Grace Enfield, Content Writer
@grace_enfield
The best small, low interest personal loans are from PenFed Credit Union because they offer loans as small as $500 with APRs as low as 7.74%. PenFed also has repayment periods of 12 - 60 months, a credit score requirement around 600, and membership that’s open to everyone.
Best Small, Low Interest Personal Loans
| Company | Loan Amount | APR |
| $500 - $50,000 | 7.74% - 17.99% | |
| $1,000 - $50,000 | 4.6% - 35.99%, typically | |
| $1,000 - $50,000 | 8.49% - 35.99% | |
| $1,000 - $40,000 | 9.57% - 35.99% | |
| $2,000 - $50,000 | 8.99% - 35.99% | |
| $2,000 - $40,000 | 6.99% - 35.99% | |
| $3,500 - $40,000 | 6.99% - 24.99% | |
| $5,000 - $100,000 | 7.99% - 25.99% | |
| $5,000 - $100,000 | 8.99% - 25.81% |
To read more about the top-ranked offers, check out WalletHub’s picks for the best small personal loans and the best low interest personal loans. Then, you can estimate your rates with the free pre-qualification tool on WalletHub.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
People also ask
Which bank has the lowest interest rate on personal loans?
The major bank with the lowest interest rate for a personal loan is Barclays, at 4.99%. Other notable banks with low personal loan rates include PNC (5.99%) and American Express (6.98%), and some smaller banks across the country may also offer personal loans with similarly low rates.
Banks with the Lowest Interest Rates for Personal Loans
- Barclays: 4.99%+ APR
- PNC: 5.99%+ APR
- American Express: 6.98%+ APR
- Discover: 6.99%+ APR
- Santander Bank:...
What is the smallest personal loan you can get?
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 $250 or less from some smaller companies,...
read full answerHow can I get a $1,000 loan?
The best way to get a $1,000 loan is to take out a personal loan from PenFed Credit Union, Upstart, or LendingClub. These lenders offer personal loans of $500 to $50,000, with APRs as low as 5.99%, depending on an applicant's creditworthiness.
How to Get a $1,000 Loan in 6 Steps
- Check your credit score.
- Check for personal loan pre-qualification to see your approval odds and potential rates.
- Compare the terms...
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