To get a small personal loan online, you first need to compare online lenders that offer small loan amounts based on their APRs, repayment periods, fees and credit-score requirements. Then, you need to apply for the loan via an online application and wait for a decision. You can find step-by-step instructions below.
How to Get a Small Personal Loan Online
Check your credit score. Checking your credit score makes it easier to compare loan offers, helping you determine which lenders to consider and what ballpark your loan terms might be in. You can check your credit score for free on WalletHub.
Pre-qualify, if possible. Pre-qualifying lets you see your approval odds and your potential rates. You can pre-qualify with multiple lenders at once using the free pre-qualification tool on WalletHub.
Compare loans. The most important factors you need to consider are the APRs, fees, repayment periods and loan amounts – especially if you’re comparing loan offers you’ve already pre-qualified for. By the way, you may see payday loans advertised online as small personal loans. But you should avoid them because they are way too expensive, often charging fees equal to an APR of 400%+.
Apply for the loan online. Most lenders allow you to apply for a personal loan online. It’s also the fastest way to get a loan and very easy to do.
Wait for a decision and funding. You may receive a decision quickly or within a few business days. If you’re approved, you’ll typically receive the funds via bank transfer within 7 business days.
You’ll then need to repay the loan, plus interest, within a certain amount of time. These payments typically are made monthly.
For your convenience, you can see a comparison of the best small online personal loans below.
The easiest loans to get approved for are payday loans, pawnshop loans, car title 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 loans to get approved for right now.
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