Yes, it is possible to get a small personal loan from a bank, credit union or online lender. Most major personal loan providers offer minimum loan amounts of $2,000 or less, and a few lenders offer loans of less than $500.
The best small personal loans are from Best Egg because the company offers loan amounts starting at $2,000 with APRs of 7.99% - 35.99% and repayment periods of Up to 60 months. You’ll need a credit score of at least 640 to qualify.
Yes, banks do offer small personal loans. The best bank for a small personal loan is U.S. Bank because it offers loans as small as $1,000 with no origination fees and APRs of 6.99% - 19.49%, depending on your creditworthiness.
U.S. Bank isn’t your only option, though. You can see a comparison of banks that offer small personal loans below.… read full answer
For more information, check out WalletHub’s picks for the best banks for personal loans. Keep in mind that you may need to be an existing customer to qualify or be invited to apply for a small personal loan from certain banks.
Additionally, if you need a smaller amount of money than a bank loan would give you, you could use a credit card or borrow money from a friend or family member.
The smallest personal loan you can get is $250 from Navy Federal Credit Union. The company 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. You might be able to find loan offers for less than $250 from some smaller companies, but we don’t recommend them because they tend to have very high interest rates and fees.… read full answer
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.
Yes, you can get a personal loan for less than $1,000 from select credit unions and online lenders. The best lender for personal loans under $1,000 is Navy Federal Credit Union because it offers loans starting at $250 with APRs of 7.49% - 18% and repayment periods of Up to 60 months (up to 180 for home improvement). To qualify for a loan… read full answer, you must be a member of the credit union, which is open to active and former military members and their family.
Navy Federal Credit Union isn’t the only reputable lender that offers small personal loans, though. For your convenience, below is a comparison of the best options.
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