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If you want to know more information about small personal loans, continue reading!

A small personal loan could help if you need to repair a car, take your cat to the vet or have a light medical procedure done. The usual amount of a loan is $1,000-$5,000 and are typically paid back within 2-3 years. Therefore, the monthly payment is very low and easy to pay off on time.

Benefits of small personal loans

  • Unsecured-you do not have to put up collateral
  • Fast and easy to get
  • Paid back over 2-3 years
  • Low interest rates for those with good credit
  • Improve your credit score with on-time payments

Small personal loans vs payday loans

Payday loans often require little paperwork and no credit check, asking for only proof of income – unlike personal loans, which generally require stringent credit checks and good credit. You can potentially dig yourself deeper into debt with payday loans due to the high fees, interest rates and costs charged for payday loans. Personal loans usually have lower interest rates and fees, and might offer higher loan limits than payday loans while being repaid over a longer term with lower payments.

What for do you need a personal loan?

  • Unexpected expenses
  • Medical expenses
  • Holidays and trips
  • Auto repairs
  • Weddings
  • Consolidate high-interest credit card debt

Why small personal loans are better than credit cards

If an emergency happens, you can just put it on your credit card. Better not do it because you’ll pay significantly more in interest until the balance is paid off.

With a personal loan, you instead receive a low, fixed interest rate and fixed monthly payments. You can choose your term (typically up to three years) and pay the loan off at an affordable rate.

However, it’s important to note that if you are planning on paying off the balance within a month or two, a credit card could be the best option for you.

  • Read more about credit cards
or apply now!

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