Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
You are probably familiar with big loans, like mortgages. Very large loans tend to be secured by the property. But small personal loans are another beast altogether and much more consumer-friendly.
What Are Small Personal Loans?
These are loans based on income and a promise to repay. They may be instant payday loans or they may be short-term installment loans paid off in just a few months.
In most cases, we are talking about 2000 Dollar Loans or smaller ones. Small personal loans can be as little as a hundred dollars.
You might also see them called signature loans or unsecured loans because you just “sign for it” and do not put up collateral.
How Do Small Personal Loans Work?
Very simple. There are thousands of small personal loans companies online, and they will each give you a quote for your personal loan after you fill out an online application. After selecting the lender based upon the rate you can afford and other factors, you will move forward to submit your paperwork, and once the application is approved, the loan will be deposited directly into your bank account in just a couple of business days.
What Can I Use A Small Personal Loan For?
The amount of money that you receive from the lender will vary depending on your individual credit history and income verification documents that they require from you. You can use your personal loan to do whatever you like; take out a car loan, pay off credit card debt, consolidate multiple bills into one payment per month, pay off medical bills, clear your credit cards bill in its entirety, or anything else.
Is It Safe To Get A Small Personal Loan?
Absolutely. These lenders are highly regulated by the government and must adhere to the Federal Truth in Lending Act (TILA). They are also regulated by the Federal Trade Commission (FTC), which ensures that they will not take advantage of you or your circumstances in any way. This is why these lenders must provide you with an accurate disclosure of the terms of the loan prior to the disbursement of funds.
Pros And Cons Of A Small Personal Loan
The pros of a small personal loan are that you can borrow less money than you can afford to pay back, which is good for your financial health, that it is flexible, and you don’t have to make any extraordinary payments each month. The cons are that they aren’t recommended for people with bad credit because it could negatively affect your credit rating.
Small personal loans are fast, easy, and perfectly safe to get, so utilize them if you have good credit and need some extra cash right now without taking on too much debt. These loans are a great solution for those who need some extra cash, but you pay cash and not with your credit card.
Why Might I Want A Small Personal Loan?
People in the service might want to get a military payday loan to get cash into their hands after blowing their money. A young single soldier who lives in the barracks and can get free meals at the mess hall may still be learning to manage their money and may have few responsibilities. If they know they can pay it back in full with their next paycheck, getting some running money can make life more pleasant.
Or a college student might need help covering books and incidentals. If it is just a cash flow issue, it may make more sense to take out a small loan and pay it back quickly rather than add to their future student loan burden.
Sometimes people use them for emergencies, such as car repairs. Other times, people use them to cover infrequent expenses that create cash-flow issues, such as a move or a big Christmas.
What Documentation Do I Need To Provide?
Small personal loans are designed to be easy to access. The stakes are low, so the paperwork is usually minimal.
You will need to show you are a legal adult and a citizen or legal resident of the US. This is typically done by sending a photo of your identification, such as:
- Driver’s license.
- State-issued ID card.
- Military ID card.
- Tribal ID card.
- College ID card.
You also need to show some proof of income, such as a recent bank statement or pay stub. If you have an online bank account, you may be able to get a PDF copy of a recent statement that can be easily attached to your online loan application.
Where Can I Find Small Personal Loans?
You can start your search right here on this page, right now because TheGuaranteedLoans is a loan matching service. This means we keep a database of vetted lenders and their financial products and help consumers like you find the loan products you need.
For your convenience, you only need to fill out one form, and then we check it against our files. When we find a match, we let the lender know.
FAQ
The maximum loan term lenders will give you is 60 months. The longer the loan term, the more interest you end up paying overall. However, for some personal loans, it could be possible to pay off the debt in just a few months and then save yourself a lot of money in interest payments by extending that term out for several years. The smallest loan you can get would be $1,000, and the largest could be $50,000 or more, and this amount will vary depending on your credit history and income verification documents provided by your lender.
There are tons of companies that are willing to lend you money, but the only way you will know which one is good for you is by filling out an application.
Absolutely, these companies will still give you small personal loans, but the interest rates may be higher, usually between 10% and 18%. There are always options, though, for people with bad credit. They just need to pay more in interest over the course of the loan.
There are several lenders online that will lend you money, they may be small companies, but they’re safe and authorized by the government. You can easily apply for a small loan online in just a few minutes by following the easy-to-follow instructions on any of the above-mentioned websites, and you will receive an answer in a short period of time, sometimes in less than 10 minutes.