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Small personal loans for november 2022 in the United States

Apply for a small personal loans from companies verified by our specialists. On 29.11.2022 you have access to 1 loans with a rate of 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 1

Updated:
12.11.2022
17:52
Speedy Cash
Personal loan
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3.75
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$50-$26,000
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Effective interest rate on the product

up to 460%
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up to 30 days

Small personal loans calculator in the United States

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Interest rates on small personal loans in various US states 

The legal status of payday loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

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Here is the average overpayment on a loan based on data from lenders in the USA.

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Other types of loans

Speedy Cash
5
user_111127
user_111127
23.11.2022 at 08:07
A convenient office and friendly service from its employees, I made an application on the website, and I came to their office to get it, because I needed cash...
Review
CashNetUSA
5
user_109355
user_109355
13.11.2022 at 15:49
It is not always possible to meet your budget with unforeseen expenses, so you have to turn to creditors for financial assistance...
Review
Speedy Cash
5
Matwey
Matwey
17.10.2022 at 17:15
It is worth noting that on weekends there is no possibility to issue a loan and you need to take care of this in advance...
Review
Target Cash Now
5
Lane C
Lane C
17.10.2022 at 14:23
I liked using their services, I know that they offer me conditions that will be feasible for the entire period of using the loan...
Review
Ace Cash Express
5
Olga R
Olga R
17.10.2022 at 14:02
The interest rate is high, but not the most exorbitant, but I can use the money for up to six months...
Review
Ace Cash Express
5
Kate P
Kate P
17.10.2022 at 12:24
There are certain requirements and features for registration, in other respects, as with most services, but I did not see any difficulties in registering...
Review
Small personal loans for november 2022

What is a small personal loan?

A small personal loan is one of the most common types of loan. This type of loan has gained popularity among borrowers because it allows people to take a small loan amount for a relatively short period. The minimum loan amount for such a loan can be $100 and even lower. Personal loan terms range from a few weeks to a couple of years. Usually, the maximum amount of such a loan is from several hundred to several thousand dollars. This loan is designed to cover small purchases, home repairs, car repairs, medical bills, and other unexpected expenses.

Major types of small personal loans

Unsecured personal loans

An unsecured personal loan doesn't require collateral in the form of real estate or other assets. The borrower's solvency is determined by their credit history. Therefore, this type of financing is suitable for potential borrowers with a high credit score. Credit card debt and student loan offers are the most common examples of this type of loan. Lenders consider unsecured loans risky and usually coming with high interest rates for them. Maximum loan amounts are also lower than in loan options with collateral due to the high risk.

Secured personal loans

A secured personal loan requires some kind of collateral. A loan for a large loan amount requires the registration of real estate or a car as collateral. However, speaking of a small loan, it is possible to use cash as collateral. Secured loans are suitable for potential borrowers who have insufficient credit scores to be qualified for an unsecured loan. Financial institutions like credit unions or banks do not require a good credit history for this type of financing, as they do not risk much. Car title loans and bad credit loans are examples of this type of loan.

Debt consolidation loans

A debt consolidation loan is a type of financing that allows a borrower to combine several loans to simplify repayment. This type of loan reduces the borrower's monthly payments by combining multiple interest rates of the existing debt and by combining several payments into one convenient required monthly payment. This refinancing is suitable for borrowers with multiple high-interest credit cards with different repayment terms that are difficult to follow. The borrower can consolidate credit card debt.

Buy now, pay later loans

Buy now, pay later loans are some of the best small personal loans. Buy now, pay later, as indicated in the name, allows the borrower to buy an item now and pay for it with several equal payments during a certain repayment term. Usually, credit union or other financial institution requires the buyer to pay 25% of the purchase amount at the beginning and the remaining amount later. Often the buyer does not overpay interest when buying an item with this type of small loan. The loan term can be from several weeks to a year, depending on the borrower's credit history and the purchase amount.

Joint personal loans

A joint personal loan is a type of fixed-rate loan that allows a borrower to take out a loan together with a co-borrower. The presence of a co-borrower provides several advantages. If the borrowers themselves have bad credit, which is not enough to get a loan, then the co-borrower's credit score can be decisive in obtaining loan approval from credit unions. Moreover, many lenders offer the best conditions for borrowers with the best credit report. The co-borrower's credit history can help the borrower get better loan terms, such as a low-interest rate and a larger loan amount.

Personal lines of credit

A personal line of credit differs from classic credit options. A line of credit allows the borrower to withdraw the required amount within their credit balance. The most important thing is that the borrower pays interest only for loan amounts that they withdrew. The maximum limit on a line of credit depends on the creditworthiness of the borrower. The borrower's credit limit and interest rates depend on the debt payment obligations and credit score.

Payday loans

A payday loan is a short-term loan that is designed to receive money quickly for urgent payments. This loan is most often issued by online lenders and allows the borrower to get a small loan amount on the same or the next business day. The borrower pays this loan in one payment after a few weeks. A payday loan is suitable for borrowers who urgently need money before their next paycheck. This loan is suitable for a person with any fair credit, since minimum credit score requirements are not so important for the lender as a permanent source of income.

How to apply for a small personal loan

All online lenders that offer small personal loans have different qualification criteria for a loan. Before applying, personal loan applicants should pay attention to the minimum credit score requirement, debt-to-income ratio requirement, and credit usage history requirements, as these are the main credit requirements.

Most often, to receive credit approval from the lender to get a small personal loan, the borrower's minimum credit score should be at least 600 on a scale from 300 to 850. The higher the credit score, the higher the borrower's chance of getting the best loan term, annual percentage rate (APR), and loan amount limit.

The personal loan lender will also require a low debt-to-income ratio. The borrower is required not to exceed 50%. However, to increase the chance of obtaining approval and getting better credit conditions, the borrower should lower this ratio to the range of 43% to 36% since many online lenders lower the interest rate for such borrowers.

For the credit union, the use of past loans is important. This includes the presence of bankruptcy and late payments. Borrowers who have had a bankruptcy in the last seven years before applying for a new loan may be rejected. It is also better for a potential borrower not to have overdue payments for more than 30 days in total for all loans in recent years.

The development of the industry has led to the fact that online lenders greatly simplified the application process to get a small personal loan. Most lending websites have a similar application process. To apply, the borrower needs to click on the "Apply Now" or "Get Started" button on the online lender's website. The application usually requires filling in personal information such as name, email, phone number, and residential address. Employment information is also required, namely the name of the employer, the name of the company, the number of the employer, and the duration of work in this position. In most cases, the borrower needs to enter the details of their bank account. Next, the borrower needs to upload the necessary documents and sign the loan agreement.

To confirm the identity of the borrower, an online lender may require the following documents:

  • Driver's license

  • State-issued ID

  • Passport

  • Certificate of citizenship

  • Birth certificate

  • Military ID.

To prove employment and income, the borrower may need to provide these documents:

  • Paystubs

  • Tax returns

  • W-2s and 1099s

  • Bank statements.

To prove the address of residence, the lender may require the following:

  • Recent utility bills

  • A copy of the lease or rental agreement

  • Rental insurance, which shows the residential address.

The borrower needs to pay attention to whether the lender allows you to get pre-qualification after applying. The presence of pre-qualification means that the lender makes a soft credit check that does not affect the borrower's credit score. Some lenders make a hard credit inquiry that affects the credit score. If the borrower does not qualify for a loan from such a lender, their credit score will decrease.

How to pay a small personal loan back

There are many ways to make payments on a loan. Lenders prefer to charge borrowers automatically from their bank accounts. A credit union, when signing a loan agreement, asks the borrower for consent to charge fixed monthly payments from a checking or savings account. Monthly payment is made using ACH debit. Lenders encourage this type of payment without setting any fees for it.

The borrower can pay the loan by sending a check by mail. When using this payment method, the borrower should take into account the payment calendar and send checks in advance so as not to be late. This payment method may require payment of additional fees.

Some lenders can accept payment by phone. This method is not the most convenient and usually has a high fee.

Those lenders who have their mobile application can provide payment functions through it. Since the borrower uses the company's application at the same time, the company does not charge a commission from the transaction.

Many lenders allow customers to make payments on a loan using wire transfer. In this case, the bank through which the transfer takes place itself sets the amount of the commission.

Legal regulation of small personal loans

Small personal loans are regulated by Consumer Financial Protection Bureau, a U.S. government agency. This agency regulates the activities of landers at the legal level. The organization roots out unfair, deceptive, abusive acts or practices, strengthens laws that prevent discrimination in the field of consumer finance, examines complaints from consumers, develops financial education, and monitors financial markets for risks to consumers.

Consumer Financial Protection Bureau is also involved in the regulation of FDIC insurance. FDIC insurance is deposit insurance. This insurance confirms that any deposit of up to $250,000 is protected by the state. To choose the best personal loan lenders, borrowers should pay attention to the postscript "Member FDIC" to the company name, since they are trustworthy and have sufficient investor commitment.

The true cost of a personal loan

In addition to monthly payments, the borrower also needs to pay several fees. Besides the fact that the borrower needs to pay interest, they also pay origination fees, late fees, prepayment fees, and overdraft fees.

The origination fee is a payment to the lender for their services. Origination fees are deducted from the loan amount when it is issued, which means that the borrower will receive personal loan funds with the commission already deducted. The origination fee ranges from 1% to 8% of the loan amount. However, the best small personal loans have an origination fee of 0.5%. Some lenders don't require an origination fee, but there are a few of them. The origination fee can be negotiated if the borrower has excellent credit.

A prepayment penalty is a commission for early repayment of the loan. When the borrower pays the loan early to reduce the amount of interest, lenders demand prepayment penalties from them. However, major credit bureaus have abandoned prepayment penalties. The borrower, even under the condition of early repayment, still pays interest in full.

A late fee is a penalty for a late payment of the loan that must be paid in addition to the monthly payment. Usually, a late fee is a fixed amount, which most often amounts to about $15. Personal loan lenders set a certain payment date when discussing loan repayment terms with the borrower. It is difficult to keep track of this, so it is recommended that the borrower install automatic loan repayments to avoid delays.

An overdraft fee appears when the borrower's account does not have enough funds to pay for the loan. The lender still makes the transaction and adds the missing amount to the loan amount. For this, the borrower, in addition to the missing amount, will also have to pay an overdraft fee. The amount of this fee can reach up to $35.

FAQ

What is the smallest personal loan you can take out?

Small personal loan amounts range from hundreds to tens of thousands of dollars. Minimum loan amounts for personal loans can be $100 or less, for example, a payday loan. However, the borrower needs to remember that a loan for a small amount will require payment of a high-interest rate.

How do I get a small loan immediately?

The best small personal loans for getting money fast are payday alternative loans. The borrower can come to the offline lender store and get the money immediately. If the borrower wants to get loan funds online, then after receiving approval, loan proceeds usually come in 1 business day.

What is the easiest loan to get approved for?

The easiest loan to get approved is a payday loan. Such a loan is designed for borrowers who need money quickly but cannot get another loan due to a low credit score. Lenders who issue payday loans usually do not pay attention to the borrower's credit score. They need to have proof of a permanent source of income. However, the loan payment terms for this loan are not the best, since the interest rate is high.

What is considered a small personal loan?

Small personal loans are loans that allow borrowers to take out small loan amounts that range from several hundred dollars to several thousand dollars. Personal loans feature repayment terms ranging from a few weeks to a couple of years. Usually, borrowers receive small personal loans to pay for unexpected expenses.