You are probably familiar with big loans, like mortgages. Very large loans tend to be secured by 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. 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.
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.