Best Small Personal Loans for 2024

Because of its tiny $250 minimum loan amount, Lake Michigan Credit Union topped our list of the best small personal loan lenders. To identify the top personal loan providers for small loans, we examined 70 lenders and contrasted their interest rates, costs, loan quantities, repayment schedules, and other features.

In our database, Lake Michigan Credit Union has the lowest minimum loan amount, but if you need to borrow more than $250, other lenders have compelling offers. Our top-rated credit union lender overall, Patelco Credit Union, offers affordable rates on loans as small as $300. PenFed is a good option if getting the best rates is your top priority.

No one can get a loan from the perfect lender. There is a lender on our list that can meet your demands, regardless of your credit situation, whether you need a small or large loan, or if you want a secured loan.

Guide to Choosing the Best Small Personal Loan

Small Personal Loans: What Are They? Most small personal loans have a value of $5,000 or less, sometimes even $250. Since these loans are typically unsecured, no collateral is needed. Small personal loans are available to borrowers via internet lenders, banks, credit unions, and other financial institutions. They can be used for other purposes, such as paying bills, vacations, and emergencies.

Where Can I Get a Quick Loan for Personal Use? Any kind of lender, including online lenders, credit unions, and conventional banks, can provide you with a small personal loan. The best place to obtain a small loan isn’t always one. Nonetheless, credit unions are more likely than other lenders to provide loans of less than $1,000, according to our data. Additionally, they frequently waive origination fees.

Should You Apply for a Small Personal Loan?

Your reasons for considering a loan will determine whether a small personal loan is the best option for you. If you don’t have access to other credit and you need money for a big purchase or to get through a difficult financial period, you might want to consider getting a modest personal loan.

Depending on your circumstances, you might be better off utilizing a credit card with a 0% APR rate or saving money for your purchase using other financing options that you already have. If you aren’t eligible for a 0% APR deal, a personal loan will probably have a lower interest rate than a credit card.