Best Small Personal Loans July 2022

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Small personal loans can help you cover unexpected expenses in an emergency. Here’s what you need to know when borrowing a small amount of money. (Shutterstock)

Sometimes life throws unexpected costs at you. When you need more cash than you have to meet an unexpected expense or emergency, a small personal loan can come in handy. You can use personal loans for a variety of expenses, and you can choose how much you want to borrow — even if it’s a small amount.

Here’s how small personal loans Work, 10 best small lenders to consider and how to apply for a small amount of money.

Credible has several lenders that offer small personal loans. It’s easy to View your prequalified personal loan ratesand it only takes a few minutes.

What is a small personal loan?

A small personal loan is a loan you take out for a small amount of money (often $2,000 or less) that you can use on a variety of expenses. The amount you can borrow with a personal loan varies by lender and depends on your credit history income.

As with a large personal loan, you pay in fixed installments plus interest over the life of the loan.

Small personal loans are rarer than larger ones and not all lenders offer loans for small amounts. But you can find them at some online lenders, credit unions, and community banks. It is worth noting that personal loans for very small amounts can sometimes come with high fees.

Believable makes it easy Compare personal loan rates from different lenders, all in one place. And it won’t affect your credit score.

10 Best Small Personal Loans of July 2022

If you only need to borrow a small amount of money, these 10 credible partner lenders offer small personal loans:

Avant: Best for debt consolidation

  • Loan Amounts: $2,000 to $35,000
  • Minimum creditworthiness: 550
  • Time to fund: Next business day (if approved by 4:30 p.m. Central Time on a weekday)

Discover: Best for quick approval

  • Loan Amounts: $2,500 to $35,000
  • Minimum creditworthiness: 660
  • Time to fund: Already on the next working day after acceptance

LendingClub: Best for flexible loan amounts

  • Loan Amounts: $1,000 to $40,000
  • Minimum creditworthiness: 600
  • Time to fund: Usually lasts about 2 days

LendingPoint: Best for DIYers

  • Loan Amounts: $2,000 to $36,500
  • Minimum creditworthiness: 580
  • Time to fund: Already on the next working day

OneMain Financial: Best for those with poor credit

  • Loan Amounts: $1,500 to $20,000
  • Minimum creditworthiness: none
  • Time to fund: Already on the same day, but usually requires a visit to a branch

PenFed Credit Union: Best without fees

  • loan amounts: $600 to $50,000
  • Minimum creditworthiness: 660
  • Time to fund: 2 to 4 business days after verification

Prosper: Best for large quantities

  • Loan Amounts: $2,000 to $40,000
  • Minimum creditworthiness: 640
  • Time to fund: Already 1 working day

Universal Credit: Best for autopay rebates

  • Loan Amounts: $1,000 to $50,000
  • Minimum creditworthiness: 560
  • Time to fund: Within a day of approval

Upgrade: Best for credit card refinancing

  • Loan Amounts: $1,000 to $50,000
  • Minimum creditworthiness: 560
  • Time to fund: Within 1 day of approval of required reviews

Upstart: Best for low credit

  • Loan Amounts: $1,000 to $50,000
  • Minimum creditworthiness: 580
  • Time to fund: Already 1 working day

Other lenders to consider

The following two lenders are not credible partners, so you cannot easily compare your rates with them on the credible platform. However, they may also be worth considering if you are looking for a small personal loan.

Navy Federal Credit Union

  • Loan Amounts: $250 to $50,000
  • Minimum creditworthiness: Doesn’t reveal
  • Time to fund: Already 24 hours after approval

PNC bank

  • Loan Amounts: $1,000 to $35,000
  • Minimum creditworthiness: Doesn’t reveal
  • Time to fund: Funding time may vary

methodology

credible evaluated the best small loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service department and email support. Each data point was checked for topicality.

How to apply for a small personal loan

If you choose to Apply for a small personal loanthese are the steps you will generally follow:

  1. Shop around and compare lenders. Research a few different lenders to see which offer the loan amount and terms you are looking for. You can apply for prequalification on various personal loans that will not affect your credit score. While not an official offer, a prequalification gives you an idea of ​​what interest rates and terms a lender is likely to offer you if you officially apply.
  2. Check loan offers. Once you have pre-qualified with multiple lenders, review your loan offers and choose the one that works best for you. View each lender’s loan amount, APR, repayment terms and any fees.
  3. Apply. Once you know which lender you want to apply to, submit your application. You must provide personal information such as your name, address, date of birth, social security number, employment status, and income. The lender conducts a tough credit check and checks your credit score as soon as you apply, which may temporarily lower your score by a few points.
  4. receive credit funds. If approved, review and sign your loan agreement, which outlines all of the terms of your loan. The lender will disburse your loan funds, usually by depositing them directly into your bank account.

When you’re ready to apply for a personal loan, visit Credible quickly and easily Compare personal loan rates to find one that works best for you.

This is how you qualify for a small personal loan with a bad credit bureau

You can still qualify for a bad credit loan, but the Interest charges The amount you receive can be high, which can result in you paying more over the life of the loan. If you have time on your side, you can work on it improve your credit score before applying for a personal loan.

Here are some things you can do to strengthen your credit and increase your chances of being approved for a small personal loan or lower interest rate in the future:

  • Make timely payments to existing credit accounts.
  • Pay off debt (like credit card balances), which lowers your loan utilization rate.
  • Check your credit report for any mistakes and dispute them with the responsible credit agency.
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