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You may find yourself in a situation where you need just a bit of cash to cover the cost of things like moving expenses or car repairs. A personal loan is one option. There are some lenders, credit unions in particular, where you're likely to find small loans available. You might even be able to borrow as little as a few hundred dollars.
Best Small Personal Loans
- PenFed Credit Union Personal Loan: Best for short repayment terms
- Alliant Credit Union Personal Loan: Best for fast approval and funding
- Upgrade Personal Loan: Best for Excellent credit
- First Tech Personal Loan: Best for long repayment terms
- Navy Federal Credit Union Personal Loan: Best for extra-small loans
- Upstart Personal Loan: Best for easy qualification
- Best Egg Personal Loan: Best for excellent customer service
Next Step: See if you're prequalified for a loan with no impact on your credit score.
If you're looking for a good small personal loan lender, here are a few of the best places to start your search.
We've gathered the best lenders for people with a range of credit scores, with a specific focus on finding companies that offer low APRs.
Compare the Best Small Personal Loans
Small Loan Frequently Asked Questions
Why don't many major banks offer small personal loans?
It can cost just as much to service a small loan as a larger one, and many banks don't find the low interest rates and small profit margins worth it. As a result, many online lenders and traditional brick-and-mortar institutions have relatively high minimum loan amounts, so they often aren't the best option if you just need a little cash to tide you over.
What can I use a small personal loan for?
You can use a small personal loan for a variety of purposes, though the list varies depending on the lender. Some common reasons include: debt consolidation; credit card refinancing; home improvements; moving expenses; travel; car repair; dental work financing.
How much will a small personal loan cost?
This is contingent on how much you'd like to take out, what APR you receive from your lender, and how long it takes you to pay off the loan. The higher the loan amount and APR, the more a loan will cost you. With a longer term length, you will divide up your payments over more time so you'll pay less per month, but it will cost you more in the long run.
What's the smallest personal loan I can get?
While many lenders offer loans from $1,000 and up, you can get loans in the hundreds of dollars. For instance, you can get a loan of as little as $250 from Navy Federal Credit Union, and you can get a NetCredit personal loan of as little as $500.
How quickly can I get my small personal loan money?
You can get your money as soon as the same day depending on the lender. Usually, a lender will send the money fairly quickly after the application is approved, but there is often no guarantee on the speed of the approval process.
Small Personal Loan Lenders
PenFed Credit Union Personal Loan
PenFed Credit Union has the shortest minimum repayment term length of any of the lenders on our list. This may be helpful if you can afford larger monthly payments and want to save on the total interest you pay. PenFed also has one of the lowest starting APRs of any of our top picks for small personal loans.
The company's personal loans have no origination fees and no prepayment penalties. You can apply with a co-borrower, which may help you get a better interest rate if your co-borrower has a good credit history.
You don't need to be a PenFed member to apply for a loan, but you'll need to become a member to accept a loan offer. If you've served in the military or work at qualifying associations or organizations, you'll qualify. If that doesn't apply to you, you can join by opening a savings account with a $5 minimum deposit.
PenFed Credit Union Personal Loan Review
Alliant Credit Union Personal Loan
Alliant Credit Union, like every other credit union on our list, has an unspecified minimum credit score. The higher your credit score, the more likely you are to be approved for a loan with a great rate. The lender charges no origination fees and has no late payment penalty, lowering the overall cost of your loan.
In most cases, you can get loan approval and funding on the same day, which gives Alliant a leg up on competitors whose approval processes are slower.
Alliant offers one of the shortest repayment terms of any lender on our list of top picks. While you'll pay more per month with a shorter repayment term, you'll save in the long term by paying less in total interest.
You'll have to be a member of Alliant to take out a personal loan with the company, but the good news is the eligibility requirements are relatively lax. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
You can also purchase debt protection for your loan that covers death, disability, and involuntary unemployment, safeguarding you from unexpected events that could leave you unable to repay your loan. The monthly cost for debt protection per $1,000 of your outstanding loan balance is $1.99.
Alliant Credit Union Personal Loan Review
Upgrade Personal Loan
Upgrade offers one of the lower minimum APRs among our picks. Keep in mind that you'll only qualify for this rate if you have excellent creditworthiness, so if your credit score isn't in the best of shape, exercise caution. People with worse credit scores may end up paying an APR closer to 35.99%.
Upgrade will charge you an origination fee between
You can choose a loan term between two to seven years — a longer term will mean your monthly payments are small, but you'll pay more in total interest. Once you accept your loan offer, you should get your funds as soon as the next day.
First Tech Personal Loan
Firts Tech will lend you as little as $500, which is useful if you're looking for a small amount of cash and want to avoid the high APRs that accompany payday loans. First Tech loans come with no application, origination, or annual fees, and there's no penalty for paying off your loan early.
If you're looking to spread out your payments over a longer amount of time, First Tech has the longest maximum loan repayment length of any lender on our list. You can divide up your payments over seven years, which will reduce your monthly payments but will cost you more overall due to interest.
First Tech doesn't specify its minimum credit score, so you'll have to apply with the lender to see if you're eligible.
While you'll have to join First Tech to be eligible to take out a personal loan with them, it's relatively easy to qualify for membership. The simplest way to qualify is by joining the Financial Fitness Association for $8, though you may also be eligible if you live or work in certain parts of Oregon.
First Tech Personal Loan Review
Navy Federal Credit Union Personal Loan
Navy Federal Credit Union offers loans for as little as $250, the smallest minimum loan amount of all the lenders on our list. If you are looking for an alternative to a payday loan with lower APRs, Navy Federal's personal loans may be for you. Keep in mind, while the lender doesn't have a specified minimum credit score, eligibility requirements will likely be higher than with a payday lender.
Navy Federal's APR range depends on the repayment term length. For loans up to three years, the range is 7.49% to 18%, while for loans between 37 and 60 months, you'll pay between 14.79% to 18%. You may find a better rate on a longer repayment term elsewhere.
However, you'll face relatively stringent eligibility requirements to join the credit union. You qualify if you are active military or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
Navy Federal Credit Union Personal Loan Review
Upstart Personal Loan
Upstart personal loans may be easier to qualify for than any others on our list. The minimum credit requirement for Upstart is 600, the lowest of all of our top picks. However, if your credit score is low, you might end up paying a high APR and may want to consider an alternative to a personal loan.
Upstart's loan repayment term options are fairly limited — you can choose between a three-year or five-year term. On the bright side, the company usually funds loans within one business day, which is useful if you need your money fast.
Best Egg Personal Loan
Best Egg has the highest minimum credit score requirement of any lender on our list, but offers a low minimum APR for borrowers with good creditworthiness. Additionally, about half of Best Egg customers will receive their money the day after applying for the loan, so the lender could be a good option if you need money quickly.
If you're looking for a company with great customer service, Best Egg may be a good choice. The company boasts a 95% customer satisfaction rate, which is supported by its top-notch A+ Better Business Bureau trustworthiness score.
While there are no prepayment penalties with Best Egg, you will pay an origination fee between
Other Small Amount Personal Loans We Considered
OneMain Financial Personal Loan - Product Name Only : OneMain offers loans betweenOneMain Financial Personal Loan - Loan Amount Range to borrowers, but its minimum APR of 18% is much higher than the other lenders on our best picks list. Read Insider's full review of OneMain Financial.U.S. Bank Personal Loan - Product Name Only : While US Bank has a solid APR range ofU.S. Bank Personal Loan - Loan Amount Range , the bank has a minimum credit score of 680, which may make it inaccessible to some borrowers.Prosper Personal Loan - Product Name Only Prosper only offers two repayment term lengths to choose from, three or five years. Its minimum loan amount of $2,000 is higher than most of the other lenders on our list. Read Insider's full review of Prosper.Rocket Loans Personal Loan - Product Name Only : Like Prosper, Rocket Loans only lets you choose a three-year or five-year repayment term length and has a minimum loan amount of $2,000.LendingClub Personal Loan - Product Name Only : LendingClub has a relatively high maximum APR, and only two repayment term lengths to choose from. Read Insider's full review Insider's full review of LendingClub.Avant Personal Loan - Product Name Only : Avant has a higher minimum APR than any lender on our list at 9.95%, and the minimum you can borrow from the company is $2,000. Read Insider's full review of Avant.
See our guide to the best low-interest personal loans »
Small Loan Lender Trustworthiness
Whether you're looking for a $2,000 loan or a $5,000 loan for your small loan, finding a trustworthy lender can help improve your loan experience.We've only selected online personal loan lenders with no public controversies in the last three years. We've also compared each institution's Better Business Bureau score.
The BBB measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB Grade |
| Upgrade Personal Loan | A+ |
| Best Egg Personal Loan | A+ |
| PenFed Credit Union Personal Loan | A+ |
| First Tech Personal Loan | F |
| Navy Federal Credit Union Personal Loan | NR |
| Upstart Personal Loan | A+ |
| Alliant Credit Union Personal Loan | A+ |
All of our top picks are rated A+ by the BBB, with the exception of First Tech Federal Credit Union and Navy Federal. The BBB gives First Tech an F grade because of 92 complaints filed against the business, including five unresolved complaints. Navy Federal is unrated as the company responds to previously closed complaints.
Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible.
Alternatives to Small Personal Loans
While personal loans can be a good option to get money quickly, there may be less expensive avenues if you only need a small amount:
- Ask friends or family. It may be uncomfortable to ask friends or family for a loan, but you can often come to an agreement with lower interest rate payments than through an official lender.
- Get a paycheck advance. Certain banks will allow you to receive your paycheck a couple of days early, and you can use apps that allow you to receive a portion of money you've already earned in a pay period. You can also ask your employer for a paycheck advance. However, taking a paycheck advance isn't free — you'll often be charged fees that come out of your earnings when you receive them.
- Take out a credit card. You might also consider a credit card instead of a personal loan. This could be particularly helpful if your credit isn't in the best shape and you qualify for a lower APR with a credit card than a personal loan lender. See our post on personal loans vs lines of credit for more on which option is better for you.
- Seek assistance from a local nonprofit or charity. Many local organizations have programs aimed at short term aid for those in need. You can find a list of some near you here.
- Take up part-time work in the gig economy. You can work on your own time with gig work like rideshare and food delivery apps. These extra jobs may allow you to make enough money to negate the need for a loan.
The Difference Between a Small Personal Loan and a Payday Loan
People often use payday loans to bridge the gap between paydays or to cover emergency expenses, so term lengths are much shorter than personal loans.
Payday loans also come with particularly high APRs — the average interest rate on a payday loan is roughly 400% — which is over 10 times higher than the highest APR of any personal loan lender on our list. The high interest rate on payday loans could trap you in a cycle of debt quickly if you happen to miss a payment.
You can also take out smaller amounts of money with payday loans. Minimums generally start around $50, while on our list of top picks, the lowest amount you can borrow is $250.
Payday loans usually aren't as hard to qualify for as personal loans. Many payday lenders don't run a credit check or even ensure you're able to repay the loan. Many states have banned payday loans due to predatory lending practices, whereas personal loans are generally accessible across the country.
Why You Should Trust Us: Our Methodology
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our full personal loans rating methodology >>
OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.