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.

Where can I find small personal loans?

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.

What should I look for in a small loan lender?

There are hundreds of websites that claim to provide small loans to consumers with bad credit. Look for a lender with positive reviews from other customers. Check Mountain Summit Financial’s reviews.

Look for a lender that is a member of the Online Lenders Alliance (OLA), which is an indication that “You’re working with a company committed to the highest standards of conduct, dedicated to ensuring the best possible experience for their customers, fully compliant with federal law, and working hard to protect consumers from fraud. When you click on the OLA seal on an OLA member’s website, it will direct you to the OLA video. If it does not, the site may be fraudulent.”

You can also visit the OLA website for tips on what to know before you owe including consumer tips like:

  • Never borrow more money than you can afford to repay
  • Always remember the name of the website you requested a small loan from
  • Keep paperwork, emails, contracts, contact information and all communications with your lender in a safe and secured file that you can easily find when needed

Ready to borrow?

Life is unexpected, and so are many of our expenses. When your bank account can’t quite cut it, Mountain Summit Financial can help with a small-dollar loan. Get up to $1,500 to cover a wide range of expenses and pay the money back with equal installments. Request the funds you need now. We’re here to help!

Have an unexpected expense?
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Have an unexpected expense?
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