Small Loans

Protect Your Savings With a Small Personal Loan

Won't impact your credit score.

What Is a Small Loan?

A small loan from LendingClub Bank is a fixed-rate personal loan with a smaller loan amount that can help you get exactly what you need to pay down high-interest debt or cover your expenses now, while keeping your monthly payment manageable over time. A small personal loan can start as low as $1,000 and offers lower, competitive rates and fixed monthly payments. When you need to borrow a small amount of money to cover unexpected expenses and don’t want to dip into savings, a personal loan is a smart alternative to high-interest credit cards or other expensive options like payday or auto title loans.

Join Over 3 Million Members Nationwide

  • Borrow a small amount, only what you need
  • Quick and easy online application
  • Eligibility based on credit history
  • Receive money fast
  • No prepayment fees

Why Get a Small Personal Loan?


Get Cash Fast

You could receive loan approval within 24 hours and your money within two days. *


Protect Your Savings

Avoid dipping into savings or retirement funds and keep your finances on track.


Lock in a Fixed Rate

With an affordable fixed rate, your monthly payment will never increase.

Small loans offer big flexibility, allowing you to cover nearly any expense with lower, fixed monthly payments.

  • Debt consolidation
  • Car repairs
  • Home repairs and upgrades
  • Major appliance purchases
  • Electronics purchases
  • Veterinary bills
  • Medical expenses
  • Moving and relocation

With LendingClub, you can check your rate on a personal loan for small expenses or debt consolidation without obligation or impacting your credit score. Once you’ve found your best small loan option, you’ll complete the application process, including a hard pull of your credit report, and a review of your debt-to-income ratio, overall debt, and income. In many cases, you can complete the process entirely online. Once your loan is approved, money is deposited directly into your bank account typically within two days, so you can cover your expenses right away. You’ll then make fixed monthly payments for the duration of your repayment term. If at some point you decide to pay off your loan early, no prepayment fees will be applied.

When deciding which personal loan lender is right for you, you’ll want to compare:

  • Loan amounts: Loan amounts vary by lender and eligibility criteria. Some lenders may set minimum loan amounts higher than you need.
  • Repayment terms: A longer loan term can lower your monthly payment, but a shorter term will cost you less overall.
  • Interest rate ranges: A Interest rates and APRs vary by lender. The lower your APR, the less your loan will cost overall.
  • Eligibility requirements: Loan approvals are typically based on your credit score, payment history, and income, among other factors.
  • Fees: Application costs, origination fees, and prepayment penalties vary by lender and may impact your total cost. Compare APRs between different lenders to understand the the true cost of each loan offer
  • Joint applications: If you think you might not qualify on your own based on your credit history, work with a lender that accepts co-borrowers and apply together for a joint personal loan.

Personal Loans vs. Credit Card Comparison

Personal Loans

  1. Installment loans can help you pay down debt and take control of your budget
  2. Single, fixed rate monthly payment is easy to manage
  3. Fixed monthly payment and payoff date saves you money over time
  4. Lower average APRs

Credit Cards

  1. Revolving credit accounts can lead to overspending
  2. Managing multiple credit cards with variable due dates, limits, and terms is time consuming and stressful
  3. Low minimum monthly payments and revolving compound interest can trap you in a cycle of debt
  4. Higher average APRs are an expensive way to pay for large purchases

How LendingClub Personal Loans Work

  • Sweet ride!
  • Congrats!
  • You're approved!

How LendingClub Personal Loans Work

Check Your Rate

Frequently Asked Questions

With lower rates and longer repayment terms, a small personal loan is typically a better option than high interest payday loans if you need to cover a smaller fixed expense like a car repair, vet bill, or medical bill. For larger expenses, or those with variable costs like home improvement, you may want to see if you can qualify for a larger personal loan amount, so you’ll know you have the money you need to cover your entire project. LendingClub Bank offers loans starting as low as $1,000 up to $40,000.
While any personal loan can help you cover unexpected expenses, large purchases, or consolidate debt to reach your financial goals, a small loan can be all that you really need. By keeping your borrowing amount low, you could have a more manageable monthly loan payment amount and a shorter loan term. Many small loans are often repaid within two to three years.
You may qualify for a small personal loan even if you’re still building your credit or have had some financial hiccups in the past, but you may have fewer options or be offered a higher interest rate. To make sure you’re getting the best deal possible, compare APRs and offers between several lenders.
Loan approvals and funding times vary by lender. At LendingClub, most members are approved within 24-hours and can receive their money within two days. * To avoid delays, gather your paperwork and financial information before completing your loan application. Check back in with your lender often to see if any documentation or verification is needed.
Generally, qualifying depends on your credit score, payment history, and income, among other factors. However, every lender sets its own qualification limits. You may find you qualify for a higher amount, lower interest rate, or better terms by comparison shopping between several lenders.
Several banks, credit unions, and online lenders offer small personal loans. However, some financial institutions set a minimum loan amount that may be higher than what you need. Before applying, make sure the amount you need is at or above the minimum threshold.
Small personal loans are unsecured, meaning you will not need to put up any collateral to secure your loan. During your loan application, you'll provide identifying information such as your Social Security number. Your lender will review your credit reports, financial info such as your credit card debt, and your income. While those with good credit and a solid income history often receive the best interest rates, many lenders offer a range of loan terms with competitive rates to suit many borrowers.
Several lenders offer "soft pull" pre-qualifications. With a soft pull, a lender uses basic financial info to determine if you're likely to qualify for a loan. This doesn't impact your credit score. When you fill out a loan application, your lender will conduct a "hard pull," or an official credit check. A hard pull increases the number of inquiries on your credit report and can temporarily lower your credit score.