Small Loans Online

Small Personal Loans Online

We've all been there -- you miscalculate your budget for the month, or need to pay some surprise medical bills, or your car breaks down and you can't afford to fix it. It happens to the best of us, but what's the right path to take when it does?

There are many options available for when you have a financial emergency, and one of those is getting a small personal loan. It's important to make sure you're borrowing from a good lender, but as long as you do your research, a small loan can be a great way to get the money you need quickly.

What Are Small Personal Loans?

Most people think of loans as something you get when you need a large amount of money, to pay back over a long period of time. However, you can also borrow smaller amounts of money for a shorter amount of time. For a small loan, you can even pay it back as soon as your next payday -- though there's usually a fee attached.

Different Types of Small Personal Loans

Personal loans are a whole category on their own, and come in many different types, all with differing terms, fees, and requirements.

Unsecured Personal Loans

Unsecured personal loans are one of the most common types of small personal loans. With these loans, you get approved or denied based on your credit history or your income -- sometimes both. It's very simple, though the amount you can borrow is usually lower since there's nothing to secure it.

Secured Personal Loans

That leads us to the next type of loan -- secured loans. This type of loan allows you to use collateral for the loan -- usually something like a car title or a high value item. Sometimes the lender will even get access to your bank account or CD! Then, if you don't pay the loan back, they get to keep the collateral.

There are many reasons why someone might opt for a secured loan -- they can have higher borrowing limits and better terms than unsecured loans, and they're less likely to deny you if you have bad credit or you're unemployed.

Co-signer Loans

A co-signer loan is another type of personal loan. This kind of loan requires a second person to co-sign the loan with you. The lender will look at both of your credit and employment histories to decide whether you'll be able to take out the loan, and your co-signer will do just that - sign the loan alongside you.

In this case, the co-signer's signature is the 'collateral', and they'll be on the hook for payments if you aren't able to pay the loan off yourself. Their credit score might also go down in this case - so make sure you find someone to co-sign who understands and is okay with that, or you might end up losing a friend if you can't pay up.

Getting a Small Personal Loan With Bad Credit

As you can see, it can be difficult to get a personal loan, especially an unsecured one if your credit score is bad. However, there are places such as that can help! is partnered with direct lenders that offer small unsecured personal loans even if you have a bad credit score. They are excellent alternatives to payday loans, which are often predatory and have high fees and interest.

Things to Look For When Getting a Small Personal Loan

There are several different things you may want to look for in a company when considering them for a small personal loan. A few examples are:

  • Bad credit or no credit options
  • The ability to apply online or from your phone
  • Quick or instant decisions
  • Get the money quickly
  • No hard credit check
  • No hidden fees
  • Option to build your credit history as you repay the loan
  • Better terms - higher loan amounts and lower interest rates than competitors
  • Financial education courses - especially helpful if you're young and not sure how to build your credit history