3 Best Low Interest Personal Loans
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With payday alternative loans, federal credit unions can offer small personal loans between $200 and $1,000, with repayment terms of one to six months. Under NCUA regulations, interest rates on PALs are capped at an effective 28% APR. To get a PAL, you must be a member of the credit union for a month or more.
Where to Find a Small Personal Loan. You’ll find small personal loans at credit unions, online lenders and a few major banks. Shop around to compare your options: Small loans from credit unions may be the best choice for affordable small loans. Small loans from online lenders start between $1,000 to $3,000. Small loans from banks, when offered, start at $2,000.
Where to Get Small Personal Loans Before you start shopping for a loan, you should know a bit about your credit and your goals for the loan. This information will help you browse potential rates based on your credit score , the amount of loan proceeds you want and the length of time you want to spend paying on the loan.
Lending Club is a great place to get small personal loans if you have good or excellent credit. You really need a minimum credit score of 600 to qualify. You really need a minimum credit score of 600 to qualify.
Obtain your credit score. Get your credit score from a reputable third party service and inspect it for anything that may be a problem. The most commonly used systems of credit scores uses a number ranging from 300 to 850 to represent your credit. Higher numbers indicate that you are a good credit risk.