Get up to $40,000 in 2 minutes   Compare Loan Rates
Christine Tait

Last updated: 8/2019

Find the Best Personal Loan for Your Needs

Personal loans are one of America’s favorite lending products. They’re offered by a range of different lenders across the country. This type of loan is one of the original types of finance offered by lenders in modern history. If you’re old enough to borrow money, there’s a high chance that you have heard of personal loans.

Navigate

Background

Small Personal Loans

Personal loans come in a range of different sizes – they can be used for a variety of different purposes. Many people use them for large purchase or refinancing opportunities. But sometimes you don’t need tens of thousands of dollars. In this case, you might want to get a small personal loan.

But small personal loans aren’t understood by everyone. You might find that you’re confused as to whether or not you should get a small loan. You might also want to know how the entire process works. If that’s the case, this guide is perfect for you. It will provide you with all the information you need to know if a small personal loan is right for your situation. Don’t start your small loan journey without reading all the information that’s available in this guide.

What is a Small Personal Loan?

A small personal loan is simply a personal loan that is taken out for a small amount of money. This type of loan has much less value than a traditional personal loan, many of which can reach up to $50,000 in certain circumstances. Small personal loans on the other hand typically fall between $100 and $2,000. These types of loans are typically acquired at short notice to cover small costs.

They’re extremely useful in certain circumstances, but you’ll want to make sure you’re getting them for the right reasons. You don’t want to get any type of loan to purchase something that isn’t really necessary. Try and stick to purchases that have a direct and necessary impact on your life.

Uses for Small Personal Loans

There are a variety of different reasons that people end up getting personal loans. Small personal loans can be used for a variety of different things. There aren’t any restrictions on what you can use your personal loan for. So, using it for a variety of different reasons isn’t an issue. We thought it might be useful to outline some different ways our readers use small personal loans. Check it out below.

Technology Purchase
Technology can be expensive. But in the modern world it’s often important that you have access to certain items for your everyday life. Computers, phones, televisions, and other items are all considered essential by many Americans. Some people choose to use small personal loans to purchase these types of items. If they can get a decent interest rate for the loan, this is often not a bad option.

Dental Work
Getting dental work can be expensive, but if you have a sore tooth or a dental problem that needs to be fixed immediately, you will often need to accept the fact that you will have to pay the price. If you don’t have dental insurance, this can be even more expensive. Crowns on your teeth can often be around $1,000. Personal loans help people pay for immediate dental work that they might need.

Other Medical Expenses
There are plenty of other medical expenses that might result in you needing to take out a personal loan. Procedures and medication can be extremely expensive in the United States, and you might need some additional capital to help you fund medical expenses for you or a loved on. Personal loans have often been used to help people bridge funding for certain medical related costs. Keep in mind that some hospitals will allow you to set up payment plans that might not have interest attached to them.

Training and Education
One of the best ways to advance or improve your career is to invest in training or education. You can do so by partaking in short-term courses or other types of educational seminars. Perhaps you might attend a conference run by experts in your field. Regardless, the costs can sometimes be quite a lot if you’re told you have to pay it upfront. You might want to use a personal loan to help you cover some of the fees related to this.

Car Repair
One of the most inconvenient things that can happen is car malfunction. Car repair is extremely costly at times – you might not have the money saved up to fix your vehicle if it breaks. Worst of all, this can happen at any moment. Most people rely on their cars to get to work, school, and other commitments – not having one isn’t an option. This is especially true in the United States, where transport infrastructure is notoriously bad. Many people opt to get small personal loans when they need to make quick repairs to their cars. Regardless, you should make sure to get a few quotes before you jump to any decisions – you don’t want to borrow more than you need.

Home Repair
Home repairs are another example of an inconvenient cost that can appear at any moment. If something is to go wrong in your home, you’ll want to fix it as quickly as possible. You don’t want to end up costing yourself even more money if damages get worse. Many home repair specialists will require you to pay for repairs upfront, so getting a personal loan has been a common way for people to make repairing their home affordable in the short-term.

Covering Bills
If you have large bills that you were not expecting to have to pay, this can be a huge problem. The reality is that bills can get extremely difficult if they come in at higher than their normal amount. If you don’t pay them, it will go against your credit score and end up reducing your ability to get financing in the future. That’s why it’s so important to make sure that you do anything you can to pay your bills on time. Many people use small personal loans when they need to make bill payments that can’t wait any longer!

Small Refinancing
Large personal loans are often used for refinancing, but many Americans also use small personal loans for the exact same thing. If you have a small amount of outstanding debt that is currently being charged at a very high interest rate, you might want to consider refinancing it at a much lower rate. If you’re not able to pay off your debt in the near future, this is especially advantageous. Many personal loan companies are more than happy to provide customers with small personal loans for small refinancing.

Why Not Get a Larger Loan?

The reason that you should never borrow more than you need comes down to the way that personal loans are structured. Term loans are paid back over a set period of time at an interest rate that is determined prior to the lending of the money. You have to pay back the full amount of money you borrow even if you don’t use it. Which means that you have to pay interest on this amount of money as well.

With credit cards and lines of credit, you only pay interest on the money that you access. But you do pay a lot higher of an interest rate. Regardless, term loans should be used for purchases that you know the cost of – this way you can borrow the exact amount of money that you need to borrow. Getting a large loan will just result in you paying additional interest for no reason. Small personal loans are great for ensuring that you reduce your costs.

Where Can I Get Small Personal Loans?

If you’re looking to get small personal loans, you can get them from a variety of different lenders. You no longer need to go to a bank to access a small personal loan. Instead, you can apply directly online in just a few minutes. These online lenders have become increasingly popular because their application process is extremely short. In addition, they cater to a more diverse range of credit scores – meaning you don’t have to be perfect to get approved.

We highly suggest that you apply online. The process is much quicker, and you can typically receive a decision within minutes. In addition, it’s also much safer. When you apply for a loan, you have to impart with seriously valuable personal information – such as your Social Security Number and address. It’s much safer to hand this information over the internet than through a paper application that could end up being seen by anyone. Keep your data safe – apply online!

How Long Will It Take to Get My Money?

The best part about applying for small personal loans online is the time that it takes to get your money. Since the application process is extremely quick, the only thing you need to consider is how fast the company is able to get the money into your hands. Most online lenders don’t write checks, instead they will simply transfer you the money electronically so that the money goes straight into your bank account.

This can typically happen in about 24 hours. If you are approved for the loan, you’ll most likely be able to get your money within a day. This means that you can quickly have access to cash if you need money for an emergency. This is much faster than it used to take to get any form of reasonable personal loan from a bank.

Avoid Payday Loans

If you’re considering getting a personal loan for an upcoming expense, chances are you’ve also considered getting a payday loan. Many people get payday loans when they need access to cash quickly. It can be an easy way to get some money upfront for a large expense that you can’t currently afford. But these types of loans should be avoided at all costs by any reasonable borrower.

Payday loans are often called predatory loans because they end up preying on people’s desperation. These types of loans can result in someone being in mountains of debt. If you’re unable to pay back the loan in full by the first payment date, you will often begin to accrue interest at a rate of about 200% — a truly ridiculous rate that can get extremely out of control if you’re unstable financially. There are many people around the country that have been completely ruined by payday loans.

This type of financing has become extremely popular because of how easy it is to get. It used to be much harder to get a personal loan quickly, so payday loans offered consumers the ability to get cash fast in an emergency. With the rise in online lending, these predatory loans are no longer as useful. Make sure to avoid a payday loan and get a small personal loan instead if you have an emergency.

Verdict

Small personal loans are a great stepping stone for a lot of people in the United States. Sometimes you don’t have the money to pay for necessities – small personal loans are a good low-interest option to help avoid these problems. They’re much more affordable and reputable than other types of financing that people often use in these circumstances.

You’ll want to ensure that you choose the best lender possible. Working with a bad lender is the easiest way to end up ruining your experience with personal loans. You don’t want to have a lending partner that makes your life more difficult. We’ve done extensive research on this matter, and come up with a list of the top small personal loans providers in the in the entire industry. If you want to work with a top lender that has a great reputation, check out our homepage.

Remember, only use financing for things that you need to pay for. You don’t want to get yourself in debt for something that you don’t need – making bad purchases is the easiest way to create long-term problems for yourself.

FAQ

Small Personal Loans Basics

Are you thinking of getting a small personal loan? This section provides a list of frequently asked questions for those seeking general information about this type of loan. Take time to browse the questions and their answers to make an educated decision about small personal loans.

test
How do I get a small personal loan?
To get a small personal loan, you can go to local credit unions. But first you must be a member of the union. You can get a loan valued at $2,500 or below.
How does a small loan work?
If you are approved for a small loan, you will be awarded the amount you applied for in lump sum. This amount must be paid back in installments within the agreed time frame. The interest rate is calculated based on your credit score. This type of loan is best suited for those who need a small amount for any purpose that you deemed fit.
Can you increase your loan amount?
Yes. You can increase your loan amount when desired but you may have to pay for breakage fees. It will also be treated as a new application so expect an interest rate readjustment.
How much is a small loan?
A small personal loan is classified as any type of personal loan that costs below $3,000. Small personal loans can be as low as $200.
Will a small personal loan help my credit?
It depends on how you use the small personal loan funds. If you use it to pay off debts, it will boost your credit score.
Is National Small Loan legit?

Yes. National Small Loan is a legitimate lender and it is accredited by the Better Business Bureau (BBB). Take a look at more installment loans direct lenders.

How to get a small cash loan?
You can look for lenders and credit unions that offer personal loans. Most of these personal loan providers can offer small cash loans to interested borrowers.
Do small loans build credit?
You can improve credit score with small loans when used to pay off credit card debts.
How long does it take to get a small loan?
The entire process of application to release of loan funds can take no more than 7 days. For online lenders, the amount can be deposited to your bank account within hours of approval.
How hard is it to get a small personal loan?
For small personal loans, it is not difficult to get approved for them as long as you have good credit.
How do small personal loans need notaries?
It will depend on the lender and their policies. But in the case of signature small loans, notaries might be required to secure the loan.
Can a small loan company garnish your wages?
The only way that a small loan company (or any lender) can garnish your wages is if they have a court order. To get a court order, they need to file a lawsuit against you.
How to compare small loans?
There are several online comparison tools designed for small loans and loan providers. Use them to help you find the most suitable option for getting a small loan for your financial needs.
How easy is it to get a small cash loan?

If you have good credit and a stable income source, it should be easy to qualify for a small cash loan. It can also be easy on peer to peer lending sites.

How long does small loan company report credit?
A small loan is not typically added to your credit report, unless you miss or unable to make payments.

Applying or Qualifying for Small Personal Loans

Each type of loan requires a different application process and/or requirements. In this section, you can browse questions that will provide more information on how you can apply and get approved for small personal loans.

test
How long does it take to get approved for a personal loan?
The traditional process for small personal loans, it can take around 72 hours to 5 days. Make sure you submit all the required documents during the initial application to speed up the processing and release of the desired loan amount.
How to get a small loan with bad credit?

Most personal loans, including small personal loans, are unsecured and won’t require collateral. For this reason, people with bad credit can still get approved but you must expect limited options and higher interest rates. You can qualify for bad credit loans but it will be more expensive to repay.

How to get a small loan with no credit?
Finding a willing lender when you have no credit history can be extra challenging, even more than people with poor credit. You have to do extensive research to find lenders that would be willing to provide loans for people with no credit, or those who are still building their credit. If you can find them, you will be asked to provide proof of income or an income that you must have access to.
How to apply for a small loan?
Before you apply for a small loan, decide the amount you need. It is also good practice to check your credit score to see if you qualify (according to the amount you want to apply for). Once you have that figured out, check local credit unions to apply for small loans. You can also find online lenders that specialize on small personal loans.
How to get a small loan fast?
If you want to obtain the funds you need from small personal loan fast, make sure you provide the complete list of requirements. It is also important to check if your credit score qualifies.
How to qualify for a small personal loan?
To get approved for small personal loan, improve your credit score first. It is also a good idea to lower your DTI or debt-to-income ratio. And if you are unemployed, wait until you have an established employment.
How to get a small loan from your bank?
It is typically more difficult to get approved for small loans from bank. But if you have good credit, you should have no problem getting approved.
Can I get a small loan with no job?
Yes. You can still qualify for small personal loans even with no job if you can provide proof of income, or access to income (such as savings, etc).
Can you get a small loan with bad credit?
Yes. There are many lenders and credit institutions that accept loan applications from people with bad credit. Expect to pay for higher interest rates, though, compared to people with good credit.
How to apply for a small loan online?
You must conduct online research on lenders that offer small loans. Once you can identify the best lender, you can go to their website and submit your application or provide the list of requirements needed.
How to get a small loan with no bank account?
For small loans, a bank account is typically not required. You can get the loan in cash or check.
What do you need to get a small loan?
You need proof of income and bank account (in most cases, for lenders that directly deposit the amount). Good credit is not necessary, but it will vary according to which lender you choose.
Can someone on disability get a small loan?
Finding a lender that can provide loans for people on disability is difficult due to the limited income. But you can try out with credit unions and online loan providers as they may be more forgiving than most major banks.
What are the credit requirements for small loans?
There are varying credit requirements for every credit union or lender that offers small loans. But borrowers with a credit score of no less than 525 should find many options.
What is the minimum credit score for small personal loans?
The minimum credit score required to qualify for small personal loans can be anywhere from 580 to 620. But this can largely vary from one lender to another.
How to get a small signature loan?
Signature loans can be anywhere from $500 to $50,000. But if you want a small signature loan, you can discuss it with a credit union or a lender in your area. Each lender will impose varying credit requirements to qualify for a signature loan.
How to get a small medical loan?

You can search for lenders that specifically offer personal loans for medical bills. Just like other types of personal loans, you will be required to provide your employment, personal, and financial details.

How to fill out affidavit for small personal loan?
An affidavit must be filled out with the loan agreement on small personal loan. This is a legal document so it must be executed under the presence of legal personnel.
How to get small unsecured loan with bad credit?

It is possible to get approved for a small unsecured personal loan even with bad credit. First, you must know your credit score so you know if you qualify for loans for certain lenders. You can also compare various lenders online to find those that are willing to provide loan for people with bad credit.

How long to get approved small loan?
It will vary according to where you borrow from and your qualifications. But some loan lenders an approve loans within 24 hours or no more than 72 hours.

Where to Get Small Personal Loans

Are you looking for lenders that offer small personal loans? You will find a list of questions that will help you determine the best option to obtain small personal loans.

test
Where to get a small loan?
If you are looking for small personal loan, you can look at local credit unions. They are the best source for small loans that range from $200 to $1,000. However, you must be a member first before you can take out a loan.
Where can I get a small loan with bad credit?
You can start with local credit unions and online lenders. Most banks are quite strict when it comes to the qualification requirements for small loans, so they might not be your best option.
Where to get a small loan near me?

If you are searching for small loan providers in your area, look for credit unions. They cater to people with all types of credit standing for small personal loans. Some find BB&T personal loans to be a good option if they’re near your location.

Does Chase do small loans?
No. Chase does not offer personal loans at the moment, even for those with stellar credit.
Does Bank of America offer small personal loans?
No. Bank of America no longer provides unsecured personal loans.
Where can I get a small loan with poor credit?
The best options for people with bad credit in search of small loans are credit unions or online lenders. If you can provide proof of income, you should find a willing lender.
Do banks do small personal loans?
Not all banks offer small personal loans. Most banks also impose strict requirements for qualification, especially for people with bad credit.
Where to apply for a small loan?

You have many options for small loan. But if your credit score is far from being good, you can go to credit unions and online lenders. According to a Prosper loans review they are one of the best online options.

How do you get a small loan from Huntington bank?
If you want to apply for small loan from Huntington Bank, you can send in your application online.
Does Commbank do small loans?
Yes. Commbank offers both secured and unsecured personal loans.
Where can I get a first time small personal loan?
If you have good credit, you can go to your bank for personal loans. If not, you can try credit unions and online lenders.
How to get a small loan from TD bank?
Yes, TD Bank offers small personal loans. But your application is subject to credit approval.
What is a Freddie Mac small balance loan?
This type of loan is designed to provide financing for multi-family properties, such as for constructing apartments and similar properties with 5+ units.
Does Citzen bank offer small loans?
Yes. Citzen Bank offers small and personal loans for its customers with good credit. Their loans have a fixed or variable interest rate that starts at 6.78%.
Can I get a small loan through Prosperity Bank?
Yes. Prosperity Bank offers a wide range of personal loans to suit their customers’ needs.
How to take out a small loan from US Bank?
A Simple Loan is available from US Bank for individuals in need of small amount of cash to cover for unexpected expenses. You can apply online for a loan worth $1,000 or more, and it will be deposited directly to your bank account once approved. At least 3 months of recurring deposit to US Bank is required to qualify, along with Social Security Number.
Does Capital One do small loans?
No. Capital One does not offer small loans or other types of unsecured personal loans.
Does Simmons first bank do small personal loans?
No. Simmons Bank currently does not offer any type of personal loan.
Where can I get a small loan on disability?
You can look to credit unions and online lenders if you are in search for a small loan on disability.
Does Woodforest bank do small loans?
Yes. Woodforest Bank offers personal loans to its customers. It is one of many consumer loans that they have on offer.
Does first Metro Bank do small loans?
Yes. First Metro Bank offers a wide range of personal loans to suit the customer needs, which includes small loans.

How Helpful was this Article?

4.9
4.9 rating
4.9 out of 5 stars (based on 11 reviews)
Excellent91%
Very good9%
Average0%
Poor0%
Terrible0%

Please Rate this Article

Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.