Small Personal Loans

Thanks to small personal loan lenders, you can get near-instant funding for your wedding expenses, pending payments, etc. If finding a lender seems a lot to add up, consider going through a broker. iPaydayLoans has a panel of reliable lenders with good loan offers you can connect with.

$2,500
Want to borrow more than $5,000? Click here!

What Is a Small Personal Loan?

Sometimes, a couple of thousand bucks or less is all you need to make that emergency purchase or settle that bill. That’s where a small personal loan can help.

A small personal loan is a short-term loan obtainable from a bank, credit union, pawnshop, or direct lenders for unexpected expenses and bills. They can be used for just about any purpose including funding a ceremony, consolidating debt, and settling medical bills.

Where Can I Get the Best Small Personal Loans?

Credit Union

Credit unions are a good place to start if you need a loan of $500 or less. However, with many credit unions, you must be a member to be eligible for their loans. But once you’re a member, getting a loan is easy, and the APRs for members are quite low.

Credit Cards

Credit cards can help you through financial emergencies by giving you a cash advance. You can even request an increase in credit limit if you have a good credit score. The catch is that the interest rates on cash advance credit cards are usually higher than those on small personal loans.

Online Loans Services

Online loan services like PersonalLoans and iPaydayLoans are also good options to explore. This is especially true if you have poor or bad credit. Loan services like iPaydayLoans connect you with lenders who can provide you cash with no collateral or good credit requirement.

default imgWhy Us
How much can I borrow?$50-$35,000No hidden fees or charges
I have bad credit. Can I apply?YesBad credit is considered
Over how long can I spread the repayments?1-36 monthsFast decisions
Are credit checks involved?YesSoft credit checks only
Chances of getting approvalsGood256-bit encryption protocol
How to apply?Apply onlineEasy application
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How to Tell If I Need a Small Personal Loan?

Whether or not you need a small personal loan depends on your financial situation. If you just need a little cash to stay afloat until your next payday, you can take advantage of 0% introductory APR on some credit cards or even borrow money from friends. However, if your credit score isn’t so healthy, you may opt for a small personal loan for bad credit. iPaydayLoans can connect you with bad credit lenders who can provide you cash as soon as the next 24 hours after approval.

A small personal loan will also be more beneficial to you than alternatives like payday loans if you are not financially buoyant to repay the loan within two weeks or a month from the time of borrowing. Finally, small personal loans have lower interest rates than payday loans and are a better option if you’re borrowing for debt consolidation purposes.

What Are the Merits and Demerits of Getting a Small Personal Loan?

There are so many benefits to taking out a small personal loan. One of them is that they can be used for literally anything. Some of its common use cases are car repairs, taking summer vacations, medical expenses, and all forms of emergency expenses.

Here are some of its other benefits:

  • They are primarily unsecured, that is, they do not need you to put collateral
  • It is fast and easy to process. No queueing, no paperwork
  • The interest rates are pretty low compared to alternatives like payday loans
  • They have a reasonable payment time, typically two to three years
  • On-time payments can potentially improve your credit scoreCosigners are allowed
  • They have fixed APRs
  • They also have set monthly payments

Some of its demerits include:

  • Their APRs are generally higher than many secured loans
  • Some lenders charge origination fees

How Can I Apply? Can I Get a Small Personal Loan for Bad Credit?

Fill out the online request form. You’ll be asked for basic information like your name, contact address, email address, income level, and other relevant details, which will help you find a best-fit lender.

Submit the form, and we will forward your request to our panel of lenders, who will review your submission, run some checks on your profile and approve you for a loan if you pass their evaluation and assessments.

You’ll then be sent a quote. Review the offers from different lenders and choose one based on criteria like loan interest rates, amounts, conditions of the loan, and loan term. Close the loan seal by signing the quote, which you can do online using a digital signer. Then, leave us with the rest. You should have your requested loan available for withdrawal as soon as the following business day.

Get Cash When You Need It Most

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What to Consider When Choosing Personal Loans Lenders?

As you begin your search for a personal loan lender, it’s important you have a look at the following subjects.

Loan Interest Rates

The higher the loan interest rates, the higher the total cost of the loan and vice-versa. Most creditors represent this as an Annual Percentage Rate (APR). When deciding, look at the APR to know if it’s a good deal for you. However, don’t get tempted to pick a lender with the lowest APR. Read further to know if there are hidden charges you should know about.

Loan Amounts

Of course, the minimum and maximum amounts the lender can provide you determine to a large extent if they are a good fit or not. You don’t want to continue with a lender that can’t provide you with the amount you need. You don’t want to borrow more than you need either. So you need to choose only a lender offering the right amount.

Repayment

The loan term is another critical factor because late payment attracts some fees. So you may want to go with a lender that gives you enough room to make payments. Also, when spread over time, you want to be sure the fixed monthly payments you will be making are affordable.

Lender Reputation

Before putting pen to paper and signing off a contractual agreement with the lender, ensure they are established, licensed creditors, and of good reputation. Their reviews and ratings on credible websites like Better Business Bureau will give you insights into their reputation amongst borrowers. Are they considered loan sharks and predatory, or are they really helpful?

Alternatives to Small Personal Loans

Loans from family or a friend

Have you considered talking to a family member or friend? Depending on how close you are with this individual, you may not be required to pay interest on the loan. Do you have a bill to cover? Simply ask a relative to do that for you. Your credit score doesn’t suffer if you fail to pay back on time. However, late payments can strain your relationship with them.

Charitable and non-profit organizations

You can also get some funding from non-profit organizations and charities. But you must be able to show proof that you are in dire need of help. Some of these organizations can be a good source of funding if they believe it’s for a good cause. People approach charitable organizations to settle medical bills and donate food and clothing to them.

Loan instant apps

Loan instant apps or cash advance apps like Dave are a good resource for people who have regular income and need a check advance. They can offer their users a cash advance of up to $500 on their next paycheck. But to do that, they must be able to track the borrower’s billable hours and how much they earn. The cash they provide you with depends on the value of your income.

Side gigs and selling off old items

You can make extra cash from side hustles and gigs. Some common side gigs are freelancing via platforms like Fiverr and Upwork, photography, event planning on weekends, baking, delivering groceries, and driving for a ride-hailing service like Uber or Lyft. Another option is selling off clothes and other items you no longer use.

FAQs:

Do Banks Offer Small Personal Loans?

Yes, they do. However, finding these banks can be a little tricky. Even big names like Bank of America don’t offer any form of personal loans. You are more likely to get a loan from a local bank than from the big, established names. However, you may need to be a client of the same bank to qualify.

How Small Personal Loans Are Different from Payday Loans?

Payday loans are loans lent out to borrowers to support themselves till their next paycheck, while the term for a personal loan is typically two years or longer. Personal loans also have lower interest rates than payday loans which makes them a better credit option for debt consolidation.

How to Qualify for a Small Personal Loan for Bad Credit?

If you are struggling to get approved for a personal loan for bad credit, consider applying with a cosigner. Some personal loan lenders can consider you if you bring in a cosigner. Having a cosigner may also help you qualify for lower interest rates. Another way to qualify is to build your credit by making on-time payments to bills, paying credit card balances, and taking out a credit-builder loan.

What Is the Difference Between Unsecured Personal Loans and Secured Personal Loans?

There is a striking difference between unsecured personal loans and secured personal loans, which is collateral provision. While a secured loan is backed by the borrower’s assets, an unsecured loan isn’t. Because of this security deposit, secured loans attract lower interest rates than their unsecured sibling.

What Can Small Personal Loans Be Used for?

There’s literally nothing small personal loans can’t be used for. However, they are most commonly used for paying utility bills, sorting emergencies, home remodeling, and debt consolidation. However, they can’t be used for illegal purposes or to pay education costs.

How Much Can I Borrow with Small Personal Loans?

This depends on a number of factors. The loan range is usually between $50 and $1,000. However, we can connect you with lenders which can fund you as much as $5,000.

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Get a Low-Interest Small Personal Loan with iPaydayLoans

Getting loans with traditional lending institutions can be incredibly difficult with bad credit. However, loan broker services like iPaydayLoans can help you secure up to $5k by connecting you with established bad credit lenders.

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iPaydayLoans is a company committed to connecting borrowers to hundreds of reputable online lenders to apply and get small-dollar payday loans quickly, easily, and securely, helping cope with life emergencies like paying medical bills, home, or car repairs, and so on.

Customer Note: A payday loan is traditionally used to help people borrow a small sum of money until the next upcoming payday. It's a short-term solution to cover unexpected expenses when people have no savings or deep pockets. Those who find themselves in a bind with their budget and want to refill it with credits should seek the advice of a professional financial assistant. A borrower also has to peruse local regulations related to a payday loan.

Availability: The service of this platform may not be accessible to people based in restricted states. Please check the local regulations to find out its availability in the area. Rules of this website are subject to change without notifications.

NOT A LENDER Disclosure: iPaydayLoans is not a lender but a broker and does not charge you any fees for our broker services. The lenders or other broker services we introduce to our customers through this website may pay us commissions if customers enter into a credit agreement with them.

Disclaimer: iPaydayLoans is not a lender, does not take applications or make loans or credit decisions. We are not an agent, representative or broker of any lender. We provide a service to connect you to a lender from our network. We do not control and are not responsible for any lender's actions or decisions.