Small Personal Loans – 5 Best Small Personal Loans Online With Low Rates in 2021

Small personal loans can be saviors. If you have ever found yourself without cash and faced with small but critical expenses to take care of, you will understand that being able to quickly get some extra cash from somewhere is very important.

Small but critical expenses, if not taken care of, can become full-blown problems. When the paycheck is days off and there is no cash in hand to care for these expenses, a small personal loan is that “extra cash from somewhere” that can save the day.

However, there are so many platforms out there to get small personal loans to decide which one is best for you. Though each platform sings its own praise, they all have their advantages and disadvantages.

This guide explains everything you need to know about Small Personal Loans and puts the different loan options under the microscope in order to provide the information that will help you decide which option is best for you when you need a small personal loan.

#1 Small Personal Loan in 2021 – Viva Payday Loans

Best Small Personal Loans – Quick Pick

Here are our picks of the best Small Personal Loans platforms.

  • Viva Payday Loans – Best Overall for Small Personal Loans. Visit Now.
  • Money Lender Squad â€“ Good for Bad Credit Personal Loans. Visit Now.
  • Very Merry Loans â€“ Good for Personal Loans with Quick Deposits. Visit now.
  • Credit Clock – Best for Personal Loans for Unemployed Individuals. Visit now.
  • Heart Paydays â€“ Good for Personal Loans with Fast Approvals. Visit now.

What Are Small Personal Loans?

The term ‘Small Personal Loans’ do not have an official definition, but it really does not need defining. Putting the words ‘small’, ‘personal’, and ‘loans’ together, it is easy to see that a Small Personal Loan is a relatively small amount of money that is borrowed to cover personal expenses.

How small are these loan amounts? Typically, Small Personal Loans are Personal Loans of $3,000 or less. Actually, the loan amount depends on the lender. There are many lenders that offer small personal loans of $1,000 or less, while there are a few others that offer small personal loans of as much as $5,000.

Being that a Small Personal Loan is a ‘loan’, someone who obtains it is expected to pay back the money within a specified time and with interest. So, important things to consider when seeking a small personal loan include the loan amount, the interest rate, the loan terms, and repayment plans.

Common uses of Small Personal Loans

Thousands of pages will be needed to list the uses of small personal loans. These are small loans to cover personal expenses, and these are endless. So, just think of any situation where someone could need money urgently to solve modest but pressing needs, especially those that were unforeseen. Those situations represent the uses of small personal loans.

Some of the most common are:

  • To take care of an unexpected trip to the hospital
  • To take care of car trouble
  • To repair emergency plumbing problems
  • To repair or replace broken appliances
  • To gift someone cash, or finance a gift
  • To finance an emergency trip or small vacation
  • To buy groceries
  • To take care of due utility bills
  • To finance a small home renovation

How To Qualify for Small Personal Loans (Eligibility criteria)

In order words, if you need a Small Personal Loan, what are the eligibility criteria?

Remember the saying ‘he who pays the piper dictates the tune’? In a similar vein, the loan provider creates the rules. While the eligibility criteria depend on the loan provider, there are important things to note.

  • Jurisdiction – Loan providers do not provide services in some places. So, to be eligible for a loan from a provider, make sure that you are resident in locations that it serves.
  • Age – Generally, Small Personal loans are available to only persons who are 18 years or older
  • Legality – You are required to be legally resident in your territory to apply for a Small Personal Loan, and to ascertain this, lenders will require personal information like your driver’s license, and social security number
  • Income – You are required to show that money enters your account at regular intervals. This is because lenders want to make sure you can pay back the loan. However, this does not require that you are employed. In most cases, you are only required to show that at least $1,000 enter your account monthly.
  • Communication channel – You will be in contact with the lender or broker site throughout the loan term, so you are required to have a valid email address and a valid mobile phone connection.
  • Means of payment – Generally, loan providers arrange automatic debit such that when payment is due, the money is automatically deducted from your account. So, you are required to have a valid bank account number.

5 Best Small Personal Loans – Fully Reviewed

Read on for a closer look at our top picks of providers of small personal loans as we look at the ease of application process, speed of loan decision, loan amounts, loan terms, APR, and more.

1. Viva Payday Loans – Overall Best for Small Personal Loan Online

is a broker site that gives persons in all states in the U.S. quick and easy access to a host of direct lenders of small personal loans. So, with just one application, you can apply for a small personal loan with top lenders.

Working with different lenders makes it possible for Viva Payday Loans to offer a wide variety of payday loans. There are bad credit loans that allow you to get a small personal loan even if your credit score is less than ideal. There are No Credit Check loans that allow you to get a small personal loan without invasive credit checks that follow most loans. There are unemployed loans that allow you to get a small personal loan without a traditional job.

Viva Payday Loans is able to offer these kinds of small personal loans because it focuses on affordability. Just show that at least $1,000 gets into your account monthly, and you are guaranteed a loan. Viva Payday Loans give small personal loans of up to $5,000 and allow up to 24 months to pay off loans. Not only can clients with any FICO score apply, the application process will take only 2 minutes, and the decision on the loan application is also fast.

Loan Amount $100 – $5,000
APR 5.99% – 35.99%
Loan Term 2 – 24 months
Star Rating 5.0/5.0


  • Decision is fast
  • You can get cash on the same day
  • Maximum loan amount is relatively high (up to $5,000)
  • All FICO scores can apply


  • Interest rate can be very high for extended loan terms

Viva Payday is a robust broker site with different direct lenders making it best for a variety of loan quotes. It is a fine platform for borrowers who want no checks on their credit history as it accepts all FICO scores. So, it caters to all loan needs including no guarantor loans, no credit loans, bad credit loans, and no credit checks loans. With loans of up to $5,000 possible, Viva Payday is fine for getting guaranteed small personal loans to finance small projects.

2. Credit Clock – Best for Bad Credit and No Credit Borrowers

Credit Clock is another website that gives quick access to different lenders of Small Personal Loans in the US. It also allows you to submit a loan application to different direct lenders.

While you can get $100 – $5000 in Credit Clock depending on the lender that accepts your application, most lenders tend to favor relatively smaller loans of $1,000 or less, so the $5,000 maximum loan amount will be beyond the reach of many persons.

Maybe it is the clock in its name, Credit Clock knows the importance of getting things done quickly. The application process is easy, and you’ll get a decision fast. If you urgently need cash and want the money in your account at the snap of a finger, Credit Clock is the platform to seek small a personal loan.

However, the loan repayment period of Credit Clock is relatively short (3 – 6 months). So, it is best for those seeking short-term small personal loans, and not for those who may want for a relatively long time to pay off their loans.

Loan Amount $100 – $5,000
APR 5.99% – 35.99%
Loan Term 3 – 6 months
Star Rating 4.5/ 5.0


  • Fast loan decision
  • Small personal loans of up to $5,000


  • Does not provide services in all US States (excluded states are Arkansas, Connecticut, New Hampshire, New York, Montana, South Dakota, Vermont, West Virginia, Indiana, Minnesota)

Credit Clock is quick when it comes to putting the cash that you urgently need in your hand (or account). Applying is easy, and loan decisions are fast. It also gives up to $5,000 which is handsome. However, the platform is best for short-term small personal loans because you’ll have a maximum of 6 months to pay off.

3. Money Lender Squad – Best for Quick Applications and Speedy Deposits

Money Lender Squad has a name that needs no clarification. It aggregates a squad that can lend you money – an army of direct lenders that give small personal loans to persons in the US. It offers guaranteed loans of $100 – $5000 of 5.99% – 35.99% APR.

It is simple when you apply for small personal loans with . It will take you only 2 minutes to complete the application form. In minutes, you will be connected with a direct lender to confirm the loan terms, after which it is about the money hitting your account. Money Lender Squad does not do credit checks that will affect your credit score. However, direct lenders who will service your loan may do credit and affordability checks.

Not only does Money Lender Squad have direct lenders that can give you relatively high small personal loans, but there are also direct lenders that can give you extended loan terms of up to 48 months. If you want a longer time to pay off your small personal loans, Money Lender Squad is the platform to check.

Loan Amount $100 – $5,000
APR 5.99% – 35.99%
Loan Term 2 – 48 months
Star Rating 4.5/ 5.0


  • Fast application and loan decision
  • Able to give extended loan terms


  • Does not provide service in all US states

Where some platforms will restrict you to small personal loans of $1,000 or $2,000, Money Lender Squad can get you up to $5,000. So, it is a fine platform to seek small personal loans for small projects like home renovations or even small weddings. The loan repayment will also come easy because Money Lender Squad offers extended loan terms.

4. Very Merry Loans – Good for Personal Loans with Quick Deposits

Very Merry Loans can easily link you to direct lenders to give you small personal loans of $100 – $2,000. These are modest loans that may not be enough for some major projects, but will surely see you through many different unexpected that threaten to rob you of your joy. So, Very Merry Loans can quickly put cash in your hand to ensure that you are cheerful always.

These small personal loans are no guarantor loans that are easy to get. The loan application will not take more than 5 minutes, decisions are given within minutes of completing the application, and most lenders will send the money to your account on the same day. Fast cash in your hand is guaranteed.

Very Merry Loans carries out no checks on your credit history. However, the direct lenders who will service the loan may use credit scoring agencies to check that you can pay back the loan.

With loan terms of 2 – 12 months, Very Merry Loans is best for small personal loans that you will have no problem paying back in a few months.

Loan Amount $100 – $2,000
APR 5.99% – 35.99%
Loan Term 2 – 12 months
Star Rating 4.0/ 5.0


  • No registration fees
  • Fast decision on loan application
  • Same day receipt of cash


  • Maximum loan amount ($2,000) is relatively low

With Very Merry Loans, the loan application process is easy, the decision on the application is fast, and the cash can be received on the same day, so it is a fine platform if you want quick access to cash.

However, with the maximum loan amount being $2,000 and the highest time to pay back being 12 months, Very Merry Loans is only good for small personal loans that you will pay back in a few months.

5. Heart Paydays – Best for Personal Loans with Fast Approvals

Heart Paydays is also a broker that has different direct lenders in its network. It is a comprehensive platform where individuals are very likely to get small personal loans when other sources have denied them.

Heart Paydays has guaranteed loans that suit everyone, offering No credit check loans, bad credit loans, unemployed loans, instant approval loans, easy approval loans, and more. Also, whatever your FICO scores, you are welcomed to apply.

You can get from a few hundred dollars up to $5,000, and you can spread loan repayment up to 24 months. HeartPaydays is a non-charging broker, so there are no upfront fees or costs that you should worry about.

Loan Amount $100 – $5,000
APR 5.99% – 35.99%
Loan Term 2 – 24 months
Star Rating 4.5/ 5.0


  • All FICO scores can apply
  • Loan amounts up to $5,000
  • Gives up to 24 months to pay off the loan


  • Interest rates get very high for longer loan terms

Heart Payday has a huge database of direct lenders, and this allows it to welcome clients with any FICO score. This makes it a fine platform to seek bad credit small personal loans, no guarantor small persona loans, and no credit check small personal loans.

With loan terms typically between 2 – 24 months, Heart Payday is also fine for persons who want an extended time to pay off their small personal loans.

Features of Small Personal Loans

Small personal loans have some features that differentiate them from other loan types. These include:

  • Small Loan Amount – The loan amounts are usually small. The minimum amount is as low as $100, while the maximum amount differs depending on the particular lender but is also low. Some lenders cap it at $1,000 while others give not more than $5,000.
  • High Interest Rate – Small personal loans have high interest rates. Generally, the interest rate depends on such factors as the client’s credit score, the loan amount, and the loan term, but it is usually higher than the interest rate of other financing options.
  • Few Requirement – Generally, you do not need collateral or guarantors to obtain a small personal loan.
  • Relatively short repayment window – Generally, Small Personal Loans are designed with a relatively short repayment window so that you will not be indebted or long.
  • Quick Disbursal – For small personal loans, the time from applying for the loan to receiving the money is very fast. Many times, you can receive the cash on the same day you apply for the loan or in the next business days.

Advantages of Small Personal Loans

  • Allow you to avert a crisis – Small Personal Loans quickly put cash in your hands to care for small but pressing needs that can easily become big problems. For example, not taking care of that clanking sound from under your car because you are cash-strap may cause more damage to the car or even an accident.
  • Easy to get – Small Personal do not require collateral or guarantors and other such hurdles that you’ll have to jump to get relatively big loans
  • Fine for Bad Credit – Getting a loan may be difficult if your credit history is not fine. However, many lenders of small personal loans care for clients with bad credit.
  • Ease of repayment – Small Personal loans are paid off in small installments. To make loan repayment even easier, many direct lenders give extended loan terms allowing borrowers to spread the repayment of the small loan amount over a long period.

Disadvantages of Small Personal Loans

  • Relatively expensive – Small Personal Loans are expensive finance options because they have relatively higher interest rates.

How to Get Small Personal Loans

One of the advantages of Small Personal Loans is the ease of getting it. How really does it work? Getting a small personal loan involved only four steps:

Step 1: Visit an Online Small Personal Loan Provider

It is advisable to use a broker site instead of a direct lender site so that you can get the best quotes. Using the broker site Viva Payday Loans as an example, to visit the website, simply launch a web browser, type the URL ( into the address bar, and hit ‘enter’.

Step 2: Complete the Application Form

On the homepage, click on the ‘Apply’ button (at the top right corner of the page) to open the application page.

Then complete the application form by providing the required details in the required fields. For Viva Payday Loan (as well as many other platforms), it is a four-step application process. Just enter the loan amount, personal details, employment details, loan repayment details, and other details required. Then submit.

Step 3: Get your decision

Completing the application is no guarantee that you will get the loan, but it is the first step. After applying, the broker (in this case Viva Payday Loans) will check its databases for the lender most likely to finance your loan and connect you to them. In making the decision of whether to approve the loan, the lender will review your information and credit score to determine whether you can pay back the loan. These all happen very quickly.

Step 4: Receive your loan

If the lender approves the loan, you will receive a loan application with relevant information such as loan amount, interest rate, repayment plan, and lateness policy. You will need to confirm these details. After agreeing to them, you will receive the cash on your account. Depending on when you apply, you can get the small personal loan the same day or the next day.

Request Your Personal Loan at our Top Rated Provider – Viva Payday Loans


How much can I get as a Small Personal Loan?

Can I get a Small Personal Loan with bad credit?

Can applying for a Small Personal Loan affect my credit score?

What if I am unemployed? Do I need to be employed to get a Small Personal Loan?

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About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.

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