What's the Smallest Loan a Bank Will Give You?

When you're looking for the best small personal loan, you want to make sure you get one with an affordable rate, a low minimum loan amount, flexible repayment terms, and fast funding. You can find these loans from online lenders, banks, and credit unions. It's a good idea to compare a few different lenders before making your decision. The small personal loan that's right for you will depend on your schedule and credit score, as well as the features that are most important to you. If you can get a small personal loan from a credit union, especially one that offers three-digit loans, you'll save much more money in interest compared to payday loans.

NerdWallet reviews and rates the personal loan products of more than 35 financial institutions. Credit cards tend to have higher interest rates than personal loans, especially when it comes to cash advances. With Rocket Loans, it's easy to check your rate online, apply for a personal loan, and get your money as soon as the same day. Personal loans are offered by both online banks and traditional banks, including large credit unions. These loans have no opening or registration fees, fixed APRs, and flexible loan amounts and terms to suit a variety of financing needs.

To get started, simply sign in to mobile or online banking and select the Simple Loan app in your checking account menu. Your APR will be determined based on your credit, income, and other information provided in your loan application. Sometimes, all you need is a small personal loan; a couple of thousand dollars or less is enough to cover an emergency expense or finance a necessary purchase. It's helpful to compare financing options before taking out a loan; you might find a cheaper one. A small personal loan is usually a fixed-rate installment loan granted to you in a lump sum, which is amortized with interest in fixed monthly payments over a period of one or more years.

Ideally, you should be able to find a lender who allows you to borrow only the amount you need and who will grant you a loan with a reasonable monthly payment and good terms. These no-frills loans have reasonable rates and are usually funded within one to three business days after approval. If you prefer to apply in person and have a good relationship with your bank, you can also apply for a small personal loan there.

PNC Bank

customers may also be able to take advantage of this option if they're more comfortable applying for a loan from their current bank. Federal credit unions charge a maximum APR of 18% for personal loans and 28% for alternative payday loans.