How can I get a small loan to cover personal expenses?

Most people have months where the bank account balance falls low and the bills pile up. When that happens, a small personal loan under $1,500 can help you cover unexpected expenses. Finding a small loan can be challenging if you’re looking at traditional sources, since many lenders don’t finance loans of that size. Personal funding can be even more challenging if you don’t have a good credit score. Luckily, there are lenders who provide small unsecured personal loans to help when you’re in a jam.

What types of lenders provide small personal loans?

While you probably won’t be able to walk into your bank and request one, there are many lenders who provide small personal loans. Private lenders provide unsecured small loans. Unsecured means that the loan does not need to be secured by collateral. Banks typically set a minimum borrowing amount of $3,000. For smaller loans, you’ll need to find personal loan lenders or tribal loan lenders.

Websites

You can find a small personal loan lender by conducting an online search. Your search will result in some direct lenders and some sites that don’t offer loans, but connect you with a lender. By submitting your loan request to this kind of site, you can reach multiple lenders through one request and can receive multiple loan offers

Mountain Summit Financial provides small personal loans up to $1,500 for first-time borrowers, and up to $2,500 for returning customers.

Credit Unions

Some credit unions provide small-dollar loans from $200 to $1,000, with repayment terms up to six months. In order to qualify for a small dollar loan from a credit union, you must be a member of that credit union for a month or longer. Many credit unions have strict requirements for membership, so you may not qualify for a credit union depending on your profession. Credit unions also charge a flat fee for originating these types of loans in addition to charging up to 28% APR.

National Banks

While it’s very rare, some national banks offer small personal loans as low as $1,000. That’s typically the lowest balance a national bank will provide.