Best Small Personal Loans of 2024 Summary

The best small personal loans of 2024 have been carefully curated to provide options for individuals in need of a small amount of cash for various expenses. Whether it’s for moving expenses, car repairs, or any other unforeseen costs, personal loans can be a viable solution. Here are some key highlights from the top lenders:

1. PenFed Credit Union Personal Loan: Known for its short minimum repayment term length and low starting APR, PenFed Credit Union offers personal loans with no origination fees or prepayment penalties. Co-borrowers can also apply to potentially secure a better interest rate.

2. Alliant Credit Union Personal Loan: With a same-day approval and funding process, Alliant Credit Union stands out for its quick service. The lender also offers no origination fees and no late payment penalties, making it a cost-effective option.

3. Upgrade Personal Loan: Upgrade caters to individuals with excellent credit scores, offering competitive APRs. While there are origination fees and late payment fees, there are no prepayment penalties. Loan terms range from two to seven years.

4. First Tech Personal Loan: First Tech provides loans starting from as little as $500, with no application, origination, or annual fees. Borrowers can spread out their payments over seven years, making it a flexible option for those looking for longer repayment terms.

5. Navy Federal Credit Union Personal Loan: Navy Federal Credit Union offers loans for as little as $250, with APR ranges depending on the repayment term length. Eligibility requirements are stringent, but the lender provides lower APRs compared to payday loans.

6. Upstart Personal Loan: Upstart is known for its easy qualification process, with a minimum credit requirement of 600. Loan repayment terms are limited to three or five years, and funds are usually disbursed within one business day.

7. Best Egg Personal Loan: Best Egg requires a high minimum credit score but offers low APRs for borrowers with good creditworthiness. The lender boasts excellent customer service and a quick funding process, making it a reliable choice.

When considering small personal loans, it’s essential to compare rates, fees, and repayment terms to find the best option that suits your financial needs. Additionally, exploring alternatives like borrowing from friends or family, paycheck advances, or credit cards can provide cost-effective solutions for smaller loan amounts.