Small Personal Loans in 2022: Compare Options
For small personal loans, look first to credit unions or online lenders for affordable loans. Compare small loans and learn about alternatives.
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A small personal loan can help you bridge a gap in income or cover a small emergency like a car repair. Even if you urgently need cash, it’s useful to compare financing options before getting a loan — you may find a cheaper one.
These lenders offer personal loans with amounts as low as a few hundred dollars. Plus, learn where to get a small loan, how to compare lenders and apply for a loan and what alternatives to explore.
Small personal loans with starting amounts from $300 to $2,000:
PenFed: Loans starting below $1,000.
Oportun: Loans starting below $1,000.
LendingClub: Loans starting at $1,000.
Upgrade: Loans starting at $1,000.
Upstart: Loans starting at $1,000.
Universal Credit: Loans starting at $1,000.
SeedFi: Loans starting at $1,200.
OneMain: Loans starting at $1,500.
Best Egg: Loans starting at $2,000.
Prosper: Loans starting at $2,000.
A small personal loan can help you bridge a gap in income or cover a small emergency like a car repair. Even if you urgently need cash, it’s useful to compare financing options before getting a loan — you may find a cheaper one.
These lenders offer personal loans with amounts as low as a few hundred dollars. Plus, learn where to get a small loan, how to compare lenders and apply for a loan and what alternatives to explore.
Small personal loans with starting amounts from $300 to $2,000:
PenFed: Loans starting below $1,000.
Oportun: Loans starting below $1,000.
LendingClub: Loans starting at $1,000.
Upgrade: Loans starting at $1,000.
Upstart: Loans starting at $1,000.
Universal Credit: Loans starting at $1,000.
SeedFi: Loans starting at $1,200.
OneMain: Loans starting at $1,500.
Best Egg: Loans starting at $2,000.
Prosper: Loans starting at $2,000.
Small Personal Loans in 2022: Compare Options
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn More |
---|---|---|---|---|---|
![]() PenFed Credit Union Personal Loan See my rates on NerdWallet's secure website | Best for Small loans starting below $1,000 | 4.99- | $600- | None | See my rates on NerdWallet's secure website |
Oportun See my rates on NerdWallet's secure website | Best for Small loans starting below $1,000 | 27.74- | $300- | None | See my rates on NerdWallet's secure website |
LendingClub Get rate on LendingClub's website | Best for Small loans starting at $1,000 | 6.34- | $1,000- | 600 | Get rate on LendingClub's website |
Upgrade Get rate on Upgrade's website | Best for Small loans starting at $1,000 | 5.44- | $1,000- | 560 | Get rate on Upgrade's website |
Upstart Get rate on Upstart's website | Best for Small loans starting at $1,000 | 5.40- | $1,000- | None | Get rate on Upstart's website |
Universal Credit Get rate on Universal Credit's website | Best for Small loans starting at $1,000 | 8.93- | $1,000- | 560 | Get rate on Universal Credit's website |
![]() SeedFi Borrow & Grow Personal Loan Get rate on SeedFi's website | Best for Small loans starting at $1,200 | 7.42- | $1,200- | 520 | Get rate on SeedFi's website |
OneMain Financial Get rate on OneMain Financial's website | Best for Small loans starting at $1,500 | 18.00- | $1,500- | None | Get rate on OneMain Financial's website |
Best Egg Get rate on Best Egg's website | Best for Small loans starting at $2,000 | 5.99- | $2,000- | 600 | Get rate on Best Egg's website |
Prosper Get rate on Prosper's website | Best for Loans starting at $2,000 | 7.95- | $2,000- | 600 | Get rate on Prosper's website |
Our picks for
Small loans starting below $1,000

on NerdWallet's secure website
PenFed Credit Union Personal Loan

Est. APR
4.99-Loan amount
$600-Min. credit score
Noneon NerdWallet's secure website
on NerdWallet's secure website
Oportun
Est. APR
27.74-Loan amount
$300-Min. credit score
Noneon NerdWallet's secure website
Our picks for
Small loans starting at $1,000
Our pick for
Small loans starting at $1,200
Our pick for
Small loans starting at $1,500
Our pick for
Small loans starting at $2,000
Our pick for
Loans starting at $2,000
» COMPARE: See your bad-credit loan options
What is a small loan?
A small loan is generally a loan for $2,500 or less. Repayment terms vary widely; reputable lenders give you at least a few months and up to a few years to repay a small loan.
Annual percentage rates — the interest rate plus any fees a lender charges — also vary, ranging from about 6% to 36%, with the lowest rates offered to borrowers with strong credit. Consumer advocates say 36% is the highest APR an affordable loan should have. The lenders listed here all have rates below 36%.
Where to get a small loan
Credit unions
Many credit unions look beyond your credit score to information like your standing as a member of the credit union to qualify you for a personal loan and determine the rate.
Some federal credit unions also offer payday alternative loans, typically between $200 and $2,000, to borrowers with low credit scores. Federal credit unions charge maximum APRs of 18% for personal loans and 28% for payday alternative loans.
Online lenders
Loan amounts at online lenders can start around $1,000 or $2,000. Many online lenders let you pre-qualify, a short process that shows your potential rate and repayment term on a small loan.
Capital Good Fund is one of few online lenders with low rates and loans that can be less than $1,000. These loans are available in only a handful of states, though, and loan amounts vary by state.
Banks
Small-dollar loans are less common at major banks, but some banks have introduced them in recent years. Here are a few banks that offer small loans:
The U.S. Bank Simple Loan has amounts between $100 and $1,000 and is repaid over three months. The loan’s fee is $6 for every $100 borrowed.
Bank of America’s Balance Assist provides loans between $100 and $500 and is repaid over three months. The loan carries a flat $5 fee.
Wells Fargo announced it will offer short-term, small loans up to $500 in 2022. The loan will be repaid in three monthly installments, according to the bank.
How to compare small loans
Here are the most important features to compare when choosing a small loan.
APR: Annual percentage rate is the best apples-to-apples cost comparison for loans. The least expensive loan has the lowest APR.
Payments: Review your budget to see how much room you have to repay a loan. A personal loan calculator can help you see what rate and repayment term you’d need to get an affordable monthly payment.
Terms: Most personal loans have repayment terms between one and seven years, but some lenders have more limited options. A long repayment term means you’ll pay more in interest, so find a term that keeps payments low but still helps you clear the debt quickly.
Requirements: Some lenders prefer borrowers with strong credit and income, while others accept lower credit scores. Review a lender’s borrowing requirements to determine your likelihood of qualifying.
Funding time: Loan approval and funding can take a few days or up to a week, depending on the lender and how smoothly the application process goes. If you need the funds fast, look for a lender that offers fast loans.
How to get a small personal loan
Review your credit and debts. Before applying, check your credit report for opportunities to address any negative marks or unpaid debts. Also, calculate your debt-to-income ratio, which lenders use to see how much of a borrower’s income goes to other debts. Many lenders prefer borrowers with DTIs below 40%.
Pre-qualify. Since pre-qualifying takes a few minutes with most online lenders and doesn’t affect your credit score, it’s a quick way to compare small loans.
Collect necessary documents. A lender may require information like your Social Security number, W-2s and pay stubs on an application. Gathering this information before you apply can speed up the application process.
Submit the application. This part may be done in person with local banks and credit unions, but many lenders have online applications. If you’re approved, expect funding within a day to a week. Applying will temporarily shave a few points off your credit score.
How to qualify for a small loan with bad credit
If you have bad credit (629 or lower FICO), you may still qualify for a small loan from a credit union or reputable online lender, but your rate could be on the high end of the lender’s range.
Here are some ways to improve your chances of qualifying:
Add a co-applicant with better credit or income.
Add collateral to the loan, like a car or investment account.
Take more time to build credit before you apply.
Avoid predatory small loans
Payday lenders typically offer small loans with high rates, short terms and late fees. A $500 payday loan due in two weeks with the typical fee of $15 for every $100 dollars you borrow would have an APR of 391%, a rate that's considered unaffordable by consumer finance advocates.
» MORE: Alternatives to payday loans
You can spot a predatory lender a few different ways. If a lender doesn’t check your credit, asks for access to your bank account or doesn’t state the loan’s APR before closing, then it likely isn’t engaging in consumer-friendly lending.
Alternatives to small personal loans
NerdWallet recommends exhausting cheaper alternatives before getting a small loan, even if you need the money for an emergency. Consider these options first:
Form a lending circle with friends and family members you trust, or borrow a loan from a family member.
Pick up a side gig to make extra money. Options range from selling clothes to walking dogs.
Seek assistance from local nonprofits, charities and religious organizations for help with things like bills, gas, groceries, food or clothes.
Borrow against your next paycheck with a cash advance app. These loans can be an affordable way to borrow a few hundred dollars, but be prepared to repay the money on your next payday.
Last updated on March 22, 2022
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
To recap our selections...
NerdWallet's Small Personal Loans in 2022: Compare Options
- PenFed Credit Union Personal Loan: Best for Small loans starting below $1,000
- Oportun: Best for Small loans starting below $1,000
- LendingClub: Best for Small loans starting at $1,000
- Upgrade: Best for Small loans starting at $1,000
- Upstart: Best for Small loans starting at $1,000
- Universal Credit: Best for Small loans starting at $1,000
- SeedFi Borrow & Grow Personal Loan: Best for Small loans starting at $1,200
- OneMain Financial : Best for Small loans starting at $1,500
- Best Egg: Best for Small loans starting at $2,000
- Prosper: Best for Loans starting at $2,000
Frequently asked questions
Some lenders have minimum credit score requirements as low as 580. If you're not sure whether you'd qualify, you can pre-qualify for a personal loan. Pre-qualifying won't hurt your credit score, and it allows you to see the rate and terms a lender would offer you.
Few major banks offer personal loans below $1,000. These two large banks offer small-dollar loans to existing customers:
U.S. Bank’s Simple loan has amounts between $100 and $1,000.
Bank of America’s Balance Assist is a loan with amounts between $100 and $500.
You can find small personal loans at banks, credit unions or online lenders. Some large banks provide small loans to existing customers, while credit union personal loans may have low starting amounts. Federal credit unions can also offer a specific type of small loan called a payday alternative loan. Online personal loans usually start at $1,000, but some lenders may offer smaller loans.