Lenders have minimum loan amounts, which can make it difficult to find financing if you only need a few hundred dollars.
CNBC Select reviewed more than two dozen lenders to identify the best options for small personal loans. In addition to available loan amounts, we considered interest rates, fees, repayment terms, funding speed and other factors. To learn more about how we evaluated lenders, see our methodology.
Best small personal loans of September 2026
Best for smaller loans: Oportun
Who's this for? Oportun's minimum loan amount is just $300. The AI-powered platform is also a good option for weak credit, as it considers income, expenses, employment status, and personal references when making approval decisions.
Standout benefits: The application process usually takes less than 10 minutes, with same-day funding commonly available. Loan terms start at 12 months.
Open to borrowers with no credit history, especially if needing only a small loan.
- Open to borrowers with no credit history
- No early payoff fee
- Same-day funding available
- Loan amounts as small as $300
- May charge an administrative fee of up to 10% of the principal
- Not available in all states
Best for bad credit: Upstart
Who's this for? Upstart's loan minimum is $1,000, and the online lender considers borrowers with credit scores as low as 300 (or no credit history at all). It considers other factors for approval, including income, education and employment history.
Standout benefits: Funds are typically available the next business day after signing.
We like that Upstart considers factors besides credit score, including education, income and employment history. However, co-signers aren't accepted.
- Accept applicants with bad or no credit
- Minimum APR is lower than many competitors'
- Approves personal loans up to $75,000
- Most loans are funded the next business day
- Origination fee of 0% to 10%
- Doesn't allow co-signers or co-borrowers
Best for low monthly payments: PenFed Credit Union
Who's this for? With PenFed Credit Union, you can get approved for as little as $600, with minimum monthly payments as low as $50.
Standout benefits: PenFed's maximum interest rate is lower than many competitors' caps, and it doesn't charge an origination fee. Membership only requires keeping $5 in a qualifying savings account.
PenFed is worth considering if you have good-to-excellent credit and want a straightforward personal loan with competitive rates and few fees. We like that you don't have to be a PenFed member to apply — you can join during the application process.
- Approves loans as small as $600.
- Membership available with a $5 deposit in a savings account.
- Can pick up a physical check at a branch.
- Can apply with a co-borrower.
- Maximum loan amount is $50,000.
- Generally need good to excellent credit.
- Most branches are in D.C., Maryland and Virginia.
Best for fast funding: Upgrade
Who's this for? Upgrade approves borrowers with fair credit for loans as small as $1,000, and the funds can be available within one business day.
Standout benefits: You can apply jointly or secure your loan with a vehicle or home fixtures. Qualified applicants can borrow up to $75,000, with repayment terms of 24 to 84 months.
We like that Upgrade considers borrowers with fair credit and allows you to apply with a co-borrower, which can improve your odds of approval and receiving favorable rates. The maximum interest rate is on the high side, however.
- Accepts applicants with fair credit
- Approves loans of up to $75,000
- Discount for having creditors paid directly
- Funding in as little as one day
- Accepts co-borrowers
- High maximum interest rate
- Origination fee of up to 9.99%
- No physical branches
Why Upgrade is the best for financial literacy:
- Free credit score simulator to help you visualize how different scenarios and actions may impact your credit
- Charts that track your trends and credit health over time, helping you understand how certain financial choices affect your credit score
- Ability to sign up for free credit monitoring and weekly VantageScore updates
Best for existing customers: U.S. Bank
Who's this for? U.S. Bank customers with a checking account can take advantage of the U.S. Bank Simple Loan and borrow in $100 increments up to $1,000. The money will appear in your account within minutes of approval.
Standout benefits: Payment terms are set at three monthly installments, with no origination or late fees.
U.S. Bank's Simple Loan is a great option for existing customers who want a small loan with no origination or late fees.
- Funds are deposited within minutes of approval
- No origination fee or late fee
- Instead of an interest rate, loans have a low borrowing fee of $6 per $100
- Must have a U.S. Bank checking account
- Low loan cap of $1,000
- Must wait 30 days between loans
How to choose a personal loan
Aside from a few considerations, choosing the right lender for a small personal loan follows the same principles as selecting any other type of financing
1. Loan amount
Having to borrow more than you need means paying unnecessary interest, so ensure any lender you're considering approves financing for the amount you need, whether it's $1,000 or $300
2. Approval requirements
Credit score requirements vary by lender, and some will consider alternative criteria like income and employment history. To get a rate quote without impacting your credit, look for lenders that offer prequalification.
3. Annual percentage rate (APR)
The APR you're quoted includes interest and mandatory fees, making it a better indicator of the true cost of borrowing with that lender. Watch out for banks that tout low rates but tack on multiple fees.
4. Fees
Some lenders charge fees for personal loans, even for small amounts. Common charges to look out for include:
- Origination fee (1%–10% of the loan total)
- Late payment fees ($25 to $50 or 3%–5% of the payment amount)
- Prepayment penalties: Though uncommon, some lenders charge a fee to compensate for the interest income they lose if you pay off your loan early.
Many lenders offer loans with no origination or prepayment fees, however, so it's worth shopping around.
5. Funding speed
Borrowing a small amount of money should help you get funded faster.
- Look for lenders that offer same-day or next-day funding
- Check cutoff times for same-day approval
6. Customer service
You should receive first-class service whether you're borrowing $300 or $30,000. Look for lenders with:
- Strong Better Business Bureau ratings and positive third-party reviews
- Robust customer service hours and an easy-to-use digital platform
- Rates, terms, fees and policies that are clearly stated
Small personal loan pros and cons
- Easier approval requirements: Qualifying for small-dollar financing is generally easier than securing a larger loan, and it usually doesn't require collateral or a co-signer.
- Fast funding: Many lenders offer same-day or next-day funding for smaller loan amounts
- Avoids higher-interest options: A personal loan is more affordable than a payday loan and, unlike a credit card, comes with fixed monthly payments and a set payoff schedule.
- Builds credit: Even on a small loan, consistent, on-time payments can improve your credit score.
- Fees and penalties: Origination fees and late-payment charges can quickly add up on a small loan.
- No continued borrowing: If you underestimate how much money you need, you won't be able to borrow more without applying for a new loan.
- Damage to credit score: Even a loan of $500 requires a hard credit inquiry, which will temporarily lower your credit score.
Alternatives to small personal loans
A personal loan is one of the safest and most affordable ways to borrow a small amount of money. But there are other options.
1.Credit card cash advance
While rates are usually higher, a card advance can get cash in your hands faster than applying for a personal loan. The PenFed Platinum Rewards Visa Signature® Card has a competitive APR and doesn't charge a fee for cash advances.
PenFed Platinum Rewards Visa Signature® Card
Rewards
5X points on gas purchases at the pump and electrical vehicle charging stations, 3X points on supermarket purchases, 1X point on all other purchases
Welcome bonus
15,000 points when you spend $1,500 in the first 3 months from account opening
Annual fee
$0
Intro APR
0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening.*
Regular APR
17.99% variable on purchases; 17.99% non-variable on balance transfers
Balance transfer fee
3%
Foreign transaction fee
None
Credit needed
Good/Excellent
Terms apply.
Pros
- High 5X points on gas at the pump and 3X on supermarket purchases
- No bonus category activations
- Good special financing offer on balance transfers
Cons
- 3% balance transfer fee
- Estimated rewards earned after 1 year: $513
- Estimated rewards earned after 5 years: $2,167
Rewards totals incorporate the points earned from the welcome bonus.
*0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
2. Cash advance apps
Cash advance apps like MoneyLion can offer advances of up to $1,000, often without interest or upfront fees if repaid on time. The advance is typically repaid automatically through a deduction from your next paycheck.
MoneyLion InstaCash
Loan amounts
Up to $500 standard; Up to $1,000 for MoneyLion
Terms
Repayment is automatically deducted from linked bank accounts
Fees
Free standard delivery (1–5 days); 9% Turbo fee for instant delivery (capped at $14.99)
Terms apply.
3. Payday alternative loan (PAL)
Some credit unions offer loans of up to $2,000 with capped fees, lower APRs and installment-based repayment. Century Federal Credit Union will approve PALs of up to $1,000 at a fixed 25% APR, with funds available the same day via ACH deposit.
Century Federal Credit Union payday alterntative loan
Loan amounts
Payday alternative loans (PALs) of up to $1,000
Terms
Repayment terms of up to six months
Fees
$25 application fee and 25% APR
Terms apply.
5. Payroll advance
If you need a modest amount of money, your employer may advance you a portion of your next paycheck. The loan is typically interest-free and is repaid through deductions from future paychecks.
6. Payday loans
These small, short-term loans (usually capped at $500) typically require only a government ID, proof of income and an active checking account — making them popular with borrowers with bad credit. However, their exorbitant fees (which can translate into APRs of over 400%) have led consumer advocates to widely criticize payday loans as predatory lending that can trap borrowers in a cycle of debt.
Personal loan FAQs
What's the easiest personal loan to get?
Some of the easiest personal loans to get include lenders that consider applicants with average or poor credit scores, as well as payday loans. However, experts generally don't recommend payday loans because you can wind up with six-figure interest rates that keep you stuck in the cycle of making payments but never seeming to completely pay off the loan.
What's the smallest amount I can get for a personal loan?
While many lenders have a $1,000 minimum loan amount, Oportun approves borrowers for as little as $300, among the lowest minimums in the industry.
Will a small personal loan hurt my credit?
Even though you're only applying for a small loan, your credit can still be temporarily lowered because lenders need to run a hard inquiry on your credit to approve you.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best lenders for small personal loans, CNBC Select analyzed offerings from more than two dozen banks, credit unions and online lenders.
When narrowing down our list, we focused on the following features:
- Loan amounts: We gave more weight to lenders with lower loan minimums. Note: Some states set statutory minimum loan amounts.
- APR: We considered the interest rate and overall cost of borrowing, as well as whether a lender charged an origination or application fee, late fees or returned-payment fees. None of the lenders on this list charge a prepayment penalty.
- Repayment terms: We gave more weight to lenders with a variety of repayment terms.
- Eligibility requirements: When possible, we considered the credit score and debt-to-income ratio needed for loan approval. We also considered whether co-signers or collateral are allowed.
- Funding: We prioritized lenders who made funding available the same or next business day. For debt consolidation loans, we also considered whether lenders paid creditors directly
- Discounts: We considered whether lenders had rate reductions for autopay, existing customers or for other categories.
- Rate and terms transparency: We considered whether rates, fees, eligibility requirements, and loan terms are clearly disclosed on the lender's website.
- Customer experience: We weighted lenders with evening and weekend customer service hours more heavily, as well as those with robust, easy-to-navigate mobile and web interfaces.
- Reputation: We reviewed lenders' Better Business Bureau ratings and third-party reviews from sites like TrustPilot. We also considered any lawsuits or regulatory actions
- Availability: We gave more weight to lenders that operate in all or most U.S. states.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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