Best Small Personal Loans

Pentagon Federal Credit Union (PenFed) is the second-largest federal credit union offering personal loans, credit cards, checking, and saving accounts to its over 2.8 million members. For small loan customers, PenFed offers pre-qualification allowing you to see your potential rates and terms by filling out a short application, which does not hurt your credit score. After completing your application, funds may arrive as soon as the next business day. There are no hidden fees on PenFed loans.

The application process is as simple as filling out a quick online form. Although membership is required, you can quickly sign up as you apply for a loan by opening up a $5 savings account.

• Be a PenFed member
• Live in the United States
• Be the age of majority as defined by state of residence
• Be a United States citizen (PenFed does not support permanent residents)
• Recommended minimum credit score of 650
• Qualify based on financial history, credit history, and other factors

Upgrade is an online lender with regional offices around the U.S. offering personal loans for debt consolidation, purchases, and home improvements. Loan terms are available from 24 to 84 months in length, giving you flexibility for your repayment timeline and monthly payment amount. There are origination fees included, ranging from 1.85%–9.99%. Interest rates can reach as high as 35.99%, which is expensive, but these are the trade-offs you typically have to make if you don’t have the best credit.

Upgrade makes it easy to apply with online pre-qualification, and you can receive funds as soon as the next business day. Overall, Upgrade can offer decent terms for borrowers with less-than-stellar credit, but if you’re in that boat, you may get something on the higher end of the APR range unless you apply with a co-signer.

• U.S. citizen or permanent resident, or living in the U.S. on a valid visa
• At least 18 years old (19 years old in Alabama and certain other states)
• Must have a verifiable bank account
• Must have a valid email address
• Qualify based on credit score, credit usage, and payment history

Best Egg is an online lender that offers personal loans for various uses, including debt consolidation. You can borrow as little as $2,000, and the lender will pay off your creditors directly, making it easy to consolidate or refinance your debt.

Best Egg offers a simple online application to pre-qualify, which allows you to see your potential interest rates before completing your application. Funds may be deposited as soon as the next business day. Unfortunately, you can’t apply with a co-applicant to improve your chances of qualifying (and getting a lower rate), but Best Egg does offer secured loans.

Best Egg charges an origination fee on all loans, which can reach 8.99% of the loan total. There’s no fee for late payments, but there is a returned payment fee. Best Egg is a great option for consolidating your debt into a single payment; just keep an eye on the fees.

• U.S. citizen or permanent resident, or living in the U.S. on a valid visa
• At least 18 years old (19 years old in Alabama and certain other states)
• Live in a state supported by Best Egg (not available in Iowa, Vermont, West Virginia, or Washington, D.C.)
• Recommended minimum 600 credit score
• Verifiable income and employment
• Minimum $3,500 annual income

Upstart, a leading artificial intelligence lender, offers fully automated personal loans, starting at $1,000, for debt consolidation, credit card balances, and refinancing. Depending on your credit score, you can find low fixed rates and next-day funding. Pre-qualification is available within a few minutes, meaning you can check rates without a hard pull on your credit.

Upstart charges up to 10% of the loan as an origination fee, which is taken directly from your loan. The lender is not available in West Virginia and Iowa. But overall, Upstart is an excellent option for borrowers with poor credit who can’t qualify elsewhere.

• Must be a U.S. citizen or permanent resident
• Must not live in West Virginia or Iowa
• Must be at least 18 years old
• Must have a valid email account
• Must have a verifiable name, Social Security number, and birth date
• Need a minimum credit score of 300
• Must have a full-time job, a full-time job offer starting in 6 months (except if accepted to a partner bootcamp and seeking employment after graduation), a regular part-time job, or another source of regular income
• Must have a personal banking account at a U.S. financial institution with a routing transit number

OneMain Financial offers 1,400 branch locations and interest rates starting at 18%. Secured loans can be used for almost anything, and borrowers may receive funding as soon as the next business day.

OneMain Financial charges an origination fee that is deducted from the total loan amount. The fee may be as high as 10% of the loan, or $500. Late fees may also be assessed, costing up to 15% of your monthly payment (or $30). These fees vary by state, unlike most lenders. Although OneMain Financial charges higher rates than competitors, it could be a good pick for you if you’ve struggled to obtain an unsecured loan.

• Must be at least 18 years old (or the age of majority in your state)
• Must live in a supported state (not Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, or Washington, D.C.)
• Must pledge collateral for secured loans
• Qualify based on financial history, credit score, collateral, and other factors

U.S. Bank is an excellent choice if you want the backing and security of a big bank, even for a small loan. It’s a large national bank that offers personal loans starting at $1,000. You can apply for a loan with a 660 credit score (or higher), and you don’t need to be a U.S. Bank customer to qualify. You can pre-qualify online to check your rates without hurting your credit score as well.

U.S. Bank’s repayment terms run from 12 months up to 84 months in length. No origination, application, or prepayment fees are applied, though you may have to pay a late payment fee of $29 if you miss a payment.

U.S. Bank loans are only available in 26 states, and you must be within a 50-mile radius of a branch to qualify. You can’t apply for a U.S. Bank personal loan in Alabama, Alaska, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, or Washington, D.C.

Qualifications

• U.S. citizen or permanent resident, or living in the U.S. on a valid visa
• At least 18 years old
• Valid address
• Valid Social Security number
• Valid government-issued ID
• Qualify based on credit score, credit usage, and payment history

First Tech Credit Union offers loans starting at just $500 to First Tech members; luckily, membership is available to anyone in the U.S. Loan terms are available from 24 up to 84 months, giving you flexibility in your term length and monthly payments.

First Tech has a minimum recommended credit score of just 600 to apply, making it relatively accessible. Like many lenders, it offers pre-qualification to check your rates without a hard credit pull. Both secured and unsecured loans are available, and there are no origination fees on personal loans.

• Be a U.S. citizen or permanent resident
• Be at least 18 years old
• Have a minimum credit score of 600
• Qualify based on financial history, credit score, and other factors

At Rocket Loans, you can pre-qualify to see your rates in just a few minutes, and if you complete the application and sign the promissory note by 1 p.m. Eastern Time, you can receive funds on the same business day. Rocket Loans will send the funds to your bank account by ACH, but your actual access to the money will depend on your bank’s processing time.

Rocket Loans offers smaller personal loans starting at $2,000 and going up to $45,000; the loan terms are relatively restrictive, as you can only choose between 36 months or 60 months. Rocket Loans recommends having a 640 credit score for the best shot at approval, so it’s possible to qualify without having the best credit.

The upper end of the APR range is fairly high, and there’s also an origination fee that could reach 7%. So if your credit isn’t the best, you may end up paying some decent fees. Rocket Loans is ideal for borrowers that need funding quickly, especially those with better credit who won’t be charged the origination fee.

• Must be at least 18 years old
• Must be a U.S. resident
• Credit score and credit history are reviewed
• Monthly income is reviewed
• Tax forms may be reviewed
• Debt-to-income ratio (DTI) is reviewed

Navy Federal offers personal loans with excellent rates to its credit union members, with membership open to all military members and their families. Loans are available starting at only $250, and there are no origination or prepayment fees on loans.

NFCU’s low rates make it a good choice for any kind of loan, but it’s particularly useful for debt consolidation and refinancing to lower the rate on your high-interest debts. Loan terms are available for up to 15 years on certain loans as well, giving you comfortable monthly payments.

Like other lenders, Navy Federal charges a higher APR for longer-term lengths and a $29 fee for late payments. You also need to be a member, but membership is free if you are a military member, veteran, or family of either.

• Must be a Navy Federal member
• Must be at least the age of majority in your state
• Must be a United States citizen, eligible permanent resident, or non-permanent resident alien
• Available in all 50 U.S. states and Washington, D.C. 
• Qualify based on credit history, income, and other financial factors
• Meet minimum borrowing requirements