Small Personal Loans in 2020: Compare Your Options

on Upgrade's website

Upgrade

4.5

Min. Credit Score

600

Est. APR

7.99 - 35.97%

Loan Amount

$1,000 - $50,000

on Upgrade's website

Min. Credit Score

600

Key facts

Offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Pros

Credit health tools.
Hardship plans.
Directly pays creditors for debt consolidation loans used to pay off credit cards.

Cons

Origination and late fees.

Qualifications

Minimum credit score: 600.
Minimum annual income: None, but most applicants earn more than $30,000.
Minimum monthly free cash flow: $800.
Maximum debt-to-income ratio: 60%.
Unavailable to borrowers in: Iowa, Vermont or West Virginia.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 1.5% - 6%.

Disclaimer

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

on NerdWallet's secure website

Upstart

4.5

Min. Credit Score

580

Est. APR

6.18 - 35.99%

Loan Amount

$1,000 - $50,000

on NerdWallet's secure website

Min. Credit Score

580

Key facts

Upstart is good option for those who have short credit histories and promising financial futures.

Pros

Accepts borrowers new to credit.
Fast funding.

Cons

Origination and late fees.
No secured or co-sign option.

Qualifications

Minimum credit score: 580.
Minimum credit history: None.
Minimum annual income: $12,000.
Max debt-to-income ratio: 45%.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 0% - 8%.
Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 21% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Our pick for

Small loans starting at $1,500

This online lender offers loans starting at $1,500. It's an option for borrowers with bad credit.

on OneMain Financial's website

OneMain Financial

4.0

Min. Credit Score

None

Est. APR

18.00 - 35.99%

Loan Amount

$1,500 - $20,000

on OneMain Financial's website

Min. Credit Score

None

Key facts

OneMain is an option for bad credit borrowers, but it comes with high starting rates and an origination fee.

Pros

Fast funding.
Offers joint and secured loan options.
Free credit score access.

Cons

May charge origination fee.
High rates.

Qualifications

Minimum credit score: None, average is 600 to 650.
Minimum credit history: Not provided.
Minimum annual income: None, average is $49,000.

Available Term Lengths

2 to 5 years

Fees

Origination fee: Varies by state.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Our picks for

Small loans starting at $2,000

on Prosper's website

Prosper

4.5

Min. Credit Score

640

Est. APR

6.95 - 35.99%

Loan Amount

$2,000 - $40,000

on Prosper's website

Min. Credit Score

640

Key facts

Prosper is a peer-to-peer lender with rates and fees that compare to other lenders for good-credit borrowers.

Pros

No prepayment fee.
Option to change your payment date.
Offers joint loan option.

Cons

Charges origination fee.
Charges late fee of $15 or 5% of the unpaid loan amount.

Qualifications

Minimum credit score: 640, but average is 717.
Minimum credit history: Two years, but average is 11.
Minimum annual income: None, but average is $89,000.
Maximum debt-to-income ratio: 50% (excluding mortgage).
No bankruptcies filed within the last year.
Fewer than five credit bureau inquiries in the last six months.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 2.4% - 5%.
Late fee: $15 or 5% of unpaid amount (whichever is greater).
Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

on Avant's website

Avant

4.0

Min. Credit Score

580

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

on Avant's website

Min. Credit Score

580

Key facts

Avant's low starting rates make it a good option for borrowers with low credit scores and income.

Pros

Low minimum credit score.
Refinancing option.
No prepayment fee.

Cons

No co-sign or secured loan option.
Does not offer direct payment to creditors for debt consolidation loans.

Qualifications

Minimum credit score of 580.
At least $20,000 in gross annual income.

Available Term Lengths

2 to 5 years

Fees

Administrative fee: 4.75%.
Late fee: $25 (most states).
Unsuccessful payment fee: $15 (most states).

Disclaimer

$5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC

on Best Egg's website

Best Egg

4.0

Min. Credit Score

640

Est. APR

5.99 - 29.99%

Loan Amount

$2,000 - $35,000

on Best Egg's website

Min. Credit Score

640

Key facts

Best Egg offers personal loans for borrowers who want a small loan and need cash fast.

Pros

Able to fund loans within one business day.
Soft credit check with pre-qualification.
Option to change your payment date.

Cons

Charges origination fee.
Charges $15 late fee.

Qualifications

Minimum credit score: 640.
Minimum credit history: Not specified.
Minimum annual income: Not specified, but average is $80,000.
Debt-to-income ratio: Not specified, but typically less than 35%.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 0.99% - 5.99%.
Late fee: $15.
Return fee: $15 if payments are not processed.

Disclaimer

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

on NerdWallet's secure website

Rocket Loans

4.0

Min. Credit Score

580

Est. APR

7.16 - 29.99%

Loan Amount

$2,000 - $45,000

on NerdWallet's secure website

Min. Credit Score

580

Key facts

Rocket Loans funds loans as fast as the next day. Its loans have low rates for borrowers with good credit.

Pros

Able to fund some loans the same day as approval.
Soft credit check with pre-qualification.
Rate discount for autopay.

Cons

Charges origination fee.
Does not offer direct payment to creditors for debt consolidation loans.
No co-sign, joint or secured loan option.

Qualifications

Minimum credit score: 580; borrowers’ average is 710. Rocket Loans uses the FICO 9 credit scoring model.
Maximum debt-to-income ratio: 40%; borrowers’ average is 14%. This lender doesn’t include a mortgage in its debt-to-income calculation.
Minimum annual income: $24,000; borrowers’ average is $85,000.
Minimum credit history: Two years; borrowers’ average is 18 years.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 1% - 6%.
Late fee: $15 after 10-day grace period.
Unsuccessful payment fee: $15.

Disclaimer

All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.

Our pick for

Small loans starting at $1,000

These online lenders offer loans as small as $1,000 and target borrowers with fair to good credit.

on NerdWallet's secure website

LendingClub

5.0

Min. Credit Score

600

Est. APR

10.68 - 35.89%

Loan Amount

$1,000 - $40,000

on NerdWallet's secure website

Min. Credit Score

600

Key facts

The pioneer of peer-to-peer lending and an option for good-credit borrowers who want a small loan.

Pros

Offers direct payment to creditors with debt consolidation loans.
Joint loan option.
Soft credit check with pre-qualification.

Cons

Charges origination fee and late fees.
Does not offer mobile app to manage your loan.

Qualifications

Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.
Minimum credit history of three years.
Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 2% to 6%
Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long-term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between Jan. 1, 2018, and July 20, 2018. The time it will take to fund your loan may vary.