms: 3 or Five years.

Minimum credit score: 640.

Time to funding: Typically Twenty four hours.

Fees: Origination fee of 1% – 6% of amount borrowed; fees for overtime, unsuccessful payment and personal check use.

Read our review.

Check RateClick to pre-qualify on NerdWallet.

Best online lenders for small personal loans

Lender Minimum loan size Get started
Laurel Road
5.0NerdWallet rating
$1,000 Check ratesat Laurel Road
LendingClub
4.0NerdWallet rating
$1,000 Check ratesat LendingClub
Upgrade
4.0NerdWallet rating
$1,000 Check ratesat Upgrade
Upstart
4.0NerdWallet rating
$1,000 Check ratesat Upstart
OneMain Financial
4.0NerdWallet rating
$1,500 Check ratesat OneMain
Avant
4.5NerdWallet rating
$2,000 Check ratesat Avant
Best Egg
4.0NerdWallet rating
$2,000 Check ratesat Best Egg
Prosper
3.5NerdWallet rating
$2,000 Check ratesat Prosper
Rocket Loans
4.0NerdWallet rating
$2,000 Check ratesat Rocket Loans
Click “Check Rate” to pre-qualify on NerdWallet and receive personalized rates from multiple lenders.
CHECK RATE

Small loans from credit unions

For some borrowers, a local credit union is the best place to get a small-dollar loan. Lending institutions are not-for-profit institutions built to serve their visitors, and many look at a lot more than your credit score when they assess you for a loan.

Many federal credit unions offer payday alternative loans, typically between $200 and $1,000, to borrowers with low credit ratings.?Legally, federal credit unions may charge maximum?annual percentage rates of 18% for private loans and 28% for payday alternative loans.

Small loans from banks

Not all major banks offer unsecured loans, and?many?which do offer larger loans.?Citibank and PNC?are a couple of banks that provide small unsecured loans in addition to competitive rates of interest and rate reduced prices for existing customers.

Citibank loans start at $2,000, and customers with Citibank checking accounts could possibly get rate reduced prices for making automatic loan repayments. PNC’s loans start at $1,000, and existing customers receive a 0.25% rate discount when they set up payments using their checking accounts.

Compare your options for small personal loans

Where to obtain a small personal loan Typical requirements
Online lenders
  • Have a credit score and credit rating.
  • Have a normal source of income.
Credit unions (federal or state)
  • Live, work or worship in the region.
  • Become an associate by depositing $25 in a savings account.
  • Have a credit score and credit history.
Some major banks
  • Become a bank customer.
  • Have a good credit score and credit rating.
  • Have a normal income source.
Rent or utility assistance funds, charities, nonprofits, religious organizations
  • Live within the service area.
  • Meet income eligibility guidelines.
Your employer
  • Offers paycheck advance option.
Pawnshops
  • Item to pawn.

Alternatives to small personal loans

You have options other than taking a small loan with interest and potentially fees. NerdWallet recommends exhausting cheaper alternatives first, even though you require the money to have an emergency. Take the quiz to explore your options:

Recap: Small personal loans

  • Online loans starting at $1,000: Laurel Road, LendingClub, Upgrade, Upstart.
  • Online loans starting at $1,500: OneMain.
  • Online loans starting at $2,000: Avant, Best Egg, Prosper, Rocket Loans.
  • Small loans from banks: Citibank, PNC.

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