Best personal loans to cover small expenses of August 2023

LendingPoint offers personal loans starting at $2,000 up to $36,500 with repayment terms from two to six years. This could make it a good option to cover minor expenses with over-borrowing. Plus, if you’re approved, you could get your funds as soon as the next business day.

Additionally, LendingPoint’s minimum credit score requirement is only 590, which means borrowers with fair credit could qualify. This lender doesn’t accept co-signers or joint applicants, though. It also charges an origination fee that could increase your overall loan costs, and its loans aren’t available in Nevada and West Virginia.

• Interest rates: 7.99% to 35.99%.
• Loan amounts: $2,000 to $36,500.
• Repayment terms: 2 to 6 years.
• Discounts: None.
• Fees: Origination fee (0% to 8%).
• Min. credit score: 590.

Oportun is certified as a Community Development Financial Institution by the Department of the Treasury and focuses on supporting communities that are economically disadvantaged, including borrowers who might not have stellar credit. Unlike many personal loan lenders, Oportun has no minimum credit score requirement, which means borrowers with poor or fair credit could still qualify.

With Oportun, you can borrow as little as $300 — the lowest minimum on this list — up to $8,000 with an unsecured loan (amounts could vary depending on your state). Additionally, if you live in Arizona, California, Florida, New Jersey or Texas and own an eligible vehicle, you might be able to borrow up to $18,500 (amounts could vary depending on your state) if you use your car title as collateral. Just keep in mind that this means you could lose your vehicle if you don’t make your payments.

Note that Oportun loans aren’t available in Colorado, Connecticut, Maine, Maryland, Massachusetts, Nevada, New York, West Virginia or Washington, D.C. Oportun also charges origination fees as well as fees for late and returned payments.

• Interest rates: 12.49% to 35.99% (depending on your state and loan type).
• Loan amounts: $300 to $18,500 (depending on your state; larger loan amounts require collateral).
• Repayment terms: 1 to 4.08 years for unsecured loans or 2 to 5.33 months for secured loans (term options will depend on your location).
• Discounts: None.
• Fees: Origination fee, late fee and returned payment fee (fee amounts will depend on your location).
• Min. credit score: No minimum.

While many lenders require good to excellent credit, you could get approved for a personal loan from Avant with a credit score as low as 580. This could make it a good option for borrowers with fair credit scores, which are usually considered to range from 580 to 669. Additionally, if you’re approved, you could get your funds as soon as the next business day.

Avant’s personal loans range from $2,000 to $35,000 and come with terms from one to five years. Keep in mind that this lender charges an origination fee as well as fees for late and dishonored payments. Avant also doesn’t permit co-signers or joint applicants.

• Interest rates: 9.95% to 35.99%.
• Loan amounts: $2,000 to $35,000.
• Repayment terms: 1 to 5 years.
• Discounts: None.
• Fees: Origination fee (up to 4.75%), late fee ($25) and dishonored payment fee ($15).
• Min. credit score: 580.

Not only does Upstart have a low minimum credit score requirement of only 300, but you could also qualify even if you don’t have enough of a credit history to generate a score — often referred to as thin credit. With Upstart, you can borrow $1,000 to $50,000 with a three- or five-year repayment term, and you can use your loan proceeds for a variety of purposes, including student loan debt repayment — which often isn’t permitted by personal loan lenders.

Keep in mind that while Upstart’s origination fees can be as low as 0%, they can extend up to 10% of your loan amount. This lender also charges fees for late and returned payments, and it doesn’t permit co-signers or joint applicants.

• Interest rates: 4.6% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 3 or 5 years.
• Discounts: None.
• Fees: Origination fee (0% to 10%), late fee ($15 or 5% of past-due amount, whichever is greater) and returned payment fee ($15).
• Min. credit score: 300.

Unlike many lenders, U.S. Bank doesn’t charge an origination fee on its personal loans, which can help you save money on borrowing costs. With U.S. Bank, you can borrow $1,000 to $50,000 — though borrowers who don’t currently have a U.S. Bank account are limited to a maximum of $25,000. Repayment terms range from one to seven years (five-year maximum for non-U.S. Bank customers).

Additionally, while U.S. Bank has a minimum credit score requirement of 660 for existing account holders, you might need a higher credit score to qualify if you don’t currently have an account.

• Interest rates: 8.74% to 21.24%.
• Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
• Repayment terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
• Discounts: Autopay (amount not disclosed).
• Fees: Late fee (amount not disclosed).
• Min. credit score requirements: 660.

Unlike most personal loan lenders, LendingClub doesn’t have a specific minimum credit score requirements and also permits co-borrowers (also known as joint applicants) — which could help you qualify more easily. Even if you don’t need a co-borrower to get approved, having one could qualify you for a better interest rate or higher loan amount than you’d get on your own.

Just keep in mind that, unlike a co-signer who is liable for a loan if the primary borrower fails to pay, a joint applicant will be equally responsible throughout the entire repayment period.

LendingClub’s personal loans range from $1,000 to $40,000 and come with terms from three to five years. Note that this lender charges an origination fee as well as fees for late payments and insufficient funds.

• Interest rates: 9.57% to 35.99%.
• Loan amounts: $1,000 to $40,000.
• Repayment terms: 3 to 5 years.
• Discounts: None.
• Fees: Origination fee (2% to 6%), late fee (5% of outstanding payment amount or $15, whichever is greater) and insufficient funds fee ($15).
• Min. credit score: No minimum.

PenFed offers competitive APRs which can help keep your overall borrowing costs low. With PenFed, you can borrow as little as $600 up to $50,000 with terms from one to five years and also have the option of applying with a co-borrower.

Note that PenFed charges no origination fees or prepayment penalties but does assess fees for late payments. Additionally, while you don’t have to be a PenFed member to apply, you’ll have to join the credit union if you are approved and want to accept the loan.

• Interest rates: 7.74% to 17.99%.
• Loan amounts: $600 to $50,000.
• Repayment terms: 1 to 5 years.
• Discounts: None.
• Fees: Late fee ($29) and returned payment fee ($30).
• Min. credit score: Does not disclose.

Universal Credit offers a minimum loan amount of just $1,000. Additionally, while Universal Credit doesn’t permit co-signers, it does allow joint applications.

Universal Credit’s personal loans range up to $50,000, come with terms from three to five years and could be funded within a day of clearing any necessary verifications. Note that this lender charges origination fees as well as fees for late and returned payments, all of which can increase your overall borrowing costs.

• Interest rates: 11.69% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Loan terms: 3 to 5 years.
• Discounts: Autopay (amount not disclosed).
• Fees: Origination fee (5.25% to 8.99%), late fee ($10) and returned payment fee ($10).
• Min. credit score: 620.