Personal loans are often utilized for major life expenses, such as home renovations, major surgery or even a wedding. But small-amount personal loans can be useful as well for things like car repairs or vacations.
Credit cards can be used for small expenses, but they may not be ideal if you have a high interest rate, low credit limit or if you aren’t able to qualify for a card.
Additionally, banks and credit unions may not be willing to approve a loan for a small amount.
Online lenders, however, typically offer a wider range of loan amounts, and with more lenient borrowing criteria than traditional financial institutions.
If you need a small-amount personal loan, consider these five lenders. All offer fixed rates with predictable, fixed monthly payments, plus easy online applications.
Here are five lenders offering small-amount personal loans:
|Bank||APR range||Loan terms||Loan limits|
|Upgrade||5.96% — 35.97%||36 and 60 month||$1,000 — $50,000|
|OneMain Financial||17.59% — 35.99%||24, 36, 48 and 60 month||$1,500 — $25,000|
|Best Egg||5.99% — 29.99%||36 and 60 month||$2,000 — $35,000|
|LendingPoint||15.49% — 34.99%||24 to 48-months||$2,000 — $25,000|
|SoFi ||5.95% — 14.49%||36, 60 and 84 month||$5,000 — $100,000|
Loan range: $1,000 — $50,000
APR range: 5.96% — 35.97%
Of the five lenders on our list, Upgrade offers the smallest minimum personal loan amount, starting at just $1,000. But you can pick up a loan all the way up to $50,000.
Loan terms are offered at either 36 or 60 months, origination fees range from 1% to 6% and there are no early prepayment fees. Borrowers with excellent credit will enjoy low interest rates starting at just 5.96%.
Once you’re approved, Upgrade sends money to your bank account within one day. The online application is easy and straightforward.
Loan range: $1,500 — $25,000
APR range: 17.59% — 35.99%
OneMain Financial has the second lowest minimum loan amount on our list, starting at just $1,500.
However, their interest rates start at a steep 17.59%, which is much higher than the starting interest rates at the other four lenders.
But one of OneMain’s benefits over the other four lenders is they have some physical branches across the country. That means you can apply and speak to someone in person.
OneMain also has more loan terms available than some online lenders — it offers 24-, 36-, 48-, and 60-month options.
The origination fee depends on the state you reside in. For example, while the minimum you can borrow is $1,500 for most, the minimum loan amount in California is $3,000, and in Georgia it’s $3,100.
Loan range: $2,000 — $35,000
APR range: 5.99% to 29.99%
Best Egg is an online-only lender offering loans starting at a low $2,000, going all the way up to $35,000.
Interest rates start at very low rates for those with excellent credit, at only 5.99% at the lowest end. And origination fees range from 0.99% to 5.99%.
The online application is fast and easy with Best Egg, and you’ll get the money delivered to your bank account within as little as one day following approval.
Best Egg offers 36- and 60-month personal loan options, and there are no prepayment penalties if you’re able to pay off your loan early.
Loan range: $2,000 — $25,000
APR range: 15.49% to 34.99%
LendingPoint offers loans starting at just $2,000, with a maximum amount of $25,000.
The lender focuses on what they call NearPrime™ customers, or people with credit scores in the 600s. Interest rates range from 15.49% to 34.99% APR. If your credit isn’t as strong as it could be, LendingPoint could be a good bet.
The lender offers personal loan terms of 24 or 48 months. And it has customers commit to bi-weekly payments rather than monthly to help making budgeting easier.
Origination fees range from 0% to 6%. Once you’re approved, money is transferred to you the next day
Loan range: $5,000 — $100,000
APR range: 5.95% to 14.49%
SoFi’s personal loans have the highest minimum loan amount of the five on our list, with loans starting at $5,000 and ranging up to $100,000.
But it has one of the lowest starting APRs around — 5.95%. The APR maxes out at a reasonable 14.24%, if you enroll in AutoPay, which is by far the lowest interest rate cap among all five lenders.
Another big perk of SoFi is that unlike most lenders, they don’t charge an origination fee, saving you significant money.
SoFi also offers more terms that most online lenders, with 36-, 48-, 60- and 84-month loan options. It also has no prepayment penalties.
The lender is unique in that it offers unemployment protection, allowing you to pause payments if you lose your job.