Adam McCann, Financial Writer
@adam_mcan
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% - 35.99% and repayment periods of 24 - 72 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 credit 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% - 35.99%. 0% - 8% 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 9.99% origination fee. 580 credit score required.
- Best Egg: Loans as small as $2,000. APRs of 6.99% - 35.99%. 0.99% - 9.99% origination fee. 640 credit score required.
- Citibank: Loans as small as $2,000. APRs of 9.99% - 19.49%**. 0% origination fee. 740 credit score required.
- Prosper: Loans as small as $2,000. APRs of 8.99% - 35.99%. 1% - 9.99% 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.
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