Many personal loan lenders set their minimum loan amount at $3,000 or higher. If you only need a few hundred dollars, that means taking on more debt than you need to and paying unnecessary interest.
CNBC Select reviewed dozens of lenders to find the best for small personal loans. In addition to loan minimums, we looked at interest rates, fees, term lengths, discounts, funding speed and other factors.
To learn how we made our choices, read our methodology below.
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Best small personal loans of June 2026
Best for small loans: Oportun
Who's this for? Oportun's minimum loan amount is just $300, making it an excellent alternative to a payday loan. If you have weak or nonexistent credit, the AI-powered platform will review other factors, including income, expenses, employment status, and personal references.
Standout benefits: The application process usually takes under 10 minutes, with same-day funding commonly available. Most 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 approves borrowers with credit scores as low as 300 or even no credit history at all, by considering other factors, including income, education and employment history.
Standout benefits: Loan terms range from 36 to 60 months with no prepayment penalty.
Upstart offers accessible personal loans for people with fair or average credit.
- Accept applicants with low or no credit
- No early payoff fees
- Most loans funded the next business day
- High late fees
- Origination fee of 0% to 10% of the target amount
- $10 fee for paper copies of loan agreement
Best for low monthly payments: PenFed
Who's this for? With PenFed Credit Union, you can get approved for as little as $600, the lowest minimum amount we've found. PenFed personal loan interest rates are as low as 6.99% APR, depending on your creditworthiness.
Standout benefits: PenFed loans can be used for a variety of reasons, including debt consolidation, home improvement, medical expenses and auto financing. Joining PenFed Credit Union only requires a $5 deposit in a qualifying deposit account.
Credit union membership is available to anyone and low amount offerings are as low as $600.
- Credit union membership available to anyone
- Loans as low as $600
- Can pick up a physical at a branch
- May apply with a co-borrower
- Funds come as a physical check
- Must be a member to get funds (no membership needed to apply)
- Must pay for expedited shipping to get your funds next day
- Maximum loan amount of $50,000
- Late fee of $29
Best for fast funding: Upgrade
Who's this for? Upgrade loans are easy to secure and funds can be deposited within one business day. It approves borrowers with fair or good credit. All Upgrade personal loans have an origination fee of up to 9.99%, which is deducted directly from your loan proceeds.
Standout benefits: Qualified applicants can borrow up to $50,000, with repayment terms of 24 to 84 months.
Accepts applicants with fair credit
- Accepts applicants with fair credit
- Approves loans of up to $50,000
- Creditors can be paid directly
- Autopay discount available
- Funding in as little as one day*
- 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 flexible terms: PNC Bank
Who's this for? If you need more time to repay your loan, PNC Bank approves terms of up to 60 months.
Standout benefits: PNC doesn't charge origination or application fees or a prepayment penalty. Setting up autopay can earn you a 0.25% interest rate discount and, if your credit is poor, you can have co-signers.
PNC Bank Personal Loans
Annual Percentage Rate (APR)
5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)
Loan purpose
Debt consolidation, home improvement, wedding, moving and relocation or vacation
Loan amounts
$1,000 to $35,000
Terms
Up to 60 months
Credit needed
Not disclosed
Origination fee
None
Early payoff penalty
None
Late fee
10% of the payment or $40, whichever is greater
Terms apply.
Pros
- No origination fees, no early payoff fees
- Fixed rate APR
- Flexible repayment terms
- Loan amounts start at $1,000
- No collateral needed
Cons
- Charges a late payment fee
- Not the fastest funding (can take up to 10 business days)
- Rates and terms can vary based on your ZIP code
How to choose a small 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 enable you to get your money 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. A 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 $1,000 for RoarMoney℠ customers; up to $500 for all others
Terms
Repayment is automatically deducted from linked bank accounts
Fees
No fee for 1–5 business days; $0.49–$8.99 for instant transfers, depending on disbursement method
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. See our methodology for more information on how we choose the best small personal loans.
Our methodology
To determine which lenders were the best for small loans, CNBC Select analyzed dozens of U.S. personal loans offered by online lenders, brick-and-mortar banks and credit unions.
When narrowing down our choices, we focused on the following features:
- Fee: None of the lenders on our list charges an origination or prepayment penalty.
- Loan 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.
- Loan sizes: All the lenders on our list approve loans for as little as $1,000, with some even lower.
- Application process: We considered whether lenders offered an easy application process and same-day approval.
- 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: Lenders that disbursed funds within a single business day were given greater weight.
- Autopay discounts: We noted if lenders discounted your APR for enrolling in autopay.
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