Best Small Personal Loans

Upgrade takes the lead due to a low minimum borrowing amount, fast funding, and flexible repayment options. Upgrade also works with borrowers that are experiencing hardship, but you’ll need to contact the company directly for information about your unique situation.

Upgrade was founded in 2017 by pioneers in the fintech space, and since then more than 15 million people have borrowed $10 billion in credit from Upgrade. Besides personal loans, Upgrade also offers a rewards checking account and credit card. 

You can check your rate with Upgrade without hurting your credit. Once you formally apply and accept a loan offer, which will require a hard credit check, you can receive your funds in as little as one business day. An origination fee of 2.9% to 8% of the loan amount will be deducted from the loan proceeds. However, the maximum late payment fee is only $10 and there are no prepayment penalties. 

While we’ve seen lower starting rates at other lenders, Upgrade offers a variety of discounts:

• Rewards checking account discount
• Direct payment to creditors discount (if using the loan for debt consolidation)
• Auto equity secured discount
• 0.25% autopay discount

To qualify for an Upgrade loan, you must have a credit score of at least 550. There’s no minimum income, but you will need to provide proof of income. You’ll also need to be a U.S. citizen or permanent resident, be at least 18 years old, and have a bank account and email address. Upgrade loans are not available in Iowa, Vermont, or West Virginia. If you have trouble qualifying, Upgrade allows joint applications, and a co-borrower with a higher credit score may improve your chances of being approved. 

Upgrade has outstanding reviews relative to the industry on Trustpilot. Many customers cite the quick and easy process and excellent customer service as reasons for their positive reviews.

Lightstream is our pick for low fees, since the lender doesn’t charge fees of any kind, and flexible repayment terms, since they offer a range of term choices. 

SunTrust and BB&T, both banks founded in the 19th century, merged in December of 2019 under the name Truist. Lightstream is a division of Truist and offers personal loans for a variety of purposes. There’s no option to pre-qualify and you need good credit to be eligible, but starting rates are low and there are no fees. You won’t have to pay an origination fee, you can pay off your loan early without penalty, and even if you miss a payment, you won’t be charged. Lightstream also offers a 0.5% autopay discount included in their published rates.

You must complete your application with Lightstream online, but you can get your funds as soon as the same day. To be eligible, you’ll need to be 18 years old and a U.S. citizen or permanent resident of any state. To evaluate you for approval, Lightstream will pull your credit report from TransUnion or Equifax, which can result in a minimal dip in your credit score. Lightstream looks favorably on applicants with several years of credit history, a variety of account types, liquid assets or savings, and regular and sufficient income. Lightstream doesn’t allow joint applications or co-signers. 

Lightstream has poor reviews on third-party websites like Trustpilot and ConsumerAffairs, although the lender only has about a dozen reviews on each site. It’s also important to note that a few reviewers mention being contacted by a scammer claiming to be from Lightstream. Lightstream is a legitimate lender, but scammers often impersonate legitimate companies. Other reviewers were unhappy with how difficult it is to get approved by Lightstream or believed their rate was not competitive.

If you aren’t eligible for other options due to your credit score, OppLoans is the safest bad credit lender we reviewed. While rates are high, your monthly payments will be reported to the credit bureaus, which may improve your credit score (if they’re on time). 

OppLoans was founded in 2012 by Todd Schwartz and is headquartered in Chicago. The lender has helped 700,000 borrowers get access to cash. It operates as a direct lender in Alabama, Georgia, Nevada, and Wisconsin, and offers loans through partner lenders in 31 other states. OppLoans does not offer loans in Colorado, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont, West Virginia, or Washington, D.C. 

While OppLoans works with a credit bureau to evaluate your credit history, you can apply for a loan without a hard credit check. OppLoans doesn’t charge any origination fees or prepayment penalties. Other fees, rates, and terms vary by state. OppLoans doesn’t offer any discounts. You must apply online, but the process is easy and mobile-friendly. To be eligible, you must be 18 years old (or 19 in Alabama), have a bank account, have a regular source of income, and receive your paychecks through direct deposit (unless you live in New Mexico). OppLoans does not allow co-signers. Once you’re approved, you can receive the funds in as little as one business day. 

Reviews of OppLoans on customer review sites like Trustpilot and ConsumerAffairs are excellent. Most customers cited the quick and easy process as the reason for their positive reviews. Most customer complaints were about being denied a loan or being charged high rates.

Navy Federal offers small loans with competitive rates and quick funding. The member-owned, not-for-profit credit union was founded at the end of the Great Depression by a group of Navy Department employees and has since grown to over 11 million members. Membership is open to all service members and veterans, their immediate family members, and Department of Defense civilians. You must be a member to get a personal loan from Navy Federal. 

There’s no pre-qualification option, but you can apply online for an unsecured personal loan. For longer-term home improvement loans, debt consolidation loans, savings secured loans, and CD secured loans, you must apply in a branch or over the phone. Co-signers and joint applications are allowed. To be eligible for a loan, you must be at least 18 years old and provide your employment and income information. 

There’s no minimum credit score requirement, but Navy Federal will review your credit history along with your banking history when making a decision, so you may experience a small dip in your credit score from the credit check. Navy Federal issues loans in all states. There are no discount programs for its personal loans, but rates are relatively low and there are no origination fees, late fees, or prepayment penalties. 

Navy Federal also has a strong track record of providing good customer service—the credit union offers 24/7 customer support and was named #1 for customer experience by Forrester. Navy Federal has excellent reviews on Trustpilot. However, there are some poor reviews on ConsumerAffairs. Most complaints were about poor-quality customer service—long hold times and misinformation. Most customers who left positive reviews touted the quick and easy process, good products, low rates, and helpful customer service.

Rocket Loans makes it easy to check your rate online, apply for a personal loan, and get your money as quickly as the same day. It’s a great option when emergency expenses come up. Rocket Loans is a subsidiary of Rocket Mortgage, which was formerly Quicken Loans and was founded under the name Rock Financial in 1985. It began as a brick-and-mortar mortgage lender and grew into a digital-first company. 

The process of applying for a personal loan from Rocket Loans is easy. You can pre-qualify by providing your contact info and Social Security number. You’ll need to apply online, but you can call for support. After you select a loan offer, Rocket Loans will review your information and make a decision. You’ll receive your funds as soon as the same day. 

To be eligible, you’ll need to be at least 18 years old and a U.S. citizen or permanent resident. The minimum credit score is 580 and you’ll need to provide proof you earn at least $24,000 annually. Loans are not available in Nevada, West Virginia, or Iowa, and you can’t apply with a co-signer or joint applicant.

Starting rates include an autopay discount. Rocket Loans charges an origination fee between 1% and 6% of the loan amount, which will be deducted from the proceeds. There’s also a $15 late payment fee and a $15 ACH return or returned check fee. 

Rocket Loans is a reputable lender with very favorable customer service reviews. The lender has a 4.8/5 star average rating from thousands of customers on Trustpilot. Many reviewers said the process was quick and easy and customer service was friendly and knowledgeable.