How to get Small Personal Loans of $1,000, $1,500, $3,000

Learn if you can get a small personal loan with bad credit and what alternative lending options you should consider before applying.

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How to get Small Personal Loans of $1,000, $1,500, $3,000

Author: 
Emma Jackson
Small personal loans

Who can get a $ 1,000 small personal loan with bad credit?

If you are facing difficulties in life and are looking to find a short term personal loan, then a small personal loan is a good option for you. You can often get up to $ 3,000 and solve all your problems.

Learn if you can get a small personal loan with bad credit and what alternative lending options you should consider before applying.

Every person from time to time faces unexpected expenses as there are things that we can neither predict nor prevent. Thus, even a small amount is sometimes enough to cope with difficulties. Often this is a medical bill, urgent purchase, car repair or any other unpleasant but at the same time basic situation.

If you don’t have the savings to cover an emergency, you may consider a small personal loan. While many people believe that a personal loan is often only meant for big expenses, a small personal loan can be your life-saver.

How does a small personal loan work?

If you do not know what a small personal loan is, then this is a type of loan designed for those who need $ 3000 or less in order to cope with personal difficulties. Often, many personal lenders offer loans from $ 3,000 or even $ 5,000, but if you do not need such a large loan, you can find a personal lender who will provide you with a 1000 dollar loans or more.

You should also be aware that loan conditions and interest rates can vary depending on the lender you choose, so it is important to pay attention to the offers of different lenders.

How do I apply for a small personal loan?

The application process is generally the same as a traditional personal loan. If you are contacting an online lender, then you will need to visit their website and fill out a simple online form. After its approval, you will be able to discuss the terms of the loan and the repayment terms. As a rule, the loan amount will be transferred to your bank account the next business day.

Please note that each lender has its own eligibility criteria, so they may vary. As a rule, you must be at least 18 years old to receive a loan, and also you must be a US citizen or an official resident. You must also provide proof of income, active bank account, social security number, government-issued ID, and contact details such as phone and email.

 

What to look for when choosing a small personal loan?

As already said, interest rates often vary from lender to lender. Thus, when comparing offers from different personal lenders, pay attention to the interest rates they offer. Thus, you will be able to choose the most advantageous offer.

Pay attention to fees and commissions. Most lenders will charge a late payment fee, which is why it is worth repaying the loan on time. Also pay attention to the early repayment options. Many borrowers prefer to repay the loan before the due date in order to avoid additional interest. However, some lenders charge an early prepayment fee.

Can you get a small personal loan with bad credit?

Many borrowers are wondering if they can get a small personal loan with bad credit. And the answer is yes. Many online lenders think about their borrowers and provide them with personal loans, even with a bad credit history.

However, please note that the interest rates on the loan will be much higher than for people with good credit. Thus, if a lender offers you a loan, it does not mean that it will be beneficial for you.

Since many lenders offer prequalification, you will be able to use this option in order to understand if you are approved, and what credit conditions and interest rates you can get. During the prequalification process, lender will require a soft credit check that does not harm your rating. Therefore, use this option to find the best loan offer.

What are the alternatives to a small personal loan?

If you are not sure if a small personal loan is a good option for you, then you can consider alternative sources of funding.

  • Payday loan. If you need a small amount of money that you can pay back by the day of your next paycheck, then a payday loan may be a good option for you. You can find an online lender who will approve your application on the day it is submitted.
  • Pawnshop loan. If you have not previously used such a loan option, then you should know that it is secured. However, if you fail to repay the loan on time, you risk losing your collateral.
  • Local nonprofits and charities. Surely the place where you live has many charitable organizations, and some of them provide help to people in difficult life situations. However, these companies often ask for proof that you really are in an emergency and need money. Thus, if you want to make a big purchase then this is not the best option.
  • Co-signer option. If you want a better chance of getting approved, then the co-signer option might be a great one for you. A co-signer is a person who agrees to pay off a loan debt if you cannot do it on your own. This service gives the lender an additional guarantee and therefore has lower interest rates.
  • Advance. You can always ask for an advance payment at work if you need emergency money. As a rule, most employers understand that there are difficult situations and are ready to provide you with money.

What are the eligibility criteria for a small personal loan?

Often the requirements that you need to meet in order to obtain a loan are the same as when applying for a personal loan. Having a source of income is the main factor in your approval. Therefore, you need to provide proof that you are receiving regular monthly payments.

Another important factor is credit history. Of course, lenders are more willing to approve applications to borrowers with a good credit history, since the chance that they will pay off the debt on time is much greater.

Also, in order to receive a small personal loan, you must be a US citizen over the age of 18 and provide ID, Social Security number, active bank account and your contact information.

Bottom line

A small personal loan is a good option for people who need money to cope with difficult life difficulties. However, when looking for a lender, it is worth paying attention to interest rates, as well as fees and commissions to avoid a bad offer.

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APR Disclosure. Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, APRs for installment loans range from 6.63% to 225%, and APRs for personal loans range from 4.99% to 450% and vary by lender. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.

Here's a quick example:

You borrow $1,000 with an APR of 3% over 3 years (assuming an annual APR calculation).
Year 1 interest: 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030
Year 2 interest: 1,030 x 0.03 = 30.9 and 30.9 + 1,030 = 1061
Year 3 interest: 1,061 x 0.03 = 31.83 and 31.83 + 1,061 = 1,092.83 In total, you'll pay back $1,092.83 at the end of the finance period.

For peace of mind, and to ensure you know what you're going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

Material Disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. We are an advertising referral service to qualified participating lenders that may be able to provide amounts between $100 and $1,000 for cash advance loans, up to $5,000 for installment loans, and up to $35,000 for personal loans. Not all lenders can provide these amounts and there is no guarantee that you will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This is not a solicitation for a particular loan and is not an offer to lend. We do not endorse or charge you for any service or product. Any compensation received is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan, including APR. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, their current rates and charges, renewal, payments and the implications for non-payment or skipped payments. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, register for credit or any loan product, or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Some faxing may be required. Be sure to review our FAQs for additional information on issues such as credit and late payment implications. These disclosures are provided to you for information purposes only and should not be considered legal advice. Use of this service is subject to this site’s Terms of Use and Privacy Policy.

Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.

Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.

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