4 personal loan lenders to consider if you need to borrow as little as $3,000

Personal loans are a common way to pay for large expenses like weddings, funerals and home renovations. These events can cost tens of thousands of dollars. But when it comes to smaller expenses that won't cost as much but still require more than you may have sitting in your emergency fund, there are personal loans out there that can help save the day.

Many personal loan lenders offer funding amounts that start at around $5,000. However, that isn't always ideal for someone who needs to borrow less since it forces them to apply for more money than they'll actually need (which means higher monthly payments and interest charges).

CNBC Select rounded up some personal loan lenders that allow you to apply for as little as $3,000. We looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)

• Best overall: Discover Personal Loans
• Best for flexible payment terms: OneMain Financial Personal Loans
• Best for a lower credit score: Avant Personal Loans
• Best for co-borrowers: Prosper Personal Loans

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Who's this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. The minimum loan amount Discover will approve applicants for is $2,500, which also makes it a viable option if you need to borrow just under $3,000.

While there are no origination fees, Discover does charge a $39 late fee if you don't make an on-time payment each month. Discover doesn't charge a prepayment penalty, though, which means you can make extra payments to cut down on interest charges over the life of the loan.

If you're approved for a debt consolidation loan, Discover can pay your creditors directly, which takes some of the hard work out of your hands.

You can receive your money as early as the next business day as long as your application was submitted without any errors (and the loan was funded on a weekday). Otherwise, you'll receive your funds no later than a week after approval.

Who's this for? OneMain Financial offers loan options that are a little more flexible compared to other lenders. Repayment terms run between 24 months and 60 months and OneMain Financial also allows borrowers the option to secure the loan with collateral in order to potentially receive an interest rate on the lower end of the lender's range. Plus, borrowers can actually choose the date their monthly payments are due and have the option to apply with a co-applicant.

And on top of all that, there is a little more flexibility when it comes to how much you can borrow — you can apply for as little as $1,500 and as much as $20,000. This makes OneMain Financial seem like an attractive option for people who need to borrow smaller amounts of money.

The origination fee is on the higher end: either a fixed fee between $25 and $500 or up to 10% of the loan amount, depending on which state you live in. And while there aren't any penalties for paying off the loan early, there is a late fee that will run you $30 or up to 15% (depending on your state).

Who's this for? Avant offers personal loan amounts as low as $2,000 and as high as $35,000, and you can generally receive your funds as early as the next business day (assuming your paperwork gets approved without a hitch).

Avant will consider applicants with credit scores under s600, which may be appealing to those who need to borrow money but are worried they won't be approved with a poor or low credit score. However, just keep in mind that, like with any line of credit, the higher your credit score the more likely you are to receive the lowest interest rates.

While there are no penalties for early payoff, there is an origination fee of up to 4.75% and a late fee of up to $25 after the 10-day grace period.

Who's this for? Prosper allows co-borrowers to submit a joint application: This can certainly be a huge draw for some borrowers when you consider that this isn't available for all loans. Applying for a loan with a co-borrower, or co-applicant as they're sometimes called, can be beneficial if your co-borrower has a higher credit score — this may allow you to get approved for lower interest rates.

A co-borrower can be beneficial in a variety of other circumstances, too. Like, if a borrower doesn't have a long enough credit history to be approved for the loan. Keep in mind that the co-borrower on a personal loan application shares the liability for repaying the loan with the primary borrower, which is why lenders may see a borrower as less risky if they have another person applying alongside them.

Prosper offers loan amounts between $2,000 and $50,000 with the possibility of next-day funding. You can choose term lengths from two to five years. Also, origination fees are between 2.41% to 5% and get deducted from the loan proceeds.

To determine which personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans for fair or good credit, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick funding, lower interest rates and flexible terms.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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