Small Personal Loans Review 2023

Our review on Small Personal Loans analyzes the personal loans available, including interest rates, fees, loan amounts, and repayment terms.
Written by:
Anna Baluch
Edited by:
Kristin Marino verified
Editor's Rating

Small Personal Loans is an online marketplace that focuses on small loans. Its goal is to help consumers access money fast. The loan amounts are small, so it might not be for everyone, but it may be a viable option for people who need a minimal amount of money.

Small Personal Loans At-a-Glance

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Compare to Others

Small Personal Loans might be worthwhile if you like the idea of an online marketplace that can match you to a small loan. But if you decide it’s not a good fit, here are a few alternative options to explore.

OneMain Financial 

OneMain Financial is a direct lender that offers small personal loans for borrowers with bad credit. If you don’t have the best credit but want to borrow more than the $5,000 Small Personal Loans lenders provide, OneMain may make sense. You can apply with a co-signer and potentially receive a lower rate.

Happy Money

If you need to pay off credit cards, the payoff loan from Happy Money can be a wise choice. Unlike loans from Small Personal Loans, it’s specifically designed to help you pay off credit card debt in two to five years. Depending on your credit and finances, you may borrow between $5,000 and $40,000 to consolidate your debt. Plus, Happy Money lets you check your rate without any impact on your credit score.


Just like Small Personal Loans, LendingClub is a loan marketplace. However, it specializes in peer-to-peer loans from individual investors instead of financial institutions. Its loans are also larger as they go up to $40,000 instead of $5,000. Fortunately, its loans do not charge application fees or prepayment penalties.

How to Find the Best Personal Loan Rates

Finding the personal loan with the lowest rate is as simple as using our search tool. Compare personal loan rates and find the best personal loan for you.

Pros and Cons of Small Personal Loans

Who Is Small Personal Loans For?

You might benefit from Small Personal Loans if any of these apply to you.

  • You only want to borrow a small amount of money.
  • You don’t want to research small loan options on your own.
  • You’re okay with an online application that requires some personal information.
  • You can’t wait long for a small personal loan.

If you’re seeking a large loan or would rather apply for loans with lenders directly, you may want to look elsewhere.

Top Features of Small Personal Loans

Keep these features in mind as you look into Small Personal Loans.

Short Request Form

To use Small Personal Loans, you must fill out a short form and provide some basic information about yourself. The service will then match you with lenders or lending partners open to offering you a loan.

No Cost

You don’t have to pay a fee to use the Small Personal Loans marketplace. The service is free, but the actual cost of your loan will depend on the lender or lending partner you choose. Small Personal Loans suggests that you only accept a loan if you know you’ll be able to pay it back.

Multiple Lending Partners

With Small Personal Loans, you may get loan offers from multiple lenders or lending partners. This can help you compare your options in one place to make the most informed decision.

Tribal Lenders

The service also works with tribal lenders. If you match with a tribal lender and move forward with them, you should expect to pay higher rates and fees than you may receive with a traditional lender.

Fast Funding

Each lender and lending partner Small Personal Loans works with has its own funding timeline. But you may be able to receive your funds via direct deposit as soon as the next business day.

How to Get Started

If you’re interested in using the Small Personal Loans loan marketplace, you must fill out an application form. First, the service will ask you how much money you want to borrow. Then, you’ll need to share personal and financial information, such as:

  • Your credit score range
  • The purpose of the loan
  • Your email address
  • Your name
  • Your address and phone number
  • Your employment status and employer’s name (if applicable)
  • Your annual income
  • Your Social Security number

Once you complete the form, you can expect to receive your offer from the lender or lending partner directly. If you decide to proceed, you can review and sign the loan agreement online. Then, you’ll work with the lender or lending partner to collect the funds and pay them back.

Rating the Features

Here’s a closer look at the features of Small Personal Loans.

User Experience

The Small Personal Loans website is straightforward to use. You’ll find the loan application form on the home page to take advantage of the service quickly. There’s also an About Us page and a Frequently Asked Questions page with more information.


You can use the Small Personal Loans marketplace for free. But you’ll likely pay the fees that your lender charges. Some examples of standard loan fees include origination fees, late fees, and insufficient funds fees.


Each lender or lending partner Small Personal Loans works with has their own interest rate ranges. Note that the higher your credit score, the lower the interest rate you may receive. Also, tribal lenders typically charge higher rates than traditional lenders.


Small Personal Loans focuses on small personal loans ranging from $100 to $5,000. While they are likely unsecured, you may get approved for a secured option that requires collateral, like your car or house.

Customer Support

To contact Small Personal Loans, you can send an email to You may also find what you’re looking for on its Frequently Asked Questions page. If you have a question related to a specific loan offer you receive, you’ll need to reach out to the lender directly.


Small Personal Loans are for U.S. citizens or permanent residents at least 18 years old. To use the service, you must also be employed at your current job for at least 90 days and earn at least $1,000 monthly after tax deductions. While the website says the service is only available in some states, it doesn’t state which states it services.

Bottom Line 

If you need more time or desire to browse the internet to find small personal loans, Small Personal Loans might be a good option.

This is particularly true if you have a shaky credit history and might need help getting approved for a small loan.

But you will know whether you qualify for a loan offer and which lender a potential offer is from once you fill out an online form and authorize a credit check.

Frequently Asked Questions

Is Small Personal Loans a direct lender?

No. Small Personal Loans is an online loan marketplace. It can match you to a loan offer with one of its network’s lenders or lending partners.

Can I get a large loan through Small Personal Loans?

Small Personal Loans focuses on small personal loans that cap out at $5,000. You’ll need to look elsewhere for a larger loan.

How long does it take to receive my funds?

Once approved, you can receive your funds via direct deposit between 24 and 48 hours. It all depends on the lender.

Will Small Personal Loans check my credit?

Small Personal Loans and its lenders might check your credit. This will help them confirm your creditworthiness and your Social Security number.