){kind=small}
Mandy Sleight has over 15 years of insurance knowledge and expertise in auto, home, life, health, pet, supplemental benefits, and other insurance products. She’s a sought-after insurance expert, appearing in Bankrate.com, Moneygeek.com, U.S. News & World Report, Reviews.com, CNET, and other publications, and she's been writing for Compare.com since 2023.
Mandy uses her background and experience working for well-known insurance companies like State Farm and Nationwide Insurance to create engaging and easy-to-understand content that helps readers make smarter insurance choices that have a positive effect on their budgets and finances.
){kind=small}
10+ years writing and editing insurance content
Published in Washington Post, LA Times, and more
Nick leads Compare.com's editorial team in creating helpful, easy-to-understand content about insurance and personal finance.
){kind=small}
Licensed property and casualty insurance agent
10+ years editing insurance content
NPN: 20461358
A licensed agent for more than four years, John reviews and fact-checks articles for Compare.com.
Updated
A small personal loan can give you $200 to $1,000 to cover an unexpected repair, medical bill, moving cost, or other major expense without turning to high-cost payday loans or credit cards. Small loans typically come with fixed monthly payments and repayment terms.
In this guide, we compare small personal loan lenders, including their rates, fees, loan amounts, and funding speeds. You’ll also learn what credit score you’ll need and how to apply.
Some lenders offer small personal loans starting at $200.
APRs for small personal loans range from 5.96% to 36%.
Prequalifying can help you find the best lender offers without affecting your credit score.
Navy Federal Credit Union and Credit Human offer the smallest personal loan amounts of $250 and $200, respectively, according to our research. The lender that’s right for you will depend on multiple factors, including what you’ll use the loan for, such as debt consolidation, home improvements, or other major expenses.
The following table compares lenders that offer small personal loans to help you choose the one that best fits your needs.
Lender | Best For | APR Range* | Lowest Loan Amount | Origination Fees | Term Length | Funding Speed |
|---|---|---|---|---|---|---|
| Navy Federal | Very small loan amounts | 8.74%–18% | $250 | None | 6–60 months | Same day |
| Credit Human | Fast funding for very small loans | Personal loan: 15.06%–28% Microloan: 28% flat | Personal loan: $500 Microloan: $200 | Personal loan: None Microloan: $20 application fee | Personal loan:1–72 months Microloan: 60 days | Personal loan: Not stated Microloan: Within minutes of approval |
| Oportun | Borrowers with poor credit | Up to 36% | $300 | Up to 10% | 12–54 months | As soon as 14 hours after loan closing |
| LendingPoint | Potential rate reductions | 7.99%–35.99% | $1,000 | Up to 10% | 24–72 months | As soon as the next business day |
| Happen Bank | Applicants with a co-borrower | 5.96%–35.96% | $1,000 | Up to 8% | 24–84 months | As little as 24 hours after approval |
| Upgrade | Flexible repayment terms | 7.74%–35.99% | $1,000 | 1.85%–9.99% | 24–84 months | Within one business day of verification clearing |
| Universal Credit | Fair-credit borrowers | 11.69%–35.99% | $1,000 | 5.25%–9.99% | 36–60 months | Within one business day of verification clearing |
| Mariner Finance | Secured personal loans | 15.99%–35.99% | $1,000 | Can vary by state | 12–72 months | As soon as the next business day |
| Upstart | Borrowers with limited credit history | 6.3%–35.99% | $1,000 | Up to 12% | 36–60 months | As soon as 24 hours after approval |
See rates, monthly payments, and total loan amounts from top lenders.
Credit Human’s QMoney microloan offers $200–$500, a 28% APR, no credit check, and a 60-day repayment period. It can be a good option for covering an emergency expense. Credit Human also has online personal loans starting at $500 with more flexible terms that require a credit check and have repayment terms up to 72 months and APRs ranging from 15.06% to 18%.
Loans as small as $200
No credit check for microloans
Fast application process
Requires membership
$20 microloan application fee
60-day repayment period for QMoney loan
Oportun stands out for borrowers who may struggle to qualify for traditional lenders due to poor credit or bankruptcy. It reports monthly payments to all three credit bureaus to help you build a positive credit history with on-time payments. Oportun also offers a cosigner option or a secured personal loan if you have a qualifying, paid-off vehicle.
Can help you build credit
Easy online application process
Will direct deposit funds for faster access
APRs can reach 36%
Secured loans only available in select states
Fees may apply in some states
If you need a larger amount for home projects or other major purchases, LendingPoint offers unsecured personal loans from $1,000 to $36,500. LendingPoint offers flexible loan terms up to 72 months and competitive rates for well-qualified borrowers. It will also review your account after six months of on-time payments to see if you qualify for a lower rate.
Potential rate reduction opportunity
Terms up to 72 months
Loan offers available in seconds
Not available in Nevada or West Virginia
$35,000 minimum income requirement
No joint or cosigned loans
Happen Bank offers unsecured loans of $1,000 or higher for single and joint applicants, with repayment terms of up to 84 months on some loans. Consider prequalification to check your rate without affecting your credit score and see whether you’ll get a better deal on your own or with a co-borrower.
Low 5.96% starting APR
Apply online or in the app
Get funds as soon as 24 hours after approval
$1,000 minimum
Co-borrower shares repayment responsibility
Up to an 8% origination fee may apply
Borrowers can choose from a wide range of repayment terms with Upgrade, from 24 to 84 months. Upgrade also lets you choose your payment date to fit your schedule. To qualify for the lowest rates, Upgrade requires you to sign up for auto pay and pay off some of your existing debt.
Flexible loan terms
No prepayment penalty
Choose your own payment date
Up to a 9.99% origination fee may apply
Some discounts may require collateral
Fees apply to late payments
Universal Credit caters to borrowers with less-than-perfect credit, with personal loans starting at $1,000 and APRs up to 35.99%. If you’re using the loan to consolidate debt, Universal Credit will send the money directly to your creditors. If you choose this option, it can take up to two weeks for creditors to receive the funds.
Borrow up to $50,000
Sends funds within a day of approval
No prepayment penalties
Origination fees up to 9.99%
No joint or secured loan option
High maximum APR
Mariner Finance offers secured and unsecured personal loans starting at $1,000. You can apply online or in a branch, though the minimum online loan amount is $1,500. Mariner Finance stands out for its 15-day satisfaction guarantee. If you’re not happy with the loan, you can repay it within 15 days, and Mariner will waive any finance charges.
Offers secured and unsecured loans
In-branch service available
15-day satisfaction guarantee
Interest rates start at 15.99%
Minimum loan amount of $3,000 in Georgia
Larger loans may require a vehicle as collateral
Upstart’s underwriting model looks beyond traditional credit scores, making it a strong choice for borrowers with limited credit history. It also considers factors such as education, employment history, and other financial information when evaluating applications.
Considers factors beyond credit score
Most applicants receive an instant decision
Funds sent within 24 hours after the loan closing
Origination fees may apply
Some states have higher minimum loan amounts
Some loans require collateral
To identify the best lenders for small personal loans, the Compare.com editorial team evaluated each lender’s minimum borrowing amounts, publicly advertised APRs, available repayment terms, and minimum credit score requirements. We excluded from our list any lenders whose minimum borrowing amounts exceeded $1,000.
Compare rates, terms, and more side by side.
The most common places to get a small personal loan are:
Banks
Credit unions
Online lenders
The best option for you depends on factors such as your credit profile, income, loan amount, desired repayment terms, the reason for the loan, and how quickly you need the funds. Also consider eligibility requirements and whether you already have a relationship with the lender. Some borrowers with established relationships can qualify for lower rates, larger amounts, or better repayment terms.
Small personal loans have a wide range of annual percentage rates (APRs), from 5.96% to 36%, based on our research. The loan term, APR, and any other fees are the main factors driving the cost of personal loans. The APR is the total cost of the loan, including the interest rate and fees.[1]
Lenders consider your credit history and score when determining your interest rate and APR. Borrowers with higher credit scores and more favorable histories typically get lower rates than borrowers with fair or worse credit.
Let’s take a closer look at how credit and APR affect your small personal loan cost.
The following table uses the FICO credit scoring model to show how your credit can affect your APR and total loan cost. The sample loan we used to illustrate the costs is for a $1,000 personal loan with a three-year repayment term.
In this example, a borrower with excellent credit receives a low rate of 12.99% and saves $152.57 in total interest over the life of the loan compared to a borrower with poor credit.
Credit Tier | Sample APR | Estimated Monthly Payment | Estimated Total Repayment | Total Interest Paid |
|---|---|---|---|---|
| Excellent (800+) | 12.99% | $33.69 | $1,212.81 | $212.81 |
| Very good (740–799) | 14.74% | $34.54 | $1,243.37 | $243.37 |
| Good (670–739) | 15.99% | $35.15 | $1,265.48 | $265.48 |
| Fair (580–669) | 19.24% | $36.78 | $1,323.99 | $323.99 |
| Poor (<580) | 21.49% | $37.93 | $1,365.38 | $365.38 |
Although requirements vary by lender, you generally need to be a legal adult and a U.S. citizen or permanent resident and have a bank account, verifiable income, an acceptable credit history, and a manageable debt-to-income (DTI) ratio.[2]
Age and residency: Lenders typically require borrowers to be at least 18 and legally reside in the U.S.
Bank account: Lenders often require a valid checking or savings account to receive loan funds and make payments.
Verifiable income: Lenders verify your income to determine whether you can afford the monthly payment.
Credit history and score: Your credit profile shows your debt load, recent inquiries, and your ability to make on-time payments.
DTI ratio: Your DTI compares your monthly debt obligations to your monthly gross income to see how much additional debt you can handle.
Most lenders offer prequalification using a soft credit inquiry to see what rates and terms you qualify for without affecting your credit score. Use a personal loan calculator to estimate payments and choose the best offer to apply for.
)
It’s possible to get a small personal loan with bad or no credit, although you’ll likely pay a higher interest rate. Lenders often view borrowers with limited or poor credit histories as having a higher risk of defaulting, which can make borrowing more expensive.
Here are some ways you can improve your chances of qualifying:
Apply with a co-borrower. A co-borrower with stronger credit and income can improve your approval odds and loan terms.
Look for a secured loan. Offering collateral, such as a savings account or vehicle, may help you qualify.[3]
Improve your credit. Pay bills on time, reduce existing debt, and check your credit reports for errors — and correct them — before applying.
Research lenders. Look for lenders that work with borrowers who have limited or bad credit.
Prequalify first. Prequalifying allows you to see potential offers without further hurting your credit score.
Applying for a small personal loan typically involves four steps: prequalifying, comparing offers, submitting an application, and receiving your funds.
Prequalify. Provide basic information to see potential rates and terms without affecting your credit score.
Compare offers. Review APRs, fees, monthly payments, repayment terms, and total costs.
Apply. Choose an offer and complete the lender’s full application, which involves a hard credit inquiry that may temporarily drop your score by a few points.
Get funded. After approval, the lender deposits the loan proceeds into your bank account.
Check the lender’s document requirements before applying. Gather the necessary documents, such as government-issued ID, proof of income, employment information, and bank account details. Having your documents ready when you apply speeds up the application process and can help you receive funds faster.
Compare loan terms and rates from top lenders.
Small personal loans can provide quick access to cash, but they also come with costs and potential risks. Consider the pros and cons before borrowing.
Fast access to funds
Predictable monthly payments
May help build credit
Some lenders charge high APRs
May charge origination or other fees
Missed payments can hurt your credit
A personal loan is usually cheaper and safer than a payday loan, title loan, cash advance, or pawnshop loan, especially when you compare APRs, fees, and repayment terms. Payday and title loans can carry triple-digit APRs, while cash advances often add up-front fees and begin accruing interest immediately.[4]
The table below shows how these borrowing options typically compare, including their costs, best usage, and risks to watch for.
Loan Type | Typical Cost/APR | Best For | Watch Out For |
|---|---|---|---|
| Small personal loan | 5.96%–36% | Unexpected expenses that require a lump sum of money that you can repay over several months or years | Origination fees, high rates for poor credit, and borrowing more than you need |
| Payday loan | $10–$30 per $100 borrowed; equal to up to 400% APR | A last-resort emergency when you have no cheaper option | Very short repayment periods (usually 2–4 weeks), rollover fees, and difficulty repaying the full balance |
| Title loan | Up to 300% APR | Very short-term borrowing (usually up to 30 days) when you own your vehicle outright | Add-on requirements such as roadside assistance and origination or other fees that add to the cost |
| Cash advance apps | Membership fees up to $39.99 per month | Covering a very short gap before your next paycheck | Instant access, membership, undisclosed, and other fees; auto-renewals |
| Credit card cash advance | Varies by card and company | A short-term emergency when you already have available credit | Higher interest than your credit card interest rate, up-front fees, including ATM fees, and no grace period for interest accrual |
Finding a lender willing to loan a small amount of money — less than $1,000 — can be a challenge. Below, you’ll find additional information to help you find the right borrowing option for your needs.
The smallest personal loans typically come from credit unions and online lenders. Our research found lenders willing to provide loans for as little as $200–$300. But borrowing minimums of $1,000 or $2,000 are much more common.
Yes, it’s possible to get a small personal loan with bad credit or no credit history. Some lenders will put more weight on your income and debt-to-income ratio. But interest rates are generally higher for borrowers with lower credit scores or little credit history.
How quickly you can get funds for a small personal loan depends on the lender you choose. Some lenders advertise fast application processes and same-day funding. Others may have speedy application processes but need a few business days to fund your loan.
Some lenders will approve personal loans for borrowers with low credit scores. But generally, you’re more likely to get loan approval and favorable rates with a higher credit score. Scores of 800 and above are exceptional, 740–799 are very good, and 670–739 are good, according to FICO.[5]
A small personal loan may be cheaper than a credit card cash advance, but it depends on multiple factors, including how much you’re borrowing, the personal loan APR, and your credit card’s cash advance rate and fees. Cash advance interest rates are usually higher than credit card purchase rates, and fees can typically run 5% of the advance amount.
Mandy Sleight has over 15 years of insurance knowledge and expertise in auto, home, life, health, pet, supplemental benefits, and other insurance products. She’s a sought-after insurance expert, appearing in Bankrate.com, Moneygeek.com, U.S. News & World Report, Reviews.com, CNET, and other publications, and she's been writing for Compare.com since 2023.
Mandy uses her background and experience working for well-known insurance companies like State Farm and Nationwide Insurance to create engaging and easy-to-understand content that helps readers make smarter insurance choices that have a positive effect on their budgets and finances.
10+ years writing and editing insurance content
Published in Washington Post, LA Times, and more
Nick leads Compare.com's editorial team in creating helpful, easy-to-understand content about insurance and personal finance.
Licensed property and casualty insurance agent
10+ years editing insurance content
NPN: 20461358
A licensed agent for more than four years, John reviews and fact-checks articles for Compare.com.
At Compare.com, it’s our mission to give you the tools to find the best (and most affordable) insurance for your unique needs and budget. We strive to provide information that’s helpful, clear, and unbiased, and we believe that comparing insurance companies should never put you at risk of spam. Our editorial team — which is made up of experienced writers, editors, insurance agents, and data analysts — has spent thousands of hours researching and creating the coverage overviews, side-by-side comparisons, and detailed reviews you see across our site.
While we make money through partnerships with some of the brands we discuss in our articles, our editorial team operates 100% independently, and these partners never influence or affect the topics, reviews, ratings, or recommendations we provide. We never guarantee favorable reviews or mentions in exchange for compensation from any brands or partners, and we uphold strict editorial standards to ensure our content is always independent, truthful, and unbiased.
