 TITLE: How to Get a Small Loan CONTENT: Where Can I Get a Small Personal Loan?\n--------------------------------------\nWhile some lenders only issue larger loans, there are still many places you can turn to for a small personal loan:\n*   **Online lenders**: Many online-only lenders specialize in unsecured personal loans you can use for almost anything. Often, it's easy to see if you can prequalify for a loan. If you do, it may only take a few business days to complete the application and get the funds transferred to your bank.\n*   **Banks and credit unions**: Some traditional banks and credit unions also offer personal loans. Some institutions let you start the application online but require you to visit a physical branch before releasing the funds. Some credit unions also offer payday alternative loans (PALs), that may help you borrow a small amount of money even if you don't have good credit.\n*   **Peer-to-peer (P2P) lenders**: These online lending platforms match borrowers with investors willing to lend funds. They often offer low interest rates and a quick application process. Not all P2P platforms provide small loans; Upstart and LendingClub are two that do.\n*   **Friends and family**: Borrowing money from friends and family can strain relationships, but can be a good option if someone close to you has the means and the willingness to lend you some cash. Make sure you hash out an agreement that outlines how and when you'll repay the loan in advance.\n*   **Pawn and title loans**: If you have something of value or own a vehicle, you may be able to get a pawn loan or an auto title loan. But proceed with caution, as these loans tend to charge a high interest rate and may cause you to lose your property or vehicle if you can't repay the loan.\n*   **Payday loans**: Payday loans may be an option for very small loans ($500 or less), but high fees make them a costly choice. Only consider these loans as a last resort if you don't have access to credit elsewhere.\n*   **High-rate installment loans or lines of credit**: Some online and branch-based lenders offer installment loans or lines of credit with high interest rates (60% to 199%) or high fees. While these are cheaper than payday loans, they should also be a last resort as the high interest rate can make them difficult to repay.\nAs you compare your small loan options, you'll want to consider the lenders' requirements and terms. These can help you narrow down your options and figure out which loan type will be a good fit:\n*   **Borrowing fees**: Lenders may charge an origination fee, which could either be a fixed amount or a percentage of the borrowed amount. The fee may be taken out of your loan amount, which you'll want to consider when you make your loan request. A few lenders may also charge an application fee, but those aren't as common.\n*   **Loan limits**: Some lenders may be unwilling to issue a loan as small as the one you're seeking, which can cause you to overborrow. While you can often repay part or all of the loan early without paying a penalty, borrowing a larger loan than you need can result in paying an unnecessarily large origination fee.\n*   **Annual percentage rates**: The loan's annual percentage rate (APR) can help you understand how much you'll pay for the loan based on its fees and interest rates. Your interest rate may depend on the lender, your creditworthiness, the loan amount and the repayment terms. Some loans, such as payday loans, don't have an APR as they only charge a fee—not interest. However, you can search for a calculator to convert the fee amount to an equivalent APR to better compare loan options.\n*   **Secured and unsecured options**: Small loans may be either secured or unsecured. Secured loans can be easier to get, but you'll need to pledge collateral that the lender can take if you don't repay the loan. Unsecured loans may be less risky, but may be harder to get or have higher interest rates.\n*   **Repayment terms**: You may have several weeks to several years to repay your loan. Longer terms can be more manageable as you'll have lower payments, but you might wind up paying more interest overall. END