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Best small personal loans of July 2022

FOX News logo FOX News 6/30/2022 Jacqueline DeMarco

Sometimes life throws unexpected expenses your way. If you need more cash than you have on hand to cover an unexpected expense or emergency, a small personal loan can come in handy. You can use personal loans for a wide variety of expenses, and you can choose how much you need to borrow — even if it’s a small amount.

Here’s how small personal loans work, 10 of the best small loan lenders to consider, and how to apply for a small amount of money. 

Credible has several lenders that offer small personal loans. It’s easy to see your prequalified personal loan rates, and it only takes a few minutes.

A small personal loan is a loan that you take out for a small amount of money (often $2,000 or less) that you can use for a wide range of expenses. The amount you can borrow with a personal loan varies by lender and depends on your credit score and income.

Just like with a personal loan for a large amount, you’ll make payments in fixed installments, plus interest, over the course of your loan term. 

Small personal loans are less common than larger ones, and not all lenders offer loans for small amounts. But you can find them with some online lenders, credit unions, and community banks. It’s worth noting that personal loans for very small amounts can sometimes come with high fees.

Credible makes it easy to compare personal loan rates from various lenders, all in one place. And it won’t affect your credit.


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If you only need to borrow a little money, these 10 Credible partner lenders offer small personal loans:

The following two lenders aren’t Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a small personal loan.

Navy Federal Credit Union

PNC Bank

Credible evaluated the best small personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.

If you decide to apply for a small personal loan, these are the steps you’ll generally take: 

If you’re ready to apply for a personal loan, visit Credible to quickly and easily compare personal loan rates to find one that works best for you.

You can still qualify for a loan with bad credit, but the interest rates you receive may be high, which can lead to paying more over the life of the loan. If you have time on your side, you can work to improve your credit score before you apply for a personal loan. 

Here are some things you can do to boost your credit and increase your odds of being approved for a small personal loan or a lower interest rate in the future:

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