Best Small Personal Loans in February 2025

While many personal loans with other lenders start at $1,000, Navy Federal Credit Union offers loans as small as $250. Plus, Navy Federal loans come with competitive rates and no upfront fees, making them potentially much less expensive than loans from competitors.

Note that you’ll need a connection to the military to join Navy Federal and get a loan. Navy Federal also charges a $29 late fee if you’re unable to keep up with payments.

Navy Federal Credit Union only offers loans to people with military connections, including:

• Active duty members of the military (regardless of branch)
• Veterans, retirees and annuitants
• Those in the Delayed Entry Program (DEP)
• Department of Defense (DoD) Officer Candidates and ROTC
• DoD Reservists
• DoD civilian personnel
• Immediate family of military members, as well as household members

You’ll need to meet the following requirements:

• Administrative: Provide your Social Security number, home address, credit card or bank account number and a form of government identification
• Membership: Create a Membership Savings Account and maintain a $5 balance in order to join the credit union

First Tech Federal Credit Union offers small personal loans and caps its interest rates at 18.00%, making its loans potentially some of the cheapest on the market. First Tech doesn’t charge an upfront fee or prepayment penalties for paying off your loan early.

You can check your rates by prequalifying even if you’re not a member of First Tech, and seeing your rates won’t impact your credit. If you decide to get a loan with First Tech after seeing your rates, you’ll need to join the credit union. But don’t worry — First Tech makes it easy to qualify and become a member.

You must meet at least one of the following criteria to join First Tech:

• Living with or being related to a current member
• Working for a partner employer or for the state of Oregon
• Working or living in Lane County, Oregon
• Belonging to the Computer History Museum or the Financial Fitness Association (First Tech may pay your dues for the first year)

You can improve your odds of qualifying for a loan with PenFed Credit Union by applying for a joint loan with a co-borrower who has excellent credit. If your credit needs work, this is a great way to qualify for lower interest rates, especially since PenFed rates max out at 18%.

You’ll need to join PenFed Credit Union to get a loan, and keeping up with payments is important — you’ll pay a late fee of $29 if you miss a payment.

To qualify for a PenFed loan, you must meet the following requirements:

• Membership requirements: PenFed membership (anyone can join)
• Administrative: Open a PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income

You can get a quick loan decision from LendingClub, since LendingClub borrowers are approved in two hours on average. LendingClub charges an upfront origination fee that is taken out of your loan.

One of LendingClub’s highlights, however, is the option to apply for a personal loan with a co-borrower. This can make it easier for those with lower credit scores to qualify, since two people are taking responsibility for the loan instead of just one.

To be eligible for a LendingClub personal loan, you must meet the following requirements:

• Age: Be at least 18 years old
• Citizenship: Be a U.S. citizen or permanent resident
• Administrative: Have a verifiable bank account
• Credit score: 600+

You can qualify for a LendingPoint loan with a credit score as low as 660, but if you have excellent credit, you may be able to snag one of its lowest rates.

Keep in mind that if you take out a loan with LendingPoint, you may have to pay an expensive origination fee, and residents living in Nevada and West Virginia won’t be eligible. Note that LendingPoint does not let you apply for a personal loan with a co-borrower or a cosigner either.

To get a loan from LendingPoint, you must meet its minimum criteria:

• Age: Be 18 years old or older
• Administrative: Provide identification issued by the U.S. government, have a Social Security number and have a bank account
• Income: Have a minimum income of $35,000
• Residency: Not live in Nevada or West Virginia
• Credit score: 660+

Upgrade offers loans as small as $1,000 to borrowers with fair credit. You’ll get your money as soon as one business day after Upgrade approves your loan, and you can repay your loan early without having to worry about prepayment penalties.

Keep in mind, however, that Upgrade charges an upfront origination fee on each loan, which can range from 1.85% - 9.99%. This fee will come out of the total balance that you receive, so you’ll want to factor that added cost into your budget.

To qualify for an Upgrade loan, you must meet the requirements below:

• Age: Be at least 18 years old (19 in some states)
• Citizenship: Be a U.S. citizen or permanent resident or live in the U.S. with a valid visa
• Administrative: Have a valid bank account and email address
• Credit score: 580+

Upstart offers small loans to borrowers with credit scores as low as 300, which is one of the lowest credit thresholds on the market. Plus, Upstart has fast funding — you can get your loan funds as soon as one day of accepting your loan offer.

Upstart charges origination fees as high as 12.00% — the highest on this list. Many lenders charge lower origination fees.

Upstart has transparent eligibility requirements, including:

• Age: Be 18 or older
• Administrative: Have a U.S. address, personal banking account, email address and Social Security number
• Employment: Have a job or job offer that starts within six months, or have regular income
• Credit-related factors: Have a debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
• Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)