4 personal loan lenders to consider if you need to borrow as little as $3,000

Select ’ s column team works independently to review fiscal products and write articles we think our readers will find useful. We earn a committee from affiliate partners on many offers, but not all offers on Select are from consort partners. personal loans are a common way to pay for large expenses like weddings, funerals and home renovations. These events can costs tens of thousands of dollars. But when it comes to smaller expenses that wo n’t cost equally much but still require more than you may have sitting in your emergency fund, there are personal loans out there that can help save the day. many personal lend lenders offer funding amounts that start at around $ 5,000. however, that is n’t constantly ideal for person who needs to borrow less since it forces them to apply for more money than they ‘ll actually need ( which means higher monthly payments and matter to charges ).

blue-ribbon rounded up some personal lend lenders that allow you to apply for ampere little as $ 3,000. We looked at key factors like concern rates, fees, lend amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. ( Read more about our methodology below. )

Select’s picks for the best personal loans for borrowing as little as $3,000

Compare offers to find the best loan

When searching for a personal loanword, it can be helpful to compare respective different offers to find the best interest rate and payment terms for your needs. With this comparison tool, you ‘ll barely need to answer a handful of questions in club for even Financial to determine the top offers for you. The service is free, procure and does not affect your credit rating score. This creature is provided and powered by tied Financial, a research and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Even Financial and it may use this information in accord with its own privacy policies and terms of avail. By submitting your information, you agree to receive emails from even. choose does not control and is not responsible for third party policies or practices, nor does Select have access to any data you provide. Select may receive an affiliate commission from collaborator offers in the Even Financial joyride. The commission does not influence the choice in order of offers .

Best overall

Discover Personal Loans

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  • Annual Percentage Rate (APR)

    5.99 % to 24.99 %

  • Loan purpose

    Debt consolidation, home improvement, wedding or vacation

  • Loan amounts

    $ 2,500 to $ 35,000

  • Terms

    6 to 84 months

  • Credit needed

    good

  • Origination fee

    none

  • Early payoff penalty

    none

  • Late fee

    $ 39

See our methodology, terms apply .

Pros

  • No origination fees, no early payoff fees
  • Same-day decision (in most cases)
  • Option to pay creditors directly
  • 7 different payment options from mailing a check to pay by phone or app

Cons

  • Late fee of $39
  • No autopay discount
  • No cosigners or joint applications

Learn More View More Who’s this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. The minimal loan amount Discover will approve applicants for is $ 2,500, which besides makes it a feasible option if you need to borrow just under $ 3,000. While there are no origin fees,   Discover does charge a $ 39 late fee if you do n’t make an on-time payment each calendar month. Discover does n’t charge a prepayment penalty, though, which means you can make extra payments to cut down on interest charges over the life of the loanword. If you ‘re approved for a debt consolidation loanword, Discover can pay your creditors directly, which takes some of the hard cultivate out of your hands. You can receive your money angstrom early as the next business day arsenic hanker as your application was submitted without any errors ( and the lend was funded on a weekday ). otherwise, you ‘ll receive your funds no late than a week after approval .

Best for flexible payment terms

OneMain Financial Personal Loans

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  • Annual Percentage Rate (APR)

    18.00 % to 35.99 %

  • Loan purpose

    Debt consolidation, major expenses, emergency costs

  • Loan amounts

    $ 1,500 to $ 20,000

  • Terms

    24, 36, 48, 60 Months

  • Credit needed

    Poor/Fair

  • Origination fee

    directly fee starting at $ 25 to $ 500 or share ranging from 1 % to 10 % ( depends on your state )

  • Early payoff penalty

    none

  • Late fee

    Up to $ 30 per belated payment or up to 15 % ( depends on your state of matter )

See our methodology, terms apply .

Pros

  • Approves applicants with bad or fair credit
  • No early payoff fees
  • Reasonable loan minimums ($1,500) for smaller needs
  • Can pre-qualify with a soft credit check (no hard inquiry right away)
  • ACH funding within 1-2 business days (sometimes same day with proper paperwork)
  • Option to apply for secured loan (with collateral) for potentially lower rates
  • Borrowers can choose the date the bill is due each month
  • Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse

Cons

  • High origination fee
  • High interest rates
  • No autopay APR discount
  • No co-signers

Information about OneMain Financial’s secured loans: While not required, applicants who do n’t qualify for an unbarred personal loanword with OneMain Financial may be offered a guarantee loanword. A guarantee lend lets borrowers who want to use the equity from their car potentially qualify for lower interest that way. Rates, repayment terms and agreements vary by individual and the state in which put on. Learn more by checking for offers on OneMain Financial ‘s site. OneMain Financial liaison provided by flush Financial. OneMain Financial consumer loans are offered in 44 states ( we do not lend in AK, AR, CT, DC, MA, RI, and VT ). Loan proceeds can not be used for postsecondary educational expenses as defined by the CFPB ‘s Regulation Z such as college, university or vocational expense ; for any business or commercial function ; to purchase securities ; or for gambling or illegal purposes. case loanword : A $ 6,000 loanword with a 24.99 % APR that is repayable in 60 monthly installments would have monthly payments of $ 176.07. extra conditions for batten offers : Secured offers require a beginning spleen on a motive vehicle that meets our value requirements, titled in your mention with valid indemnity. The lender places a lien on the collateral until the loan is paid in full moon. active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. support options ; handiness of funds : Loan proceeds may be disbursed by assay or electronically deposited to the borrower ‘s bank account through the Automated Clearing House ( ACH ) or debit tease ( SpeedFunds ) networks. ACH funds are available approximately 1 to 2 business days after the loan close up date. Funds through SpeedFunds can be accessed on the loan close date by using a bank-issued debit card. Borrowers in these states are subject to these minimum loanword sizes : alabama : $ 2,100. California : $ 3,000. georgia : Unless you are a show customer, $ 3,100 minimum lend measure. ohio : $ 2,000. Virginia : $ 2,600. Borrowers ( other than present customers ) in these states are discipline to these maximum unguaranteed loan sizes : North Carolina : $ 7,500 .Learn More

View More Who’s this for?  OneMain Financial offers loan options that are a fiddling more compromising compared to early lenders. refund terms run between 24 months and 60 months and OneMain Financial besides allows borrowers the option to secure the lend with collateral in order to potentially receive an sake rate on the lower end of the lender ‘s crop. Plus, borrowers can actually choose the date their monthly payments are ascribable and have the choice to apply with a co-applicant. And on circus tent of all that, there is a fiddling more tractability when it comes to how much you can borrow — you can apply for american samoa little as $ 1,500 and a much as $ 20,000. This makes OneMain Financial seem like an attractive choice for people who need to borrow smaller amounts of money. The origin fee is on the higher end : either a fix fee between $ 25 and $ 500 or up to 10 % of the loan measure, depending on which state you live in. And while there are n’t any penalties for paying off the loanword early, there is a late tip that will run you $ 30 or up to 15 % ( depending on your state ) .

Best for a lower credit score

Avant Personal Loans

Learn More

  • Annual Percentage Rate (APR)

    9.95 % to 35.99 %

  • Loan purpose

    Debt consolidation, major expenses, hand brake costs, home improvements

  • Loan amounts

    $ 2,000 to $ 35,000

  • Terms

    24 to 60 months

  • Credit needed

    Poor/Fair

  • Origination fee

    up to 4.75 %

  • Early payoff penalty

    none

  • Late fee

    Up to $ 25 per late payment after 10-day grace period

See our methodology, terms apply .

Pros

  • Lends to applicants with scores lower than 600
  • No early payoff fees
  • Can pre-qualify with a soft credit check (no hard inquiry)
  • Quick funding (often by the next day)
  • Late payment grace period of 10 days
  • Option to apply for secured loan (against title of your car) for potentially lower interest

Cons

  • Origination fee
  • Potentially high interest (caps at 35.99% APR)
  • No autopay APR discount
  • No direct payments to creditors (for debt consolidation)
  • No co-signers

Information about Avant’s secured loans: In 40 states, Avant offers an alternative to title loans for borrowers who want to use the fairness from their car to potentially qualify for lower interest .

  • Repayment options between two to four years.
  • Applicant’s entire credit profile is evaluated, including credit score, income and borrowing history (not just the value of the car)
  • Rates as low as 9.95% (capped at 35.99% APR)

Learn More View More Who’s this for?  Avant offers personal loan amounts adenine moo as $ 2,000 and a high as $ 35,000, and you can generally receive your funds angstrom early on as the future business day ( assuming your paperwork gets approved without a hitch ). Avant will consider applicants with citation scores under s600, which may be appealing to those who need to borrow money but are worry they wo n’t be approved with a poor people or low recognition score. however, merely keep in take care that, like with any argumentation of credit rating, the higher your credit score the more probably you are to receive the lowest pastime rates. While there are no penalties for early payoff, there is an origin tip of up to 4.75 % and a late fee of up to $ 25 after the 10-day seemliness period .

Best for co-borrowers

Prosper Personal Loans

Learn More

  • Annual Percentage Rate (APR)

    7.95 % to 35.99 %

  • Loan purpose

    debt consolidation/refinancing, home improvement, auto/motor, medical or dental, big purchase and more

  • Loan amounts

    $ 2,000 to $ 40,000

  • Terms

    36 and 60 months

  • Credit needed

    good

  • Origination fee

    2.41 % to 5 %, deducted from loan proceeds

  • Early payoff penalty

    none

  • Late fee

    5 % of monthly requital come or $ 15, whichever is greater ( with 15-day grace period )

See our methodology, terms apply .

Pros

  • Co-borrowers are permitted
  • Repeat borrowers may qualify for APR discounts
  • Option to change your payment date according to when works best for you
  • Wide range of loan amounts
  • No prepayment penalty

Cons

  • High late fees
  • Origination fee of 2.41% to 5.99%, deducted from loan proceeds
  • Only two loan terms to choose from (3 or 5 years)

Learn More View More Who’s this for?  Prosper allows co-borrowers to submit a joint application : This can surely be a huge draw for some borrowers when you consider that this is n’t available for all loans. Applying for a loan with a co-borrower, or co-applicant as they ‘re sometimes called, can be beneficial if your co-borrower has a higher recognition mark — this may allow you to get approved for lower sake rates. A co-borrower can be beneficial in a kind of other circumstances, excessively. Like, if a borrower does n’t have a hanker enough recognition history to be approved for the lend. Keep in mind that the co-borrower on a personal lend application shares the liability for repaying the lend with the primary borrower, which is why lenders may see a borrower as less bad if they have another person applying alongside them. Prosper offers lend amounts between $ 2,000 and $ 40,000 with the possibility of next-day support. Term lengths, on the early hand, may be less flexible for some borrowers : You can choose term lengths of either three years or five years. besides, origin fees are between 2.41 % to 5 % and get deducted from the loanword proceeds .

Our methodology

To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both on-line and brick-and-mortar banks, including large credit unions, that come with no origin or signup fees, fixed-rate APRs and elastic loan amounts and terms to suit an array of financing needs. When narrowing devour and ranking the best personal loans for fair or good credit rating, we focused on the trace features :

  • Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
  • Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
  • No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
  • Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
  • Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
  • Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
  • Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
  • Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall finance needs, promptly fund, lower interest rates and elastic terms. note that the rates and fee structures advertised for personal loans are capable to fluctuate in accordance with the Fed rate. however, once you accept your lend agreement, a fixed-rate APR will guarantee matter to rate and monthly payment will remain consistent throughout the entire term of the loanword. Your APR, monthly payment and loan come depend on your recognition history and creditworthiness. To take out a lend, lenders will conduct a heavily credit question and request a full application, which could require proof of income, identity confirmation, proof of address and more.

Catch up on Select’s in-depth coverage of  personal finance tech and tools wellness  and more, and follow us on  Facebook Instagram  and  Twitter  to stay up to date. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff ’ mho alone, and have not been reviewed, approved or otherwise endorsed by any third party .

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