Don’t know how to apply for small personal loans online? We will show you the step-by-step in each of the credits on the market.
We have selected the best online personal loan options, explaining how the available amounts work, interest rates, payment terms, approval requirements and what each institution offers as a differential.
You will also find out which platforms accept lower scores, how long it takes for the amount to be released, among other details. So, keep reading and find out how to apply for small personal loans online and you will choose the best alternative for your reality.
How to Apply for Small Personal Loans Online?
1. Navy Federal Credit Union
If you have any connection to the U.S. Armed Forces, Navy Federal Credit Union can be an alternative to get a personal loan with affordable rates and flexibility.
At Navy Federal you can apply for credits starting at just $250, with interest rates ranging between 8.99% and 18.00% APR.
Regarding the payment term, know that you will have up to 60 months to pay, with no initial processing fees.
In addition, you can include a co-borrower in the application, which will help you improve your chances of approval or obtain better terms.
To qualify, you need to open a membership account with Navy Federal with a minimum deposit of just $5, as well as provide information
2. First Tech Federal
If you’re looking for an affordable personal loan with fair rates and no nasty surprises, then First Tech Federal is a choice to consider.
At first, you can request up to US$ 50,000.00, to be paid in up to 84 months, there is an interest rate that varies between 7.89% and 18.00% APR. In addition, First does not charge upfront fees or prepayment penalties.
Addition, you can check your fees before becoming a member, through a simulation that does not affect your credit score.
In addition, you will be able to pay the first installment within 45 days. However, be aware that the late fee is up to $29.00.
3. PenFed (How to apply for small personal loans online)
First, at PenFed Credit Union you can request up to $50,000 to be paid within 60 months. As a rule, rates vary between 8.99% and 17.99% APR.
A differential of PenFed is that it can receive the money the day after approval. In addition, there is no initial fee or penalty for early payment, which allows you to organize your finances at no additional cost.
If you’re still building your credit history, you can include a co-borrower to increase your chances of approval and get lower rates.
And the best: anyone can become a member of PenFed, just open a savings account with a deposit of US$ 5 and then present identity documents and proof of income.
4. LendingClub
If you need a quick-release personal loan and have a credit score starting at 600, LendingClub is the best choice.
As a rule, you can apply for credit from US$ 1,000 to US$ 40,000, to be paid in up to 72 months. The rates range from 7.90% to 35.99% APR.
One of LendingClub’s strengths is the speed of response, as most requesters receive a decision in about two hours.
You can still apply for the loan with a co-borrower, increasing your chances of approval.
- To qualify, you must:
- Be over 18 years old;
- Be a citizen or permanent resident;
- Have an active bank account;
- Credit score of at least 600.
However, this is not the last personal loan option, keep reading and learn about other possibilities.
5. LendingPoint (How to apply for small personal loans online)
First, at LendingPoint you can request from US$ 1,000 and US$ 36,500, to be paid in up to 72 months, and the rates vary between 7,99% and 35,99% APR.
However, it is crucial to know that the origination fee can reach 10% of the amount borrowed. In addition, LendingPoint does not allow you to add a co-borrower or guarantor, which will make it difficult to get approved if you have a tight income or credit history.
In addition, loans are not available to residents of Nevada and West Virginia, and you must have a minimum income of $35,000 per year.
6. Upgrade
By using Upgrade, you can request from US$ 1,000.00 to US$ 50,000.00 to be paid in up to 84 months with APR that can reach up to 35.99%. Upgrade stands out for accepting credit scores starting at 580, one of the lowest on the market.
An attraction is that the amount is released quickly, within a maximum of one business day after approval.
In addition, they do not charge a penalty for early payment and also offer discounts for those who opt for automatic payment, which can help reduce total interest.
However, the origination fee varies between 1.85% and 9.99% and is deducted from the total loan amount.
To qualify, you must have:
- 18 years old (or 19 in some states);
- Be a U.S. citizen, permanent resident, or legally living in the U.S. with a valid visa,
- Have an active bank account;
- Valid email.
Overall, Upgrade is an excellent alternative, as you can apply for credit easily.
7. Upstart
At first, at Upstart you can get up to $50,000, to be paid in up to 60 months, with an APR that varies between 6.60% and 35.99%.
In addition, Upstart uses artificial intelligence technology to assess your profile. Therefore, your academic background, employment history, and future income potential are also taken into account.
Everything is done very quickly, after approval, the amount is deposited within one business day next business day. You can still check your rates without impacting your credit score, which helps you plan better.
On the other hand, Upstart charges one of the highest origination fees in the market, which can be as high as 12% of the loan amount.
If you are looking for an affordable loan, even with a low score, and are willing to accept slightly higher rates at first.
Conclusion (How to apply for small personal loans online)
Based on the options available, it’s clear that understanding how to apply for small personal loans online can open doors to quick solutions, even with a low score.
We recommend that you analyze each of the options mentioned calmly, so you can choose the best credit for your case.
After all, learning how to apply for small personal loans online is just the first step to making safer, more practical financial decisions adjusted to your reality.
Now if your goal is to take a personal loan to pay off debts, we recommend that before making the request, you know the best financial tips for saving.
