How small of a loan can I get? This question is about Personal Loans

How small of a loan can I get?

Answer Question Report Abuse

This question is about Personal Loans

Gino Rodriguez, Writer

@gino_rodriguez • 11/11/22 This answer was first published on 11/11/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

There is no limit to how small a personal loan can be, although the most popular loan providers usually lend at least $1,000. You may be able to find smaller loans, though, especially from lenders that specialize in lending to people with bad credit. In addition, if you want to get a loan from a friend or family member, you can choose any loan amount you want - just make sure to write up an agreement and sign it before any money changes hands.

If you want to get a loan that's very small, just make sure the lender you're getting it from has reasonable terms. Oftentimes, since very small loans are targeted toward people with bad credit, they can have very high APRs and fees.

Answer Question

What is the smallest loan a bank will give?

The smallest loan a bank will give is $100. For example, current Bank of America customers with a qualifying checking account can borrow as little as $100, for a flat $5 fee, with the bank’s Balance Assist™ program, then repay the loan in equal installments over 90 days.

Most bank loans start at $1,000 - $3,500. The best small bank loans are from U.S. Bank because it offers minimum loan amounts of $1,000 with APRs...

read full answer

Where can I get a $1,000 loan?

Good options for a $1,000 loan include LendingClub, PNC, PenFed and Upstart. The biggest, most popular lenders in the U.S. don’t usually offer loans as small as $1,000 while most have minimums of $2,000 or more.

Overall, the best place to get a $1,000 loan is PNC. It offers some of the lowest rates on the market, with a minimum APR of 5.99%. And PNC does not charge an origination fee to process the...

read full answer

Is it easy to get a small personal loan?

It’s easier to get a small personal loan than a large one because some approval requirements aren’t as difficult to meet when there’s less money at stake. For example, it’s easier to get a small personal loan if you have a low income because you will only have to demonstrate the ability to repay a small amount. However, you’ll still need to be at least 18 years old, have a bank account and have a credit score of 580+, among...

read full answer

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.