Small Personal Loans are a quick, convenient way to pay for some unexpected expenses. Affordable small-dollar loans have fixed monthly payments that shouldn’t exceed 5% of your monthly income, repayment terms vary from 6 months to 7 years. Learn all necessary information on small personal loans: how they work, how to apply and get instant approval even with bad credit and possibly with NO credit check.
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Contents:
How do small Personal Loans work?
How do I apply for small Personal Loans?
Why choose small Personal Loans?
Small Personal Loans for bad credit
Is it possible to get small Personal Loans with NO credit?
How much will a small Personal Loan cost?
Small Personal Loans
Very often we face situations when a Payday Loan is not enough to solve your financial problems, or you try to obtain a loan with lower rates and longer terms. Then you should apply for Small Personal Loans. It can be as small as $5,000 loan, or even $1,000 loan, and have up to 7-year repayment terms and the interest rates lower than both Payday Loans and Installment Loans.
Unfortunately, there’s no guarantee you’ll be approved for small Personal Loans. But your chances highly increase if you apply online, or even better use a comparing service. It lets you evaluate a lot of offers and find a direct lender ready to grant you the necessary funds even if you have a bad or poor credit score. no matter what your credit score. They don’t require any guarantor or collateral. Small Personal Loans are unsecured.
Want to know how to increase your chances of not getting disqualified? Read further to find out how to find a reliable direct lender, how to avoid credit checks, how to calculate the cost of a loan, etc.
Small Personal Loans online
No matter what the purposes, the amount, the eligibility criteria, terms, and other conditions of the loan are, Small Personal Loans Online turn the borrowing process into a quick, stress-free and convenient business.
Our service focuses on providing you with the most updated verified data on Small Personal Loans you are looking for, connecting you with the top-rated reliable lenders, guarantying security of your personal data and giving you the chance to fill out a free online application and learn if you qualify for the loan.
Small Personal Loans Online have a number of indisputable advantages:
- A wide choice of direct lenders offering small Personal Loans;
- No paperwork, no faxing, no waiting;
- Small Personal Loans for bad credit;
- Apply for small Personal Loans online fast;
- No hard credit check on small Personal Loans.
Choosing a small dollar Personal Loan you minimize your monthly installments and pay the loan back quickly.
Best Small Personal Loans
According to the customers' reviews and ratings, the best small Personal Loans direct lenders are:
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
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- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
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- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $5,000 - $35,000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
-
- High loan amounts up to $35,000.
- Minimal basic requirements.
- No collateral or co-signer.
- Bad credit is OK.
- Cons
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- High interest rates.
Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.
- Payday Loans
- Installment Loans
- Personal Loans
- be a legal U.S. resident
- be at least 18 years old
- have a stable source of income
- be currently employed
- have an active bank account
- Pros
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- Unrivaled flexibility and accessibility.
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Predictable monthly payments
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Quick and simplified borrowing process
- Any credit is welcome
- Cons
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- Not a direct lender.
How do small Personal Loans work?
Officially, “small personal loans” are not defined anyhow but mostly the term is referred to as personal cash advance of $3,000 or less. Direct lenders usually set minimum and maximum amount limits, and what concerns Personal Loan type $3,000 or $5,000 is the minimum sum. We can help you find lenders providing these small Personal Loans, even those which count to $1,000.
For this you just need to follow 3 easy steps:
- Fill out a free application form. It’s secure and doesn’t affect your credit history.
- Get matched with more than 300 direct lenders and receive an instant decision from the most suitable of them.
- If you are approved the funds are deposited into your bank account within 1-2 business days.
Before following these steps decide on the amount of small Personal Loans you need and you can afford, choose the repayment term and plan your budget carefully not to get into debt.
How to apply for Small Personal Loans?
Fortunately, applying for a small personal loan doesn’t differ from applying for a regular personal loan. It’s as fast and easy. The applying process and requirements vary only depending on the lender. Most of them would like you to provide proof of income, a credit score or credit check, and your bank account information.
If you apply for small Personal Loans online the process is simple and does not depend on your credit. The lenders make decisions by verifying your income, employment history, etc.
You can qualify for small Personal loans by meeting the following criteria:
- being at least 18 years of age
- living and working in the United States
- having a bank account under your personal name
- having a stable income that ensures your ability to make monthly payments to pay off the loan
Do you qualify for a small Personal Loan? If yes, shop around for a good lender, compare the rates and fees, get as much information as possible.
TOP RATED COMPANIES
LEND YOU
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Greenlight Cash
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Loan By Phone
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Indylend
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
The percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Why choose small Personal Loans?
It is not difficult to find yourself in a situation where a person “loses his head” because he does not have available cash, and at the same time he can pay all his expenses in the future prospect.
The most common examples of this situation are:
- First, short-term financial difficulties can cause a backlog of regular payments. If you have a small Personal Loan, you will not risk losing your home, apartment or the only car.
- Secondly, small Personal loans online help to overcome “rough spots”. Without discomfort, you do not risk financial charges for bank overdraft and other forms of overdue payments. A small loan online will save you from bank fines and additional fees.
- The third point concerns the purchase of goods that are not necessary, but without which it is difficult to do something important in everyday life. For example, sometimes a person needs financial resources for a short trip or buying a car during the college semester if renting a car is difficult or not beneficial.
Small Personal Loans range from $1,000 to $5,000 and are repaid within two or three years in convenient affordable installments.
I believe you ask yourself “Why should I borrow exactly this type of loan?”. Here are some of the major reasons:
- It’s unsecured, you don’t have to risk any of your property;
- Usually quick and easy to apply and get;
- Convenient repayment plan which helps to plan the budget and not get into debt;
- Lower interest than Payday Loans or even Installment Loans;
- Available for both good and bad credit applicants;
- It’s possible to find a lender who does NO credit check;
- You can save your money using a small Personal Loan for debt consolidation;
- Can even help you to improve the credit sore if you borrow wisely!
Small Personal Loans for bad credit
Obviously, a bad credit line is a serious obstacle for those who want to take a loan. Banks always pay attention to this moment first of all. A bad credit line means that a person has little chance of getting a loan.
In such cases, an online loan can be a magic tool to help you survive a difficult financial period without constant stress. Most direct lenders approve even subprime borrowers. Though it may lead to higher rates as they need to make up for the risk they take.
So, if your score is far from perfect take a look at the expert tips which will help you to get approved for small Personal Loans with bad credit or no credit:
- Before applying check the eligibility criteria the lenders set. Or fill out our free compacom form to find out if you qualify. It won’t affect your credit history.
- Order a free copy of your credit history from any of the main credit bureaus of the US: Equifax, Experian, and TransUnion. This way you’ll be able to evaluate your creditworthiness from the point of view of the lender.
- Shop around and compare all the possible loan options you have, look for lower rates and better conditions. Fill out the application form only after you make sure it’s the right lender for you.
Is it possible to get small Personal Loans with NO credit?
Small Personal Loans, as well as other types of online cash advance, are most popular with subprime borrowers who find it difficult to get approved for the necessary funds by banks and other traditional financial institutions. Does it look familiar to you? If yes, you probably have bad credit, maybe some previous debts, and not perfect credit history. That’s why you are likely to be looking for a NO credit check small Personal Loans.
Look at the picture to see how different kinds of inquiries may affect your history:
Don’t want to harm your credit history? Look no further than our reliable lenders. We do not guarantee NO credit check, but it’s possible to find the company ready to satisfy themselves with just a soft inquiry. They’ll just require some personal data, driving license or security number, some income proof. If you qualify, you’ll get a small Personal Loan the next day.
How much will a small Personal Loan cost?
What do you pay attention to first when you look for a loan? Of course, interest rates. It’s the APR that determines the total cost of the cash advance. There are certain limits on interest from the state. But make sure to check each lender’s rates and fees as they may vary. Besides the repayment schedule is an important factor. It will show you how much each installment will be and help you evaluate whether you can afford such payments. The National Consumer Law Center considers only loans with the APR below 36% affordable for consumers. Make sure there are no additional fees or balloon payments.
Look at some average costs for small Personal Loans of $5,000, $7,000 and $8,000. Keep in mind it’s only a representative example, the real cost may differ depending on the lender.
Use our Personal Loan calculator to learn more accurate cost of the cash advance for the amount you need.
Personal Loan Calculator
Other types of small Personal Loans
It’s always better to have several options you can compare and make a choice. In the case of small Personal Loans, you may consider the following other ways to find the necessary $5,000, for example.
- Short-term Payday Loans – will suit only if you need just up to $1,000 till the next paycheck, but the APR is considerably higher
- Installment Loans – offer the amounts from $1,000 to $5,000 but the terms are shorter.
- Credit cards – suitable to make purchases but make it rather hard to get out this debt in the future.
Small Personal loans seem to be a better solution as they offer a convenient repayment plan easy to remember and follow. You can even improve your credit if pay it off on time.
Compare your options for small personal loans
Small loans alternatives
Need small cash? See no other options except Personal Loans? You may just lack the necessary information which we are ready to share. Check out cheaper alternatives you can use.
If you need the money just for a one-time emergency expense try to use:
- help from local nonprofits, charities and religious organizations.
- a payday alternative loan from a credit union.
- a paycheck advance from your employer.
- a secured pawnshop loan.
- some additional odd job to make money.
- family’s or friends’ help.
If you have current bills for food, rent, utility bills, check out:
- food banks
- the Supplemental Nutritional Assistance Program,
- utility discounts or subsidies to low-income customers,
- the Low Income Home Energy Assistance Program.
- a housing counselor.
Have tried all the alternatives but still need money? Apply for small Personal Loans. This is gonna work for sure.
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