Navy Federal Credit Union Personal Loan: Best for Small loans starting at $250
Qualifications:
Key Facts:PenFed’s personal loans are ideal for good-credit borrowers looking for a small loan with a low rate.
Qualifications:- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
Oportun: Best for Small loans starting at $300
Est. APR
32.93-35.95%
Loan amount
$300-$10K
Min. credit score
None
Qualifications:
Key Facts:Oportun loans may be a fit for borrowers with no credit history looking to cover a small expense or emergency.Qualifications:- Minimum credit score: None.
- Minimum monthly net income: $500. Acceptable sources of income include employment, alimony, retirement, child support or Social Security payments.
- Must be at least 18 years old.
- Must have a government-issued ID, a proof of address and a Social Security number or Individual Taxpayer Identification Number.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: Up to 10%.
- Late fee: $10 to $15 or up to 5% of the payment amount.
- Nonsufficient funds fee: Up to $15.
First Tech Credit Union Personal Loan: Best for Small loans starting at $500
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
LendingClub: Best for Small loans starting at $1,000
Est. APR
7.90-35.99%
Loan amount
$1K-$40K
Min. credit score
600
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Upgrade: Best for Small loans starting at $1,000
Est. APR
7.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Qualifications:
Key Facts:Upgrade offers personal loans starting at $1,000 to borrowers with low credit scores. The lender offers credit-building tools and rate discounts that make it a solid option for those looking to build credit.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for Small loans starting at $1,000
Est. APR
7.80-35.99%
Loan amount
$1K-$50K
Min. credit score
None
Qualifications:
Key Facts:Upstart offers personal loans starting at $1,000 and says it can fund most loans one business day after a borrower signs a loan agreement. This lender uses alternative data to help borrowers with fair credit and those with thin credit histories qualify.
Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 7 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Universal Credit: Best for Small loans starting at $1,000
Est. APR
11.69-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Qualifications:
Key Facts:Universal Credit is owned by Upgrade, but focuses its loans more directly on bad-credit borrowers. Its origination fee is a bit higher than Upgrade's, but Universal Credit borrowers get access to many of Upgrade's features.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
OneMain Financial: Best for Small loans starting at $1,500
Est. APR
18.00-35.99%
Loan amount
$1.5K-$20K
Min. credit score
None
Qualifications:
Key Facts:OneMain offers loans starting at $1,500 and doesn't have a minimum credit score requirement. This lender is an option for bad-credit borrowers, but it comes with high starting rates and an origination fee.
Qualifications:- Must have a taxpayer identification number.
- Must be 18 or older in most states.
- Minimum credit score: None.
- Minimum credit history: None; this lender prefers some minimal credit history.
- Minimum number of accounts on credit report: 1 active account.
- Minimum income: None, but borrowers must have sufficient disposable income to make the monthly loan payment. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
Available Term Lengths:2 to 5 yearsFees:- Origination: $25 to $500 or 1% to 10%.
- Late fee: $5 to $30 or 1.5% to 15% of the payment amount, depending on your state.
- Nonsufficient funds fee: $10 to $50.
Best Egg: Best for Small loans starting at $2,000
Est. APR
7.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Qualifications:
Key Facts:Best Egg offers personal loans starting at $2,000 to those with fair or good credit. These no-frill loans have reasonable rates and are usually funded within one to three business days after approval.
Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
Navy Federal Credit Union Personal Loan: Best for Small loans starting at $250
Qualifications:
Key Facts:PenFed’s personal loans are ideal for good-credit borrowers looking for a small loan with a low rate.
Qualifications:- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
Oportun: Best for Small loans starting at $300
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Oportun loans may be a fit for borrowers with no credit history looking to cover a small expense or emergency.Qualifications:- Minimum credit score: None.
- Minimum monthly net income: $500. Acceptable sources of income include employment, alimony, retirement, child support or Social Security payments.
- Must be at least 18 years old.
- Must have a government-issued ID, a proof of address and a Social Security number or Individual Taxpayer Identification Number.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: Up to 10%.
- Late fee: $10 to $15 or up to 5% of the payment amount.
- Nonsufficient funds fee: Up to $15.
First Tech Credit Union Personal Loan: Best for Small loans starting at $500
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
LendingClub: Best for Small loans starting at $1,000
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Upgrade: Best for Small loans starting at $1,000
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Upgrade offers personal loans starting at $1,000 to borrowers with low credit scores. The lender offers credit-building tools and rate discounts that make it a solid option for those looking to build credit.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for Small loans starting at $1,000
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Upstart offers personal loans starting at $1,000 and says it can fund most loans one business day after a borrower signs a loan agreement. This lender uses alternative data to help borrowers with fair credit and those with thin credit histories qualify.
Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 7 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Universal Credit: Best for Small loans starting at $1,000
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Universal Credit is owned by Upgrade, but focuses its loans more directly on bad-credit borrowers. Its origination fee is a bit higher than Upgrade's, but Universal Credit borrowers get access to many of Upgrade's features.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
OneMain Financial: Best for Small loans starting at $1,500
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:OneMain offers loans starting at $1,500 and doesn't have a minimum credit score requirement. This lender is an option for bad-credit borrowers, but it comes with high starting rates and an origination fee.
Qualifications:- Must have a taxpayer identification number.
- Must be 18 or older in most states.
- Minimum credit score: None.
- Minimum credit history: None; this lender prefers some minimal credit history.
- Minimum number of accounts on credit report: 1 active account.
- Minimum income: None, but borrowers must have sufficient disposable income to make the monthly loan payment. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
Available Term Lengths:2 to 5 yearsFees:- Origination: $25 to $500 or 1% to 10%.
- Late fee: $5 to $30 or 1.5% to 15% of the payment amount, depending on your state.
- Nonsufficient funds fee: $10 to $50.
Best Egg: Best for Small loans starting at $2,000
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Best Egg offers personal loans starting at $2,000 to those with fair or good credit. These no-frill loans have reasonable rates and are usually funded within one to three business days after approval.
Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
Last updated on October 28, 2024
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
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Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
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NerdWallet's Best Small Personal Loans of July 2024
- Navy Federal Credit Union Personal Loan: Best for Small loans starting at $250
- Oportun: Best for Small loans starting at $300
- First Tech Credit Union Personal Loan: Best for Small loans starting at $500
- LendingClub: Best for Small loans starting at $1,000
- Upgrade: Best for Small loans starting at $1,000
- Upstart: Best for Small loans starting at $1,000
- Universal Credit: Best for Small loans starting at $1,000
- OneMain Financial: Best for Small loans starting at $1,500
- Best Egg: Best for Small loans starting at $2,000
