What is the best place to get a small personal loan?

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they’re available to people with bad credit. They’re also very expensive in most cases.

Below, you can compare some of the easiest-to-get personal loans available right now.… read full answer

Easy Loans to Get Approved For

• OppLoans: No credit check. 59% - 160% APR.
• 60MonthLoans: No credit check. 19.24% - 69.5% APR.
• Integra Credit: No credit check. 99% - 300% APR.
• LendingPoint: 580+ credit score required. 7.99% - 35.99% APR.

A personal loan from OppLoans is one of the easiest loans you can get approved for because there’s no credit check when you apply. All you’ll need is to be at least 18 years old, have U.S. citizenship or permanent residency, and have enough income to make your payments each month. Integra Credit and 60MonthLoans are two similar options.

Among lenders that do a credit check, the easiest loans to get approved for are from LendingPoint. This online lender requires a credit score of 580 or higher for approval. LendingPoint loans also range from $2,000 - $30,000, require repayment in 24 - 72 months, and have an APR range of 7.99% - 35.99%.

Types of Loans That Are Easy to Get

No Credit Check Loans

A no credit check loan is the easiest type of loan to get approved for, though it isn't necessarily the best choice for everyone. No credit check loans are usually quite a bit more expensive than loans from lenders that check your credit.

Unsecured Personal Loans

Many unsecured personal loans may be easy for people with bad credit to get approved for since they typically have a credit score requirement of 580 or higher. However, these loans are risky for lenders to offer since you do not have to put up collateral.

Secured Personal Loan

The reason secured personal loans are easy to get approved for is that you will have to put up collateral that the lender can keep if you don't pay the loan back. This minimizes the lender's risk, so the approval criteria are relatively easy to meet.

Loan From a Friend or Family Member

You might find it easy to get a loan from a friend or family member, as they are less likely to be concerned with your credit.

Payday Loan

A payday loan is a small, short-term loan that you pay back with your next paycheck. But payday loans are incredibly expensive compared to normal personal loans, so they are not worth pursuing except as a last resort.

Emergency Loans

Emergency loans are personal loans that you can get within a few business days to pay for unexpected expenses such as hospital bills, auto repairs or fixing storm damage. They can offer up to $100,000 in funding, low minimum APRs and long repayment periods.

Hardship Loans from Local Government

All states offer hardship or disaster loans, whether it’s to help pay rent or to keep a small business afloat. These loans typically have eligibility requirements that are different from state to state.

Hardship Distribution from Your 401(k)

You can withdraw money from your 401(k) because of an important, immediate financial need. However, you cannot take out more than necessary to satisfy the need and you cannot repay the withdrawal.

401(k) Loan

A 401(k) loan lets you borrow money from your retirement account. You will need to repay the loan, along with interest, within 5 years of taking it out, or else there are taxes and penalties, in most cases.

Paycheck Advance

A paycheck advance is a way to get a portion of your next paycheck from your employer earlier than scheduled. Not all employers offer this service, though.

Car Title Loans

Car title loans usually allow you to borrow anywhere from 25% to 50% of the value of your vehicle in exchange for the car’s title, which serves as collateral for the loan. This type of loan typically comes with a monthly finance fee of 25% and a short payoff term of 15-30 days, so be cautious.

Pawnshop Loans

A pawnshop will evaluate a personal item that you bring in as collateral and loan you a percentage of its value. Pawnshop loans offer instant cash but can sell your property if you fail to repay the loan.

The smallest personal loan you can get from a major loan provider is $250 from Navy Federal Credit Union. The company also has an APR range of 7.49% - 18%, repayment periods of Up to 60 months (up to 180 for home improvement) and an origination fee of $0.

You do have to be part of the military community to qualify, though. The minimum loan amount available from most other major loan providers ranges from $1,000 to $3,500.… read full answer

Smallest Personal Loans

To see more of the top-ranked offers, check out WalletHub’s complete picks for the best small personal loans.

If you're having trouble finding a small enough loan from a major loan provider, you should look into alternatives. Using a credit card or getting a loan from a friend or family member may be a better option for you.

The best lender for a small unsecured personal loan is LendingClub because the company offers loans as small as $1,000 with APRs of 7.04% - 35.89% and repayment periods of 36 or 60 months. LendingClub also requires borrowers to have a credit score of 600 - 640 to qualify.

Exactly what is considered a “small” unsecured personal loan depends on whom you ask. Generally, lenders set their minimum loan amounts around $1,000 to $3,000. To qualify for one of these loans, you’ll typically need a … read full answercredit score of 580+.

Now that you have a better picture of what a small unsecured personal loan is, it’s a good idea to compare a few lenders that have worthwhile offers. You can also estimate your approval odds with WalletHub’s free pre-qualification tool.

Lenders with Small Unsecured Personal Loans

• LendingClub: Loans as small as $1,000. APRs of 7.04% - 35.89%. 1% - 6% origination fee. 600 - 640 credit score required, according to multiple third-party sources.
• Avant: Loans as small as $2,000. APRs of 9.95% - 35.99%. Up to 4.75% origination fee. 580 credit score required.
• Best Egg: Loans as small as $2,000. APRs of 7.99% - 35.99%. 0.99% - 8.99% origination fee. 640 credit score required.
• Citibank: Loans as small as $2,000. APRs of 7.99% - 23.99%. $0 origination fee. 680 credit score required, according to multiple third-party sources.
• Prosper: Loans as small as $2,000. APRs of 6.99% - 35.99%. 1% - 5% origination fee. 640 credit score required.

There are many small unsecured personal loan options to choose from. If you have bad credit, though, you may want to seek out a secured personal loan instead. You will have to put up collateral, but your approval odds will be a lot higher. You’ll have a chance to get a decent rate, too, since the lender’s risk is low.